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2021-12-11
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Here Are the Cheapest Stocks in Each Sector of the S&P 500
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Other groups, like energy or financials, are available for much cheaper valuations.</p>\n<p>But there are inexpensive stocks in all 11 S&P 500 sectors. Like a basketball player who is always open, there might be a good reason for many of those discounts. Just as opposing teams are sometimes better off concentrating their defense elsewhere on the court, some companies’ stocks can be cheap for a reason. Their growth may be scarce, or one-time factors could be distorting expected 2022 results.</p>\n<p>Periodically surveying the market for the biggest valuation outliers can still be a good starting point for further analysis. Here are the three cheapest stocks in all 11 S&P 500 sectors:</p>\n<p><img src=\"https://static.tigerbbs.com/8e71b28f070e8af15d7a7960625e7bd9\" tg-width=\"1127\" tg-height=\"550\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/dde0405e86833ecd15f41f0f07092bc9\" tg-width=\"1131\" tg-height=\"544\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/61ae8debc1031d09a2333225bd3aa8e5\" tg-width=\"1125\" tg-height=\"547\" referrerpolicy=\"no-referrer\"></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ec7bb6903b6df0bb4cc2bf2720212d3a\" tg-width=\"1135\" tg-height=\"265\" referrerpolicy=\"no-referrer\"><span>*P/2022E FFO. Source: Bloomberg, FactSet</span></p>\n<p>The S&P 500 consumer discretionary sector is the priciest group in the index, going for more than 33 times expected 2022 earnings. The presence of high-multiple stocks Tesla (ticker: TSLA) and Amazon.com (AMZN) is responsible for a good chunk of that. Those two make up a combined 40% of the sector’s market cap, and go for 121 times and 68 times 2022 forecast earnings, respectively.</p>\n<p>On the other end of the valuation spectrum in the sector are three U.S. homebuilding stocks:PulteGroup (PHM),D.R. Horton (DHI), and Lennar (LEN). Those trade for less than 8 times 2022 expected earnings.</p>\n<p>The U.S. housing market has been enjoying a pandemic boom: Prices are at or near record highs in many regions, the supply of homes for sale is tight, and homebuilders’ profits are booming. Investors, however, don’t seem to expect that to last forever.</p>\n<p>PulteGroup, D.R. Horton, and Lennar’s cheap valuations demonstrate what tends to happen to stocks of companies with cyclical end markets: Multiples contract toward the top of the cycle, because investors worry that things are as good as they’re going to get and the current level of earnings won’t be sustainable.</p>\n<p>A recent <i>Barron’s</i> cover story made the case for why the current housing boom could have legs, including the millennial generation aging into their home-buying years and a shortage of houses built since the financial crisis over a decade ago. Home builders’ cheap valuations make for an interesting entry point.</p>\n<p>Technology stocks as a group are at 28 times next year’s estimated profits, while the sector’s cheapest stock—Western Digital (WDC)—goes for just 6.8 times. Cyclicality is behind that discount once again.</p>\n<p>Western Digital operates in the highly cyclical memory chip market—periods of intense demand and high sales tend to be followed by slumps of oversupply and weaker pricing. A pandemic-era work-from-home boost to demand for computers, smartphones, and cloud infrastructure has kept inventories low and pricing high for Western Digital’s products. Investors know that won’t always be the case.</p>\n<p>In the S&P 500’s cheapest sector, energy, APA (APA),Coterra Energy (CTRA), and Diamondback Energy (FANG) are the three cheapest stocks. The group as a whole goes for just over 11 times next year’s forecasted earnings, and its three cheapest members—all U.S. shale oil or gas producers—trade for between 5 and 7 times. Investors are clearly worried about the future of fossil fuels as the world moves toward renewable energy, and won’t pay up for oil and gas stocks.</p>\n<p>Other particularly cheap S&P 500 stocks can be found in the healthcare sector. A pair of recent pharma-company spinoffs—Viatris (VTRS), jettisoned from Pfizer (PFE) last year and merged with Mylan, and Organon (OGN), excised from Merck (MRK) last summer—trade for the lowest valuations in the entire index. Spinoffs in general haven’t done well lately, and the brand-new stocks with generic-sounding names are likely under the radar for investors that don’t focus on healthcare specifically. <i>Barron’s</i> is more bullish on Organon than Viatris.</p>\n<p>The two cheapest stocks in the S&P 500 communications services sector are also in the midst of major M&A:AT&T (T) and Discovery (DISCA). Both trade for close to 7.5 next year’s expected earnings, versus their sector’s average of 20.8 times. AT&T will spin off its WarnerMedia subsidiary around the middle of next year and merge it with Discovery, returning the storied American company to its telecom roots. Both companies will have much to prove, and many investors may be waiting until the transactions close next year to pick their pure-play bet: streaming entertainment via Discovery, or wired and wireless telecommunications services via AT&T.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Here Are the Cheapest Stocks in Each Sector of the S&P 500</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHere Are the Cheapest Stocks in Each Sector of the S&P 500\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-12-10 22:07 GMT+8 <a href=https://www.barrons.com/articles/cheap-sp500-stocks-sector-51639090794?mod=hp_LATEST><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The S&P 500 continues to trade at the very high end of its historical valuation range, even after a rocky November.