Sep 3, 2015 - Telecommunications Services. 44%. 19%. 38%. 8%. 16. 19 .... Telecommunication Services. 3.8. 3.8. 0.0. 0.1
PROPRIETARY RESEARCH EARNINGS AGGREGATES REPORTING ANALYST: Greg Harrison
September 3, 2015
STOXX 600 EARNINGS OUTLOOK EUROPEAN AGGREGATE ESTIMATES AND REVISIONS Second quarter earnings are expected to grow 8.0% from Q2 2014. Second quarter revenue is expected to decline 0.1% from Q2 2014. 261 companies in the STOXX 600 have reported earnings to date for Q2 2015. Of these, 54% reported earnings above analyst estimates. In a typical quarter 48% beat analyst EPS estimates. 301 companies in the STOXX 600 have reported revenue to date for Q2 2015. Of these, 60% reported revenue above analyst estimates. In a typical quarter 53% beat analyst revenue estimates. The forward P/E ratio for the STOXX 600 is 14.1. There are 0 STOXX 600 companies with quarterly estimates expected to report Q2 2015 earnings during the week of September 7.
SECTION A: EARNINGS OUTLOOK Q2 2015: EARNINGS REVISIONS Exhibit 1A. STOXX 600: Q2 2015 Earnings Growth Estimate Trend 10.0% 9.0% 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0%
9/24
9/17
9/10
9/3
8/27
8/20
8/13
8/6
7/30
7/23
7/16
7/9
7/2
6/25
6/18
6/11
6/4
0.0%
Source: Thomson Reuters I/B/E/S
STOXX 600 Earnings Outlook provides analysis and commentary on aggregate earnings estimate revisions, growth rates and valuations for companies in the STOXX Europe 600 index. View all Thomson Reuters Proprietary Research subscription channels. All data sourced from Thomson Reuters Eikon, a complete solution for research and analytics. It places the most comprehensive market information, news, analytics and trading tools available into a desktop as simple to use as the Internet. Thomson Reuters Eikon clients can run fundamental and technical screens against a global dataset representing more than 100 countries and over 200,000 securities. Learn more. Request a free trial of Thomson Reuters Eikon today. © 2014 Thomson Reuters. All marks herein are used under license.
THOMSON REUTERS PROPRIETARY RESEARCH STOXX 600 EARNINGS OUTLOOK
SEPTEMBER 3, 2015
Q2 2015: EARNINGS SCORECARDS Exhibit 2A. STOXX 600: Q2 2015 Earnings vs. Expectations Sector Basic Materials
Above %
Match %
55%
Below %
3%
Surprise
Reported
Factor %
Total #
42%
Cos. w/ Ests. Total #
1%
31
32
Consumer Cyclicals
43%
13%
43%
-1%
30
36
Consumer Non-Cyclicals
46%
15%
38%
-2%
13
16
Energy
50%
0%
50%
-6%
18
21
Financials
60%
6%
35%
4%
52
69
Healthcare
56%
4%
40%
4%
25
26
Industrials
56%
15%
29%
25%
52
55
Technology
60%
13%
27%
8%
15
15
Telecommunications Services
44%
19%
38%
8%
16
19
Utilities STOXX 600
78%
0%
22%
30%
9
12
54.4%
9.2%
36.4%
5%
261
301
Source: Thomson Reuters I/B/E/S
Through September 3, 261 companies in the STOXX 600 Index reported earnings for Q2 2015. Of these, 56.1% reported earnings above analyst estimates. In a typical quarter (since 2011), 48% of companies beat estimates, 8% match and 44% miss estimates. Over the past four quarters, 50% of companies beat the estimates, 8% matched and 42% missed estimates. In aggregate, companies are reporting earnings that are 5% above estimates, which is above the 4% longterm (since 2011) average surprise factor, and above the 4% surprise factor recorded over the past four quarters. Exhibit 3A. STOXX 600: Full Year 2014 Earnings vs. Expectations Reported Sector
Above %
Match %
Below %
Cos. w/ Ests.
