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2022/03/02 / Erste Group Research

Fokus auf Flüssiggas- und Rohstoffaktien

Der Angriffskrieg Russlands auf die Ukraine setzt sich fort. Die EU/USA und Russland haben mit ersten wirtschaftlichen Sanktionen darauf reagiert. Da kein militärischer Rückzug Russlands zu erkennen ist, könnten die EU/USA mit weiteren Sanktionen (insbesondere im Gassektor) reagieren. Diese und die schon bestehende, sehr hohe rechtliche Unsicherheit für Firmen, die in Russland produzieren oder dorthin verkaufen, macht Aktien mit hohem Russland-Exposure derzeit unattraktiv. Auch muss man bei Unternehmen, die von den gestiegenen Rohstoffpreise negativ betroffen sind, sehr selektiv sein. Zu meiden sind auch Unternehmen mit hohen Energiekosten. Die neue geopolitische Situation ist sehr schwer einzuschätzen.

Die Bewertung des globalen Aktienmarktes nach dem KGV ist gesunken (KGV 2022e: 16,7x), neue Einstiegszeitpunkte erscheinen aber erst bei einem gleichzeitigen Rückgang der Volatilität sinnvoll. Vorerst ist es nicht soweit. Langfristig ist die reduzierte Abhängigkeit und Diversifikation von russischer Energie ein sicherer Faktor. Wir empfehlen daher Firmen, die Flüssigerdgas (LNG) bzw. Erdgas in den USA oder in Europa außerhalb von Russland produzieren.
Empfehlungsänderungen: Deutsche Post, Sika, Cheniere Energy, Freeport-McMoRan.
Coverage beendet: Aptiv, Continental, Gilead Sciences, Zalando.

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General information

AuthorErste Group Research
Date2022/03/02
Languagede
Product nameEmpfehlungsliste
Topic in focusEquities
Economy in focusEurozone, Germany, Russia, United States
Currency in focusEuro, US Dollar
Sector in focusAutomobiles & 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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