1. Healthcare

PROPRIETARY RESEARCH
EARNINGS AGGREGATES
REPORTING ANALYST: Greg Harrison
Media Questions/Earnings Hotline: 617-856-2459
PR team: 646-223-5985
January 29, 2015
[email protected]
STOXX 600 EARNINGS OUTLOOK
EUROPEAN AGGREGATE ESTIMATES AND REVISIONS
 Fourth quarter earnings are expected to grow 27.0% from Q4 2013.
 Fourth quarter revenue is expected to decline 3.8% from Q4 2013.
 20 companies in the STOXX 600 have reported earnings to date for Q4 2014. Of these, 75% reported
earnings above analyst estimates. In a typical quarter 48% beat analyst EPS estimates.
 24 companies in the STOXX 600 have reported revenue to date for Q4 2014. Of these, 46% reported
revenue above analyst estimates. In a typical quarter 53% beat analyst revenue estimates.
 The forward P/E ratio for the STOXX 600 is 15.0.
 There are 47 STOXX 600 companies with quarterly estimates expected to report Q4 2014 earnings
during the week of February 2.
SECTION A: EARNINGS OUTLOOK
Q4 2014: EARNINGS REVISIONS
Exhibit 1A. STOXX 600: Q4 2014 Earnings Growth Estimate Trend
29.0%
28.0%
27.0%
26.0%
25.0%
24.0%
4/9
4/2
3/26
3/19
3/12
3/5
2/26
2/19
2/12
2/5
1/29
1/22
1/15
1/8
1/1
12/25
12/18
12/11
23.0%
Source: Thomson Reuters I/B/E/S
STOXX 600 Earnings Outlook provides analysis and commentary on aggregate earnings estimate revisions, growth rates and valuations for companies in
the STOXX Europe 600 index. View all Thomson Reuters Proprietary Research subscription channels.
All data sourced from Thomson Reuters Eikon, a complete solution for research and analytics. It places the most comprehensive market information,
news, analytics and trading tools available into a desktop as simple to use as the Internet. Thomson Reuters Eikon clients can run fundamental and
technical screens against a global dataset representing more than 100 countries and over 200,000 securities. Learn more. Request a free trial of Thomson
Reuters Eikon today.
© 2014 Thomson Reuters. All marks herein are used under license.
THOMSON REUTERS PROPRIETARY RESEARCH
STOXX 600 EARNINGS OUTLOOK
JANUARY 29, 2015
Q4 2014: EARNINGS SCORECARDS
Exhibit 2A. STOXX 600: Q4 2014 Earnings vs. Expectations
Sector
Basic Materials
Above %
Match %
0%
Cyclical Consumer Goods & Services
Non-Cyclical Consumer Goods & Services
Below %
100%
Surprise
Reported
Factor %
Total #
0%
Cos. w/ Ests.
Total #
0%
1
33
29
100%
0%
0%
5%
3
0%
0%
100%
-13%
1
12
-
-
-
-
0
19
Energy
Financials
75%
0%
25%
11%
4
68
Healthcare
67%
33%
0%
11%
3
23
Industrials
67%
0%
33%
-10%
3
48
Technology
100%
0%
0%
7%
5
14
Telecommunications Services
-
-
-
-
0
17
Utilities
-
-
-
-
0
8
75.0%
10.0%
15.0%
6%
20
271
STOXX 600
Source: Thomson Reuters I/B/E/S
Through January 29, 20 companies in the STOXX 600 Index reported earnings for Q4 2014. Of these, 75.0%
reported earnings above analyst estimates, 10.0% reported earnings in line with analyst estimates, and 15.0%
reported earnings below analyst estimates. In a typical quarter (since 2011), 48% of companies beat
estimates, 8% match and 44% miss estimates. Over the past four quarters, 48% of companies beat the
estimates, 8% matched and 44% missed estimates.
In aggregate, companies are reporting earnings that are 6% above estimates, which is above the 4% longterm (since 2011) average surprise factor, and is above the 5% surprise factor recorded over the past four
quarters.
Exhibit 3A. STOXX 600: Full Year 2013 Earnings vs. Expectations
Reported
Sector
Above %
Match %
Below %
Cos. w/ Ests.
Total #
Total #
Basic Materials
57%
2%
41%
51
52
Cyclical Consumer Goods & Services
51%
7%
41%
68
70
Non-Cyclical Consumer Goods & Services
58%
10%
32%
31
33
Energy
44%
9%
47%
32
32
Financials
59%
5%
36%
118
120
Healthcare
65%
3%
32%
31
33
Industrials
51%
8%
41%
103
108
Technology
55%
5%
40%
20
22
Telecommunications Services
57%
0%
43%
23
25
Utilities
STOXX 600
65%
12%
24%
17
17
55.5%
6.1%
38.5%
494
512
Source: Thomson Reuters I/B/E/S
© 2014 Thomson Reuters. All marks herein are used under license.