Total #
Total #
Basic Materials
54%
2%
44%
50
Consumer Cyclicals
49%
11%
40%
70
52 72
Consumer Non-Cyclicals
58%
10%
32%
31
32
Energy
59%
3%
38%
29
29
Financials
35%
7%
58%
118
121
Healthcare
48%
6%
45%
33
35
Industrials
48%
9%
43%
107
111
Technology
82%
5%
14%
22
24
Telecommunications Services
43%
5%
52%
21
21
Utilities STOXX 600
59%
0%
41%
17
17
48.4%
7.0%
44.6%
498
514
Source: Thomson Reuters I/B/E/S
© 2014 Thomson Reuters. All marks herein are used under license.
TRPR_83201_97
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THOMSON REUTERS PROPRIETARY RESEARCH STOXX 600 EARNINGS OUTLOOK
SEPTEMBER 3, 2015
Q2 2015: REVENUE SCORECARDS Exhibit 4A. STOXX 600: Q2 2015 Revenue vs. Expectations Sector Basic Materials
Above %
Match %
58%
Below %
0%
Surprise
Reported
Cos. w/ Ests.
Factor %
Total #
Total #
42%
0%
33
33
Consumer Cyclicals
61%
3%
36%
3%
36
38
Consumer Non-Cyclicals
44%
0%
56%
-2%
18
19
Energy
62%
0%
38%
11%
21
21
Financials
61%
0%
39%
3%
62
64
Healthcare
65%
0%
35%
2%
26
26
Industrials
66%
0%
34%
2%
59
59
Technology
53%
0%
47%
1%
15
15
Telecommunications Services
74%
0%
26%
2%
19
21
Utilities
33%
0%
67%
1%
12
12
60.5%
0.3%
39.2%
3%
301
308
STOXX 600
Source: Thomson Reuters I/B/E/S
Through September 3, 301 companies in the STOXX 600 Index reported revenues for Q2 2015. Of these, 60.5% beat analyst expectations. In aggregate, companies are reporting revenues that are 3% above estimates. Exhibit 5A. STOXX 600: Full Year 2014 Revenue vs. Expectations Reported Sector
Above %
Match %
Below %
Cos. w/ Ests.
Total #
Total #
Basic Materials
54%
0%
46%
50
52
Consumer Cyclicals
58%
1%
41%
69
72
Consumer Non-Cyclicals
58%
0%
42%
31
32
Energy
48%
0%
52%
29
29
Financials
51%
0%
49%
116
121
Healthcare
52%
0%
48%
33
35
Industrials
53%
0%
47%
107
111
Technology
82%
0%
18%
22
24
Telecommunications Services
67%
0%
33%
21
21
Utilities
41%
0%
59%
17
17
54.7%
0.2%
45.1%
495
514
STOXX 600
Source: Thomson Reuters I/B/E/S
© 2014 Thomson Reuters. All marks herein are used under license.
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THOMSON REUTERS PROPRIETARY RESEARCH STOXX 600 EARNINGS OUTLOOK
SEPTEMBER 3, 2015
Q2 2015: EARNINGS GROWTH RATES Exhibit 6A. STOXX 600: Q2 2015 Earnings Growth (Based on 301 Companies with Estimates) Sector
Earnings $B Q215
Basic Materials Consumer Cyclicals Consumer Non-Cyclicals Energy
Earnings $B Q214
Growth $B Q215
Growth % Q215
4.7
4.4
0.4
10.8
10.5
0.4
8.4% 3.6%
5.4
5.7
-0.3
-5.7%
11.3
18.1
-6.8
-37.7%
Financials
36.8
25.0
11.8
47.3%
Healthcare
13.6
13.1
0.5
3.9%
Industrials
9.3
7.7
1.6
20.8%
Technology
3.5
3.2
0.3
8.1%
Telecommunication Services
3.8
3.8
0.0
0.1%
Utilities
2.5
2.7
-0.2
-8.5%
101.6
94.1
7.5
8.0%
STOXX 600
Source: Thomson Reuters I/B/E/S
The estimated earnings growth rate for the STOXX 600 for Q2 2015 is 8.0%. The STOXX 600 expects to see share-weighted earnings of $101.6B in Q2 2015, compared to share-weighted earnings of $94.1B (based on the year-ago earnings of the current constituents) in Q2 2014. Seven of the ten sectors in the index expect to see an improvement in earnings relative to Q2 2014. The Financials sector has the highest earnings growth rate for the quarter, while the Energy sector has the weakest anticipated growth compared to Q2 2014. The Financials sector has the highest earnings growth rate (47.3%) of any sector. It is expected to earn $36.8B in Q2 2015, compared