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Extraction Summary
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People
4
Organizations
1
Locations
0
Events
0
Relationships
3
Quotes
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Type:
Financial research report / equity strategy analysis
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Summary
This document is page 14 of a 'European Equity Strategy' report produced by Bank of America Merrill Lynch on December 1, 2016. It contains four charts analyzing market sectors, specifically focusing on EPS (Earnings Per Share) correlations to GDP, CAGR (Compound Annual Growth Rate), and earnings revision trends. While the document bears a 'HOUSE_OVERSIGHT' Bates stamp, suggesting it was produced during a congressional investigation (potentially related to bank oversight), the specific content of this page is purely macroeconomic analysis and contains no mention of Jeffrey Epstein, specific individuals, or personal financial transactions.
Organizations (4)
| Name | Type | Context |
|---|---|---|
| Bank of America Merrill Lynch |
Source of the Global Research report
|
|
| Datastream |
Cited as a source for the charts
|
|
| IBES |
Cited as a source for the charts
|
|
| House Oversight Committee |
Implied by the Bates stamp 'HOUSE_OVERSIGHT_014473'
|
Locations (1)
| Location | Context |
|---|---|
|
Document footer indicates 'European Equity Strategy'
|
Key Quotes (3)
"Earnings revisions trends. Basic Resources show strongest revisions trends and revisions are still improving relative to trend, in light of the strong upside recently for many metals prices."Source
HOUSE_OVERSIGHT_014473.jpg
Quote #1
"Revisions are weakest in Tech having deteriorated more than other sectors over the past six weeks."Source
HOUSE_OVERSIGHT_014473.jpg
Quote #2
"The improvement in Financials revisions continues and Banks and Financial Services are now in positive territory."Source
HOUSE_OVERSIGHT_014473.jpg
Quote #3
Full Extracted Text
Complete text extracted from the document (2,250 characters)
Chart 33: Correlation of sector EPS to global GDP since 2010
BANKS
BASIC RESOURCE
REALSTATE
CHEMICALS
RETAIL
TECHNOLOGY
INDS GDS & SVS
HEALTH CARE
PERS & H/H GDS
TELECOM
FOOD & BEV
OIL & GAS
TRAVEL & LEIS
INSURANCE
MEDIA
AUTO & PARTS
FINANCIAL SVS
CON & MAT
UTILITIES
-20% 0% 20% 40% 60% 80% 100%
Source: BofA Merrill Lynch Global Research, Datastream, IBES
BANKS
BASIC RESOURCE
REALSTATE
CHEMICALS
RETAIL
TECHNOLOGY
INDS GDS & SVS
HEALTH CARE
PERS & H/H GDS
TELECOM
FOOD & BEV
OIL & GAS
TRAVEL & LEIS
INSURANCE
MEDIA
AUTO & PARTS
FINANCIAL SVS
CON & MAT
UTILITIES
-20% 0% 20% 40% 60% 80% 100%
Source: BofA Merrill Lynch Global Research, Datastream, IBES
Chart 34: Trailing vs forward EPS CAGR – ranked by difference
Basic Resources
Oil & Gas
Telecom
Construction & Materials
Retail
Auto & Parts
Stoxx 600
Banks
Media
Utilities
Industrial Goods & Sevices
HealthCare
Chemicals
Real estate
Food & Bev
Technology
Personal & Household goods
Insurance
Financial Services
Travel & Leisure
5yr Trailing CAGR
3yr Fwd CAGR
-30 -20 -10 0 10 20
Source: BofA Merrill Lynch Global Research, Datastream, IBES
Basic Resources
Oil & Gas
Telecom
Construction & Materials
Retail
Auto & Parts
Stoxx 600
Banks
Media
Utilities
Industrial Goods & Sevices
HealthCare
Chemicals
Real estate
Food & Bev
Technology
Personal & Household goods
Insurance
Financial Services
Travel & Leisure
5yr Trailing CAGR
3yr Fwd CAGR
-30 -20 -10 0 10 20
Source: BofA Merrill Lynch Global Research, Datastream, IBES
Earnings revisions trends. Basic Resources show strongest revisions trends and revisions are still improving relative to trend, in light of the strong upside recently for many metals prices. Autos revisions are next strongest and also show some positive momentum. More broadly most sectors are not showing an improvement in the trend on earnings revisions. Revisions are weakest in Tech having deteriorated more than other sectors over the past six weeks. The improvement in Financials revisions continues and Banks and Financial Services are now in positive territory.
Chart 35: 3-month average EPS revisions ratios (ERR) by sector
12%
10%
8%
6%
4%
2%
0%
-2%
-4%
-6%
Trend (3m avg) EPS revisions
Tech
HealthCare
Food & Bev
Telcos
Travel & Leis
Insurance
Chemicals
Media
Industrials
Stoxx 600
Oils
Banks
Construction
Real Estate
Prs & HH Gds
FinServ
Retail
Utility
Autos
Basics
Source: BofA Merrill Lynch Global Research, Datastream, IBES
12%
10%
8%
6%
4%
2%
0%
-2%
-4%
-6%
Trend (3m avg) EPS revisions
Tech
HealthCare
Food & Bev
Telcos
Travel & Leis
Insurance
Chemicals
Media
Industrials
Stoxx 600
Oils
Banks
Construction
Real Estate
Prs & HH Gds
FinServ
Retail
Utility
Autos
Basics
Source: BofA Merrill Lynch Global Research, Datastream, IBES
Chart 36: Revisions improving in most sectors (ERR 6wk avg vs 3m avg)
4%
3%
2%
1%
0%
-1%
-2%
-3%
-4%
Momentum: last 6 weeks vs 3-month average EPS revision ratio (%)
Tech
Media
HealthCare
Industrials
Construction
Stoxx 600
Insurance
Oils
Real Estate
Travel & Leis
Retail
Utility
Food & Bev
Chemicals
Banks
FinServ
Telcos
Prs & HH Gds
Autos
Basics
Source: BofA Merrill Lynch Global Research, Datastream, IBES
4%
3%
2%
1%
0%
-1%
-2%
-3%
-4%
Momentum: last 6 weeks vs 3-month average EPS revision ratio (%)
Tech
Media
HealthCare
Industrials
Construction
Stoxx 600
Insurance
Oils
Real Estate
Travel & Leis
Retail
Utility
Food & Bev
Chemicals
Banks
FinServ
Telcos
Prs & HH Gds
Autos
Basics
Source: BofA Merrill Lynch Global Research, Datastream, IBES
14 European Equity Strategy | 01 December 2016
Bank of America Merrill Lynch
HOUSE_OVERSIGHT_014473
Bank of America Merrill Lynch
HOUSE_OVERSIGHT_014473
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