Research Detail
| 2023/12/21 / Erste Group Research |
2024: Profit growth of +9% y/y expected Rating Changes: Holcim, Waste Management, ExxonMobil, Oracle The performance of the US stock market this year was determined by the exceptionally high performance of the "Magnificent 7" stocks. These are the shares of: Apple, Microsoft, Alphabet, Amazon.com, NVIDIA, Tesla Motors and Meta. The performance of these stocks weighted by market capitalization has been +68% since the beginning of the year. The US stock market (S&P 500) rose by +21% overall this year. The prospects that US technology stocks will continue to rise next year are positive. The sector's expected sales growth for 2024 is +10.5% (y/y) and the forecast earnings growth is +16.1% (y/y). For the global market as a whole, the expectation for earnings growth in 2024 is now +9% y/y in USD. Sales should increase by +5% y/y. In terms of valuation, the global equity index with an expected P/E ratio of 17.8x for 2024e is below the historical average of 19.4x over the last 20 years. Holcim: Organic growth, EBIT rises sharply Waste Management: Sales and margin increase expected in 2024 |
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General information
| Author | Erste Group Research |
| Date | 2023/12/21 |
| Language |  |
| Product name | Recommendation List |
| Topic in focus | Equities |
| Economy in focus | Eurozone, Germany, 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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Related financial instruments
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| Name | ISIN | # Erste Group products |
| Home Depot | US4370761029 | 0 |
| HSBC | GB0005405286 | 0 |
| IBM | US4592001014 | 0 |
| ICICI Bank | US45104G1040 | 0 |
| Inditex | ES0148396007 | 0 |
| Infineon | DE0006231004 | 3 |
| Infosys | INE009A01021 | 0 |
| Intel | US4581401001 | 0 |
| Intuit | US4612021034 | 0 |
| Intuitive Surgical | US46120E6023 | 0 |
| Johnson & Johnson | US4781601046 | 0 |
| JPMorgan | US46625H1005 | 0 |
| Kering | FR0000121485 | 0 |
| Linde | IE000S9YS762 | 0 |
| LOreal | FR0000120321 | 0 |
| LVMH | FR0000121014 | 0 |
| Mastercard | US57636Q1040 | 0 |
| McDonalds | US5801351017 | 0 |
| 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 |