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2023/09/29 / Erste Group Research

Energy stocks with upside potential

No rating changes.

In 2024, the global stock market should see an acceleration in sales and earnings growth. Sales are forecast to rise by around +3.8% (y/y) and profits by around +8.5% (y/y). Companies in the Technology, Financials, Consumer Cyclicals, and Health Care sectors will contribute the most to earnings growth next year. The valuation of the global equity market index is slightly below the long-term average. The expected 2023e P/E ratio is 16.8x and 15.7x for 2024, respectively. The 2024e dividend yield of the global equity market is 2.3%.

In the energy market, the oil price showed an increase from USD 71 to up to USD 97 in the last three months due to the continued increase in oil demand and the simultaneous reduction in oil supply by Saudi Arabia, among others. In this market environment, we expect the oil price to maintain this elevated level of over USD 90 in 4Q and therefore major oil producers to raise their earnings forecasts.

Caterpillar: All segments achieved sales and earnings growth

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General information

AuthorErste Group Research
Date2023/09/29
Languageen
Product nameRecommendation List
Topic in focusEquities
Economy in focusGermany, Japan, Switzerland, United Kingdom, United States
Currency in focusBritish Pound, Euro, Swiss Franc, US Dollar
Sector in focusAutomobiles & Parts, Banks, Basic Resources, Chemicals, Construction & Material, Financial Services, Food & Beverage, Health Care, Industrial Goods & Services, Insurance, Media, Oil & Gas, Personal & Household Goods, Retail, Technology, Telecommunications, Travel & Leisure, Utilities
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