TRPR_83201_66
2
THOMSON REUTERS PROPRIETARY RESEARCH
STOXX 600 EARNINGS OUTLOOK
JANUARY 29, 2015
Q4 2014: REVENUE SCORECARDS
Exhibit 4A. STOXX 600: Q4 2014 Revenue vs. Expectations
Sector
Basic Materials
Above %
Match %
0%
Cyclical Consumer Goods & Services
Below %
0%
Surprise
Reported
Factor %
Total #
100%
Cos. w/ Ests.
Total #
0%
1
32
34
50%
0%
50%
0%
4
0%
0%
100%
-10%
4
21
-
-
-
-
0
19
Financials
75%
0%
25%
1%
4
66
Healthcare
33%
0%
67%
0%
3
25
Industrials
67%
0%
33%
1%
3
54
Technology
60%
0%
40%
0%
5
14
Telecommunications Services
-
-
-
-
0
17
Utilities
-
-
-
-
0
4
45.8%
0.0%
54.2%
-3%
24
286
Non-Cyclical Consumer Goods & Services
Energy
STOXX 600
Source: Thomson Reuters I/B/E/S
Through January 29, 24 companies in the STOXX 600 Index reported revenues for Q4 2014. Of these, 20.0%
beat analyst expectations. In aggregate, companies are reporting revenues that are 3% below estimates.
Exhibit 5A. STOXX 600: Full Year 2013 Revenue vs. Expectations
Reported
Sector
Above %
Match %
Below %
Cos. w/ Ests.
Total #
Total #
Basic Materials
34%
0%
66%
50
52
Cyclical Consumer Goods & Services
52%
3%
45%
67
70
Non-Cyclical Consumer Goods & Services
19%
0%
81%
31
33
Energy
34%
0%
66%
32
32
Financials
48%
0%
52%
118
120
Healthcare
45%
0%
55%
31
33
Industrials
40%
0%
60%
103
108
Technology
50%
0%
50%
20
22
Telecommunications Services
35%
0%
65%
23
25
Utilities
STOXX 600
59%
0%
41%
17
17
42.5%
0.4%
57.1%
492
512
Source: Thomson Reuters I/B/E/S
© 2014 Thomson Reuters. All marks herein are used under license.
TRPR_83201_66
3
THOMSON REUTERS PROPRIETARY RESEARCH
STOXX 600 EARNINGS OUTLOOK
JANUARY 29, 2015
Q4 2014: EARNINGS GROWTH RATES
Exhibit 6A. STOXX 600: Q4 2014 Earnings Growth (Based on 271 Companies with Estimates)
Sector
Earnings $B
Q414
Earnings $B
Q413
Growth $B
Q414
Growth %
Q414
Basic Materials
5.5
3.9
1.6
41.1%
Cyclical Consumer Goods & Services
9.3
8.1
1.2
14.6%
Non-Cyclical Consumer Goods & Services
4.3
5.2
-0.9
-17.6%
Energy
12.0
14.7
-2.8
-18.8%
Financials
24.4
3.6
20.7
570.7%
Healthcare
13.3
13.7
-0.4
-2.7%
Industrials
8.8
9.2
-0.5
-4.9%
Technology
4.2
3.8
0.5
11.9%
Telecommunication Services
3.1
3.7
-0.6
-16.5%
Utilities
1.2
1.7
-0.6
-34.0%
85.9
67.7
18.2
27.0%
STOXX 600
Source: Thomson Reuters I/B/E/S
The estimated earnings growth rate for the STOXX 600 for Q4 2014 is 27.0%. The STOXX 600 expects to see
share-weighted earnings of $85.9B in Q4 2014, compared to share-weighted earnings of $67.7B (based on
the year-ago earnings of the current constituents) in Q4 2013.
Four of the ten sectors in the index expect to see an improvement in earnings relative to Q4 2013. The
Financials sector has the highest earnings growth rate for the quarter, while the Utilities sector has the
weakest anticipated growth compared to Q4 2013.
The Financials sector has the highest earnings growth rate (570.7%) of any sector. It is expected to earn
$24.4B in Q4 2014, compared to earnings of $3.6B in Q4 2013. Two of the four industry groups in the sector
are anticipated to see higher earnings than a year ago. The Banking Services industry group has the highest
growth rate within the sector.
The Utilities sector has the lowest growth rate (-34.0%) of any sector. It is expected to earn $1.2B in Q4 2014,
relative to earnings of $1.7B in Q4 2013.
