S&P 500 Sectors STEG, LTEG, & PEG - Yardeni Research

S&P 500 Sectors STEG, LTEG, & PEG

(weekly)

Yardeni Research, Inc.

June 8, 2022

Dr. Edward Yardeni

516-972-7683 eyardeni@

Joe Abbott

732-497-5306 jabbott@

Please visit our sites at blog.

thinking outside the box

Table Of Contents Table Of Contents

S&P 500 Sectors LTEG

3

S&P 500 Sectors STEG

4

S&P 500 Sectors PEG Ratio

5

S&P 500

6

Consumer Discretionary

7

Consumer Staples

8

Energy

9

Financials

10

Health Care

11

Industrials

12

Information Technology

13

Materials

14

Telecom Services

15

Utilities

16

June 8, 2022 / S&P 500 Sectors STEG, LTEG, & PEG

Yardeni Research, Inc.



S&P 500 Sectors LTEG

Figure 1.

24

22

S&P 500

20 (LTEG* by sector, percent)

18

16

14

(14.8)

6/2

12

10

8 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

30

COMMUNICATION SERVICES

20 6/2

(17.0)

10

0 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

100

CONSUMER DISCRETIONARY

80

15

HEALTH CARE

14

13

(8.3)

12

11

10

9

6/2

8

7

06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

35

* LITNEDGUisSfiTveR-yIeAarLfoSrward consensus expected earnings growth.

30

Source: I/B/E/S data by Refinitiv.

(14.9)

25

20

6/2

15

10

5

0 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

21

INFORMATION TECHNOLOGY

19

60

40

LTEG* (30.0)

6/2

20

(15.1)

17

6/2

15

13

0 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

16

14 CONSUMER STAPLES

12

(7.7)

10

8

6/2

6

4

06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

80

70 ENERGY

60

50

(20.9)

40

30

20

6/2

10

0

-10

-20 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

25

FINANCIALS

20

15

10

6/2

5

(8.9) 0

06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

11 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

30

MATERIALS

26

(8.7)

22

18

14

6/2

10

6 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

50

REAL ESTATE

40

(19.7)

30

6/2

20

10

0

-10 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

14

UTILITIES

12

(7.0)

10

8 6/2

6

4

2

0 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

* LTEG is five-year forward consensus expected earnings growth, Source: I/B/E/S data by Refinitiv.

Page 3 / June 8, 2022 / S&P 500 Sectors STEG, LTEG, & PEG

Yardeni Research, Inc.



S&P 500 Sectors STEG

Figure 2.

60

50 CONSUMER DISCRETIONARY 40 (S&P 500 STEG* by sector, percent)

30

(22.9)

20

6/2

10

0

-10

-20 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

100

INDUSTRIALS

80

(26.4)

60

40

6/2

20

0

-20 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

15

CONSUMER STAPLES

12

9

6

6/2

(5.8)

3

0 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

INFORMATION TECHNOLOGY (11.5)

30

20

6/2

10

0

-10 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

400

ENERGY

300

200

(27.8)

100

0

6/2

-100 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

80

FINANCIALS

60 40

(1.4)

20

0

6/2

-20

-40 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

90

MATERIALS

75

(6.4)

60 45

30

15

6/2

0

-15

-30

-45 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

30

COMMUNICATION SERVICES

20

(5.6)

10 6/2

0

-10

-20 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

15

HEALTH CARE

12

9

20

UTILITIES

15 (5.0)

10

6

3

(2.9)

6/2

0 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

6/2

5

0

-5

06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

* Analysts' consensus expected short-term earnings growth rate over the next 52 weeks. Source: I/B/E/S data by Refinitiv.

Page 4 / June 8, 2022 / S&P 500 Sectors STEG, LTEG, & PEG

Yardeni Research, Inc.



S&P 500 Sectors PEG Ratio

Figure 3.

3.0

CONSUMER DISCRETIONARY

2.5

2.0

(0.8)

1.5

1.0 6/2

.5

.0 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

10

INDUSTRIALS

8

(1.1)

6

4

2 6/2

0 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

4.5

4.0 CONSUMER STAPLES

3.5

3.0

(2.6)

2.5

6/2

2.0

1.5

1.0 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

INFORMATION TECHNOLOGY (1.4)

2.5 2.0 1.5 6/2 1.0

.5 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

3.5

3.0 ENERGY

2.5

(0.5)

2.0

1.5

1.0

.5

6/2

.0 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

3.0

MATERIALS

(1.6)

2.5

2.0

6/2

1.5

1.0

.5 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

10

FINANCIALS

8 (1.4)

6

4

Includes Real Estate through September 2016

8

7 COMMUNICATION SERVICES

6

5

(0.9)

4

3

2

2

6/2

1

6/2

0

0

06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

* Sector's forward P/E divided by sector's consensus projected 5-year earnings growth rate.

