GS A TMT investor s guide to Growth and Value_watermark-1
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Goldman Sachs
Exhibit 30: The 20 largest S&P 500 TMT high growth stocks in 2010 and their growth quartile rankings in subsequent years
S&P 500 TMT Growth quartile (1 = fastest growth)
Company |
2010 |
2011 |
2012 |
2013 |
2014 |
2015 |
2016 |
2017 |
2018 |
|
Apple |
|
|
|
|
|
|
|
|
|
|
1 |
1 |
1 |
1 |
3 |
2 |
2 |
3 |
3 |
|
|
Broadcom |
1 |
1 |
3 |
2 |
4 |
2 |
4 |
|
|
|
CBS |
1 |
1 |
2 |
2 |
2 |
2 |
1 |
2 |
2 |
|
Cognizant |
1 |
1 |
1 |
1 |
1 |
1 |
1 |
2 |
1 |
|
DirecTV |
1 |
1 |
1 |
1 |
3 |
4 |
|
|
|
|
Electronic Arts |
1 |
1 |
1 |
1 |
3 |
2 |
2 |
1 |
2 |
|
EMC |
1 |
1 |
1 |
1 |
2 |
3 |
3 |
|
|
|
FIS |
1 |
1 |
3 |
2 |
2 |
2 |
1 |
1 |
3 |
|
1 |
1 |
1 |
1 |
1 |
1 |
1 |
1 |
1 |
|
|
Juniper Networks |
1 |
1 |
3 |
2 |
1 |
3 |
1 |
3 |
4 |
|
Mastercard |
1 |
2 |
1 |
1 |
1 |
1 |
2 |
2 |
1 |
|
McAfee |
1 |
3 |
|
|
|
|
|
|
|
|
Micron |
1 |
1 |
4 |
2 |
1 |
1 |
4 |
4 |
1 |
|
NetApp |
1 |
1 |
1 |
2 |
1 |
3 |
3 |
2 |
2 |
|
Salesforce |
1 |
1 |
1 |
1 |
1 |
1 |
1 |
1 |
1 |
|
SanDisk |
1 |
3 |
2 |
2 |
1 |
2 |
3 |
|
|
|
Scripps |
1 |
2 |
2 |
2 |
3 |
3 |
3 |
3 |
4 |
|
Symantec |
1 |
3 |
2 |
3 |
4 |
4 |
4 |
1 |
2 |
|
Time Warner |
1 |
3 |
3 |
3 |
3 |
3 |
2 |
3 |
3 |
|
Visa |
1 |
2 |
2 |
1 |
1 |
1 |
1 |
1 |
1 |
|
|
|
|
|
|
|
|
|
|
|
|
Source: Goldman Sachs Global Investment Research
Exhibit 31: The 20 largest S&P 500 low growth stocks in 2010 and their growth quartile rankings in subsequent years
S&P 500 TMT Growth quartile (1 = fastest growth)
Company |
2010 |
2011 |
2012 |
2013 |
2014 |
2015 |
2016 |
2017 |
2018 |
|
ADP |
|
|
|
|
|
|
|
|
|
|
4 |
4 |
3 |
3 |
4 |
3 |
2 |
2 |
3 |
|
|
AMD |
4 |
3 |
4 |
4 |
|
|
|
|
1 |
|
Analog Devices |
4 |
2 |
3 |
4 |
3 |
3 |
1 |
3 |
2 |
|
AT&T |
4 |
4 |
4 |
2 |
4 |
4 |
2 |
3 |
4 |
|
DXC |
4 |
4 |
4 |
2 |
4 |
4 |
|
|
1 |
|
First Solar |
4 |
2 |
4 |
4 |
4 |
2 |
4 |
4 |
|
|
FLIR |
4 |
3 |
2 |
4 |
2 |
2 |
2 |
2 |
2 |
|
IBM |
4 |
4 |
3 |
3 |
4 |
4 |
4 |
4 |
4 |
|
Leidos |
4 |
4 |
3 |
4 |
|
|
|
|
|
|
Microchip |
4 |
2 |
4 |
2 |
1 |
1 |
2 |
1 |
1 |
|
National Semiconductor |
4 |
4 |
|
|
|
|
|
|
|
|
Omnicom |
4 |
4 |
3 |
4 |
4 |
4 |
4 |
4 |
4 |
|
Paychex |
4 |
4 |
4 |
3 |
3 |
3 |
3 |
3 |
3 |
|
Qwest |
4 |
4 |
|
|
|
|
|
|
|
|
Sprint |
