|2022/02/01 / Erste Group Research|
Energy companies to outperform
The global equity index declined by -3.9% in EUR terms in January. Due to slower corporate earnings growth (22e: +5.8%), we expect stock indices to increase less this year than last. Volatility is expected to be higher than in 2021.
The reporting season is in full swing this week. Today, Exxon Mobil, Gilead Sciences, General Motors, Paypal and Starbucks report. Technology stocks Alphabet and Meta Platforms follow on 2.2. On Thursday, Amazon.com and numerous pharmaceutical companies such as Eli Lilly and Merck report. We expect the majority of results to be good.
Recommendation changes: NextEra Energy, SAP, TotalEnergies, Verizon, Vinci, Aptiv, EDP, Intuit, Netflix.
Apple: very strong revenue and profit growth in last quarter
SAP: Accelerated cloud growth expected
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|Author||Erste Group Research|
|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|
|Name||ISIN||# Erste Group products|
|Amadeus IT Group||ES0109067019||0|
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