Exhibit 7A. STOXX 600: Full Year 2014 Earnings Growth (Based on 508 Companies with Estimates)
Sector
Earnings $B
Earnings $B
Growth $B
2014
2013
2014
Growth %
2014
Basic Materials
39.9
37.3
2.6
7.0%
Cyclical Consumer Goods & Services
62.9
57.9
5.0
8.7%
Non-Cyclical Consumer Goods & Services
53.2
51.6
1.6
3.1%
Energy
68.6
72.3
-3.8
-5.2%
Financials
152.0
142.2
9.8
6.9%
Healthcare
67.1
67.4
-0.3
-0.4%
Industrials
62.4
58.6
3.8
6.5%
Technology
14.6
10.8
3.8
35.6%
Telecommunications Services
24.3
29.1
-4.8
-16.4%
27.5
34.1
-6.6
-19.4%
572.5
561.3
11.2
2.0%
Utilities
STOXX 600
Source: Thomson Reuters I/B/E/S
© 2014 Thomson Reuters. All marks herein are used under license.
TRPR_83201_66
4
THOMSON REUTERS PROPRIETARY RESEARCH
STOXX 600 EARNINGS OUTLOOK
JANUARY 29, 2015
Q4 2014: REVENUE GROWTH RATES
Exhibit 8A. STOXX 600: Q4 2014 Revenue Growth (Based on 278 Companies with Estimates)
Sector
Revenue $B
Revenue $B
Growth $B
Q414
Q413
Q414
Basic Materials
Growth %
Q414
105.8
105.5
0.3
0.3%
Cyclical Consumer Goods & Services
233.1
223.0
10.1
4.5%
Non-Cyclical Consumer Goods & Services
102.7
100.2
2.5
2.5%
Energy
303.5
379.8
-76.3
-20.1%
Financials
228.9
216.1
12.8
5.9%
Healthcare
88.6
86.1
2.5
2.9%
Industrials
229.2
227.7
1.4
0.6%
31.1
33.1
-2.0
-6.2%
Technology
Telecommunications Services
62.4
62.6
-0.2
-0.3%
Utilities
56.3
64.4
-8.1
-12.6%
1,441.5
1,498.5
-57.0
-3.8%
STOXX 600
Source: Thomson Reuters I/B/E/S
The estimated revenue growth rate for the STOXX 600 for Q4 2014 is -3.8%. The STOXX 600 is expected to
earn revenues of $1,441.5B in Q4 2014 compared to $1,498.5B in Q4 2013.
Six of the ten sectors anticipate revenue growth for the quarter. The Financials sector is expected to have the
highest revenue growth rate for the quarter, while the Energy sector is expected to have the lowest revenue
growth rate.
The Financials sector expects the highest revenue growth rate (5.9%) for the quarter. It is expected to
generate sales of $228.9B in Q4 2014, compared to sales of $216.1B in Q4 2013.
The Energy sector has the lowest revenue growth rate at (-20.1%). The sector is expected to post sales of
$303.5B in Q4 2014, relative to sales of $3779.8B in Q4 2013.
Exhibit 9A. STOXX 600: Full Year 2014 Revenue Growth (Based on 507 Companies with Estimates)
Sector
Revenue $B
Revenue $B
Growth $B
2014
2013
2014
Growth %
2014
Basic Materials
608.0
613.5
-5.5
Cyclical Consumer Goods & Services
1,252.1
1,212.7
39.4
3.2%
747.4
748.4
-1.0
-0.1%
Energy
1,701.8
1,776.7
-74.8
-4.2%
Financials
1.8%
Non-Cyclical Consumer Goods & Services
-0.9%
1,463.3
1,438.1
25.2
Healthcare
401.6
397.0
4.6
1.2%
Industrials
1,287.3
1,296.5
-9.1
-0.7%
Technology
138.8
147.9
-9.2
-6.2%
Telecommunications Services
336.0
360.2
-24.2
-6.7%
651.1
689.5
-38.4
-5.6%
8,587.4
8,680.5
-93.1
-1.1%
Utilities
STOXX 600
Source: Thomson Reuters I/B/E/S
© 2014 Thomson Reuters. All marks herein are used under license.
TRPR_83201_66
5
THOMSON REUTERS PROPRIETARY RESEARCH
STOXX 600 EARNINGS OUTLOOK
JANUARY 29, 2015
Q4 2014: EARNINGS GROWTH RATES BY COUNTRY
Exhibit 10A. STOXX 600: Q4 2014 Earnings Growth Rate Estimates by Country
Luxembourg
Ireland
Great Britain
Finland
Bermuda
STOXX 600
Spain
Sweden
Jersey
Netherlands
Germany
Czech Republic
Belgium
Switzerland
France
Norway
Denmark
‐40%
‐20%
0%
20%
40%
60%
80%
100%
120%
Source: Thomson Reuters I/B/E/S
Analysts expect positive earnings growth from 15 of the 22 countries represented in the STOXX 600
index. Luxembourg (99%) and Ireland (96%) have the highest estimated earnings growth rates, while
Denmark (-28%) and Norway (-16%) have the lowest estimated growth.
© 2014 Thomson Reuters. All marks herein are used under license.