\nThe index goes for about 21 times Wall Street analysts’ consensus estimates for 2022...</p>\n\n<a href=\"https://www.barrons.com/articles/cheap-sp500-stocks-sector-51639090794?mod=hp_LATEST\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"HPE":"慧与科技","TAP":"莫库酒业","CTRA":"Coterra Energy Inc.","BMY":"施贵宝","PHM":"普得集团","IVZ":"美国景顺集团","VTRS":"Viatris Inc.","CMI":"康明斯","MO":"奥驰亚","APA":"阿帕契","NRG":"NRG能源","CBRE":"世邦魏理仕","DAL":"达美航空","LEN":"莱纳建筑公司","EIX":"爱迪生国际","MOS":"美国美盛","LUMN":"Lumen Technologies","CF":"CF工业","COF":"第一资本","T":"美国电话电报","WU":"西联汇款","LNC":"林肯国民","DISCA":"探索传播","WDC":"西部数据","DHI":"霍顿房屋","SPG":"西蒙地产","SRE":"桑普拉能源","VNO":"沃那多房信","OGN":"Organon & Co","WBA":"沃尔格林联合博姿","LYB":"利安德巴塞尔","FANG":"Diamondback Energy","ALK":"阿拉斯加航空集团有限公司"},"source_url":"https://www.barrons.com/articles/cheap-sp500-stocks-sector-51639090794?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1112170047","content_text":"The S&P 500 continues to trade at the very high end of its historical valuation range, even after a rocky November.\nThe index goes for about 21 times Wall Street analysts’ consensus estimates for 2022 per-share earnings, with sectors like technology and consumer discretionary going for well above that multiple. Other groups, like energy or financials, are available for much cheaper valuations.\nBut there are inexpensive stocks in all 11 S&P 500 sectors. Like a basketball player who is always open, there might be a good reason for many of those discounts. Just as opposing teams are sometimes better off concentrating their defense elsewhere on the court, some companies’ stocks can be cheap for a reason. Their growth may be scarce, or one-time factors could be distorting expected 2022 results.\nPeriodically surveying the market for the biggest valuation outliers can still be a good starting point for further analysis. Here are the three cheapest stocks in all 11 S&P 500 sectors:\n\n*P/2022E FFO. Source: Bloomberg, FactSet\nThe S&P 500 consumer discretionary sector is the priciest group in the index, going for more than 33 times expected 2022 earnings. The presence of high-multiple stocks Tesla (ticker: TSLA) and Amazon.com (AMZN) is responsible for a good chunk of that. Those two make up a combined 40% of the sector’s market cap, and go for 121 times and 68 times 2022 forecast earnings, respectively.\nOn the other end of the valuation spectrum in the sector are three U.S. homebuilding stocks:PulteGroup (PHM),D.R. Horton (DHI), and Lennar (LEN). Those trade for less than 8 times 2022 expected earnings.\nThe U.S. housing market has been enjoying a pandemic boom: Prices are at or near record highs in many regions, the supply of homes for sale is tight, and homebuilders’ profits are booming. Investors, however, don’t seem to expect that to last forever.\nPulteGroup, D.R. Horton, and Lennar’s cheap valuations demonstrate what tends to happen to stocks of companies with cyclical end markets: Multiples contract toward the top of the cycle, because investors worry that things are as good as they’re going to get and the current level of earnings won’t be sustainable.\nA recent Barron’s cover story made the case for why the current housing boom could have legs, including the millennial generation aging into their home-buying years and a shortage of houses built since the financial crisis over a decade ago. Home builders’ cheap valuations make for an interesting entry point.\nTechnology stocks as a group are at 28 times next year’s estimated profits, while the sector’s cheapest stock—Western Digital (WDC)—goes for just 6.8 times. Cyclicality is behind that discount once again.\nWestern Digital operates in the highly cyclical memory chip market—periods of intense demand and high sales tend to be followed by slumps of oversupply and weaker pricing. A pandemic-era work-from-home boost to demand for computers, smartphones, and cloud infrastructure has kept inventories low and pricing high for Western Digital’s products. Investors know that won’t always be the case.\nIn the S&P 500’s cheapest sector, energy, APA (APA),Coterra Energy (CTRA), and Diamondback Energy (FANG) are the three cheapest stocks. The group as a whole goes for just over 11 times next year’s forecasted earnings, and its three cheapest members—all U.S. shale oil or gas producers—trade for between 5 and 7 times. Investors are clearly worried about the future of fossil fuels as the world moves toward renewable energy, and won’t pay up for oil and gas stocks.\nOther particularly cheap S&P 500 stocks can be found in the healthcare sector. A pair of recent pharma-company spinoffs—Viatris (VTRS), jettisoned from Pfizer (PFE) last year and merged with Mylan, and Organon (OGN), excised from Merck (MRK) last summer—trade for the lowest valuations in the entire index. Spinoffs in general haven’t done well lately, and the brand-new stocks with generic-sounding names are likely under the radar for investors that don’t focus on healthcare specifically. Barron’s is more bullish on Organon than Viatris.\nThe two cheapest stocks in the S&P 500 communications services sector are also in the midst of major M&A:AT&T (T) and Discovery (DISCA). Both trade for close to 7.5 next year’s expected earnings, versus their sector’s average of 20.8 times. AT&T will spin off its WarnerMedia subsidiary around the middle of next year and merge it with Discovery, returning the storied American company to its telecom roots. Both companies will have much to prove, and many investors may be waiting until the transactions close next year to pick their pure-play bet: streaming entertainment via Discovery, or wired and wireless telecommunications services via AT&T.","news_type":1},"isVote":1,"tweetType":1,"viewCount":320,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":3,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/605224834"}
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