to earnings of $25.0B in Q2 2014. Three of the five industry groups in the sector are anticipated to see higher earnings than a year ago. The Investment Banking & Investment Services industry group has the highest growth rate within the sector at 370%. The Energy sector has the lowest growth rate (-37.7%) of any sector. It is expected to earn $11.3B in Q2 2015, relative to earnings of $18.1B in Q2 2014. The Oil & Gas Related Equipment and Services industry group has the lowest growth rate within the sector at -114%. Exhibit 7A. STOXX 600: Full Year 2015 Earnings Growth (Based on 510 Companies with Estimates) Sector
Earnings $B
Earnings $B
Growth $B
2015
2014
2015
Basic Materials
32.6
Consumer Cyclicals Consumer Non-Cyclicals Energy
Growth % 2015
36.2
-3.5
-9.7%
74.2
61.9
12.3
19.8%
54.1
55.7
-1.6
-2.9%
50.1
76.0
-25.9
-34.1%
Financials
190.5
139.1
51.4
36.9%
Healthcare
67.8
66.7
1.0
1.5%
Industrials
68.5
59.4
9.1
15.3%
Technology
17.6
15.6
2.0
12.6%
Telecommunications Services
20.6
15.0
5.6
37.1%
Utilities
26.5
26.9
-0.4
-1.4%
602.5
552.6
49.9
9.0%
STOXX 600
Source: Thomson Reuters I/B/E/S
© 2014 Thomson Reuters. All marks herein are used under license.
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THOMSON REUTERS PROPRIETARY RESEARCH STOXX 600 EARNINGS OUTLOOK
SEPTEMBER 3, 2015
Q2 2015: REVENUE GROWTH RATES Exhibit 8A. STOXX 600: Q2 2015 Revenue Growth (Based on 308 Companies with Estimates) Sector
Revenue $B
Revenue $B
Growth $B
Q215
Q214
Q215
Basic Materials
Growth % Q215
95.9
95.3
0.6
0.7%
Consumer Cyclicals
233.3
201.3
32.0
15.9%
Consumer Non-Cyclicals
101.8
99.8
2.0
2.0%
Energy
212.3
280.5
-68.2
-24.3%
Financials
203.4
195.6
7.8
4.0%
Healthcare
87.2
80.8
6.4
7.9%
Industrials
214.4
205.5
8.8
4.3%
Technology
30.1
26.8
3.3
12.3% 6.9%
Telecommunications Services
77.3
72.3
5.0
Utilities
50.4
46.9
3.5
7.5%
1,306.0
1,304.8
1.2
0.1%
STOXX 600
Source: Thomson Reuters I/B/E/S
The estimated revenue growth rate for the STOXX 600 for Q2 2015 is -0.1%. The STOXX 600 is expected to earn revenues of $1,306.0B in Q2 2015 compared to $1,304.8B in Q2 2014. Nine of the ten sectors anticipate revenue growth for the quarter. The Consumer Cyclicals sector is expected to have the highest revenue growth rate for the quarter, while the Energy sector is expected to have the lowest revenue growth rate. The Consumer Cyclicals sector expects the highest revenue growth rate (15.9%) for the quarter. It is expected to generate sales of $233.3B in Q2 2015, compared to sales of $201.3B in Q2 2014. The Energy sector has the lowest revenue growth rate at (-24.3%). The sector is expected to post sales of $212.3B in Q2 2015, relative to sales of $280.5B in Q2 2014. Exhibit 9A. STOXX 600: Full Year 2015 Revenue Growth (Based on 507 Companies with Estimates) Sector
Revenue $B
Revenue $B
Growth $B
2015
2014
2015
Basic Materials Consumer Cyclicals Consumer Non-Cyclicals
Growth % 2015
558.1
551.5
6.6
1.2%
1,320.4
1,208.6
111.8
9.3%
749.8
722.3
27.5
3.8%
Energy
1,356.9
1,735.2
-378.3
-21.8%
Financials
1,529.2
1,434.8
94.4
6.6%
Healthcare
418.4
396.7
21.7
5.5%
Industrials
1,284.7
1,244.8
39.9
3.2%
Technology
157.6
139.8
17.7
12.7%
Telecommunications Services
336.3
305.1
31.2
10.2%
Utilities STOXX 600
637.0
632.0
5.0
0.8%
8,348.3
8,370.7
-22.4
-0.3%
Source: Thomson Reuters I/B/E/S
© 2014 Thomson Reuters. All marks herein are used under license.
