<p class = "web-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "As you probably know, the stock market do not ride in a straight line& nbsp; – Even if in 2017, one has the impression that it is as if it was the case. The stock market is regularly undergoing corrections, some of which will turn into bear markets. This is an inevitable part of the investment and the price of entry if you want to have the opportunity to grow your wealth over time. "Data-reactid =" 11 "> As you probably know, the stock market does not go up in a straight line – even though in 2017, we had the impression that this was the case. Regular corrections, some of which will turn into a bear market.It is an inevitable part of the investment and the entry price if you wish, an opportunity to grow your wealth over time.

Likewise, there are no two stocks, industries or sectors of the stock market that are identical. Some traditionally have slower growth and therefore tend to be priced at lower historical multiples. Other industries and sectors are growing quite fast and are being rewarded by Wall Street with a significantly higher historical earnings multiple.

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<h2 class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "These 10 industries are historically cheap "data-reactid =" 34 ">These 10 industries are historically cheap

But whether you're looking for a sector with a predicted one-to-one price-earnings ratio or historical price-earnings ratio greater than 30, one thing is consistent: these sectors are rarely the average hovering around their PfAD before historic history for a long period. Finding industries whose value is well below their historical average can lead to fascinating bargains.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "It is in this spirit that I have turned to market analysis. Data from Yardeni Research (as at 24 January 2019) on the S & amp; P 500forward price / earnings ratio ratios for all sectors and industries. Of the dozens of industries represented in the general index, 10 are currently evaluated according to an advanced P / E which represents at least a minimum over five years. In no particular order, these industries are as follows: "data-reactid =" 36 "> It is with this in mind that I turned to the data from market research company Yardeni Research (at 24 January 2019) on the site. S & P 500forward price / earnings ratio ratios for all sectors and industries. Of the dozens of industries represented in the general index, 10 are currently evaluated according to an advanced P / E which represents at least a minimum over five years. In no particular order, these industries are:

Industry Up P / E Lowest Forward P / E Since … Home Appliances 7.4 2011 Packaged Foods 15.1 2012 Brewers 12.9 Health Services in 2013 10.3 Lowest Ever Biotechnology 12 2011 Construction machinery and heavy trucks 10.1 2012 Integrated telecommunication services 10.2 2009 Steel 9.3 2012 Diversified chemicals 11.6 2012 Semiconductor equipment 9.6 2010

Data source: Yardeni Research. Transmission of P / E data to January 24, 2019.

As you can see, investors have a choice, ranging from traditionally slow-growing and / or cyclical industries from home appliance and steel to faster-growing industries such as biotechnology. Although I encourage you to browse these 10 industries, here are some names that stand out in particular.

<h2 class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "AT & amp; T (Integrated Telecommunications Services) "data-reactid =" 41 ">AT & T (Integrated Telecommunication Services)

<p class = "web-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Telecommunications giant AT & T (NYSE: T) has just delivered a fourth quarter report which, once again, did not hold particularly on Wall Street. Video subscribers continue to disappoint with the acquisition of Time Warner, completed in June. But with an advanced P / E of 8, AT & T is about as cheap as it has been in ten years, and there are many reasons to be always optimistic for its future . "Data-reactid =" 42 "> The telecommunications giant AT & T (NYSE: T) just released a report on the fourth quarter that, once again, was not particularly interested in Wall Street. Video subscribers continue to disappoint with the acquisition of Time Warner, completed in June. But with an advanced P / E of 8, AT & T is about as cheap as it has been in 10 years, and there are many reasons to be always excited about its future.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "This year, we will really see the ramp-up of 5G network deployments, with still significant investments from AT & T in these much faster networks. Given that consumers are heavily data – centric and that compatible 5G smartphones are expected to hit the market in late spring or summer, a long upgrade cycle is about to take place. ; ensue. This is positive for smartphone manufacturers and it's good news for the high-margin data sector of AT & amp; T. "data-reactid =" 43 "> This year, we are really going to witness the ramp-up of the 5G network rollout, with continued significant AT & T investments in these much faster networks. on the data and that compatible 5G smartphones are likely to hit the market in the late spring or summer, a long upgrade cycle is about to ensue and it's an excellent new for the AT & T high-margin data sector.

<p class = "canvas-atom-canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Let's not forget that AT & & # 39; T & A also managed its cash flow from operating activities in 2018 increased by 15% (mainly from the acquisition of Time Warner) to reach $ 43.6 billion and it provides free cash flow for the year. of $ 26 billion in 2019, with earnings per share growth slightly below 10% This is certainly not the story of the rapid growth of what it was, but AT & T is also stable than a rock, and he superior performance to prove it. & nbsp; "data-reactid =" 44 "> Let's not forget that AT & T has also managed to increase by 15% its cash flow from operating activities in 2018 (mainly from l & # 39; $ 43.6 billion acquisition of Time Warner) With earnings per share growth of about $ 26 billion in 2019, this figure is certainly not as fast as it was before. but AT & T is as solid as a rock and displays a superior yield to prove it.