TRPR_83201_66
6
THOMSON REUTERS PROPRIETARY RESEARCH
STOXX 600 EARNINGS OUTLOOK
JANUARY 29, 2015
FORWARD FOUR-QUARTER P/E RATIO
Exhibit 11A. STOXX 600: Forward P/E Ratio
P/E Ratio
Number of Companies
CY 2015
15.1
508
Forward
15.0
508
CY 2016
13.5
508
Source: Thomson Reuters I/B/E/S
The forward P/E ratio for the STOXX 600 is 15.0.
Q4 2014 – Q3 2015: EARNINGS GROWTH
The estimated earnings growth rates for the STOXX 600 for Q4 2014 through Q3 2015 are 27%, 0%, 6% and
7%, respectively. For sector-level growth rates for Q4 2014 through Q3 2015, see Exhibits 2C-5C in this report.
EARNINGS CALENDAR
The next several weeks will see companies report earnings for Q4 2014. There are 47 STOXX 600 companies
with quarterly estimates scheduled to report Q4 2014 earnings during the week of February 2.
Exhibit 12A. Number of Companies Reporting Q4 2014 Earnings
Q4 2014
STOXX 600
Reported
Report
Report
Report
To Date
This Week
Next Week
Remaining
20
47
53
151
Source: Thomson Reuters StreetEvents.
© 2014 Thomson Reuters. All marks herein are used under license.
TRPR_83201_66
7
THOMSON REUTERS PROPRIETARY RESEARCH
STOXX 600 EARNINGS OUTLOOK
JANUARY 29, 2015
SECTION B: EARNINGS CALENDAR
MONDAY: FEBRUARY 2
Exhibit 1B. Monday Earnings Calendar
Date
2/2/2015
2/2/2015
2/2/2015
2/2/2015
2/2/2015
2/2/2015
2/2/2015
Ticker
BCP.LS
BION.S
BKIA.MC
RYA.I
ZOT.MC
GIVN.VX
LVMH.PA
Company
BANCO COMR.PORTUGUES 'R'
BB BIOTECH N
BANKIA
RYANAIR HOLDINGS
ZARDOYA OTIS
GIVAUDAN 'N'
LVMH
Qtr/Semi
QTR
QTR
QTR
QTR
QTR
SEMI
SEMI
Est
Yr Ago
% Dif
0.00
-0.01
0.02
0.01
-0.03
Source: Thomson Reuters StreetEvents.
© 2014 Thomson Reuters. All marks herein are used under license.
TRPR_83201_66
8
N/A
NA
NA
-133.3
NA
NA
NA
THOMSON REUTERS PROPRIETARY RESEARCH
STOXX 600 EARNINGS OUTLOOK
JANUARY 29, 2015
TUESDAY: FEBRUARY 3
Exhibit 2B. Tuesday Earnings Calendar
Date
2/3/2015
2/3/2015
2/3/2015
2/3/2015
2/3/2015
2/3/2015
2/3/2015
2/3/2015
2/3/2015
Ticker
ALFA.ST
AZN.L
BG.L
BILL.ST
BP.L
SAN.MC
SWEDa.ST
UPM1V.HE
BAER.VX
Company
ALFA LAVAL
ASTRAZENECA
BG GROUP
BILLERUD KORSNAS
BP
BANCO SANTANDER
SWEDBANK 'A'
UPM-KYMMENE
JULIUS BAR GRUPPE
Qtr/Semi
QTR
QTR
QTR
QTR
QTR
QTR
QTR
QTR
SEMI
Est
0.32
0.84
0.16
0.20
0.09
0.13
0.46
0.29
Yr Ago
% Dif
0.29
1.23
0.33
0.08
0.15
0.09
0.43
0.31
Source: Thomson Reuters StreetEvents.
© 2014 Thomson Reuters. All marks herein are used under license.
TRPR_83201_66
9
10.3
-31.7
-51.5
150.0
-40.0
44.4
7.0
-6.5
NA
THOMSON REUTERS PROPRIETARY RESEARCH
STOXX 600 EARNINGS OUTLOOK
JANUARY 29, 2015
WEDNESDAY: FEBRUARY 4
Exhibit 3B. Wednesday Earnings Calendar
Date
2/4/2015
2/4/2015
2/4/2015
2/4/2015
2/4/2015
2/4/2015
2/4/2015
2/4/2015
2/4/2015
2/4/2015
2/4/2015
2/4/2015
2/4/2015
Ticker
BBVA.MC
FUM1V.HE
GJFS.OL
GSK.L
KPN.AS
LUPE.ST
MHG.OL
MTGb.ST
NES1V.HE
ORNBV.HE
SECUb.ST
SHBa.ST
STERV.HE
Company
BBV.ARGENTARIA
FORTUM
GJENSIDIGE FORSIKRING
GLAXOSMITHKLINE
KPN KON
LUNDIN PETROLEUM
MARINE HARVEST
MODERN TIMES GP.MTG 'B'
NESTE OIL
ORION 'B'
SECURITAS 'B'
SVENSKA HANDBKN.'A'
STORA ENSO 'R'
Qtr/Semi
QTR
QTR
QTR
QTR
QTR
QTR
QTR
QTR
QTR
QTR
QTR
QTR
QTR
Est
0.14
0.35
0.18
0.40
-0.05
-0.12
0.21
0.74
0.69
0.37
0.21
0.71
0.15
Yr Ago
% Dif
0.14
0.51
0.29
0.46
-0.02
0.08
0.24
0.71
0.79
0.45
0.18
0.66
0.17
Source: Thomson Reuters StreetEvents.
