SPDR S&P 500 ETF Trust Valuation

Q: What is the Fair Price of SPY when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

SPY (A$927.46) is trading below our estimate of [[fair value]] (A$1885.07)

Is SPY undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

Below Fair Value
Significantly Below Fair Value
Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of SPY when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: SPY (A$927.46) is trading below our estimate of fair value (A$1885.07)

Significantly Below Fair Value: SPY is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for SPY?

Key metric: As SPY is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for SPY. This is calculated by dividing SPY's market cap by their current earnings.
What is SPY's PE Ratio?
PE Ratio	5.3x
Earnings	US$117.90b
Market Cap	US$629.02b

SPY key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	93x
Enterprise Value/EBITDA	n/a
PEG Ratio	n/a

Price to Earnings Ratio vs Peers

How does SPY's PE Ratio compare to its peers?

Insufficient data to calculate this valuation analysis check

The above table shows the PE ratio for SPY vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	n/a
SPY SPDR S&P 500 ETF Trust	5.3x	n/a	AU$629.0b

Price-To-Earnings vs Peers: Insufficient data to calculate SPY's Price-To-Earnings Ratio vs. peers for valuation analysis.

Price to Earnings Ratio vs Industry

How does SPY's PE Ratio compare vs other companies in the AU Capital Markets Industry?

4 Companies	Price / Earnings	Estimated Growth	Market Cap
KBC Keybridge Capital	1.4x	n/a	US$6.46m
OEQ Orion Equities	0.6x	n/a	US$1.21m
QUE Queste Communications	0.8x	n/a	US$861.28k
PEQA Pritchard Equity	2.7x	n/a	US$861.02k

No more companies available in this PE range

4 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: SPY is good value based on its Price-To-Earnings Ratio (5.3x) compared to the Australian Capital Markets industry average (20x).

Price to Earnings Ratio vs Fair Ratio

What is SPY's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

SPY PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	5.3x
Fair PE Ratio	n/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate SPY's Price-To-Earnings Fair Ratio for valuation analysis.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Insufficient data to show price forecast.

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