Research Detail
| 2023/09/08 / Erste Group Research |
Healthcare sector with +12% earnings growth in 2024e Rating changes: SAP, Banco Santander, Novartis, ConocoPhillips, S&P Global, Nike, Taiwan Semiconductor, AstraZeneca, Amadeus IT Group, Moncler As the 2Q23 reporting season draws to a close, investor focus is increasingly turning to 2024 earnings expectations, where growth is forecast to accelerate in both revenue and earnings. Calculated in USD, sales growth should accelerate to +3.7% y/y (23e: +0.6%). The earnings forecast for the world's 1000 largest stocks has also improved slightly recently. In the coming year, the expected increase is +8.5% y/y (23e: +4.2%). In the healthcare sector, which we continue to favor, earnings growth of +12% Y/Y is forecast for 2024. The expected growth rate is thus significantly above that of the overall market. Novartis convinces us by the recently implemented business policy measures and due to an attractive valuation. SAP: Further revenue growth potential through AI integration in applications S&P Global: Leading financial services provider increases free cash flow very strongly this year |
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General information
| Author | Erste Group Research |
| Date | 2023/09/08 |
| Language |  |
| Product name | Recommendation List |
| Topic in focus | Equities |
| Economy in focus | 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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| Name | ISIN | # Erste Group products |
| Fomento Eco. Mexicano | US3444191064 | 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 |
| Linde | IE000S9YS762 | 0 |
| LOreal | FR0000120321 | 0 |
| LVMH | FR0000121014 | 0 |
| Mastercard | US57636Q1040 | 0 |
| McDonalds | US5801351017 | 0 |
| Mercedes-Benz Group | DE0007100000 | 2 |
| Merck & Co | US58933Y1055 | 0 |