New All-Time High in The USA After Strong Earnings Season

Erste Group Research
Major Markets & Credit Research

14.02.2024
Page 1/146
GLOBAL EQUITY RATINGS
New all-time high in the USA after strong earnings

season
Sector recommendations: Technology, Healthcare, Consumer Discretionary
Analysts Rating Changes

Hans Engel
hans.engel@erstegroup.com Company Rating New Rating Prev. Rating Prev. Date Page
+43 50100 19835 (Vienna) Home Depot Buy Hold 10.03.2023 100
Equinor Hold Buy 29.06.2023 39
Stephan Lingnau
stephan.lingnau@erstegroup.com Amgen Hold Buy 17.08.2023 74
+43 50100 16574 (Vienna) AmBev Not Rated Hold 12.06.2018 137
Kering Not Rated Hold 25.04.2023 11
Source: Erste Group Research
Prices as of
13.02.2023 Update Equity Markets
In the current US reporting season for 4Q 2023, 75% of the companies in the
Report Created
14.02.2024 15:30
S&P 500 have published positive earnings surprises. The energy, technology
and industrial sectors had the highest proportion of positive earnings
Report published surprises. US earnings growth should total +2.9% (y/y) in the 4Q. Earnings
14.02.2024 15:45 growth rates of +4% (y/y) and +9.1% (y/y) are forecast for 1Q and 2Q
respectively. The S&P 500 recently reached a new all-time high of over 5,000
Editor
Gudrun Egger
points on the back of the companies' good results and prospects.
The 4Q reporting season is going worse in Europe than in the US. Only 53% of
Note: companies were able to report profits that exceeded expectations. Profits of
Our estimates are in absolute and not in
relative terms. Bond yields and equity European companies should fall by -5.5% year-on-year in 4Q overall. For 1Q
market returns in local currencies. Past 2024, a decline in profits of -8.4% is expected. Profits will only grow slightly
performance is not a reliable indicator of
future performance. again from 2Q onwards (2Q 2024e: +2.2%).
Company Updates
BP: Sales fell by -13% in 2023, number of shares reduced by 6%, further high
buybacks announced
Microsoft: 4Q23: AI & cloud drive growth
Alphabet: Advertising revenues up in 4Q, revenue growth at Google Cloud
+26% Y/Y
Qualcomm: Price increases and rise in operating margin
Novartis: 2023: positive results in ten phase 3 trials for product candidates
with significant sales potential
Novo Nordisk: 4Q23 sales: +37%, guidance of +18% to +26% in 2024
McDonalds: Strong year 2023, sales: +10%, EBIT: +24%, target: 2,000 new
stores worldwide p.a. in the next four years
Netflix: More than 13 million new subscribers in 4Q23, EBIT margin guidance
for this year raised to 24%
For the exclusive use of Erste Group Client. (Erste Group)

14.02.2024
Page 2/146
Western Europe
Sector Company Rating Price Ctry. Rec. since Update PEe DYe 3M 12M Page
Discretionary Adidas Hold EUR 170.6 DE 19.10.21 15.12.23 55.2 0.6 0.3 21.9 6
BMW Hold EUR 100.9 DE 20.08.21 15.12.23 6.2 5.5 9.5 3.4 7
Cie Financiere Richemont Hold CHF 132.7 CH 22.09.21 15.12.23 20.1 2.6 26.9 -6.7 8
Hermes International Buy EUR 2,132 FR 23.01.24 12.02.24 49.4 0.8 14.7 24.5 9
Inditex Hold EUR 39.11 ES 30.01.18 15.12.23 20.9 4.3 13.7 39.0 10
Kering Not Rated EUR 410.9 FR 14.02.24 14.02.24 16.7 3.4 4.4 -27.5 11
LOreal Buy EUR 428.0 FR 28.07.15 12.02.24 33.0 1.6 3.2 9.8 12
LVMH Hold EUR 800.8 FR 23.01.24 29.01.24 24.8 1.7 16.3 -1.2 13
Mercedes-Benz Group Hold EUR 65.44 DE 17.08.23 15.12.23 5.6 7.9 15.6 -8.4 14
Porsche AG Hold EUR 80.64 DE 31.10.22 15.03.23 14.6 3.1 -8.2 -29.1 15
Ryanair Hold EUR 20.02 IE 09.08.23 15.12.23 10.1 2.4 19.6 34.5 16
Volkswagen Hold EUR 118.6 DE 26.03.20 15.12.23 3.9 7.5 12.9 -7.6 17
Financials Allianz Buy EUR 245.7 DE 28.11.22 24.10.23 9.8 5.2 11.0 11.8 18
Banco Santander Buy EUR 3.66 ES 08.09.23 05.02.24 5.2 5.2 0.3 5.2 19
BNP Paribas Hold EUR 53.83 FR 05.10.22 05.02.24 5.9 8.6 -3.5 -15.0 20
Deutsche Bank Sell EUR 11.88 DE 07.04.13 05.02.24 5.6 5.7 12.0 4.5 21
Deutsche Boerse Hold EUR 187.0 DE 03.05.23 12.02.24 18.9 2.1 12.2 9.8 22
HSBC Hold GBP 610.5 UK 30.06.17 07.02.24 6.3 10.7 0.4 -0.5 23
UBS Hold CHF 24.12 CH 12.06.18 07.02.24 22.5 2.9 10.3 20.5 24
UniCredit Hold EUR 29.39 IT 10.06.21 12.02.24 5.8 7.2 19.3 57.3 25
Staples Anheuser Busch Inbev Hold EUR 59.40 BE 06.06.23 15.12.23 18.5 2.1 6.2 8.4 26
Beiersdorf Hold EUR 138.0 DE 15.03.18 15.12.23 30.7 0.7 11.9 23.0 27
Danone Hold EUR 60.98 FR 31.07.20 15.12.23 17.2 3.5 5.1 20.5 28
Diageo Hold GBP 2,861 UK 18.11.22 15.12.23 18.8 2.9 -1.0 -19.1 29
Nestle Hold CHF 96.40 CH 10.03.23 15.12.23 19.1 3.4 -2.5 -13.1 30
Unilever Hold EUR 46.97 NL 07.02.23 13.02.24 17.1 3.8 3.8 -2.5 31
Health Care AstraZeneca Hold GBP 9,600 UK 08.09.23 12.02.24 14.8 2.6 -6.3 -16.0 32
GlaxoSmithKline Hold GBP 1,642 UK 24.04.17 07.02.24 10.5 3.7 16.7 10.4 33
Novartis Buy CHF 88.02 CH 08.09.23 05.02.24 14.1 4.0 4.0 9.5 34
Novo Nordisk Buy DKK 832.3 DK 09.08.23 05.02.24 36.4 1.4 20.0 67.5 35
Roche Holding Hold CHF 228.5 CH 08.08.22 05.02.24 12.9 4.3 -4.3 -18.2 36
Sanofi Hold EUR 85.69 FR 18.08.22 05.02.24 10.9 4.5 0.5 -2.2 37
Energy BP Hold GBP 479.8 UK 19.06.18 14.02.24 7.3 5.0 -1.0 -13.9 38
Equinor Hold NOK 271.5 NO 14.02.24 14.02.24 8.0 9.8 -26.6 -17.7 39
Shell Hold EUR 29.64 UK 23.01.24 05.02.24 8.4 4.3 -4.1 2.9 40
TotalEnergies Hold EUR 60.30 FR 29.06.23 12.02.24 7.1 5.3 -4.0 1.3 41
Industrials ABB Buy CHF 38.14 CH 14.05.20 05.02.24 19.8 2.3 17.2 22.0 42
DHL Group Hold EUR 41.88 DE 26.09.22 15.12.23 12.4 4.5 6.7 2.5 43
Schneider Electric Buy EUR 191.8 FR 18.11.22 15.12.23 22.9 2.0 19.3 25.0 44
Siemens Hold EUR 163.7 DE 17.08.23 15.12.23 14.9 3.1 23.2 12.0 45
Materials BASF Hold EUR 45.06 DE 15.03.18 15.12.23 12.6 7.5 2.2 -12.8 46
Holcim Buy CHF 65.44 CH 21.12.23 21.12.23 12.1 4.3 7.5 18.4 47
Vinci Hold EUR 114.9 FR 09.08.23 12.02.24 13.4 4.1 7.2 6.2 48
Technology ASML Buy EUR 850.7 NL 30.08.19 29.01.24 45.2 0.8 38.9 37.1 49
Infineon Hold EUR 32.57 DE 22.08.23 15.12.23 14.8 1.1 9.9 -9.0 50
SAP Buy EUR 162.8 DE 08.09.23 29.01.24 35.5 1.3 20.2 47.8 51
Telecom Deutsche Telekom Hold EUR 22.22 DE 15.03.18 15.12.23 12.2 3.8 2.6 9.2 52
Utilities RWE Hold EUR 32.19 DE 16.02.22 15.12.23 10.9 3.4 -11.3 -19.2 53
Source: Erste Group Research, FactSet Consensus Estimates.

