Research Detail
| 2024/09/04 / Erste Group Research |
Health Care sector with attractive risk/reward profile Rating changes: Novartis, Royal Bank of Canada, Pfizer, Alimentation Couche-Tard, Cadence Design Systems, Intel The prospects for a medium-term rise in the global stock market index are intact. Corporate sales will rise by around +3.5% this year. The consensus estimate for earnings growth in 2024 is an increase of +6.4%. Next year, earnings growth will rise to +12.6%. The expected P/E ratio 2024 of the global equity market index is 19.8x and the global dividend yield is 1.9%. The valuation is reasonable given the positive growth prospects. Profit growth in the most important countries in the emerging markets varies greatly. The forecast earnings growth of Indian companies is +10.1% (y/y) for 2024 and +13% (y/y) for 2025. The global recommendation list includes India's ICICI Bank as an attractive long-term buy recommendation. The earnings growth of Indian companies is higher than that of Chinese companies. Earnings growth of +7.9% (y/y) is forecast for these companies for 2024 and +7.5% (y/y) for 2025. Novartis: High profit growth of +20% y/y in 2Q24, positive outlook for 2H24 Royal Bank of Canada: 2Q24: Net interest income up 16% y/y, adjusted ROE at 16.4% Intel: Quality problems and high debt, negative risk/reward profile |
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General information
| Author | Erste Group Research |
| Date | 2024/09/04 |
| Language |  |
| Product name | Recommendation List |
| Topic in focus | Equities |
| Economy in focus | Germany, Japan, United Kingdom, United States |
| Currency in focus | British Pound, 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
Page 1 of 5
| Name | ISIN | # Erste Group products |
| - | US79466L3024 | 0 |
| - | US23331A1097 | 0 |
| - | US0404131064 | 0 |
| - | CH0012032048 | 0 |
| - | US16411R2085 | 0 |
| - | US90353T1007 | 0 |
| - | CA4530384086 | 0 |
| ABB | CH0012221716 | 0 |
| Abbott Laboratories | US0028241000 | 0 |
| AbbVie | US00287Y1091 | 0 |
| Adidas | DE000A1EWWW0 | 3 |
| Adobe | US00724F1012 | 0 |
| Advanced Micro Devices | US0079031078 | 0 |
| Alibaba | US01609W1027 | 0 |
| Allianz | DE0008404005 | 0 |
| Alphabet | US02079K3059 | 0 |
| Amazon.Com | US0231351067 | 0 |
| Amgen | US0311621009 | 0 |
| Anheuser Busch Inbev | BE0974293251 | 0 |
| Apple | US0378331005 | 0 |
| ASML | NL0010273215 | 0 |
| AT&T | US00206R1023 | 0 |
| Banco Santander | ES0113900J37 | 0 |
| Bank of America | US0605051046 | 0 |
| BASF | DE000BASF111 | 2 |