TRPR_83201_97
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THOMSON REUTERS PROPRIETARY RESEARCH STOXX 600 EARNINGS OUTLOOK
SEPTEMBER 3, 2015
Q2 2015: EARNINGS GROWTH RATES BY COUNTRY Exhibit 10A. STOXX 600: Q2 2015 Earnings Growth Rate Estimates by Country Ireland Denmark Spain Switzerland Germany Bermuda Sweden Finland STOXX 600 Netherlands France Norway Jersey Czech Republic Belgium Italy Great Britain Greece Luxembourg ‐70%
‐60%
‐50%
‐40%
‐30%
‐20%
‐10%
0%
10%
20%
30%
40%
Source: Thomson Reuters I/B/E/S
Analysts expect positive earnings growth from 13 of the 20 countries represented in the STOXX 600 index. Ireland (27%) and Denmark (25%) have the highest estimated earnings growth rates, while Luxembourg (-57%) and Greece (-46%) have the lowest estimated growth.
© 2014 Thomson Reuters. All marks herein are used under license.
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THOMSON REUTERS PROPRIETARY RESEARCH STOXX 600 EARNINGS OUTLOOK
SEPTEMBER 3, 2015
FORWARD FOUR-QUARTER P/E RATIO Exhibit 11A. STOXX 600: Forward P/E Ratio P/E Ratio
Number of Companies
CY 2015
15.1
510
Forward
14.1
510
CY 2016
13.6
510
Source: Thomson Reuters I/B/E/S
The forward P/E ratio for the STOXX 600 is 14.1. Q2 2015 – Q1 2016: EARNINGS GROWTH
The estimated earnings growth rates for the STOXX 600 for Q2 2015 through Q1 2016 are 8%, -1%, 59% and 4%, respectively. For sector-level growth rates for Q2 2015 through Q1 2016, see Exhibits 2C-5C in this report. EARNINGS CALENDAR
The next several weeks will see companies report earnings for Q2 2015. There are 0 STOXX 600 companies with quarterly estimates scheduled to report Q2 2015 earnings during the week of September 7. Exhibit 12A. Number of Companies Reporting Q2 2015 Earnings Q2 2015 STOXX 600
Reported
Report
Report
Report
To Date
This Week
Next Week
Remaining
261
0
1
39
Source: Thomson Reuters StreetEvents.
© 2014 Thomson Reuters. All marks herein are used under license.
TRPR_83201_97
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THOMSON REUTERS PROPRIETARY RESEARCH STOXX 600 EARNINGS OUTLOOK
SEPTEMBER 3, 2015
SECTION B: EARNINGS CALENDAR MONDAY: SEPTEMBER 7 Exhibit 1B. Monday Earnings Calendar Date
9/7/2015
Ticker
SPSN.S
Company
SWISS PRIME SITE
Qtr/Semi
Est
Yr Ago
% Dif
QTR
NA
Source: Thomson Reuters StreetEvents.
© 2014 Thomson Reuters. All marks herein are used under license.
TRPR_83201_97
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THOMSON REUTERS PROPRIETARY RESEARCH STOXX 600 EARNINGS OUTLOOK
SEPTEMBER 3, 2015
TUESDAY: SEPTEMBER 8 Exhibit 2B. Tuesday Earnings Calendar Date
Ticker
Company
Qtr/Semi
Est
Yr Ago
% Dif
Source: Thomson Reuters StreetEvents.