© 2014 Thomson Reuters. All marks herein are used under license.
TRPR_83201_66
10
0.0
-31.4
-37.9
-13.0
150.0
-250.0
-12.5
4.2
-12.7
-17.8
16.7
7.6
-11.8
THOMSON REUTERS PROPRIETARY RESEARCH
STOXX 600 EARNINGS OUTLOOK
JANUARY 29, 2015
THURSDAY: FEBRUARY 5
Exhibit 4B. Thursday Earnings Calendar
Date
2/5/2015
2/5/2015
2/5/2015
2/5/2015
2/5/2015
2/5/2015
2/5/2015
2/5/2015
2/5/2015
2/5/2015
2/5/2015
2/5/2015
2/5/2015
2/5/2015
2/5/2015
2/5/2015
2/5/2015
2/5/2015
Ticker
ABBN.VX
AMEAS.HE
BNPP.PA
DAIGn.DE
DAST.PA
DNB.OL
MEO1V.HE
NRE1V.HE
ORK.OL
SASY.PA
SCMN.VX
SN.L
TDC.CO
TGS.OL
VOLVb.ST
HRGV.L
SGEF.PA
SYNN.VX
Company
ABB LTD N
AMER SPORTS
BNP PARIBAS
DAIMLER
DASSAULT SYSTEMES
DNB
METSO
NOKIAN RENKAAT
ORKLA
SANOFI
SWISSCOM 'R'
SMITH & NEPHEW
TDC
TGS-NOPEC GEOPHS.
VOLVO 'B'
HARGREAVES LANSDOWN
VINCI
SYNGENTA
Qtr/Semi
QTR
QTR
QTR
QTR
QTR
QTR
QTR
QTR
QTR
QTR
QTR
QTR
QTR
QTR
QTR
SEMI
SEMI
SEMI
Est
0.35
0.48
1.15
1.83
0.66
0.38
0.58
0.47
0.09
1.56
9.12
0.25
0.15
0.73
0.16
Yr Ago
% Dif
0.34
0.36
1.24
1.74
0.57
0.44
0.65
-0.34
0.04
1.55
8.96
0.23
0.16
0.86
0.06
Source: Thomson Reuters StreetEvents.
© 2014 Thomson Reuters. All marks herein are used under license.
TRPR_83201_66
11
2.9
33.3
-7.3
5.2
15.8
-13.6
-10.8
-238.2
125.0
0.6
1.8
8.7
-6.3
-15.1
166.7
NA
NA
NA
THOMSON REUTERS PROPRIETARY RESEARCH
STOXX 600 EARNINGS OUTLOOK
JANUARY 29, 2015
FRIDAY: FEBRUARY 6
Exhibit 5B. Friday Earnings Calendar
Date
2/6/2015
2/6/2015
2/6/2015
2/6/2015
2/6/2015
2/6/2015
2/6/2015
2/6/2015
2/6/2015
2/6/2015
2/6/2015
2/6/2015
Ticker
ALUA.PA
COFB.BR
DANSKE.C
O
DSV.CO
FGP.L
HEXAb.ST
HPOLb.ST
HUSQb.ST
INDUa.ST
STL.OL
NUO.AS
UMI.BR
Company
Qtr/Semi
Est
Yr Ago
% Dif
ALCATEL-LUCENT
COFINIMMO
QTR
QTR
0.07
1.70
0.12
1.67
-41.7
1.8
DANSKE BANK
DSV 'B'
FIRST GROUP
HEXAGON 'B'
HEXPOL 'B'
HUSQVARNA 'B'
INDUSTRIVARDEN 'A'
STATOIL
NUTRECO
UMICORE
QTR
QTR
QTR
QTR
QTR
QTR
QTR
QTR
SEMI
SEMI
0.43
0.43
0.29
0.41
0.40
1.00
-0.04
0.33
0.90
-0.06
0.33
0.60
48.3
4.9
NA
21.2
11.1
-33.3
NA
-45.0
NA
NA
Source: Thomson Reuters StreetEvents.
© 2014 Thomson Reuters. All marks herein are used under license.
