Research Detail
| 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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General information
| 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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Related financial instruments
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| Name | ISIN | # Erste Group products |
| Beiersdorf | DE0005200000 | 0 |
| BHP Group | GB00BH0P3Z91 | 0 |
| BMW | DE0005190003 | 3 |
| BNP Paribas | FR0000131104 | 0 |
| Booking Holdings | US09857L1089 | 0 |
| BP | GB0007980591 | 0 |
| Bristol-Myers Squibb | US1101221083 | 0 |
| Caterpillar | US1491231015 | 0 |
| Chevron | US1667641005 | 0 |
| China Construction Bank | CNE1000002H1 | 0 |
| Cie Financiere Richemont | CH0210483332 | 0 |
| Cisco | US17275R1023 | 0 |
| Citigroup | US1729674242 | 0 |
| Coca-Cola | US1912161007 | 0 |
| Colgate-Palmolive | US1941621039 | 0 |
| Coloplast | DK0060448595 | 0 |
| ConocoPhillips | US20825C1045 | 0 |
| Daikin Industries | JP3481800005 | 0 |
| Danone | FR0000120644 | 0 |
| Deere & Co | US2441991054 | 0 |
| Deutsche Bank | DE0005140008 | 5 |
| Deutsche Boerse | DE0005810055 | 0 |
| Deutsche Telekom | DE0005557508 | 0 |
| DHL Group | DE0005552004 | 0 |
| Diageo | GB0002374006 | 0 |