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S&P 500 has curved a fresh all-time high, just a few weeks ago and still hovering close by. However, the index, which is on its eighth consecutive yearly bull run in 2016, is looking a bit expensive by many fundamental measures, some of which are discussed below.
- S&P 500 dividend yield vs. 10-year treasury: Based on this measure, S&P 500 is about 156 percent more valuable compared to its long-term average.
- Enterprise value to sales: This ratio is currently around 2.25, 26 percent more than its long-term average.
- Shiller PE: This ratio is 57 percent above the long-term average.
- EV/EBITDA: This ratio is currently around 12, which is 22 percent more than normal.
- S&P 500 market cap/GDP: This ratio is currently at 1, which is 77 percent more than its long-term average.
- PB ratio: The Market price of S&P 500 is almost at 3 times compared to its book value and that is 17 percent higher compared to its long-term average.
It’s however, important to note, these fundamental valuations don’t suggest that the market would topple from here but they definitely urge for greater caution, while going long on the index.
