Morningstar Portfolio tab Value and Growth Measures

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BenS
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Joined: Sat Jun 25, 2022 2:02 pm

Morningstar Portfolio tab Value and Growth Measures

Post by BenS »

Dear Bogleheads,

I am writing in regards to the Style Measures (Value & Growth Measures) listed within the Portfolio tab on Morningstar. I would like to understand quantitatively how many of the rows in the investment column are calculated. In comparing these measures to those found under "Portfolio composition" in Vanguard, the two sets of fundamentals seem to be close, but not an exact match. Any thoughts or analyses would be much appreciated. Here are some examples and my limited understanding of each:

Price/Earnings -- Forward estimated earnings?
Price/Book -- This is a backward measure, but it doesn't quite seem to match what Vanguard lists (see VOO for example)
Dividend Yield % -- Is this a long - run average? It is clearly a backwards measure, but it doesn't always sync up with the ttm yield listed under Quote, or calculated by dividing the dividend payout over the last year by the NAV.
Long-Term Earnings % -- This is clearly a forwards measure of earnings per share growth, but over how many years? some sources say three, others say five. As an example: for X earnings per share growth, is Long-Term Earnings % = (1+X)^(1/3) - 1, where 3 is the number of years?
Historical Earnings % -- This is a backwards measure of earnings per share growth. Again, neither of these EPS growth metrics match up with Vanguard, so I don't exactly understand what Morningstar is reporting here.
Book-Value Growth % -- This is another backwards measure, as with EPS growth I don't know exactly what is being reported here.

Any thoughts or insights which you can provide would be much appreciated. As a specific example, compare:

[https://www.morningstar.com/etfs/arcx/voo/portfolio]
[https://investor.vanguard.com/investmen ... omposition]

Cheers,
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