Research Detail
| 2023/09/29 / Erste Group Research |
Energy stocks with upside potential No rating changes. In 2024, the global stock market should see an acceleration in sales and earnings growth. Sales are forecast to rise by around +3.8% (y/y) and profits by around +8.5% (y/y). Companies in the Technology, Financials, Consumer Cyclicals, and Health Care sectors will contribute the most to earnings growth next year. The valuation of the global equity market index is slightly below the long-term average. The expected 2023e P/E ratio is 16.8x and 15.7x for 2024, respectively. The 2024e dividend yield of the global equity market is 2.3%. In the energy market, the oil price showed an increase from USD 71 to up to USD 97 in the last three months due to the continued increase in oil demand and the simultaneous reduction in oil supply by Saudi Arabia, among others. In this market environment, we expect the oil price to maintain this elevated level of over USD 90 in 4Q and therefore major oil producers to raise their earnings forecasts. Caterpillar: All segments achieved sales and earnings growth Costco Wholesale: sales and earnings growth continues Merck & Co: Successful products for immunotherapy against cancer |
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General information
| Author | Erste Group Research |
| Date | 2023/09/29 |
| Language |  |
| Product name | Recommendation List |
| Topic in focus | Equities |
| Economy in focus | Germany, Japan, Switzerland, United Kingdom, United States |
| Currency in focus | British Pound, Euro, Swiss Franc, 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 |
| Meta Platforms | US30303M1027 | 0 |
| Microsoft | US5949181045 | 0 |
| Mondelez | US6092071058 | 0 |
| Morgan Stanley | US6174464486 | 0 |
| Nestle | CH0038863350 | 0 |
| Netflix | US64110L1061 | 0 |
| NextEra Energy | US65339F1012 | 0 |
| Nike | US6541061031 | 0 |
| Novartis | CH0012005267 | 0 |
| Novo Nordisk | DK0060534915 | 0 |
| NVIDIA | US67066G1040 | 0 |
| Oracle | US68389X1054 | 0 |
| PepsiCo | US7134481081 | 0 |
| Pfizer | US7170811035 | 0 |
| Porsche AG | DE000PAG9113 | 0 |
| Procter & Gamble | US7427181091 | 0 |
| Qualcomm | US7475251036 | 0 |
| Rio Tinto | GB0007188757 | 0 |
| Roche Holding | CH0012032113 | 0 |
| Royal Bank of Canada | CA7800871021 | 0 |
| RWE | DE0007037129 | 3 |
| Ryanair | IE00BYTBXV33 | 0 |
| Samsung Electronics | KR7005930003 | 0 |
| Sanofi | FR0000120578 | 0 |
| SAP | DE0007164600 | 4 |