Capital Markets: Winter 2019
Bargains Abound Valuation
• Sector valuation varies with most trading at discounts to their historical median
P/E Relative to 20-Year Median
Source: FactSet and UBS, based on S&P 500 Index as of 12/31/18. The Communication Services, Consumer Discretionary, and Technology sectors’ historical data have been restated to reflect September 2018 changes to the GICS sector classifications. Note that Consumer Discretionary ex-Internet Retail is an 11% discount to its 20-year median.
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