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2023/06/20 / Erste Group Research

Higher earnings growth expected in the US than in Europe


Rating Changes: Netflix, Gilead Sciences

The performance of the Technology sector index since the beginning of the year is +38%. The weighting in the global share index is currently 28% according to market capitalization. It is therefore the largest sector globally. An important factor supporting the earnings situation in the long term is the expansion of AI applications. A large number of companies are benefiting from this (e.g. NVIDIA, Microsoft, Oracle, AMD, Salesforce.com, Adobe).

The global technology sector has above-average prospects in terms of sales and earnings development - especially next year. While sales growth will still be low this year (2023e: +1.9%), high sales growth of +10.2% should be achieved again in 2024. Profit growth in 2024e should be +20.5% y/y.

Adobe: +10% sales growth in 2Q - forecasts raised

Netflix: Slight revenue growth in the final quarter - new potential from change in fee model

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General information

AuthorErste Group Research
Date2023/06/20
Languageen
Product nameRecommendation List
Topic in focusEquities
Economy in focusEurozone, Germany, 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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Name  ISIN# Erste Group products
ABBCH00122217160
Abbott LaboratoriesUS00282410000
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AdobeUS00724F10120
Advanced Micro DevicesUS00790310780
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AllianzDE000840400533
AlphabetUS02079K30590
Amadeus IT GroupES01090670190
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Anheuser Busch InbevBE09742932510
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ASMLNL00102732150
AT&TUS00206R10230
Bank of America US06050510460
BASFDE000BASF11131
Bayer DE000BAY001737
BeiersdorfDE000520000026
BHP GroupGB00BH0P3Z910
BMWDE000519000336
BNP ParibasFR00001311040
Booking HoldingsUS09857L10890



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