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...E R Yescombe YCL Consulting, London N10, UK...
...The stock has gained nearly 40 per cent over the past 12 months, outpacing the S&P 500’s 20 per cent rise....
...Over the past 10 years the size of its buyback scheme dwarfs both its R&D spend and the buyback schemes from peers, adding up to a total of $658bn, according to data from S&P Global....
...30x P/E multiple is sustainable given rest of the index trades at 18x,” write Goldman’s David Kostin and team....
...The forward P/E of the Mag 7 is 31. The rest of the S&P 500, excluding the Mag 7 and four stocks with negative expected earnings, has a forward P/E of 19....
...Thus only a fraction of overall AUM is deployed in strategies that have a direct impact on the VIX® index (e.g. 1-month over/underwriting strategies on the S&P 500 index)....
...Political will for public R&D investment has materialised....
...That could be what is happening in the p/e chart above. That would not necessarily signal the death of the size factor. One good read Sport gambling is proliferating in the US....
...In the European tech sector, you can attribute the high P/E to heavy weighting of expensive ASML and SAP, which together make up half the sub-index....
...The S&P 489 has a weighted average P/E of 24, cheaper than the whole index, but not by much....
...“It is a coming of age,” said Howard Silverblatt, senior index analyst at S&P, of the dividend announcement....
...Japanese stocks traded on a P/E of 67x in 1990. The Nifty 50 traded on a P/E of 34x in 1973....
...In contrast, the S&P 500’s price-to-book ratio is close to the record 5 times it touched in 2021 and 2000 (the Nasdaq’s P/B ratio is close to 7.5 times)....
...A recent market theory is that stocks should trade higher because r-star (the neutral rate of interest) is making financial conditions easier....
...The FTSE 100 trades on a 11.6x P/E. This valuation puts the UK on the 38th percentile vs. its own history (since 2006)....
...On Sunday Usher, the R&B star whose hits dominated in the 2000s, anchored a half-time show with appearances by collaborators including Alicia Keys, H.E.R. and Ludacris....
...There could be more to come for investors in E&Ps too. alan.livsey@ft.com...
...Business and consumer confidence also expanded with the closely watched S&P PMI survey indicating private sector activity grew at the fastest pace in eight months in January....
...That compares with 6.8 per cent at Volkswagen, on S&P Capital IQ estimates. Being big also means that necessary investments, in new models and R&D, are less of a drag....
...High multiples on which they trade have pushed the broader S&P 500 Shiller price-to-earnings ratio, aka the cyclically adjusted p/e ratio (CAPE), up from less than 30 times in late 2022 to 34 times....
...On a forward P/E basis, the S&P 500’s 2021 (harmonic) average was 23, versus an average of 22 in the past four months and 18 in the past three decades....
...Specialist peer-to-peer marketplaces such as LocalCoinSwap offer the trade, as do sellers on forums including Reddit’s r/giftcardexchange board....
...Below is a selection of seven of the very largest: As you see in line four, the 2028 p/e ratios are not that different: 16 vs 18....
...In our view, this probably explains their strong re-rating (forward P/E of 27.2x), and why they are trading at a 110% premium to the STOXX 600 (13.0x)” wrote....
...Stocks with low P/E ratios relative to their expected growth rates are rare....
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