14.02.2024
Page 3/146
United States (1/2)

Technology Adobe Buy USD 601.9 US 28.03.23 15.12.23 33.3 - 2.0 60.5 54
Advanced Micro Devices Buy USD 171.5 US 07.02.23 05.02.24 48.3 - 46.9 106.4 55
Alphabet Buy USD 145.1 US 11.10.12 02.02.24 21.3 - 9.9 53.4 56
Amazon.Com Buy USD 168.6 US 09.08.23 05.02.24 41.0 - 18.3 69.4 57
Apple Buy USD 185.0 US 07.11.17 16.01.24 27.6 0.5 0.1 20.3 58
Broadcom Buy USD 1,252 US 09.08.23 15.12.23 26.4 1.7 32.2 108.2 59
Cadence Design Systems Buy USD 294.3 US 25.07.22 13.02.24 49.7 - 11.5 58.5 60
Cisco Buy USD 49.64 US 22.08.23 22.12.23 12.6 3.2 -5.0 3.7 61
IBM Hold USD 183.7 US 20.02.19 29.01.24 18.3 3.6 24.0 33.7 62
Intel Hold USD 43.16 US 31.07.20 29.01.24 32.1 1.2 12.9 51.2 63
Intuit Buy USD 638.3 US 21.07.23 14.02.24 36.9 0.6 19.9 52.7 64
Meta Platforms Buy USD 460.1 US 24.05.23 05.02.24 23.0 0.2 39.8 156.4 65
Microsoft Buy USD 406.3 US 21.03.14 31.01.24 32.8 0.8 10.8 49.8 66
NVIDIA Buy USD 721.3 US 25.04.23 24.10.23 37.1 0.0 48.4 231.0 67
Oracle Hold USD 113.7 US 21.12.23 21.12.23 19.2 1.4 -0.4 27.1 68
Qualcomm Hold USD 150.0 US 05.06.20 27.12.23 15.1 2.2 21.1 14.7 69
Salesforce.com Buy USD 281.2 US 07.02.23 27.12.23 29.8 - 30.6 64.3 70
ServiceNow Hold USD 773.8 US 12.05.21 29.01.24 58.8 - 21.2 67.8 71
Health Care Abbott Laboratories Hold USD 111.3 US 25.08.22 29.01.24 24.2 1.9 16.2 2.6 72
AbbVie Hold USD 173.3 US 22.09.21 05.02.24 15.5 3.6 25.0 12.7 73
Amgen Hold USD 290.5 US 14.02.24 14.02.24 14.9 3.2 8.9 19.2 74
Bristol-Myers Squibb Hold USD 48.71 US 24.04.18 05.02.24 7.0 4.9 -2.9 -33.4 75
Elevance Health Hold USD 505.3 US 25.07.22 29.01.24 13.6 1.3 9.5 2.0 76
Eli Lilly Hold USD 743.0 US 10.03.23 12.02.24 59.6 0.7 21.3 112.0 77
Gilead Sciences Hold USD 73.53 US 20.06.23 12.02.24 10.4 4.2 -1.9 -16.0 78
Intuitive Surgical Hold USD 378.9 US 09.12.21 29.01.24 60.9 - 34.1 54.6 79
Johnson & Johnson Hold USD 156.5 US 07.12.23 05.02.24 14.7 3.0 6.0 -3.9 80
Merck & Co Buy USD 125.4 US 25.08.22 05.02.24 14.7 2.5 22.4 14.5 81
Pfizer Hold USD 26.97 US 16.02.22 05.02.24 12.0 6.2 -6.9 -38.7 82
Regeneron Pharma Buy USD 940.5 US 28.03.23 05.02.24 21.0 - 18.0 23.1 83
Thermo Fisher Scientific Hold USD 538.6 US 01.04.21 05.02.24 25.0 0.3 21.0 -6.3 84
UnitedHealth Group Buy USD 516.9 US 01.04.21 15.01.24 18.6 1.5 -4.7 4.3 85
Vertex Pharmaceuticals Buy USD 416.0 US 29.03.22 06.02.24 25.1 - 9.8 39.1 86
Financials Arthur J. Gallagher Buy USD 236.3 US 27.10.23 14.02.24 23.2 1.0 -4.6 21.1 87
Bank of America Hold USD 32.75 US 07.02.23 15.01.24 10.4 3.1 18.2 -8.1 88
Charles Schwab Hold USD 62.71 US 10.03.23 22.01.24 18.8 1.7 16.2 -22.0 89
Citigroup Hold USD 52.76 US 19.03.20 15.01.24 9.1 4.1 23.6 3.5 90
JPMorgan Buy USD 174.3 US 29.05.20 15.01.24 11.0 2.5 19.5 22.2 91
Mastercard Hold USD 460.5 US 19.10.21 05.02.24 31.8 0.6 16.8 24.2 92
Morgan Stanley Hold USD 83.97 US 24.05.23 22.01.24 13.1 4.2 11.9 -15.5 93
Royal Bank of Canada Hold CAD 128.5 CA 16.03.23 07.12.23 10.7 4.5 10.0 -7.5 94
S&P Global Buy USD 422.5 US 08.09.23 12.02.24 30.0 0.9 7.0 14.0 95
Visa Buy USD 275.8 US 09.02.22 27.10.23 27.0 0.8 12.7 20.5 96
Discretionary Booking Holdings Buy USD 3,748 US 10.03.23 31.10.23 21.5 - 20.1 54.7 97
Costco Wholesale Buy USD 714.3 US 25.08.22 27.10.23 44.3 1.9 23.5 41.0 98
General Motors Hold USD 38.31 US 04.02.21 05.02.24 4.3 1.3 42.4 -8.8 99
Home Depot Buy USD 357.6 US 14.02.24 14.02.24 23.0 2.4 24.1 10.5 100
Netflix Buy USD 554.5 US 20.06.23 26.01.24 32.2 - 24.7 54.6 101
Nike Hold USD 105.0 US 08.09.23 31.10.23 26.7 1.4 0.8 -16.1 102
Procter & Gamble Hold USD 156.3 US 06.06.23 24.10.23 23.3 2.5 2.5 11.6 103
Tesla Hold USD 184.0 US 28.11.22 29.01.24 59.1 - -17.7 -5.5 104
Walt Disney Hold USD 110.5 US 02.04.20 13.11.23 23.0 0.7 23.5 2.6 105

14.02.2024
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United States (2/2)

