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2022/06/03 / Erste Group Research

Aktienmärkte: Bewertungen attraktiv

Die Erholung des globalen Aktienmarktindex setzte sich in der letzten Woche fort. Er stieg in EUR um +3,4%. Der S&P 500 befestigte sich in EUR um +4,1%, der Stoxx 600 legte um +1,6% zu.

Die Aussichten für das Umsatz- und das Gewinnwachstum sind in den USA positiv. Die Umsätze sollten laut Konsensus-Prognose heuer um +10,2% (j/j) ansteigen und die Gewinne um +8,9% (j/j). Der US-Aktienmarkt sollte von der gesunkenen Bewertung (KGV 2022e: 19,6x) und den Aussichten auf weitere Gewinnsteigerungen profitieren.

Wir erwarten, dass der globale Aktienmarktindex in der kommenden Woche moderat ansteigen wird. Die relative Stärke des US-Aktienmarktes sollte andauern. Die Volatilität sollte gleichzeitig leicht sinken.

Der ATX schloss auf Wochensicht mit einem zarten Plus von 0,3%. International gesucht waren Konsumgüter- und Automobilwerte, während Versorger gegeben wurden. In Österreich zeigten sich mehrere ATX-Prime Werte aus dem Industriebereich gut gesucht angeführt von Semperit. Unter Druck kam wie erwartet die Immofinanz nach Auslaufen des Übernahmeangebots von CPIPG, die nun knapp 77% der Anteile hält. Auch bei der Übernahme der S Immo kam CPIPG mit Aufhebung der Stimmrechtsbeschränkung auf der HV einen Schritt weiter.

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General information

AuthorErste Group Research
Product nameEquity Weekly
Topic in focusEquities
Economy in focusAustria
Currency in focusEuro
Sector in focusConstruction & Material, Real Estate

Erste Group related products

Name  ISIN# Erste Group products
S ImmoAT00006522502


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