TRPR_83201_66
12
THOMSON REUTERS PROPRIETARY RESEARCH
STOXX 600 EARNINGS OUTLOOK
JANUARY 29, 2015
SECTION C: EARNINGS DATA TABLES
Exhibit 1C. STOXX 600: Q4 2014 Earnings Scorecard
Sector
Basic Materials
Cyclical Consumer Goods & Services
Non-Cyclical Consumer Goods & Services
Energy
Financials
Healthcare
Industrials
Technology
Telecommunications Services
Utilities
STOXX 600
Above
0%
100%
0%
75%
67%
67%
100%
75.0%
Match
100%
0%
0%
0%
33%
0%
0%
10.0%
Below
0%
0%
100%
25%
0%
33%
0%
15.0%
Surprise
0%
5%
-13%
11%
11%
-10%
7%
6%
Reported
1
3
1
0
4
3
3
5
0
0
20
Index
33
29
12
19
68
23
48
14
17
8
271
Source: Thomson Reuters I/B/E/S
Exhibit 2C. STOXX 600: Q4 2014 Earnings Growth
Sector
Basic Materials
Cyclical Consumer Goods & Services
Non-Cyclical Consumer Goods & Services
Energy
Financials
Healthcare
Industrials
Technology
Telecommunications Services
Utilities
STOXX 600
Number of Companies Included in Estimate
Today
41.1%
14.6%
-17.6%
-18.8%
570.7%
-2.7%
-4.9%
11.9%
-16.5%
-34.0%
27.0%
271
1 Jan
43.1%
22.7%
-15.4%
-12.9%
371.3%
-3.6%
-3.0%
5.6%
-36.2%
-0.9%
27.0%
269
1 Oct
49.5%
19.3%
-14.0%
14.0%
297.5%
-1.8%
31.9%
7.4%
-17.9%
18.1%
39.7%
257
1 Jul
23.6%
23.6%
11.6%
17.1%
221.3%
3.1%
28.2%
11.7%
-21.9%
-18.0%
39.9%
247
1 Apr
17.6%
20.5%
45.1%
23.8%
101.4%
6.7%
31.8%
16.9%
24.7%
-12.9%
32.8%
200
Today
77.8%
-12.9%
16.2%
-52.8%
40.2%
0.0%
21.6%
21.1%
28.9%
-29.4%
0.4%
168
1 Jan
47.8%
4.0%
16.6%
-41.1%
39.0%
-0.4%
17.3%
25.9%
25.2%
-23.5%
2.0%
152
1 Oct
46.2%
17.0%
58.3%
-6.9%
31.1%
-6.6%
34.1%
28.5%
24.3%
-21.3%
16.8%
138
1 Jul
28.8%
21.9%
80.9%
-4.9%
36.4%
15.0%
43.7%
38.8%
88.9%
-8.3%
21.3%
125
1 Apr
17.3%
30.3%
9.1%
7.3%
6.4%
21.8%
48.9%
73.9%
8.0%
-7.9%
18.9%
94
Source: Thomson Reuters I/B/E/S
Exhibit 3C. STOXX 600: Q1 2015 Earnings Growth
Sector
Basic Materials
Cyclical Consumer Goods & Services
Non-Cyclical Consumer Goods & Services
Energy
Financials
Healthcare
Industrials
Technology
Telecommunications Services
Utilities
STOXX 600
Number of Companies Included in Estimate
Source: Thomson Reuters I/B/E/S
© 2014 Thomson Reuters. All marks herein are used under license.