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<h2 class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Celgene (Biotechnology) "data-reactid =" 70 ">Celgene (Biotechnology)

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Go ahead and call me crazy, but even with Celgene (NASDAQ: CELG) currently being acquired by Bristol-Myers Squibb (NYSE: BMY), he presents an intriguing value. The operation itself will see Bristol-Myers Squibb pay $ 50 in cash and a Bristol-Myers share for each share currently held by Celgene's stakeholders. Based on the closing price of Bristol-Myers on Monday, February 4th at 50.85 USD, there is a purchase price of 100.85 USD. Celgene however closed at $ 87.57. This represents a potential arbitrage opportunity of 15.2% – and does not even include the $ 9 contingent rights that Celgene shareholders would receive if three regulatory milestones were achieved between the end of 2020 and the end of the year. the end of March 2021. "data- reactid =" 71 "> Go ahead and call me crazy, but even with Celgene (NASDAQ: CELG) acquired by Bristol-Myers Squibb (NYSE: BMY), it presents here an intriguing value. The operation itself will see Bristol-Myers Squibb pay $ 50 in cash and a Bristol-Myers share for each share currently held by Celgene's stakeholders. Based on the closing price of Bristol-Myers on Monday, February 4th at 50.85 USD, there is a purchase price of 100.85 USD. Celgene however closed at $ 87.57. This represents a potential arbitrage opportunity of 15.2% – and does not even include the $ 9 contingent rights that Celgene shareholders would receive if three regulatory milestones were achieved between the end of 2020 and the end of the year. the end of March 2021.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "But let's play the devil's advocate and let's say Celgene still has his main drug, Revlimid, protected against a flood of generics until the end of January 2026, and is about to put on the market a number of blockbusters in the coming years, including the ozanimod in the treatment of multiple sclerosis. Between its dozens of partnerships, the expansion of the organic label and the existing pipeline, Celgene's advanced P / E, out of 7, is incredibly cheap. "Data-reactid =" 72 "> But let's play the devil's advocate and let's say that the deal does not go in. Celgene still has her main drug, Revlimid, protected from generic drug floods until the end from January 2026, and is about to put on the market a number of blockbusters, including ozanimod as a treatment for multiple sclerosis: between its dozens of partnerships, the expansion of its organic label and its existing pipeline, Celgene's advanced P / E, with 7, is incredibly cheap.

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<h2 class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Whirlpool (Home appliances)"data-reactid =" 94 ">Whirlpool (Home appliances)

<p class = "canvas-atom web-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Exactly as Wall Street hesitated before AT & T, it makes the same for several quarters now with the device giant whirlwind (NYSE: WHR). Whirlpool released its annual results last week and highlighted the difficulties it faces in the face of rising steel and aluminum prices, tied to the tariffs imposed by the US trade war and China. Forced to pass on high prices to consumers has clearly affected the company's North American operations in 2018. But with an advanced P / E of 8, Whirlpool has always a lot that he can bring to the table. "data-reactid =" 95 "> Just as Wall Street was hesitating in front of AT & T, it's been the same thing for several quarters with the giant of the household appliances whirlwind (NYSE: WHR). Whirlpool released its annual results last week and highlighted the difficulties it faces in the face of rising steel and aluminum prices, tied to the tariffs imposed by the US trade war and China. Required to pass on price increases to consumers has clearly affected the company's North American operations in 2018. But with an advanced P / E of 8, Whirlpool still has a lot to offer.

<p class = "web-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Whirlpool has grown in Asia in recent years through acquisitions, that should work well as Asia offers a more robust growth rate.Excluding foreign exchange movements, sales in the fourth quarter in Asia grew by 11.2% .When growth n & # 39; Is not as strong, Whirlpool remains disciplined with its expenses Operating cash flow is expected to reach nearly $ 1.5 billion mid-way through 2019 and that Free cash flow is between $ 800 and $ 900 million and this ability to generate significant liquidity in just about any economic environment is what allows Whirlpool pay $ 4.60 annually in dividends. & nbsp; "data-reactid =" 96 "> In recent years, Whirlpool has established itself in Asia through acquisitions, which should go well as Asia offers a more robust growth rate Excluding currency movements, fourth-quarter revenue in Asia up 11.2%, while growth is not as strong, Whirlpool remains disciplined with its expenses, which should generate a cash-flow nearly $ 1.5 billion mid-term in 2019 and $ 800 to $ 900 million in free cash flow This ability to generate a lot of money in virtually all economic environments allows Whirlpool to pay 4 $ 60 a year in dividends.

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<h2 class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Celanese (Diversified Chemicals) "data-reactid =" 118 ">Celanese (Diversified Chemicals)

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Although diversified chemicals are not an industry that I frequent often, giant of diversified chemistry Celanese (NYSE: CE) generates strong growth for investors, both organic and inorganic, and gets very little respect for it. "data-reactid =" 119 "> Although diversified chemicals are not an area I often visit, the diversified chemicals giant Celanese (NYSE: EC) generates solid growth for investors, both organic and inorganic, and gets very little respect for it.

In the company's annual results, released last week, the producer of value-added chemicals and polymers posted net sales growth of 17% in 2018, reaching $ 7.16 billion, the chain of acetyl chains having generated the essential of growth. Acetyl products are used in dyes, paints, coatings, adhesives and pharmaceuticals. The ability to pass on a 19% price hike was extremely beneficial, with Acetyl Chain's operating profits doubling compared to a year ago.

Engineered Materials, the second-largest segment for Celanese sales, also saw revenues grow by 17% in 2018 as prices and volumes drive this expansion. In fact, Celanese has recorded a fifth consecutive year of operating income growth for its Engineered Materials division. With an advanced P / E of only 8.5, and having returned $ 1.1 billion to shareholders through redemptions and dividends in 2018, Celanese deserves closer scrutiny.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = " More from The Motley Fool "data-reactid =" 122 "> More from The Motley Fool

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Sean Williams holds shares in AT & T and Celgene. The Motley Fool owns shares and recommends Celgene. The Motley Fool has a disclosure policy."data-reactid =" 130 ">Sean Williams owns shares in AT & T and Celgene. The Motley Fool owns shares and recommends Celgene. Motley Fool has a disclosure policy.