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 |
| Edwards Lifesciences | US28176E1082 | 0 |
| Eli Lilly | US5324571083 | 0 |
| Equinor | NO0010096985 | 0 |
| Exxon Mobil | US30231G1022 | 0 |
| General Motors | US37045V1008 | 0 |
| Gilead Sciences | US3755581036 | 0 |
| GlaxoSmithKline | GB0009252882 | 0 |
| 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 |
| Kone | FI0009013403 | 0 |
| LOreal | FR0000120321 | 0 |
| LVMH | FR0000121014 | 0 |
| Mastercard | US57636Q1040 | 0 |
| McDonalds | US5801351017 | 0 |