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What's Priced In?

From Rosenberg Research Comes Our Latest Market Strategy Tool

Now available as part of a Custom Subscription  It is already included with your Premium Subscription.

 

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Just a glimpse as to what you’ll find in… What’s Priced In?

Actionable Recommendations on S&P 500 Sectors and Industry Groups

Decipher whether price changes are driven  by Fundamentals or Investor Sentiment

Explore the Impact of Interest Rate Cycles on Valuations and Outlook

Understand the consensus view on the Earnings Outlook for S&P 500 Sectors and Industry Groups

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How Do I Use: What’s Priced In?

David Rosenberg explains…

 

Watch our Founder and President, David Rosenberg, explain how to extract the maximal value from our latest new report, What’s Priced In?. 

The “What’s Priced In?” framework decomposes
the price of an index or a stock into three components
 
1
 Current Earnings Contribution (CEC)

Percentage of the current price explained by discounting the current earnings assuming they will continue into perpetuity

2
 Near Term Earnings Contribution (NTEC)

Percentage of the current price explained by the consensus earnings forecast over the next two years, assuming they will continue into perpetuity

 

3
 Residual Value (RV)

This is the component of the current price that cannot be explained by current earnings or consensus expectations and is a culmination of the long-term growth expectations built into the price

4
 How this model differs from the traditional valuation metrics like P/E, EV/EBITDA, etc.? 

It takes changes in interest rate and the cyclicality of sectors (beta) into account through the cost of equity, thus adjusting the value of the components listed above for changes in the macroeconomic backdrop and stage of the business cycle.

 

 

 

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