TRPR_83201_66
13
THOMSON REUTERS PROPRIETARY RESEARCH
STOXX 600 EARNINGS OUTLOOK
JANUARY 29, 2015
Exhibit 4C. STOXX 600: Q2 2015 Earnings Growth
Sector
Basic Materials
Cyclical Consumer Goods & Services
Non-Cyclical Consumer Goods & Services
Energy
Financials
Healthcare
Industrials
Technology
Telecommunications Services
Utilities
STOXX 600
Number of Companies Included in Estimate
Today
49.2%
12.0%
35.5%
-52.2%
86.4%
-2.8%
10.1%
6.2%
10.6%
-22.3%
6.3%
169
1 Jan
20.9%
11.0%
20.0%
-30.2%
85.5%
-4.8%
17.4%
8.5%
14.6%
-27.1%
9.3%
152
1 Oct
21.6%
13.0%
20.9%
6.9%
20.3%
-8.2%
19.0%
7.9%
29.7%
-24.4%
10.5%
130
1 Jan
-23.9%
82.9%
36.7%
-25.7%
46.0%
5.0%
15.5%
12.0%
13.1%
17.0%
13.4%
156
1 Oct
24.1%
136.6%
11.3%
3.8%
14.4%
14.9%
19.4%
16.3%
14.8%
10.3%
20.6%
113
1 Jul
12.8%
179.1%
-39.6%
11.5%
3.9%
15.4%
13.0%
20.9%
6.3%
7.4%
29.5%
106
Source: Thomson Reuters I/B/E/S
Exhibit 5C. STOXX 600: Q3 2015 Earnings Growth
Sector
Basic Materials
Cyclical Consumer Goods & Services
Non-Cyclical Consumer Goods & Services
Energy
Financials
Healthcare
Industrials
Technology
Telecommunications Services
Utilities
STOXX 600
Number of Companies Included in Estimate
Today
-22.1%
82.4%
32.2%
-46.8%
38.8%
5.8%
13.3%
12.3%
16.1%
14.2%
6.7%
173
Source: Thomson Reuters I/B/E/S
Exhibit 6C. STOXX 600: Q4 2015 Earnings Growth
Sector
Basic Materials
Cyclical Consumer Goods & Services
Non-Cyclical Consumer Goods & Services
Energy
Financials
Healthcare
Industrials
Technology
Telecommunications Services
Utilities
STOXX 600
Number of Companies Included in Estimate
Today
6.3%
83.5%
22.2%
-9.1%
52.0%
10.2%
42.3%
13.9%
5.3%
19.6%
21.1%
151
1 Jan
-2.4%
85.9%
18.3%
-3.0%
104.7%
14.2%
17.5%
18.0%
7.6%
14.8%
21.4%
134
Source: Thomson Reuters I/B/E/S
© 2014 Thomson Reuters. All marks herein are used under license.
TRPR_83201_66
14
THOMSON REUTERS PROPRIETARY RESEARCH
STOXX 600 EARNINGS OUTLOOK
JANUARY 29, 2015
Exhibit 7C. STOXX 600: CY 2014 Earnings Growth
Sector
Basic Materials
Cyclical Consumer Goods & Services
Non-Cyclical Consumer Goods & Services
Energy
Financials
Healthcare
Industrials
Technology
Telecommunications Services
Utilities
STOXX 600
Number of Companies Included in Estimate
Today
7.0%
8.7%
3.1%
-5.2%
6.9%
-0.4%
6.5%
35.6%
-16.4%
-19.4%
2.0%
508
1 Jan
7.5%
8.8%
2.7%
-2.8%
12.3%
0.0%
7.5%
31.9%
-12.4%
-19.4%
4.0%
505
1 Oct
12.5%
8.0%
4.0%
6.6%
14.3%
0.8%
10.9%
24.5%
-8.9%
-17.7%
6.8%
508
1 Jul
11.1%
9.8%
4.5%
9.1%
17.2%
2.1%
14.7%
25.2%
-11.6%
-17.4%
8.6%
507
1 Apr
13.4%
12.7%
6.3%
9.5%
17.0%
4.7%
17.6%
29.5%
-5.8%
-10.0%
10.8%
503
1 Jan
12.0%
15.6%
8.4%
-7.6%
20.7%
7.6%
14.9%
20.3%
10.9%
1.9%
11.6%
505
1 Oct
17.5%
16.5%
9.4%
10.7%
20.7%
9.3%
17.2%
20.2%
8.7%
4.4%
14.9%
505
1 Jul
16.7%
17.2%
9.7%
9.9%
18.9%
10.9%
16.3%
18.8%
8.8%
5.6%
14.5%
503
1 Apr
14.7%
16.0%
9.0%
9.4%
17.6%
9.1%
16.0%
18.2%
6.5%
5.3%
13.4%
502
Source: Thomson Reuters I/B/E/S
Exhibit 8C. STOXX 600: CY 2015 Earnings Growth
Sector
Basic Materials
Cyclical Consumer Goods & Services
Non-Cyclical Consumer Goods & Services
Energy
Financials
Healthcare
Industrials
Technology
Telecommunications Services
Utilities
STOXX 600
Number of Companies Included in Estimate
Today
8.7%
16.3%
4.9%
-22.1%
24.4%
5.0%
15.2%
16.2%
18.5%
0.3%
10.1%
508
Source: Thomson Reuters I/B/E/S
© 2014 Thomson Reuters. All marks herein are used under license.