4 |
4 |
4 |
4 |
|
|
|
|
|
|
TEGNA |
4 |
4 |
4 |
4 |
2 |
4 |
3 |
4 |
|
|
Tellabs |
4 |
4 |
|
|
|
|
|
|
|
|
Time Warner Cable |
4 |
2 |
2 |
3 |
2 |
3 |
3 |
|
|
|
Verizon |
4 |
4 |
2 |
3 |
3 |
3 |
3 |
4 |
4 |
|
Western Digital |
4 |
4 |
3 |
3 |
4 |
3 |
4 |
3 |
1 |
|
|
|
|
|
|
|
|
|
|
|
|
Source: Goldman Sachs Global Investment Research
3 December 2018 |
21 |
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Goldman Sachs
Appendix D: S&P 500 TMT GARP
Exhibit 32: Stocks that fall into the top half of S&P 500 TMT based on growth and bottom half based on valuation
|
|
|
|
|
|
|
Growth |
|
Valuation |
3m revision |
|
||
|
|
|
|
Mkt |
YTD |
|
Trailing |
Cons. fwd |
|
Fwd |
EV/ |
to cons. |
|
|
|
Company |
Ticker |
cap (bn) |
return |
|
sales |
EPS |
|
P/E |
EBITDA |
2019 EPS |
|
|
|
Discovery Inc. |
DISCA |
$15 |
40 % |
44 % |
86 % |
|
9x |
5x |
(0.4)% |
|
|
|
|
NetApp Inc. |
NTAP |
18 |
28 |
10 |
12 |
15 |
9 |
2.5 |
|
||
|
|
CenturyLink Inc. |
CTL |
20 |
26 |
38 |
24 |
15 |
7 |
5.2 |
|
||
|
|
HP Inc. |
HPQ |
37 |
13 |
10 |
12 |
11 |
9 |
(0.2) |
|
||
|
|
Hewlett Packard Enterprise |
HPE |
23 |
10 |
6 |
10 |
10 |
9 |
1.9 |
|
||
|
|
Apple Inc. |
AAPL |
874 |
9 |
16 |
12 |
14 |
11 |
(0.9) |
|
||
|
|
Akamai Technologies |
AKAM |
12 |
7 |
9 |
21 |
18 |
13 |
6.6 |
|
||
|
|
Corning Inc. |
GLW |
26 |
3 |
9 |
20 |
16 |
9 |
2.6 |
|
||
|
|
Qorvo Inc. |
QRVO |
8 |
1 |
5 |
16 |
10 |
10 |
(6.9) |
|
||
|
|
Comcast Corp. |
CMCSA |
179 |
(0) |
5 |
12 |
14 |
8 |
0.1 |
|
||
|
|
CBS Corp. |
CBS |
19 |
(6) |
8 |
17 |
10 |
9 |
(1.9) |
|
||
|
|
Micron Technology |
MU |
45 |
(6) |
50 |
(16) |
4 |
2 |
(11.0) |
|
||
|
|
Broadcom Inc. |
AVGO |
102 |
(6) |
15 |
10 |
11 |
12 |
8.3 |
|
||
|
|
Microchip Technology |
MCHP |
18 |
(12) |
25 |
9 |
11 |
13 |
(5.2) |
|
||
|
|
Facebook Inc. |
FB |
330 |
(22) |
42 |
(3) |
19 |
10 |
(10.3) |
|
||
|
|
DXC Technology |
DXC |
18 |
(24) |
57 |
2 |
7 |
4 |
(0.5) |
|
||
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
GARP median |
|
$21 |
2 % |
12 % |
12 % |
|
11x |
9x |
(0.3)% |
|
|
|
|
S&P 500 TMT median |
|
23 |
8 |
9 |
10 |
18 |
13 |
(0.2) |
|
||
|
|
|
|
|
|
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|
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Source: FactSet, Goldman Sachs Global Investment Research
3 December 2018 |
22 |