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2022/03/10 / Erste Group Research

Starke Nachfrage nach Energie und Rohstoffen

Der Krieg zwischen Russland und Ukraine geht unvermindert weiter. Europa, die USA und zahlreiche andere Staaten haben daher ihre Sanktionen gegen Russland ausgeweitet. Die starke globale Nachfrage nach Energie trifft in der Folge auf ein sich verknappendes Angebot. Stark steigende Preise von Energie, Rohstoffen und Lieferketten-Probleme befördern die hohe Inflation. Eine rasche Veränderung dieser Situation ist nicht in Sicht.

Die Aussichten für Umsatz- und Gewinnsteigerungen der globalen Unternehmen bleiben positiv. Heuer sollte ein Umsatzanstieg um +5,8% (j/j) und ein Gewinnanstieg um +7,1% (j/j) erzielt werden. Die Bewertung nach dem KGV ist durch die Kursrückgänge und durch Gewinnzuwächse gesunken. Das KGV 2022e beträgt aktuell 15,0x. Die günstige Bewertung spiegelt allerdings auch die global gestiegenen wirtschaftlichen Risiken wider.

Empfehlungsänderungen: ConocoPhillips, Rio Tinto, Mercedes-Benz Group

Coverage beendet: Gazprom, Sberbank

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General information

AuthorErste Group Research
Date2022/03/10
Languagede
Product nameEmpfehlungsliste
Topic in focusEquities
Economy in focusEurozone, Germany, Japan, 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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