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2023/03/10 / Erste Group Research

Continued upside in tourism sector in 2023

The consensus forecast for global corporate sales growth in 2023 is +1.3% (y/y). Profits should rise +4.5% (y/y) this year. Sales and profit growth will only increase more strongly next year. Profit growth of +9.2% (y/y) is then forecast for 2024.

The expected global dividend yield in 2023e is 2.3%. It is significantly below the level of the increased yields on US government bonds. This limits the relative attractiveness of equities. We expect the global equity market index to move sideways in March.

Anheuser Busch Inbev: High growth in Central and South America, operating margin well above sector average

Booking Holdings: Sales significantly exceed pre-Covid level, market shares in the USA increased
Charles Schwab: Revenue stagnation in 2023e

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General information

AuthorErste Group Research
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