Staples Coca-Cola Hold USD 59.35 US 15.02.13 14.02.24 21.1 3.2 4.3 -2.1 106
McDonalds Buy USD 287.1 US 12.05.21 06.02.24 23.1 2.4 6.7 7.9 107
Mondelez Hold USD 71.98 US 05.06.20 05.02.24 20.4 2.4 3.9 8.6 108
PepsiCo Hold USD 168.9 US 27.10.23 12.02.24 20.7 3.2 0.7 -5.0 109
Starbucks Hold USD 93.87 US 06.06.23 13.11.23 22.2 2.5 -9.3 -13.5 110
Walmart Hold USD 169.1 US 28.03.23 24.10.23 24.1 1.4 0.9 15.9 111
Industrials Caterpillar Hold USD 312.8 US 22.06.21 07.02.24 14.7 1.7 29.4 26.1 112
Deere & Co Hold USD 379.3 US 24.05.23 24.11.23 13.4 1.5 2.6 -8.7 113
United Parcel Service Hold USD 144.9 US 09.01.23 06.02.24 17.5 4.5 4.9 -22.7 114
Waste Management Buy USD 199.5 US 21.12.23 13.02.24 29.3 1.5 16.2 30.6 115
WW Grainger Buy USD 935.4 US 24.05.23 06.02.24 23.8 0.8 18.5 39.9 116
Energy Chevron Hold USD 150.6 US 17.06.21 06.02.24 11.8 4.3 4.6 -11.9 117
ConocoPhillips Hold USD 109.8 US 23.01.24 12.02.24 12.8 2.8 -4.8 -2.3 118
Exxon Mobil Hold USD 101.3 US 21.12.23 06.02.24 11.5 3.8 -3.3 -14.0 119
Marathon Petroleum Buy USD 169.9 US 23.01.24 06.02.24 11.1 2.0 15.8 32.9 120
Telecom AT&T Hold USD 16.90 US 11.11.16 29.01.24 7.7 6.6 8.5 -12.3 121
T-Mobile US Hold USD 161.5 US 16.09.21 06.02.24 17.9 1.6 9.7 10.2 122
Verizon Hold USD 40.13 US 29.03.22 29.01.24 8.7 6.7 12.0 -0.5 123
Utilities NextEra Energy Hold USD 55.25 US 25.04.23 29.01.24 16.3 3.7 1.4 -26.9 124
Southern Co Hold USD 67.51 US 27.04.22 31.10.23 16.8 4.2 0.3 0.6 125
Materials Linde Buy USD 416.3 US 29.09.20 12.02.24 26.9 1.3 4.1 24.6 126
Asia, Australia & Latin America

Technology Infosys Hold INR 1,685 IN 26.09.22 24.04.23 26.1 2.9 22.6 7.5 127
Samsung Electronics Buy KRW 75,200 KR 07.12.23 06.02.24 17.3 1.9 6.8 19.6 128
Taiwan Semiconductor Buy USD 127.6 TW 07.12.23 26.01.24 21.0 1.7 32.3 32.7 129
Tencent Hold HKD 287.2 HK 30.01.23 28.03.23 14.0 0.6 -7.3 -25.7 130
Tokyo Electron Hold JPY 33,720 JP 19.07.22 01.06.23 40.1 1.2 49.4 119.2 131
Materials BHP Group Hold GBP 2,349 AU 09.09.19 19.12.23 11.0 5.1 -1.3 -14.0 132
Rio Tinto Hold GBP 5,286 AU 29.06.22 19.12.23 10.3 5.8 -0.3 -11.6 133
Vale Hold BRL 65.92 BR 22.10.18 23.02.23 5.0 8.6 -7.7 -24.0 134
Discretionary Alibaba Hold USD 71.60 CN 30.01.23 24.05.23 7.9 1.4 -13.0 -31.7 135
Toyota Motor Buy JPY 3,456 JP 17.08.23 17.08.23 10.9 2.6 22.7 84.2 136
Staples AmBev Not Rated BRL 12.95 BR 14.02.24 14.02.24 13.9 5.9 -3.6 -1.4 137
Fomento Eco. Mexicano Buy MXN 241.5 MX 06.06.23 06.06.23 23.0 1.6 14.2 53.7 138
Financials China Construction Bank Sell HKD 4.61 CN 31.10.22 15.01.24 3.1 9.7 3.1 -6.9 139
ICICI Bank Buy INR 1,020 IN 24.05.23 06.02.24 16.8 1.1 9.2 20.0 140
Industrials Daikin Industries Hold JPY 21,445 JP 17.08.23 17.08.23 22.5 1.2 -7.4 -6.5 141
Notes: PEe: Expected Price/Earnings Ratio for the current calendar year, DYe: Expected Dividend Yield for the current calendar year.

14.02.2024
Page 5/146
Screenings
Buy Rating & High Dividend Yield

Company 2024e 2025e
Banco Santander 5.2% 5.7%
Allianz 5.2% 5.5%
Holcim 4.3% 4.3%
Novartis 4.0% 4.1%
Cisco 3.2% 3.3%
Toyota Motor 2.6% 2.7%
JPMorgan 2.5% 2.6%
Merck & Co 2.5% 2.6%
Source: FactSet, Erste Group Research.
Buy Rating & Low PE

Company 2024e 2025e
Banco Santander 5.2x 4.9x
Allianz 9.8x 9.2x
Toyota Motor 10.9x 10.7x
JPMorgan 11.0x 10.8x
Marathon Petroleum 11.1x 11.2x
Holcim 12.1x 11.2x
Cisco 12.6x 12.2x
Source: FactSet, Erste Group Research.
Calendar
Date Time Company Result Rating

15.02. pre - open Deere & Co Q1 2024 Hold
15.02. Schneider Electric FY 2024 Buy
15.02. pre - open Southern Co Q4 2023 Hold
20.02. BHP Group H1 2024 Hold
20.02. pre - open Home Depot Q4 2024 Buy
20.02. pre - open Walmart Q4 2024 Hold
21.02. HSBC FY 2023 Hold
21.02. pre - open NVIDIA Q4 2024 Buy
21.02. Rio Tinto FY 2023 Hold
22.02. pre - open Booking Holdings Q4 2023 Buy
22.02. Danone FY 2023 Hold
22.02. Mercedes-Benz Group FY 2023 Hold
Source: Erste Group Research.

14.02.2024
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Adidas
Germany | Consumer Discretionary
Rating: Hold
Prices as of: 13.02.24 Close Price: EUR 170.60
Business Model Price in EUR
Adidas develops, manufactures and distributes a range of sports
footwear and sporting goods. The main sales markets are the regions 350
Europe/Middle East/Africa (38%), North America (28%), China (14%),
Asia/Pacific (10%) and Latin America (9%).
Earnings Update 02.10.2023 300
Adidas achieved sales growth of +6% (y/y) to EUR 22.5 billion in the
last fiscal year 2022. A strong sales decline (-36% y/y) was recorded in 250
China. There were positive sales developments in North and South
America and in the Europe/Middle East/Africa region, respectively. On
the other hand, product manufacturing costs (+10% Y/Y) and operating 200
costs (+8% Y/Y) increased significantly. As a result, operating income
declined significantly (-85% Y/Y) to EUR 243 million. Overall, a loss of
EUR -251 million was realized. 150
Rating Rationale Analyst: Stephan Lingnau
Adidas faces strong competition from Nike, its more stable growing
competitor. Growth in China, an important market for Adidas, is also 100
being held back by local competitors and negative sentiment against
foreign companies. High inventories and high receivables from
50
customers cloud the prospects for an early recovery of the stock. 2020 2021 2022 2023 2024
Adidas 200 DMA 100 DMA
Overview Sales y/y EPS y/y

Mkt. Cap. mn: EUR 31,265 Next Earnings: 13.03.2024 CY, % CY, %
20 200
Employees: 59,258 Div. Yield 22: 0.5%
Last FY End: 31.12.2022 Div. Yield 23e: 0.4% 100
10
Exchange: XETRA 1Y Price Perf.: 21.9% 0
ISIN: DE000A1EWWW 5Y Price Perf.: -14.1% 0
-100
0
-10 -200
Ratios Value 22 23 24e 25e 26e 22 23 24e 25e 26e
(%, CY ) Comp. Peers (x, CY) Comp. Peers Company Peers Company Peers
Net Margin 2.3 9.6 PE 23 - 19.2
EBIT Margin Equity vs Global Sector
EBIT Margin 4.1 12.2 PE 24e 55.2 16.1 CY, % 1 year in EUR, %
ROE 10.3 22.4 PB 24e 5.69 3.53 20 50
Sales (y/y) 4.7 7.0 EV/EBIT 24e 35.3 12.6 15
EPS (y/y) 100.0 15.2 EV/EBIT 25e 17.7 10.5 0
10
Financials
5
EUR mn. FY 2021 FY 2022 FY 2023e FY 2024e -50
Sales 21,234 22,511 21,427 22,427 0 Jul.23 Jan.24
22 23 24e 25e 26e
% y/y 15.2 6.0 -4.8 4.7 Company Index
Company Peers
EBITDA 3,105 1,794 1,415 2,033
% y/y 53.7 -42.2 -21.1 43.7 ESG Profile Ratings
EBIT 1,986 669 268 928 4Q22 Consensus
% y/y 164.4 -66.3 -59.9 246.3
Env. Soc. Buy 15
Net Profit 1,492 254 -2 507
GH
ME
% y/y 247.8 -83.0 - -

HI
D
IU
M
EPS (EUR) 7.47 1.25 -0.04 3.09 Hold 15

% y/y 247.4 -83.3 - -
DPS (EUR) 3.30 0.70 0.70 1.00 MEDIUM
Sell 6
Yield 1.3 0.5 0.4 0.6
Source: Erste Group Research, FactSet Consensus Estimates. Gov.