© 2014 Thomson Reuters. All marks herein are used under license.
TRPR_83201_97
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THOMSON REUTERS PROPRIETARY RESEARCH STOXX 600 EARNINGS OUTLOOK
SEPTEMBER 3, 2015
WEDNESDAY: SEPTEMBER 9 Exhibit 3B. Wednesday Earnings Calendar Date
9/9/2015 9/9/2015
Ticker
HMSO.L PSN.L
Company
HAMMERSON PERSIMMON
Qtr/Semi
Est
Yr Ago
% Dif
QTR QTR
NA NA
Source: Thomson Reuters StreetEvents.
© 2014 Thomson Reuters. All marks herein are used under license.
TRPR_83201_97
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THOMSON REUTERS PROPRIETARY RESEARCH STOXX 600 EARNINGS OUTLOOK
SEPTEMBER 3, 2015
THURSDAY: SEPTEMBER 10 Exhibit 4B. Thursday Earnings Calendar Date
9/10/2015
Ticker
KGF.L
Company
KINGFISHER
Qtr/Semi
Est
Yr Ago
% Dif
SEMI
NA
Source: Thomson Reuters StreetEvents.
© 2014 Thomson Reuters. All marks herein are used under license.
TRPR_83201_97
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THOMSON REUTERS PROPRIETARY RESEARCH STOXX 600 EARNINGS OUTLOOK
SEPTEMBER 3, 2015
FRIDAY: SEPTEMBER 11 Exhibit 5B. Friday Earnings Calendar Date
9/11/2015 9/11/2015 9/11/2015
Ticker
ASHM.L BDEV.L MRW.L
Company
ASHMORE GROUP BARRATT DEVELOPMENTS MORRISON(WM)SPMKTS.
Qtr/Semi
Est
Yr Ago
% Dif
SEMI SEMI SEMI
NA NA NA
Source: Thomson Reuters StreetEvents.
© 2014 Thomson Reuters. All marks herein are used under license.
TRPR_83201_97
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THOMSON REUTERS PROPRIETARY RESEARCH STOXX 600 EARNINGS OUTLOOK
SEPTEMBER 3, 2015
SECTION C: EARNINGS DATA TABLES Exhibit 1C. STOXX 600: Q2 2015 Earnings Scorecard Sector Basic Materials Cyclical Consumer Goods & Services Non-Cyclical Consumer Goods & Services Energy Financials Healthcare Industrials Technology Telecommunications Services Utilities STOXX 600
Above 55% 43% 46% 50% 60% 56% 56% 60% 44% 78% 54.4%
Match 3% 13% 15% 0% 6% 4% 15% 13% 19% 0% 9.2%
Below 42% 43% 38% 50% 35% 40% 29% 27% 38% 22% 36.4%
Surprise 1% -1% -2% -6% 4% 4% 25% 8% 8% 30% 5%
Reported 31 30 13 18 52 25 52 15 16 9 261
Index 32 36 16 21 69 26 55 15 19 12 301
Source: Thomson Reuters I/B/E/S
Exhibit 2C. STOXX 600: Q2 2015 Earnings Growth Sector Basic Materials Cyclical Consumer Goods & Services Non-Cyclical Consumer Goods & Services Energy Financials Healthcare Industrials Technology Telecommunications Services Utilities STOXX 600 Number of Companies Included in Estimate
Today 8.4% 3.6% -5.7% -37.7% 47.3% 3.9% 20.8% 8.1% 0.1% -8.5% 8.0% 301
1 Jul 14.9% 3.8% 4.0% -36.1% 36.8% -1.1% 22.0% 2.3% -10.6% -29.8% 4.9% 259
1 Apr 19.0% 4.7% 7.8% -62.9% 29.2% -0.3% 28.5% 11.2% 5.4% -28.7% -1.1% 237
1 Jan 20.9% 11.0% 20.0% -30.2% 85.5% -4.8% 17.4% 8.5% 14.6% -27.1% 9.3% 152
