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2022/03/10 / Erste Group Research

Strong demand for energy and commodities

The war between Russia and Ukraine continues unabated. Europe, the USA and numerous other countries have therefore extended their sanctions against Russia. As a result, strong global demand for energy is being met by a tightening supply. Sharply rising prices of energy, raw materials and supply chain problems are fueling high inflation. No rapid change in this situation is in sight.

The outlook for sales and profit growth of global companies remains positive. This year, sales should increase by +5.8% (y/y) and profits by +7.1% (y/y). Valuation by P/E ratio has declined due to share price declines and earnings growth. The 2022e P/E ratio is currently 15.0x. However, the favorable valuation also reflects the globally increased economic risks.

Rating changes: ConocoPhillips, Rio Tinto, Mercedes-Benz Group

Coverage discontinued: Gazprom, Sberbank

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General information

AuthorErste Group Research
Date2022/03/10
Languageen
Product nameRecommendation List
Topic in focusEquities
Economy in focusEurozone, Germany, United States
Currency in focusEuro, 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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