14.02.2024
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BMW
Rating: Hold
BMW produces and sells cars and motorcycles. With the brands BMW,
Mini and Rolls-Royce a wide range of products is covered. 120
Furthermore, engines for outside companies and motorcycles are
produced. BMW has 3 segments: Automobiles (74%), Motorcycles
(2%) and Financial Services (24%). The main sales markets are: 100
Europe (36%), America (20%), Asia (38%).
Earnings Update 28.03.2023
For BMW, 2022 was the most successful year in the company's history.
80
Sales increased strongly by +28% y/y to EUR 142 billion. Adjusted
profit also reached a record level of EUR 18.5 billion (+49% y/y). At
8.6%, the EBIT margin in the automotive segment was within the
guidance range of 8 to 10%. Overall, BMW sold only 2.4 million cars 60
due to a lack of chips and wiring harnesses from Ukraine - around 5%
fewer than a year earlier. Only the Rolls-Royce brand increased sales
to 6,000 units (+8%). In the BEV (Battery Electric Vehicle) segment, 40
BMW achieved only 88% of the target it had set itself, despite doubling
sales to 215,000 units. The dividend is expected to increase to EUR
8.50 per share and thus just under one third of the profit will continue to
be distributed. 20
2020 2021 2022 2023 2024
BMW 200 DMA 100 DMA
BMW has reiterated its target of an EBIT margin in the automotive
segment of 8-10% in FY 2023. The share of BEVs is expected to
increase to 15% of total sales this year and rise to more than 50% by
2030. We consider these targets realistic. However, the stock is only
neutrally valued in a peer group comparison.
30 50
Last FY End: 31.12.2022 Div. Yield 23e: 5.7% 20 25
Exchange: XETRA 1Y Price Perf.: 3.4% 10 0

ISIN: DE0005190003 5Y Price Perf.: 43.3%
0 -25
Ratios Value -10 -50
(%, CY ) Comp. Peers (x, CY) Comp. Peers 22 23 24e 25e 26e 22 23 24e 25e 26e
Net Margin 6.6 5.9 PE 23 5.5 6.3 Company Peers Company Peers
EBIT Margin 9.9 7.0 PE 24e 6.2 5.6
ROE 10.4 12.4 PB 24e 0.64 0.67 CY, % 1 year in EUR, %
Sales (y/y) 1.1 1.7 EV/EBIT 24e 2.6 3.8 12.5 25
EPS (y/y) -11.8 -0.2 EV/EBIT 25e 2.5 4.5
10
Financials 0
EUR mn. FY 2021 FY 2022 FY 2023e FY 2024e 7.5

Sales 111,239 142,610 153,579 155,223 -25
% y/y 12.4 28.2 7.7 1.1 5 Jul.23 Jan.24
22 23 24e 25e 26e
EBITDA 19,939 22,551 27,057 24,654 Company Index
Company Peers
% y/y 81.2 13.1 20.0 -8.9
EBIT 12,753 13,999 17,932 15,313 ESG Profile Ratings
% y/y 164.0 9.8 28.1 -14.6 4Q22 Consensus
Net Profit 12,463 18,582 11,566 10,195
Env. Soc. Buy 13
% y/y 223.1 49.1 -37.8 -11.9
GH
ME
EPS (EUR) 18.77 27.31 18.48 16.29

HI
DI
MU
% y/y 227.6 45.5 -32.3 -11.8 Hold 13

DPS (EUR) 5.80 8.50 5.75 5.50
Yield 6.6 10.2 5.7 5.5
Source: Erste Group Research, FactSet Consensus Estimates. Sell 5
HIGH
Gov.

14.02.2024
Page 8/146
Cie Financiere Richemont

Switzerland | Consumer Discretionary
Rating: Hold
Prices as of: 13.02.24 Close Price: CHF 132.70
Business Model Price in CHF
Richemont is a Swiss luxury goods manufacturer. The divisions are:
Jewellery Maisons (e.g. Cartier brand), Specialist Watchmakers 175
(Piaget, A. Lange & Soehne, Jaeger-LeCoultre), Montblanc Maison
and other brands such as Alfred Dunhill, Chloe. The largest sales
markets are: Asia/Pacific (45%), Europe (23%) and Americas (18%). 150
The Group increased sales by +19% to EUR 20 billion in the 2023 125
financial year. Jewelry sales increased by +21% to EUR 13.4 billion.
Sales of luxury watches rose by +12.8% to EUR 3.9 billion. The
operating margin in the jewelry business was 33.9% and 19% in the 100
watch segment. Overall, the operating margin reached 25.2% (vs.
22.4% a year earlier). Operating profit increased by +31% (Y/Y) to EUR
5.1 bn. Adjusted net profit rose by +57% to EUR 3.9 bn. 75
Richemont's sales will increase less strongly in the current financial
year than in the last financial year. Adjusted net profit should fall 50
slightly. From the 2025 financial year (starting on March 31, 2024),
sales and profit growth will increase more strongly. The Group's sales
25
growth has recently been strong in almost all regions, particularly in 2020 2021 2022 2023 2024
Japan, Asia-Pacific and the Americas.
Cie Financiere Richemont 200 DMA 100 DMA

20 75
Exchange: SIX Swiss SE 1Y Price Perf.: -6.7% 10 25

ISIN: CH0210483332 5Y Price Perf.: 81.2%
5 0
Ratios Value 0 -25
EBIT Margin 24.0 14.6 PE 24e 20.1 15.8
Sales (y/y) 5.5 2.8 EV/EBIT 24e 14.6 10.7 30 25
EPS (y/y) 7.0 -0.5 EV/EBIT 25e 13.1 9.5 25 0
Financials 20
-25
EUR mn. FY 2022 FY 2023 FY 2024e FY 2025e
15
Sales 17,868 19,825 20,337 21,658 -50
% y/y 26.4 11.0 2.6 6.5 10 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y 67.2 16.1 -2.6 6.9
% y/y 121.4 36.8 -1.6 8.1 4Q22 Consensus
Net Profit 2,136 3,811 3,673 4,134
Env. Soc. Buy 24
% y/y 51.3 78.4 -3.6 12.6
GH
ME
EPS (EUR) 3.82 6.60 6.47 7.12

HI
D
IU
M
% y/y 50.0 72.8 -2.1 10.1 Hold 9

DPS (EUR) 3.13 3.41 3.30 3.56
Yield 2.7 2.3 2.5 2.7 MEDIUM
Source: Erste Group Research, FactSet Consensus Estimates. Sell
Gov.

