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2023/06/29 / Erste Group Research

Positive Forecast for Equities in 3Q


Rating Changes: Edwards Lifesciences, Equinor, Broadcom, Novo Nordisk, TotalEnergies.

The global equity market index rose by +4.6% in EUR terms in the second quarter. The year-to-date performance in EUR is +10.3%. The US equity market outperformed the global index in 2Q with an increase of +6.7%. The European equity market showed significant relative weakness to the overall market with a performance in EUR of 0%.

The valuation of the global stock market index is slightly below the long-term average. The expected P/E ratio for 2023e is 16.9x and for 2024 15.5x. In the current low economic growth environment, we recommend stocks from sectors with above-average profitability and good growth prospects, such as industrials, technology and healthcare.

Edwards Lifesciences: Innovative medical technology for cardiovascular diseases

Equinor: Well above-average operating margin and return on equity - stock very favorably valued

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General information

AuthorErste Group Research
Date2023/06/29
Languageen
Product nameRecommendation List
Topic in focusEquities
Economy in focusEurozone, Germany, Switzerland, United Kingdom, United States
Currency in focusBritish Pound, Euro, Swiss Franc, 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
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