1 Oct 21.6% 13.0% 20.9% 6.9% 20.3% -8.2% 19.0% 7.9% 29.7% -24.4% 10.5% 130
1 Jul 3.4% 11.5% 2.5% -35.3% 7.7% 2.6% 14.3% 16.3% -0.2% -5.6% -0.3% 259
1 Apr 5.8% 9.4% 4.0% -56.7% 13.3% 3.0% 13.1% 14.8% 4.4% 0.9% -3.3% 238
1 Jan -23.9% 82.9% 36.7% -25.7% 46.0% 5.0% 15.5% 12.0% 13.1% 17.0% 13.4% 156
1 Oct 24.1% 136.6% 11.3% 3.8% 14.4% 14.9% 19.4% 16.3% 14.8% 10.3% 20.6% 113
Source: Thomson Reuters I/B/E/S
Exhibit 3C. STOXX 600: Q3 2015 Earnings Growth Sector Basic Materials Cyclical Consumer Goods & Services Non-Cyclical Consumer Goods & Services Energy Financials Healthcare Industrials Technology Telecommunications Services Utilities STOXX 600 Number of Companies Included in Estimate
Today -2.6% 11.6% 2.0% -35.5% 3.8% 0.1% 11.5% 10.3% 16.1% 21.4% -1.4% 264
Source: Thomson Reuters I/B/E/S
© 2014 Thomson Reuters. All marks herein are used under license.
TRPR_83201_97
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THOMSON REUTERS PROPRIETARY RESEARCH STOXX 600 EARNINGS OUTLOOK
SEPTEMBER 3, 2015
Exhibit 4C. STOXX 600: Q4 2015 Earnings Growth Sector Basic Materials Cyclical Consumer Goods & Services Non-Cyclical Consumer Goods & Services Energy Financials Healthcare Industrials Technology Telecommunications Services Utilities STOXX 600 Number of Companies Included in Estimate
Today -12.0% 25.6% 0.4% -1.4% 625.3% 13.0% 52.4% 8.4% 280.0% 58.2% 59.1% 263
1 Jul 16.9% 29.2% 2.0% 0.8% 297.7% 16.0% 38.3% 12.8% 163.3% 61.7% 51.3% 260
1 Apr 23.1% 29.0% 2.5% -10.8% 57.5% 20.5% 54.8% 12.5% -6.1% 24.8% 26.2% 235
1 Jul -7.2% 15.4% 37.2% 2.7% 2.0% 1.4% -13.1% 34.3% 1.1% 18.7% 2.6% 119
1 Apr 0.5% 12.6% 11.0% 49.6% 18.6% 16.9% 14.2% 28.6% 13.7% -2.5% 21.9% 96
1 Jan -2.4% 85.9% 18.3% -3.0% 104.7% 14.2% 17.5% 18.0% 7.6% 14.8% 21.4% 134
Source: Thomson Reuters I/B/E/S
Exhibit 5C. STOXX 600: Q1 2016 Earnings Growth Sector Basic Materials Cyclical Consumer Goods & Services Non-Cyclical Consumer Goods & Services Energy Financials Healthcare Industrials Technology Telecommunications Services Utilities STOXX 600 Number of Companies Included in Estimate
Today -5.1% 7.8% 30.8% -6.8% 9.6% 3.0% -14.6% 30.1% 3.6% 12.9% 3.6% 142
Source: Thomson Reuters I/B/E/S
Exhibit 6C. STOXX 600: Q2 2016 Earnings Growth Sector Basic Materials Cyclical Consumer Goods & Services Non-Cyclical Consumer Goods & Services Energy Financials Healthcare Industrials Technology Telecommunications Services Utilities STOXX 600 Number of Companies Included in Estimate
Today 0.7% 15.6% 90.9% 26.6% 16.5% 8.8% 2.8% 13.7% 9.9% 1.0% 15.7% 126
1 Jul -6.4% 10.7% 78.3% 28.0% 41.4% 10.9% 2.0% 24.5% 4.1% 11.1% 21.4% 101
Source: Thomson Reuters I/B/E/S
© 2014 Thomson Reuters. All marks herein are used under license.
