EFTA Document EFTA01459632

8 February 2016 US Equity Insights 4Q S&P EPS y/y growth ex. Energy deteriorates vs. 3Q, not much better in 1Q Blended btm-up 40 EPS growth ex Energy is 2.3% yty, likely 3.4% when complete. This compares to 7.3% in 3Q and double-digit growth in 3014.2015. Slow growth is likely to continue in 1H16, but we expect healthy growth in 2H. Consensus qtrly EPS y/y growth ex Energy is -1%, 2%, 7% and 13% for 2016. Figure 15: S&P ex. Energy EPS growth deteriorated in 4015. and likely won't reacce