14.02.2024
Page 9/146
Hermes International
France | Consumer Discretionary
Rating: Buy
Prices as of: 13.02.24 Close Price: EUR 2,131.50
Hermes International is a luxury products manufacturer based in
France. The company divides its business into several segments, 2500
including leather goods such as bags and equestrian products (approx.
40% of sales) and ready-to-wear and accessories (approx. 30% of
sales). It also sells belts, gloves, watches, jewelry and perfumes. 2000
Hermes increased sales by +16% to EUR 13.4 billion in FY 2023.
Sales growth was high in all regions. A solid increase of +19% (Y/Y)
1500
was also achieved in Asia (excluding Japan) in 2023. Sales growth was
also very dynamic in the 4Q at +13% (Y/Y). 4Q revenue amounted to
EUR 3.4 billion. The highest growth rates in 4Q were achieved in
Europe (+17.4%), the Americas region (+15.7%) and Japan (+15.0%). 1000
Sales growth was lowest in the Asia-Pacific region (excl. Japan) at
+6.6% (Y/Y). Adjusted operating income rose by +20% (y/y) to EUR
5.65 bn in 2023. The operating margin increased year-on-year to 500
42.1% (vs. 40.5% in the previous year). Profit/share increased by
+25% to EUR 41.19.
0
Hermes continues to achieve strong sales growth. The EBIT margin is 2020 2021 2022 2023 2024
at a record high. An important factor for customers is that many
Hermes International 200 DMA 100 DMA
Hermes products retain or increase in value after purchase. We
consider the high valuation of the Hermes stock to be justified in view
of the strong growth, profitability and unique selling points in the luxury
segment.
40 40
20
Exchange: Euronext Paris 1Y Price Perf.: 24.5% 20
ISIN: FR0000052292 5Y Price Perf.: 290.4% 0
10
Ratios Value 0 -20
EBIT Margin 41.3 23.0 PE 24e 49.4 19.2
Sales (y/y) 12.6 4.0 EV/EBIT 24e 34.0 12.6 50 50
EPS (y/y) 5.0 2.5 EV/EBIT 25e 29.9 11.1
40 25
Financials
0
EUR mn. FY 2022 FY 2023 FY 2024e FY 2025e 30
Sales 11,602 13,427 15,121 16,631 -25
% y/y 29.2 15.7 12.6 10.0 20 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y 29.6 18.4 10.4 12.8
% y/y 33.1 20.3 10.6 12.4 4Q22 Consensus
Net Profit 3,367 4,311 4,503 5,021
Env. Soc. Buy 10
% y/y 37.7 28.0 4.5 11.5
GH
HI
GH
EPS (EUR) 32.09 41.12 43.19 47.98

HI
% y/y 37.7 28.1 5.0 11.1 Hold 13

DPS (EUR) 13.00 25.00 17.05 19.07 LOW
Yield 0.9 1.3 0.8 0.9
Gov.

14.02.2024
Page 10/146
Inditex
Spain | Consumer Discretionary
Rating: Hold
Inditex (Industria de Diseño Textil) manufactures and distributes
clothing. The group includes, among others: Zara, Bershka and 45
Pull&Bear. The company operates retail chains in Europe, America,
Asia and Africa. The main sales markets are: Spain (18%), other
countries in Europe (46%), Asia (21%) and America (15%). 40
Inditex achieved revenue growth of +36% to EUR 27.7 bn in FY2022, 35
with product costs increasing at a lower rate. Operating costs (+16.7%
y/y) increased much less than revenues. As a result, operating profit
increased strongly. It increased by +182% to EUR 4.3 billion. The 30
operating margin also expanded significantly. It amounted to 15.5% in
FY 2022 (vs. 7.4%) a year earlier. Adjusted net profit increased by
+147% (y/y) to EUR 3.3 billion. 25
Sales and earnings growth will weaken in the current fiscal year. The
operating margin should increase slightly. The stock is reasonably 20
valued on the basis of the P/E ratio. The expected dividend yield 2023e
is high.
15
2020 2021 2022 2023 2024
Inditex 200 DMA 100 DMA

20 40
20
Exchange: Bolsa de Madrid 1Y Price Perf.: 39.0% 10
ISIN: ES0148396007 5Y Price Perf.: 56.9% 0
5
Ratios Value 0 -20
EBIT Margin 19.1 12.2 PE 24e 20.9 20.5
Sales (y/y) 7.4 4.4 EV/EBIT 24e 14.9 14.7 30 50
EPS (y/y) 10.8 15.2 EV/EBIT 25e 13.7 13.3 25
Financials 20 0

15
Sales 27,716 32,569 35,974 38,549 -50
% y/y 35.8 17.5 10.5 7.2 10 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y 49.1 17.5 12.7 7.5
% y/y 184.1 32.5 19.5 8.6 4Q22 Consensus
Net Profit 3,243 4,147 5,347 5,826
Env. Soc. Buy 20
% y/y 193.2 27.9 29.0 8.9
GH
HI
GH
EPS (EUR) 1.04 1.33 1.72 1.88

HI
% y/y 193.5 27.4 29.6 9.5 Hold 10

DPS (EUR) 0.93 1.20 1.53 1.70
Yield 3.5 4.2 3.9 4.4 MEDIUM
Gov.
10

14.02.2024
Page 11/146
Kering
Rating: Not
Rated
Kering operates in the luxury goods sector. Well-known brands are:
Gucci, Alexander McQueen, Balenciaga, Bottega Veneta, Boucheron, 900
Brioni, Girard-Perregaux, JeanRichard, and Saint Laurent Paris. Sales
markets: Asia/Pacific (41%), Western Europe (19%) and North America
(29%). 800
Kering increased sales by 15% (y/y) to EUR 20.4 billion in 2022. On a 700
comparable basis, sales increased by +9% (y/y). All business units
achieved sales growth. Sales growth was strongest in the eyewear
segment (+25% y/y) and for the Yves Saint Laurent brand (+23% y/y). 600
This brand also made the main contribution to the increase in operating
income. This rose by +13% y/y to EUR 5.4 billion. The operating
margin was high. It was 26.5% (vs. 27.2% a year earlier). Adjusted net 500
profit also rose by +13% to EUR 3.7 billion in the last financial year.
Coverage of this company will be terminated. 400
300
2020 2021 2022 2023 2024
Kering 200 DMA 100 DMA

30 20
Exchange: Euronext Paris 1Y Price Perf.: -27.5% 10 0

ISIN: FR0000121485 5Y Price Perf.: -14.4%
0 -10
EBIT Margin 23.5 16.1 PE 24e 16.7 25.0
Sales (y/y) 2.8 5.0 EV/EBIT 24e 12.4 16.7 40 50
EPS (y/y) -1.7 7.8 EV/EBIT 25e 10.9 14.8
30
Financials 0

Sales 20,351 19,566 20,117 21,408 -50
% y/y 15.3 -3.9 2.8 6.4 10 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y 12.1 -9.5 -1.7 10.9
% y/y 11.4 -15.1 -0.6 10.9 4Q22 Consensus
Net Profit 3,747 3,061 3,023 3,401
Env. Soc. Buy 9
% y/y 11.5 -18.3 -1.3 12.5
GH
HI
GH
EPS (EUR) 30.42 25.01 24.60 27.53

HI
% y/y 12.8 -17.8 -1.7 11.9 Hold 22

DPS (EUR) 14.00 14.00 13.99 14.49
Yield 2.9 3.5 3.4 3.5 MEDIUM
Gov.
11

14.02.2024
Page 12/146
LOreal
Rating: Buy
L'Oreal is the largest cosmetics manufacturer in the world. The regions
with the highest sales are: Europe (30%), North Asia (25%), North 500
America (27%). The main product segments by sales are: Consumer
Products (39%, L'Oreal Paris, Garnier) and L'Oréal Luxe (36%, 450
Lancome, Yves Saint Laurent) and Dermatological Beauty.
400
L'Oreal strengthened its global leadership position in the beauty market
last fiscal year. Sales were up +18.5% (y/y) to EUR 38.3 billion in
FY2022. On a like-for-like basis, sales growth was +10.9% (y/y). Strong 350
sales growth was achieved in all of the company's segments, as well
as in all sales regions. Sales increases were particularly high in Latin
300
America and in the SAPMENA: South Asia/Pacific/Middle East and
North Africa region. Market share gains were also achieved in China.
L'Oreal also realized an increase in operating margin to 19.5% in 250
FY2022. Operating income reached EUR 7.5 billion, with
earnings/share up +27.6% (y/y) to EUR 11.26. 200
The outlook for the beauty products market is positive. L'Oreal is
150
expected to gain further market share. Sales and profits are expected 2020 2021 2022 2023 2024
to increase in 2023. The operating margin should also increase.
LOreal 200 DMA 100 DMA

20 30
20
5
Ratios Value 0 0
EBIT Margin 20.1 14.2 PE 24e 33.0 27.7
Sales (y/y) 7.0 5.5 EV/EBIT 24e 26.0 19.9 22.5 20
EPS (y/y) 7.4 10.8 EV/EBIT 25e 23.8 18.2 20
Financials 17.5 0

