Germany`s DAX - Dr. Ed Yardeni`s Economics Network
Transcription
Germany`s DAX - Dr. Ed Yardeni`s Economics Network
Global Index Briefing: Germany’s DAX Yardeni Research, Inc. March 2, 2015 Dr. Ed Yardeni 516-972-7683 [email protected] Joe Abbott 732-497-5306 [email protected] Please visit our sites at www.yardeni.com blog.yardeni.com thinking outside the box Table Of Contents Table Of Contents Germany’s DAX Stock Price Index Earnings Revenues & Margins Earnings Growth & Valuation March 2, 2015 / Global Index Briefing: Germany’s DAX 1 2 3 4 Yardeni Research, Inc. www.yardeni.com Stock Price Index Figure 1. 12000 DAX INDEX* 2/27 12000 10000 10000 8000 8000 6000 6000 4000 4000 yardeni.com 2000 2000 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 200-day moving average. * Ratio scale. Source: Standard & Poor’s Corporation and Haver Analytics. Figure 2. 12000 12000 DAX INDEX, FORWARD EARNINGS, & VALUATION x14 DAX Index 02/27/15 10000 10000 Blue Angels Implied Price Index* 02/19/15 8000 8000 x10 6000 6000 x6 4000 4000 yardeni.com 2000 2007 2008 2009 2010 2011 2012 2013 2014 2015 2000 2016 * Implied price index calculated using forward earnings times forward P/Es. Source: Standard & Poor’s Corporation and Thomson Reuters I/B/E/S. Page 1 / March 2, 2015 / Global Index Briefing: Germany’s DAX Yardeni Research, Inc. www.yardeni.com Earnings Figure 3. 925 825 925 DAX INDEX OPERATING EARNINGS PER SHARE (analysts’ average forecasts, ratio scale) 13 725 825 12/25 14 725 12 625 625 525 525 425 425 Consensus Forecasts 325 325 Annual estimates Forward earnings* yardeni.com 225 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 225 2014 Monthly through December weekly thereafter. * Time-weighted average of the consensus estimates for current and next year. Monthly through December 2005,2005, weekly thereafter. Source: Thomson Reuters I/B/E/S. Figure 4. 20 20 DAX INDEX NET EARNINGS REVISIONS* 10 10 0 0 -10 -10 -20 -20 -30 NERI Dec -8.7 Jan -7.0 Feb -3.0 -40 -30 yardeni.com -40 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 * Three-month moving average of the number of forward earnings estimates up less number of estimates down, expressed as a percentage of the total number of estimates. Source: Thomson Reuters I/B/E/S. Page 2 / March 2, 2015 / Global Index Briefing: Germany’s DAX Yardeni Research, Inc. www.yardeni.com Revenues & Margins Figure 5. 15000 14000 15000 DAX INDEX REVENUES PER SHARE (analysts’ average forecasts, ratio scale) 14 13000 14000 1/23 13000 13 12000 12000 12 11000 11000 10000 10000 Consensus Forecasts Annual estimates 9000 9000 Forward revenues* 8000 8000 yardeni.com 7000 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 7000 2015 Monthly through December weekly thereafter. * Time-weighted average of the consensus estimates for current and next year. Monthly through December 2005,2005, weekly thereafter. Source: Thomson Reuters I/B/E/S. Figure 6. 8 8 DAX PROJECTED PROFIT MARGIN (using analysts’ average earnings and revenues forecasts) Consensus Forecasts __________________ 7 7 Annual estimates Forward profit margin* (5.4) 13 12 6 6 14 1/8 5 5 4 4 yardeni.com 3 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 3 2016 * Time-weighted average of the consensus estimates for current and next year. Monthly through December 2005, weekly thereafter. Source: Thomson Reuters I/B/E/S. Page 3 / March 2, 2015 / Global Index Briefing: Germany’s DAX Yardeni Research, Inc. www.yardeni.com Earnings Growth & Valuation Figure 7. 80 80 DAX LTEG VS STEG (percent) 70 70 60 60 50 50 LTEG* (7.9) 40 40 STEG* (8.9) 30 30 20 20 10 10 12/25 0 0 yardeni.com -10 -10 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 * STEG: 12-month (52-week) forward consensus expected growth. LTEG: 5-year consensus expected growth. Monthly data through 2005, weekly thereafter. Source: Thomson Reuters I/B/E/S. Figure 8. 35 35 DAX VALUATION 30 30 Forward P/E* (13.8) 25 25 20 20 15 10 15 12/25 10 5 3.0 5 3.0 Relative P/E** (0.9) 2.5 2.5 PEG Ratio*** (1.8) 2.0 2.0 1.5 1.5 1.0 1.0 12/25 yardeni.com .5 .5 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 * Price divided by 12-month forward consensus expected operating earnings per share. ** Sector or industry forward P/E relative to MSCI World forward P/E. *** Sector or industry forward P/E relative to sector or industry consensus 5-year LTEG forecast. Source: Thomson Reuters I/B/E/S. Page 4 / March 2, 2015 / Global Index Briefing: Germany’s DAX Yardeni Research, Inc. www.yardeni.com Copyright (c) Yardeni Research, Inc. 2015. All rights reserved. The information contained herein has been obtained from sources believed to be reliable, but is not necessarily complete and its accuracy cannot be guaranteed. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness, or correctness of the information and opinions contained herein. The views and the other information provided are subject to change without notice. All reports posted on http://blog.yardeni.com www.yardeni.com, blog.yardeni.com, and YRI’s Apps for iPads and iPhones are issued without regard to the specific investment objectives, financial situation, or particular needs of any specific recipient and are not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. Past performance is not necessarily a guide to future results. Company fundamentals and earnings may be mentioned occasionally, but should not be construed as a recommendation to buy, sell, or hold the company’s stock. Predictions, forecasts, and estimates for any and all markets should not be construed as recommendations to buy, sell, or hold any security--including mutual funds, futures contracts, and exchange traded funds, or any similar instruments. The text, images, and other materials contained or displayed on any Yardeni Research, Inc. product, service, report, email or website are proprietary to Yardeni Research, Inc. and constitute valuable intellectual property. No material from any part of www.yardeni.com, http://blog.yardeni.com blog.yardeni.com, and YRI’s Apps for iPads and iPhones may be downloaded, transmitted, broadcast, transferred, assigned, reproduced or in any other way used or otherwise disseminated in any form to any person or entity, without the explicit written consent of Yardeni Research, Inc. All unauthorized reproduction or other use of material from Yardeni Research, Inc. shall be deemed willful infringement(s) of this copyright and other proprietary and intellectual property rights, including but not limited to, rights of privacy. Yardeni Research, Inc. expressly reserves all rights in connection with its intellectual property, including without limitation the right to block the transfer of its products and services and/or to track usage thereof, through electronic tracking technology, and all other lawful means, now known or hereafter devised. Yardeni Research, Inc. reserves the right, without further notice, to pursue to the fullest extent allowed by the law any and all criminal and civil remedies for the violation of its rights. The recipient should check any email and any attachments for the presence of viruses. Yardeni Research, Inc. accepts no liability for any damage caused by any virus transmitted by this company’s emails, website, blog and Apps. Additional information available on request. [email protected]