The table below lists the current and historical price-earnings and CAPE ratio of the FTSE 100 index. The current trailing P/E of the index is 13.88 (12/31/2022) and the cyclically adjusted (CAPE) ratio is 19.28. The earnings of many of the UK’s major companies plummeted during the COVID pandemic. Shell plc reported a net loss of £-16,906 million and BP plc a loss of £-15,834 million for the fiscal year 2020. For the 2021 fiscal, Shell posted a net profit of £14,616M and BP a profit of £5,501M.
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FTSE 100 – P/E (TTM), EPS & CAPE Ratio
* EPS (earnings per share) in the table above has been indexed to start from the base value of “100”.
** The trailing P/E is highly elevated as the total earnings of the FTSE 100 companies were barely positive for the fiscal year 2020. Negative earnings have been included in the calculations.
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FTSE 100 & 250 indices
FTSE 100 stock index is the most followed indicator for the performance of the London Stock Exchange and for the UK’s stock market. The combined market value of the companies part of the index is £1,781,113 million. (September, 2022). The largest index constituents are Shell Plc, AstraZeneca plc, Unilever plc, HSBC Holdings and Diageo plc. Among the ICB sectors, Energy has the largest weighting, followed by Health Care and Financial Services. Majority of the earnings of the index companies come from abroad so the index is rarely used as a benchmark for the economic conditions in the UK.
For domestic market conditions, FTSE 250 index is a much better indicator. This index represents 250 mid-cap stocks traded on the LSE and has the total market cap of £299,073 million (September, 2022). The largest index consituents are Weir Group, Greencoat UK Wind, Beazley and Johnson Matthey . For the past 10 years, FTSE 250 has outperformed (year-on-year total return) FTSE 100 index seven times out of ten.
Cyclically Adjusted (Shiller) P/E ratio
The idea behind the CAPE ratio is that one year earnings are too volatile to be used to estimate the real market value of a company. Considering the average longer term earnings can often give a more accurate view of a firm’s capacity to create value. The ratio has become an essential indicator for value investors to estimate the valuations of a certain market/index/country.