15
Sales 38,261 41,183 44,054 46,967 -20
% y/y 18.5 7.6 7.0 6.6 12.5 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y 13.2 7.6 9.2 7.4
% y/y 21.1 9.2 8.9 7.8 4Q22 Consensus
Net Profit 6,054 6,487 6,953 7,488
Env. Soc. Buy 11
% y/y 22.6 7.1 7.2 7.7
HI
UM
GH
EPS (EUR) 11.26 12.08 12.97 14.02

DI
ME
% y/y 27.7 7.3 7.4 8.1 Hold 13

DPS (EUR) 6.00 6.60 7.00 7.59
Yield 1.8 1.5 1.6 1.8 MEDIUM
Gov.
12

14.02.2024
Page 13/146
LVMH
Rating: Hold
LVMH Moet Hennessy Louis Vuitton is a diversified luxury goods
group. The top-selling areas are fashion and leather, selective retail, 1000
wines and spirits (9%). Furthermore, perfumes, as well as jewelry &
watches are produced and sold. Globally, the largest sales markets are 900
Asia with 30%, the USA with 27% and Europe with 16% of sales.
LVMH increased sales by +10% (Y/Y) to EUR 62.2 billion in the first 9
months of FY2023. Total organic sales growth was still +17% (Y/Y) in 700
H1, then +14% (Y/Y) in the first three quarters. All segments of the
Group, except the smallest segment, Wines & Spirits (-10% Y/Y), also 600
grew year-on-year. The most important segment, Leather & Fashion,
grew by +101% (Y/Y) and organically by +16% (Y/Y), respectively, 500
while Selective Retailing, with the Sephora cosmetics chain, increased
sales by +23% (Y/Y). In the first 9 months of 2023, double-digit organic
400
growth was achieved in Europe, Japan and the rest of Asia, and
revenue growth of +3% (Y/Y) was achieved in the USA.
300
LVMH will continue to impress with high growth through its strong
200
brands. In particular, the above-average margins and the high potential 2020 2021 2022 2023 2024
in Asia incl. Japan offer investors above-average earnings prospects in
LVMH 200 DMA 100 DMA
the long term.

30 20
Exchange: Euronext Paris 1Y Price Perf.: -1.2%
ISIN: FR0000121014 5Y Price Perf.: 171.8% 10 10
Ratios Value 0 5
EBIT Margin 26.3 22.5 PE 24e 24.8 25.2
Sales (y/y) 5.3 5.5 EV/EBIT 24e 17.1 16.4 35 25
EPS (y/y) 6.7 7.0 EV/EBIT 25e 15.2 14.4 30
Financials 25 0

20
Sales 79,184 86,153 90,694 98,033 -25
% y/y 23.3 8.8 5.3 8.1 15 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y 19.8 9.1 2.7 7.0
% y/y 22.8 8.3 4.7 9.9 4Q22 Consensus
Net Profit 14,103 15,174 16,320 17,919
Env. Soc. Buy 25
% y/y 17.2 7.6 7.6 9.8
GH
ME
EPS (EUR) 28.03 30.33 32.35 35.73

HI
D
IU
M
% y/y 17.3 8.2 6.7 10.4 Hold 9

DPS (EUR) 12.00 13.00 14.00 15.53
Yield 1.8 1.8 1.7 1.9 MEDIUM
Gov.
13

14.02.2024
Page 14/146
Mercedes-Benz Group
Rating: Hold
Mercedes-Benz produces and sells passenger cars and vans and
offers mobility services. The largest sales regions for Mercedes Benz 80
passenger cars are Europe (32%), Asia (30%) and North America
(23%). 70
Mercedes-Benz Group increased passenger car sales by +5% (y/y) to
60
2.04 million units in 2022. Sales of vans increased by +8% (y/y) to 415
thousand units. Sales of fully electric vehicles reached 149 thousand
units (+67%), and those of vehicles with hybrid drives 184 thousand 50
units (+1%). Sales amounted to EUR 150 billion (+12% y/y). Operating
income increased at an above-average rate. It reached EUR 20.5
40
billion (+28% y/y). On a very positive note, the operating margin
expanded strongly. It amounted to 13.6% (vs. 10.7% a year earlier).
Earnings per share increased by +35% (y/y) to EUR 13.5. 30
Mercedes-Benz Group impresses with above-average margins in the 20
sector. However, in 2Q23 Mercedes had to report the highest inventory
level compared to sales since 2021. The Stuttgart-based carmaker will
10
therefore suffer more than others from a global stagnating car market 2020 2021 2022 2023 2024
that will likely last until at least the end of 2023.
Mercedes-Benz Group 200 DMA 100 DMA

30 10
0
Exchange: XETRA 1Y Price Perf.: -8.4% 10
ISIN: DE0007100000 5Y Price Perf.: 55.6% -10
0
EBIT Margin 11.2 7.0 PE 24e 5.6 5.9
Sales (y/y) 0.6 4.0 EV/EBIT 24e 2.3 6.3 15 25
EPS (y/y) -10.9 -0.2 EV/EBIT 25e 2.1 6.2 12.5
Financials 10 0

7.5
Sales 133,893 150,017 152,164 153,038 -25
% y/y 9.9 12.0 1.4 0.6 5 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y -24.2 63.6 -12.4 -7.8
% y/y 99.4 19.9 -5.9 -11.5 4Q22 Consensus
Net Profit 14,180 14,322 14,009 12,342
Env. Soc. Buy 18
% y/y 291.0 1.0 -2.2 -11.9
GH
HI
GH
EPS (EUR) 12.89 13.55 13.19 11.75

HI
% y/y 354.0 5.1 -2.7 -10.9 Hold 9

DPS (EUR) 5.00 5.20 5.20 5.18
Yield 7.4 8.5 7.9 7.9 MEDIUM
Gov.
14

14.02.2024
Page 15/146
Porsche AG
Rating: Hold
Porsche AG is a Germany-based manufacturer of luxury vehicles. The
company sells vehicles in more than 120 countries worldwide. In 130
addition, Porsche AG offers vehicle leasing and financing. The group
generates 32% of its sales in Europe, 31% in China and 26% in North
America. 120
Porsche AG increased sales by +15.5% to EUR 33.1 billion in the last 110
fiscal year. The gross margin was expanded from 24.7% to 26.7%.
Operating profit increased by +27% (y/y) to EUR 5.3 billion. It is very
positive that the already high operating margin was increased further. It 100
amounted to 16% in the past financial year. Net profit amounted to
EUR 4 billion in 2021, an increase of +27.5% (y/y). The positive trend
continued in H1 2022. The operating margin increased to 19.4% in H1, 90
or net profit to EUR 2.6 billion (+18.4% y/y). For 2022, an operating
margin between 17 - 18% is expected. Sales should be in a range
between approx. EUR 38 - 39 billion. 80
The company is showing above-average profitability. However, there
70
are still significant supply risks for semiconductors and shortages of 2023 2023 2023 2024
various raw materials. In addition, there is a risk of a possible decline in
Porsche AG 200 DMA 100 DMA
sales due to rising inflation rates and interest rates.