TRPR_83201_66
15
THOMSON REUTERS PROPRIETARY RESEARCH
STOXX 600 EARNINGS OUTLOOK
JANUARY 29, 2015
Exhibit 9C. STOXX 600: Actual Earnings Growth Rates
Sector
Basic Materials
Cyclical Consumer Goods & Services
Non-Cyclical Consumer Goods & Services
Energy
Financials
Healthcare
Industrials
Technology
Telecommunications Services
Utilities
STOXX 600
3Q14
19.4%
18.9%
8.5%
-3.2%
23.5%
6.8%
6.6%
35.5%
-2.6%
-3.4%
11.7%
2Q14
13.3%
24.8%
25.8%
23.7%
2.3%
2.1%
12.4%
47.9%
-11.9%
7.3%
11.1%
1Q14
6.2%
17.8%
19.2%
-2.1%
-0.2%
-1.0%
31.0%
47.2%
-32.0%
-19.0%
1.1%
4Q13
-8.0%
-1.0%
41.1%
-21.8%
33.6%
1.0%
34.2%
51.4%
-28.1%
-46.9%
1.9%
3Q13
7.7%
-29.8%
1.6%
-21.2%
-13.8%
-2.9%
-10.4%
13.7%
-18.6%
-60.7%
-14.5%
1Q14
45%
7%
48%
4Q13
53%
7%
40%
3Q13
45%
10%
44%
1Q14
7.4%
4Q13
3.7%
3Q13
-0.8%
Source: Thomson Reuters I/B/E/S
Exhibit 10C. STOXX 600: Actual vs. Estimate (Above/Match/Below)
Above
Match
Below
3Q14
52%
9%
39%
2Q14
48%
8%
44%
Source: Thomson Reuters I/B/E/S
Exhibit 11C. STOXX 600: Actual vs. Estimate (Aggregate Difference)
Surprise Factor
3Q14
3.9%
2Q14
4.0%
Source: Thomson Reuters I/B/E/S
© 2014 Thomson Reuters. All marks herein are used under license.
TRPR_83201_66
16
THOMSON REUTERS PROPRIETARY RESEARCH
STOXX 600 EARNINGS OUTLOOK
JANUARY 29, 2015
NOTES / DEFINITIONS
ABOUT THOMSON REUTERS EIKON
Thomson Reuters Eikon is more comprehensive and collaborative than anything you’ve ever worked with. It is a real-time
research and portfolio management solution that delivers a broad and deep range of global financial content and insight.
You get direct, unfiltered access to industry-leading sources of financial information and analytics, all in a fully integrated
workspace designed to help you better analyze your investable universe and monitor your holdings. In a single application,
you can: access broker research, estimates, financials, events, news, fixed income and credit analysis, and more; conduct indepth portfolio analysis versus indices, sectors, and industries; investigate data aggregates and complex data relationships;
broaden your understanding of the credit markets; monitor negative developments and uncover new investment ideas. We
also provide effortless integration of our content into your proprietary spreadsheets, and allow you to stay connected to
critical portfolio information on your BlackBerry®.
ABOUT THOMSON REUTERS
Thomson Reuters is the world’s leading source of intelligent information for businesses and professionals. We combine
industry expertise with innovative technology to deliver critical information to leading decision makers in the financial, legal,
tax and accounting, scientific, healthcare and media markets, powered by the world’s most trusted news organization. With
headquarters in New York and major operations in London and Eagan, Minnesota, Thomson Reuters employs more than
50,000 people in 93 countries. Thomson Reuters shares are listed on the New York Stock Exchange (NYSE: TRI) and Toronto
Stock Exchange (TSX: TRI). For more information, go to www.thomsonreuters.com.
IMPORTANT NOTICE
This disclaimer is in addition to and not in replacement of any disclaimer of warranties and liabilities set forth in a written
agreement between Thomson Reuters and you or the party authorizing your access to the Service (“Contract Disclaimer”). In
the event of a conflict or inconsistency between this disclaimer and the Contract Disclaimer the terms of the Contract
Disclaimer shall control.
By accessing these materials, you hereby agree to the following:
These research reports and the information contained therein is for your internal use only and redistribution of this
information is expressly prohibited. These reports including the information and analysis, any opinion or recommendation is
not intended for investment purposes and does not constitute investment advice or an offer, or an invitation to make an offer,
to buy or sell any securities or any derivatives related to such securities.
Thomson Reuters does not warrant the accuracy of the reports for any particular purpose and expressly disclaims any
warranties of merchantability or fitness for a particular purpose; nor does Thomson Reuters guarantee the accuracy, validity,
timeliness or completeness of any information or data included in these reports for any particular purpose. Thomson Reuters
is under no obligation to provide you with any current or corrected information. Neither Thomson Reuters nor any of its
affiliates, directors, officers or employees, will be liable or have any responsibility of any kind for any loss or damage (whether
direct, indirect, consequential, or any other damages of any kind even if Thomson Reuters was advised of the possibility
thereof) that you incur in connection with, relating to or arising out of these materials or the analysis, views,
recommendations, opinions or information contained therein, or from any other cause relating to your access to, inability to
access, or use of these materials, whether or not the circumstances giving rise to such cause may have been within the
control of Thomson Reuters.
The information provided in these materials is not intended for distribution to, or use by, any person or entity in any
jurisdiction or country where such distribution or use would be contrary to law or regulation or which would subject Thomson
Reuters or its affiliates to any registration requirement within such jurisdiction or country.
© 2014 Thomson Reuters. All marks herein are used under license.
TRPR_83201_66
17