2023/02/27 / Erste Group Research |
Small increase of global equities expected By now, the reporting season in the US is well advanced. 80% of US companies have reported their 4Q results, with 73% of companies reporting higher-than-expected earnings/share. Overall 4Q earnings/share are down -4.7% (y/y) for US companies so far. A -5.4% (y/y) decline is expected in 1Q 2023 and a -3.4% (y/y) slowdown in 2Q. Positive earnings growth is then expected from 3Q (+3.3% y/y). Full-year 2023 earnings growth is expected to be modest at +2.2% (y/y). The 12-month P/E ratio for the USA 500 index is 17.7x. This P/E ratio is below the 5-year average (18.5x) but above the 10-year average (17.2x). Due to the neutral valuation, only slightly positive earnings momentum and high interest rates, we expect only a small increase in the global equity index in the coming months. TotalEnergies: improving earnings revisions for 2023. New rating. Novo Nordisk: High sales growth in anti-obesity drugs. |
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Author | Erste Group Research |
Date | 2023/02/27 |
Language | ![]() |
Product name | Recommendation List |
Topic in focus | Equities |
Economy in focus | Eurozone, Germany, Japan, United States |
Currency in focus | Euro, US Dollar |
Sector in focus | Automobiles & 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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Name | ISIN | # Erste Group products |
Mercedes-Benz Group | DE0007100000 | 2 |
Merck & Co | US58933Y1055 | 0 |
Meta Platforms | US30303M1027 | 0 |
Microsoft | US5949181045 | 0 |
Mondelez | US6092071058 | 0 |
Morgan Stanley | US6174464486 | 0 |
Nestle | CH0038863350 | 0 |
Netflix | US64110L1061 | 0 |
NextEra Energy | US65339F1012 | 0 |
Nike | US6541061031 | 0 |
Novartis | CH0012005267 | 0 |
Novo Nordisk | DK0060534915 | 0 |
NVIDIA | US67066G1040 | 0 |
Oracle | US68389X1054 | 0 |
PepsiCo | US7134481081 | 0 |
Pfizer | US7170811035 | 0 |
Porsche AG | DE000PAG9113 | 0 |
Procter & Gamble | US7427181091 | 0 |
Qualcomm | US7475251036 | 0 |
Rio Tinto | GB0007188757 | 0 |
Roche Holding | CH0012032113 | 0 |
Royal Bank of Canada | CA7800871021 | 0 |
RWE | DE0007037129 | 3 |
Ryanair | IE00BYTBXV33 | 0 |
Samsung Electronics | KR7005930003 | 0 |
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