TRPR_83201_97
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THOMSON REUTERS PROPRIETARY RESEARCH STOXX 600 EARNINGS OUTLOOK
SEPTEMBER 3, 2015
Exhibit 7C. STOXX 600: CY 2015 Earnings Growth Sector Basic Materials Cyclical Consumer Goods & Services Non-Cyclical Consumer Goods & Services Energy Financials Healthcare Industrials Technology Telecommunications Services Utilities STOXX 600 Number of Companies Included in Estimate
Today -9.7% 19.8% -2.9% -34.1% 36.9% 1.5% 15.3% 12.6% 37.1% -1.4% 9.0% 510
1 Jul -4.8% 20.2% -2.0% -32.1% 32.1% 2.6% 17.4% 13.7% 37.1% -1.7% 9.0% 511
1 Apr 2.6% 18.5% -2.5% -39.7% 20.6% 2.8% 17.3% 15.2% 35.2% -0.9% 5.9% 508
1 Jul 19.9% 13.0% 8.5% 26.0% 10.6% 9.3% 11.2% 17.3% 14.6% 1.4% 12.4% 511
1 Apr 17.6% 13.5% 8.6% 40.0% 11.7% 9.6% 11.9% 14.8% 14.8% 1.0% 13.6% 503
1 Jan 12.0% 15.6% 8.4% -7.6% 20.7% 7.6% 14.9% 20.3% 10.9% 1.9% 11.6% 505
1 Oct 17.5% 16.5% 9.4% 10.7% 20.7% 9.3% 17.2% 20.2% 8.7% 4.4% 14.9% 505
Source: Thomson Reuters I/B/E/S
Exhibit 8C. STOXX 600: CY 2016 Earnings Growth Sector Basic Materials Cyclical Consumer Goods & Services Non-Cyclical Consumer Goods & Services Energy Financials Healthcare Industrials Technology Telecommunications Services Utilities STOXX 600 Number of Companies Included in Estimate
Today 18.1% 12.9% 7.8% 20.0% 8.0% 8.7% 11.0% 16.7% 12.3% -0.3% 10.6% 510
Source: Thomson Reuters I/B/E/S
© 2014 Thomson Reuters. All marks herein are used under license.
TRPR_83201_97
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THOMSON REUTERS PROPRIETARY RESEARCH STOXX 600 EARNINGS OUTLOOK
SEPTEMBER 3, 2015
Exhibit 9C. STOXX 600: Actual Earnings Growth Rates Sector Basic Materials Cyclical Consumer Goods & Services Non-Cyclical Consumer Goods & Services Energy Financials Healthcare Industrials Technology Telecommunications Services Utilities STOXX 600
1Q15 29.6% 28.7% 2.2% -32.1% 37.0% 4.5% 40.9% 21.6% 30.9% -12.1% 11.1%
4Q14 26.5% 13.0% -12.4% -22.7% 156.8% -8.6% -21.8% 17.8% -55.0% -18.5% 7.7%
3Q14 19.4% 18.9% 8.5% -3.2% 23.5% 6.8% 6.6% 35.5% -2.6% -3.4% 11.7%
2Q14 13.3% 24.8% 25.8% 23.7% 2.3% 2.1% 12.4% 47.9% -11.9% 7.3% 11.1%
1Q14 6.2% 17.8% 19.2% -2.1% -0.2% -1.0% 31.0% 47.2% -32.0% -19.0% 1.1%
3Q14 52% 9% 39%
2Q14 48% 8% 44%
1Q14 45% 7% 48%
3Q14 3.9%
2Q14 4.0%
1Q14 7.4%
Source: Thomson Reuters I/B/E/S
Exhibit 10C. STOXX 600: Actual vs. Estimate (Above/Match/Below) Above Match Below
1Q15 51% 10% 39%
4Q14 50% 8% 43%
Source: Thomson Reuters I/B/E/S
Exhibit 11C. STOXX 600: Actual vs. Estimate (Aggregate Difference) Surprise Factor
1Q15 10.3%
4Q14 -5.7%
Source: Thomson Reuters I/B/E/S
© 2014 Thomson Reuters. All marks herein are used under license.
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THOMSON REUTERS PROPRIETARY RESEARCH STOXX 600 EARNINGS OUTLOOK
SEPTEMBER 3, 2015
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