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2022/06/10 / Erste Group Research

Energie-Sektor: Positive Gewinnaussichten und niedrige Bewertung


Der globale Aktienmarktindex schwächte sich in der letzten Woche in EUR um -2,4% ab. Der S&P 500 gab in EUR um -3,0% nach. Der Stoxx 600 verlor -1,6%.

Der Energie-Sektorenindex weist aufgrund seiner guten Gewinnperspektiven und wegen einer niedrigen Bewertung nach dem KGV (2022e: 8,4x) eine ausgeprägte relative Stärke auf. Diese sollte weiter andauern.

Vorerst dürfte die hohe Inflation eine rasche und nachhaltige Trendwende des globalen Aktienmarkt-Index verhindern. Wir erwarten, dass sich der globale Aktienmarktindex in der nächsten Woche abschwächen wird.

Der ATX gab auf Wochensicht mit -0,8% leicht nach. International hielten sich Anleger bedeckt, nur Öl- und Gaswerte wurden nachgefragt. Unter dem steigenden Zins- und Renditepfad litten vor allem Finanz- und Immobilienwerte. Österreich folgte den internationalen Vorgaben mit SBO und OMV an der Spitze sowie schwächelnden Bankwerten. Schlusslicht war abermals die Immofinanz, deren Kurs seit Auslaufen der Angebotsfrist nun um über 25% zurückfiel. Der Abgang des langjährigen Managements sowie die Streichung der Dividende 2021 sorgten für weitere Verunsicherung.

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General information

AuthorErste Group Research
Date2022/06/10
Languagede
Product nameEquity Weekly
Topic in focusEquities
Economy in focusAustria
Currency in focusEuro
Sector in focusBasic Resources, Real Estate, Travel & Leisure
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Name  ISIN# Erste Group products
DO & COAT00008188020
ImmofinanzAT0000A21KS222
voestalpineAT000093750386



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