HSoEurAceL: IT/BH/EC/SAdaRtaEby Refinitiv.

2.25

UTILITIES

9

6/2

2.00

7

(1.9)

1.75

(2.9)

1.50

5

1.25

6/2

3

1.00



.75

1

06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

Page 5 / June 8, 2022 / S&P 500 Sectors STEG, LTEG, & PEG

Yardeni Research, Inc.



S&P 500

Figure 4.

35

35

S&P 500 STRG, STEG, & LTEG*

(percent)

30

30

LTEG (14.8)

STEG (9.8)

25

STRG (7.6)

25

20

20

15

15

10

6/2

10

5

5

0

0

-5

-5

-10

-10

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

* STEG is year-ahead forward consensus expected short-term earnings growth. STRG is year-ahead forward consensus expected short-term revenue growth. LTEG is five-year consensus expected long-term earnings growth. Source: I/B/E/S data by Refinitiv.

Figure 5.

30

S&P 500 VALUATION

25

20

15

10

5 2.5

Forward P/E* (17.3)

30

25

20 6/2

15

10

5 2.5

2.0

PEG Ratio*** (1.2)

2.0

1.5

1.5

1.0

1.0



.5

.5

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

* Price divided by 12-month forward consensus expected operating earnings per share. ** Sector or industry forward P/E relative to S&P 500 forward P/E. *** Sector or industry forward P/E relative to sector or industry consensus 5-year LTEG forecast.

Source: I/B/E/S data by Refinitiv.

Page 6 / June 8, 2022 / S&P 500 Sectors STEG, LTEG, & PEG

Yardeni Research, Inc.



Consumer Discretionary

Figure 6.

60

60

S&P 500 CONSUMER DISCRETIONARY STRG, STEG, & LTEG

(percent)

50

STEG and LTEG capped at 50%

50

40 LTEG* (30.0) STEG* (22.9)

30 STRG* (11.5)

20

40

30 6/2

20

10

10

0

0

-10

-10



-20

-20

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

* STEG is year-ahead forward consensus expected short-term earnings growth. STRG is year-ahead forward consensus expected short-term revenue growth. LTEG is five-year consensus expected long-term earnings growth. Monthly data through 2005, weekly thereafter. Source: I/B/E/S data by Refinitiv.

Figure 7.

45

S&P 500 CONSUMER DISCRETIONARY VALUATION

40

35

Forward P/E* (23.3)

30

25

20

15

10 3.0

2.5

Relative P/E** (1.4)

PEG Ratio*** (0.8)

2.0

45 40 35 30 25 6/2 20 15 10 3.0

2.5

2.0

1.5

1.5

6/2

1.0

1.0

.5

.5



.0

.0

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

* Price divided by 12-month forward consensus expected operating earnings per share. ** Sector or industry forward P/E relative to S&P 500 forward P/E. *** Sector or industry forward P/E relative to sector or industry consensus 5-year LTEG forecast.

Source: I/B/E/S data by Refinitiv.

Page 7 / June 8, 2022 / S&P 500 Sectors STEG, LTEG, & PEG

Yardeni Research, Inc.



Consumer Staples

Figure 8.

20

20

S&P 500 CONSUMER STAPLES STRG, STEG, & LTEG

(percent)

15

15

10

10

LTEG* (7.7)

5

STEG* (5.8)

STRG* (4.8)

6/2 5



0

0

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

* STEG is year-ahead forward consensus expected short-term earnings growth. STRG is year-ahead forward consensus expected short-term revenue growth. LTEG is five-year consensus expected long-term earnings growth. Monthly data through 2005, weekly thereafter. Source: I/B/E/S data by Refinitiv.

Figure 9.

30

30

S&P 500 CONSUMER STAPLES VALUATION

25

25

20

Forward P/E* (20.3)

6/2

20

15

15

10

10

4

4

Relative P/E** (1.2)

3

PEG Ratio*** (2.6)

3

2

2

6/2

1

1



0

0

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

* Price divided by 12-month forward consensus expected operating earnings per share. ** Sector or industry forward P/E relative to S&P 500 forward P/E. *** Sector or industry forward P/E relative to sector or industry consensus 5-year LTEG forecast.

Source: I/B/E/S data by Refinitiv.

Page 8 / June 8, 2022 / S&P 500 Sectors STEG, LTEG, & PEG

Yardeni Research, Inc.



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