30 60
Employees: 36,996 Div. Yield 22: 0%
Exchange: XETRA 1Y Price Perf.: -29.1% 10 20

ISIN: DE000PAG9113 5Y Price Perf.: -2.3%
0 0
EBIT Margin 17.3 11.1 PE 24e 14.6 12.3
Sales (y/y) 0.1 6.9 EV/EBIT 24e 10.8 8.8 20 50
EPS (y/y) -2.5 -0.2 EV/EBIT 25e 9.3 6.8 17.5
Financials 15 0

12.5
Sales 33,138 37,630 40,110 40,170 -50
% y/y 15.5 13.6 6.6 0.1 10 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y 10.4 14.0 9.0 -1.9
EBIT 5,320 6,538 7,171 6,962 Ratings
% y/y 21.6 22.9 9.7 -2.9 Consensus
Net Profit 4,032 4,950 5,164 5,022
Buy 13
% y/y 27.5 22.8 4.3 -2.8
EPS (EUR) - 5.43 5.66 5.52
% y/y - - 4.3 -2.5 Hold 11
DPS (EUR) 0.0 0.0 2.40 2.51
Yield 0.0 0.0 3.0 3.1
15

14.02.2024
Page 16/146
Ryanair
Ireland | Consumer Discretionary
Rating: Hold
Ryanair is the largest airline in Europe. It serves almost all European
countries, as well as countries in the Near East and Morocco. Ryanair 22.5
also markets accommodation services and travel insurance through its
website.
Ryanair grew revenue by +124% (y/y) to EUR 17.8 billion in FY2023
(ended 3/31/2023) on strong demand growth and higher fares. 17.5
Europe's largest airline is gaining market share in most countries as it
has been able to increase capacity faster than competitors. Sales of
business class flights are also increasing at present. Operating profit 15
for the year was EUR 1.4 billion, and the adjusted net loss reached
EUR 1.3 billion.
Rating Rationale Analyst: Hans Engel 12.5
The recovery in travel remains very strong this year. For this year,
Ryanair announced the expansion of its capacity by +25% (Y/Y).
However, visibility on aircraft utilization in the 2nd calendar half of 2023 10
has decreased. In order to fill the additional capacity, price reductions
in flight tickets will be implemented if necessary.
7.5
2020 2021 2022 2023 2024
Ryanair 200 DMA 100 DMA

150 150
100
Exchange: Irish SE 1Y Price Perf.: 34.5% 50
ISIN: IE00BYTBXV33 5Y Price Perf.: 69.9% 50
0
Ratios Value 0 -50
EBIT Margin 17.7 6.9 PE 24e 10.1 4.7
Sales (y/y) 13.5 5.9 EV/EBIT 24e 7.9 5.6 20 50
EPS (y/y) 31.8 -1.5 EV/EBIT 25e 6.0 5.1 15 25
Financials 10
0
5
Sales 4,801 10,775 13,408 14,823 -25
% y/y 193.5 124.4 24.4 10.6 0 Jul.23 Jan.24
22 23 24e 25e 26e
EBITDA 380 2,366 3,137 3,951 Company Index
Company Peers
% y/y - 522.9 32.6 26.0
EBIT -449 1,573 2,052 2,740 ESG Profile Ratings
% y/y - - 30.4 33.6 4Q22 Consensus
Net Profit -355 1,428 1,898 2,458
Env. Soc. Buy 22
% y/y - - 32.9 29.5
ME
EPS (EUR) -0.21 1.16 1.65 2.13

D
W
IU
LO
% y/y - - 42.2 29.3 Hold

DPS (EUR) 0.0 0.0 0.35 0.53
Yield 0.0 0.0 1.7 2.6
HIGH
Gov.
16

14.02.2024
Page 17/146
Volkswagen
Rating: Hold
Volkswagen manufactures cars, trucks and buses. Volkswagen owns
the brands VW, Audi, Seat, Skoda, CUPRA, Bentley, Porsche, 225
Lamborghini, as well as Scania, MAN and Navistar. VW also offers
financial services. Revenue breakdown: Europe (55%), North America 200
(21%), Asia/Pacific (18%), South America (6%).
175
The Volkswagen Group increased sales by +11.6% to EUR 279.2
billion in 2022. The cost of sales of the products sold increased slightly
more than sales. As total operating costs also increased more strongly 150
(+12.2% y/y), operating profit increased by only +4.9% to EUR 20.2
billion. Net profit remained almost unchanged (+0.4% y/y) at EUR 15.4
125
billion. Volkswagen is focusing very strongly on fully electric cars and is
achieving sales success with them both in Europe and in the USA. The
recently unveiled VW ID.7 is expected to boost sales in all core 100
markets.
Rating Rationale Analyst: Stephan Lingnau 75
Sales and profit growth rates are expected to slow in 2023 and 2024.
The very strong competition limits the growth potential and also
50
prevents an expansion of the operating margin. The stock is favorably 2020 2021 2022 2023 2024
valued by P/E ratio due to the limited outlook. It also has a very high
Volkswagen 200 DMA 100 DMA
dividend yield.

20 20
Exchange: XETRA 1Y Price Perf.: -7.6%
ISIN: DE0007664039 5Y Price Perf.: -4.1% 0 0

EBIT Margin 7.0 8.5 PE 24e 3.9 6.2
Sales (y/y) 0.1 1.7 EV/EBIT 24e 1.0 3.8 10 25
EPS (y/y) -0.5 -2.1 EV/EBIT 25e 0.8 6.0 9 0
Financials 8
-25
7
Sales 250,200 279,232 316,418 316,616 -50
% y/y 12.3 11.6 13.3 0.1 6 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y 25.9 5.6 -2.6 -1.0
% y/y 88.8 12.5 -0.3 -1.3 4Q22 Consensus
Net Profit 14,843 14,867 15,404 15,294
Env. Soc. Buy 18
% y/y 73.0 0.2 3.6 -0.7
HI
UM
GH
EPS (EUR) 25.46 29.63 30.62 30.49

DI
ME
% y/y 78.3 16.4 3.4 -0.5 Hold 8

DPS (EUR) 6.50 8.70 9.05 8.94 LOW
Yield 4.3 7.5 7.6 7.5
Gov.
17

14.02.2024
Page 18/146
Allianz
Germany | Financials
Rating: Buy
Allianz is a global financial services provider with products and services
in the areas of insurance, asset management (Allianz Global Investors, 275
PIMCO) and banking. The Group's most important segments by
operating income are property/casualty (29%), life/health (36%) and 250
asset management (22%).
225
Allianz increased total revenues by +4.8% y/y to EUR 85.6 bn in 1H23.
As in previous periods, the increases were mainly driven by the
property and casualty insurance segment. Sales in this segment 200
increased by an adjusted +9.8% y/y to EUR 41.7 billion. In this
segment, prices were raised and profitability increased as a result. As a
175
result, the combined ratio reached a solid 92.0% in 1H23. Operating
profit in Property-Casualty increased by almost +11% to EUR 3.9
billion, while Life/Health recorded an increase of +22% to EUR 2.5 150
billion. The return on equity is a very strong 16.7% compared to the
industry. 125
Allianz is developing very profitably in the property and casualty
100
insurance segment. In addition, there has recently been a significant 2020 2021 2022 2023 2024
increase in sales in the life insurance segment. In May, Allianz also
Allianz 200 DMA 100 DMA
announced a new share buyback program of up to EUR 1.5 bn in 2023.
The business outlook of a constant operating profit of EUR 14.2 bn this
year was confirmed in the 1H23 results. We consider the guidance
conservative and expect Allianz to exceed this target in 2023.
Overview ESG Profile EPS y/y
Mkt. Cap. mn: EUR 99,950 Next Earnings: 23.02.2024 4Q22 CY, %
40
Last FY End: 31.12.2022 Div. Yield 23e: 4.9% Env. Soc.
GH
ME
Exchange: XETRA 1Y Price Perf.: 11.8%

HI
20
D
IU
M

Ratios Value 0
(%, CY 24e) Comp. Peers (x, CY) Comp. Peers 22 23 24e 25e 26e
HIGH
ROE 10.9 15.4 PE 23 11.1 11.5 Company Peers
Gov.
ROA - - PE 24e 9.8 9.5
Equity vs Global Sector
EPS (y/y) 12.5 15.4 PE 25e 9.2 8.5 1 year in EUR, %
PB 23 1.66 1.48 25
PB 24e 1.53 1.37
Financials 0
EUR mn FY 2021 FY 2022 FY 2023e FY 2024e

Gross Prem. 110,490 112,524 153,954 160,866 -25
% y/y -7.1 1.8 36.8 4.5 Jul.23 Jan.24
Net Profit 6,560 6,619 8,706 9,721 Company Index

% y/y -3.6 0.9 31.5 11.7
ROE 8.5 10.9 15.0 15.6 Ratings
+/- -0.4 2.3 4.1 0.6 Consensus
EPS (EUR) 15.96 16.35 22.18 24.97
Buy 22
% y/y -3.2 2.4 35.7 12.5
DPS (EUR) 10.80 11.40 12.00 12.70
Yield % 5.2 5.7 4.9 5.2 Hold 3
Sell 1
18

