Research Detail
| 2023/01/09 / Erste Group Research |
European equities on the upswing Rating changes: AstraZeneca, Siemens, Albemarle Corp, Intuit, United Parcel Service The European stock market is currently benefiting above all from lower energy prices and its low valuation. The sharp drop in the price of natural gas is very beneficial, especially for the European industrial sector. The valuation of European equities is also favoring the current rise in the indices. According to P/E ratio 2023e, which is 12.9x, European stocks are valued far below their historical average. For Q4 2022, European equities are expected to increase earnings by +15% y/y. Sales should increase by +7% (y/y). In the following quarters, earnings growth will then decline (1Q 2023e: +5%). From 2Q 2023, it will remain negative for 2 quarters before profit growth is achieved again. |
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General information
| Author | Erste Group Research |
| Date | 2023/01/09 |
| 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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Related financial instruments
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| Name | ISIN | # Erste Group products |
| Beiersdorf | DE0005200000 | 0 |
| BHP Group | GB00BH0P3Z91 | 0 |
| BMW | DE0005190003 | 3 |
| BNP Paribas | FR0000131104 | 0 |
| Booking Holdings | US09857L1089 | 0 |
| BP | GB0007980591 | 0 |
| Bristol-Myers Squibb | US1101221083 | 0 |
| Caterpillar | US1491231015 | 0 |
| Chevron | US1667641005 | 0 |
| China Construction Bank | CNE1000002H1 | 0 |
| Cie Financiere Richemont | CH0210483332 | 0 |
| Cisco | US17275R1023 | 0 |
| Citigroup | US1729674242 | 0 |
| Coca-Cola | US1912161007 | 0 |
| Colgate-Palmolive | US1941621039 | 0 |
| Coloplast | DK0060448595 | 0 |
| ConocoPhillips | US20825C1045 | 0 |
| Daikin Industries | JP3481800005 | 0 |
| Danone | FR0000120644 | 0 |
| Deere & Co | US2441991054 | 0 |
| Deutsche Bank | DE0005140008 | 5 |
| Deutsche Boerse | DE0005810055 | 0 |
| Deutsche Telekom | DE0005557508 | 0 |
| DHL Group | DE0005552004 | 0 |
| Diageo | GB0002374006 | 0 |