2023/12/21 / Erste Group Research |
2024: Profit growth of +9% y/y expected Rating Changes: Holcim, Waste Management, ExxonMobil, Oracle The performance of the US stock market this year was determined by the exceptionally high performance of the "Magnificent 7" stocks. These are the shares of: Apple, Microsoft, Alphabet, Amazon.com, NVIDIA, Tesla Motors and Meta. The performance of these stocks weighted by market capitalization has been +68% since the beginning of the year. The US stock market (S&P 500) rose by +21% overall this year. The prospects that US technology stocks will continue to rise next year are positive. The sector's expected sales growth for 2024 is +10.5% (y/y) and the forecast earnings growth is +16.1% (y/y). For the global market as a whole, the expectation for earnings growth in 2024 is now +9% y/y in USD. Sales should increase by +5% y/y. In terms of valuation, the global equity index with an expected P/E ratio of 17.8x for 2024e is below the historical average of 19.4x over the last 20 years. Holcim: Organic growth, EBIT rises sharply Waste Management: Sales and margin increase expected in 2024 |
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Author | Erste Group Research |
Date | 2023/12/21 |
Language | |
Product name | Recommendation List |
Topic in focus | Equities |
Economy in focus | Eurozone, Germany, 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 |
Starbucks | US8552441094 | 0 |
T-Mobile US | US8725901040 | 0 |
Taiwan Semiconductor | TW0002330008 | 0 |
Tencent | KYG875721634 | 0 |
Tesla | US88160R1014 | 0 |
Thermo Fisher Scientific | US8835561023 | 0 |
Tokyo Electron | JP3571400005 | 0 |
TotalEnergies | FR0000120271 | 0 |
Toyota Motor | JP3633400001 | 0 |
UBS | CH0244767585 | 0 |
UniCredit | IT0005239360 | 0 |
Unilever | GB00B10RZP78 | 0 |
UnitedHealth Group | US91324P1021 | 0 |
Vale | BRVALEACNOR0 | 0 |
Verizon | US92343V1044 | 0 |
Vertex Pharmaceuticals | US92532F1003 | 0 |
Vinci | FR0000125486 | 0 |
Visa | US92826C8394 | 0 |
Volkswagen | DE0007664039 | 6 |
Walmart | US9311421039 | 0 |
Walt Disney | US2546871060 | 0 |
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