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S&P500 Value Jan 2024
S&P500 Value Jan 2024
S&P500 Value Jan 2024
Page 1
S&P 500 Valuation
Page 2
Earnings and Growth
Page 3
Earnings and Growth
Page 4
Earnings and Growth
On 12/31/22
Market Strategists Estimates
FIRM STRATEGIST2022 S&P 500 2023 EPS IMPLIED P/E
Deutsche BankBinky Cha 4500 195.00 23.08
BMO Brian Bels 4300 220.00 19.55
Scotiabank Hugo Ste- 4225 225.00 18.78
Jeffries Sean Darb 4200 232.00 18.10
JP Morgan Dubravko 4200 205.00 20.49
Cantor FitzgeraEric John 4100 212.00 19.34
RBC Capital MaLori Calva 4100 199.00 20.60
Credit Suisse Jonathan 4050 230.00 17.61
Bank of Ameri Savita Su 4000 200.00 20.00
Goldman SachDavis Kos 4000 224.00 17.86
HSBC Max Kettn 4000 225.00 17.78
Citigroup Scott Chr 3900 215.00 18.14
Morgan Stanle Mike Wils 3900 314.00 12.42
UBS Keith Par 3900 198.00 19.70
Barclays Venu Kris 3725 207.00 18.00
Societe GeneraManish Ka 3650 220.00 16.59
BNP Paribas Greg Bout 3400 219.00 15.53
Page 5
Earnings and Growth
Page 6
Earnings and Growth
MPLIED P/E
Page 7
Earnings and Growth
Page 8
Buyback & Dividend computation
Gross Cash
Year Dividend YieldBuybacks/Index Yield Payout Return on Equity
Net Profit MarginColumn1
2001 1.37% 1.25% 2.62% 77.43% 11.92% 5.27%
2002 1.81% 1.58% 3.39% 64.78% 13.61% 6.82%
2003 1.61% 1.23% 2.84% 57.74% 16.79% 7.69%
2004 1.57% 1.78% 3.35% 59.99% 18.43% 8.59%
2005 1.79% 3.11% 4.90% 80.01% 18.43% 8.74%
2006 1.77% 3.39% 5.16% 83.40% 19.36% 9.21%
2007 1.92% 4.58% 6.49% 115.53% 16.36% 8.05%
2008 3.15% 4.33% 7.47% 136.37% 9.35% 4.75%
2009 1.97% 1.39% 3.36% 65.82% 12.60% 6.26%
2010 1.80% 2.61% 4.42% 66.28% 16.31% 8.70%
2011 2.11% 3.56% 5.67% 73.91% 16.65% 9.16%
2012 2.19% 3.13% 5.32% 78.39% 15.79% 8.86%
2013 1.89% 2.88% 4.77% 84.00% 15.73% 9.39%
2014 1.92% 3.03% 4.95% 87.79% 16.23% 9.99%
2015 2.12% 3.18% 5.30% 107.83% 13.82% 8.91%
2016 2.04% 2.78% 4.82% 101.66% 14.35% 9.23%
2017 1.83% 2.28% 4.11% 88.17% 16.19% 10.11%
2018 2.17% 3.83% 6.00% 98.51% 18.48% 11.52%
2019 1.81% 2.72% 4.53% 93.08% 18.46% 11.29%
2020 1.52% 1.64% 3.16% 84.90% 15.28% 10.25%
2021 1.27% 2.19% 3.47% 80.48% 22.14% 13.59%
2022 1.74% 2.85% 4.60% 88.74% 19.73% 11.60%
Average: Last 10 years = 4.57% 91.52% 17.04% 10.59%
Updated April 1, 2023
Average: Last 5 years 4.35% 89.14% 18.82% 11.65%
Updated April 1, 2023
Index at the start of the current quarter = 4288.05 Base for normalized Cashflow
Page 9
Buyback & Dividend computation
Computing the trailing 12 month number (S&P Data updated every quarter on March 15, June 15, Sept 15 and Dec 15)
Quarter Earnings Dividends Buybacks Issuances
Last quarter $457.43 $143.20 $174.92 Updated October 1, 2023
2 quarters ago $439.08 $146.76 $215.53
3 quarters ago $421.55 $146.07 $211.19
4 quarters ago $422.94 $140.34 $210.84
Sum 1741.00 576.37 812.48 71.1759
S&P Capital IQ data (updated every month and does not match up to the S&P update every three quarters)
Month Earnings Dividends Buybacks Issuances Index Units Adjuster
10/1/23 1657.7024 548.6368 804.65 71.1759 0.112227855 Updated September 1, 2023
Page 10
Buyback & Dividend computation
Column2
Page 11
Buyback & Dividend computation
d September 1, 2023
Page 12
Buyback & Dividend computation
1-Jan-20
Last updated
Last updated 1-Oct-21
Updated at the start of every quarter
Updated at the start of every month
Page 13
Implied ERP- Annual since 1960
Page 14
Implied ERP- Annual since 1960
Page 15
Historical ERP
Page 16
Historical ERP
Page 17
Historical ERP
Page 18
Historical ERP
Page 19
Historical ERP
Page 20
Historical ERP
Page 21
Input Choices
Page 22