Epstein Secrets

ed by Health Care and big consumer oriented Tech firms. We expect growth to slow at these two S&P segments, but remain key growth drivers. II2016E S&P EPS of $125 is up 5% on 4% sales growth, flat margins and 1% share shrink. Sales should turn positive in 2016 as commodity and currency drags diminish

25.0% Information Technology IT Services 17.4 16.3 Semiconductors Software Communications Equipment Electronic Equipment 2.8% 5.0% Utilities Electric Utilities Gas Utilities 15.4 14.9 Independent Power Producers Multi-Utilities 2.3% 2.5% Telecom 12.4 12.7 Telecommunication Services Banks Capital Mark

8 to $125 on stronger dollar, lower oil assumptions We have long cautioned that every 10% appreciation in the dollar vs. mature currencies drags on S&P EPS growth by 2.5%. Every dime the Euro declines vs. USD hits S&P EPS by $1. Every $5/bbl oil price decline hits S&P EPS by $1, net of small benefits

Technology 17.5 16.5 Semiconductors Software Communications Equipment Electronic Equipment Banks Capital Markets 14.0 13.2 Consumer Finance Electric Utilities Gas Utilities 2.9% 2.3% 3.4% 2.6% Utilities 15.7 15.2 Independent Power Producers Multi-Utilities Telecom 12.6 13.0 Telecommunication Serv

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ceuticals Airlines Airlines Airlines Airlines Information Technology Communications Equipment Information Technology IT Services IT Services Electric Utilities Electric Utilities Electric Utilities Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Information Technology Semiconductors & Semiconductor