14.02.2024
Page 19/146
Banco Santander
Spain | Financials
Rating: Buy
Banco Santander is a commercial and private bank based in Spain. Its
core businesses are retail banking, asset management and global 5
wholesale banking. The bank operates in continental Europe, the
United Kingdom, Latin America and the United States. 4.5
Banco Santander increased revenues by +9.6% (y/y) to EUR 14.5 4
billion in the last quarter, with net interest income up +10% (y/y) to EUR
10.8 billion. Non-interest income increased by +7.4% (y/y) to EUR 3.6 3.5
billion. Loan loss provisions amounted to EUR 2.9 billion (+11% y/y).
Overall, operating income increased +10.7% (y/y) to EUR 4.0 billion. 3
Adjusted net income/diluted share increased to EUR 0.15 (+17% y/y).
Return on equity increased year-on-year from 9.5% to 11% at last 2.5
count. The cost/income ratio fell slightly to 52.4% (vs. 52.7% a year
earlier).
2
Rating Rationale Analyst: Hans Engel
The consensus estimates for revenue and profit development are on 1.5
the upside for 2023 and 2024. Revenues should grow at a double-digit
percentage rate this year. Profitability (operating margin and ROE)
1
should also increase this year. 2020 2021 2022 2023 2024
Banco Santander 200 DMA 100 DMA
Overview Total Income y/y EPS y/y

20 40
20
Exchange: Bolsa de Madrid 1Y Price Perf.: 5.2% 10
ISIN: ES0113900J37 5Y Price Perf.: -4.6% 0
5
Ratios Value 0 -20
(%, CY 23) Comp. Peers (x, CY) Comp. Peers 22 23 24e 25e 26e 22 23 24e 25e 26e
Net Int. Margin 2.7 1.2 PE 23 5.8 7.6 Company Peers Company Peers
NPL Ratio 1.2 2.8 PE 24e 5.2 6.4
Cost Income Ratio Equity vs Global Sector
Cost Inc. Ratio 40.6 56.3 PE 25e 4.9 6.0 CY, %, Lower is better 1 year in EUR, %
ROE 13.1 14.9 PB 24e 0.57 0.84 80 25
ROA 0.7 0.63 PB 25e 0.52 0.76 70
60 0
Financials
50
40
Total Income 57,019 62,619 59,857 61,106 -25
% y/y 8.8 9.8 -4.4 2.1 30 Jul.23 Jan.24
19 20 21 22 23
Company Peers
% y/y 14.5 14.5 -7.3 1.7
ROE 12.0 13.1 10.8 10.5 ESG Profile Ratings
+/- 1.0 1.1 -2.4 -0.2 4Q22 Consensus
EPS (EUR) 0.54 0.65 0.70 0.74
Env. Soc. Buy 22
% y/y 23.1 20.7 7.3 6.1
GH
ME
DPS (EUR) 0.10 0.0 0.19 0.21

HI
D
IU
M
Yield % 3.4 0.0 5.2 5.7 Hold 10

MEDIUM
Sell 1
Gov.
19

14.02.2024
Page 20/146
BNP Paribas
France | Financials
Rating: Hold
BNP Paribas is one of the largest financial institutions in France and
Europe. The bank's segments: Commercial, Personal Banking & 70
Services, Investement & Protection Services and Corporate &
Institutional Banking. The main markets by net sales are: Europe (75%)
and the Americas (11%). 60
BNP Paribas increased net interest income by +8% to EUR 20.8 billion
in the past fiscal year. Loan loss provisions amounted to EUR 3 billion
50
(+1% y/y). Net interest income after loan loss provisions thus increased
by 10% (Y/Y) to EUR 17.8 billion. Non-interest expenses increased by
+8% (Y/Y). Net profit increased +8% y/y to EUR 10.2 bn. ROE of 9.1%
was above that of peers (8.2%). For 2023, BNP Paribas is expected to 40
see a decline in revenues (approx. -7% y/y). However, earnings per
share should increase slightly.
According to the consensus forecast, BNP Paribas' revenues and
earnings will not grow slightly more strongly again until 2024. The
share is moderately valued according to the expected P/E ratio 2023.
20
The expected dividend yield is very high. 2020 2021 2022 2023 2024
BNP Paribas 200 DMA 100 DMA

20 100

ISIN: FR0000131104 5Y Price Perf.: 30.1%
-10
Ratios Value -20 0
NPL Ratio - 2.8 PE 24e 5.9 5.7
ROE 10.2 10.3 PB 24e 0.54 0.59 75 25
ROA 0.5 0.63 PB 25e 0.51 0.54 70
Financials 65 0

60
Total Income 53,911 49,677 48,073 50,558 -25
% y/y 2.1 -7.9 -3.2 5.2 55 Jul.23 Jan.24
19 20 21 22 23
Company Peers
% y/y 0.6 9.0 -13.8 13.3
+/- -0.3 0.2 -1.1 0.6 4Q22 Consensus
EPS (EUR) 7.80 8.58 9.09 10.16
Env. Soc. Buy 18
% y/y 7.5 10.0 6.0 11.8
HI
UM
GH
DPS (EUR) 3.90 4.60 4.62 5.16

DI
ME
Yield % 7.3 7.3 8.6 9.6 Hold 7

MEDIUM
Sell 2
Gov.
20

14.02.2024
Page 21/146
Deutsche Bank
Rating: Sell
Deutsche Bank AG is a global provider of financial services. The
largest internal segments are Corporate & Investment Bank (58%), 15
Private & Business Clients (32%) and Asset Management (10%). The
most important countries and regions by net revenues are Germany
(31%), UK (19%), Americas (25%) and Asia (13%). 12.5
Deutsche Bank increased net interest income by +22.7% (y/y) to EUR
13.7 billion in 2022. Loan loss provisions were strongly increased. They
10
were expanded by EUR 1.2 billion (vs. EUR 500 million a year earlier).
Non-interest expenses increased only moderately (+5% y/y to EUR
23.1bn). By contrast, the bank's non-interest income showed a
declining trend. They fell by -4.8% (y/y) to EUR 16.2 billion. Overall, a 7.5
high net profit increase to EUR 5.5 billion was achieved (vs. EUR 2.4
billion a year earlier).
Deutsche Bank is expected to generate a slight increase in revenues
this year. Net profit, however, is expected to weaken. Only in 2024
should revenues and profits rise again slightly. The stock should
2.5
underperform its sector benchmark in the medium and long term due to 2020 2021 2022 2023 2024
the company's below-average profitability.
Deutsche Bank 200 DMA 100 DMA

15 150

0 0
Ratios Value -5 -50
Net Int. Margin - 0.8 PE 23 6.0 6.8 Company Peers Company Peers
NPL Ratio - 2.8 PE 24e 5.6 5.6
ROE 6.5 7.4 PB 24e 0.35 0.48 80 25
ROA - 0.45 PB 25e 0.32 0.45
70 0
Financials
-25
EUR mn FY 2022 FY 2023 FY 2024e FY 2025e 60
Total Income 29,769 31,319 29,350 30,000 -50
% y/y 5.1 5.2 -6.3 2.2 50 Jul.23 Jan.24
19 20 21 22 23
Company Peers
% y/y 154.2 -6.0 -18.1 10.3
ROE 9.2 - 6.2 6.6 ESG Profile Ratings
+/- 5.3 -9.2 6.2 0.4 4Q22 Consensus
EPS (EUR) 2.42 2.06 2.11 2.45
Env. Soc. Buy 10
% y/y 153.5 -14.7 2.3 16.2
UM
ME
DPS (EUR) 0.30 0.0 0.68 1.00

D
DI
IU
ME
Yield % 2.8 0.0 5.7 8.4 Hold 12

Sell 3
HIGH
Gov.
21

14.02.2024
Page 22/146
Deutsche Boerse
Rating: Hold
Deutsche Boerse AG is a global financial services provider that
provides marketplaces for financial derivatives, equities, ETFs and 200
energy. It also offers custody of securities and sells market data. Sales
regions are: Eurozone (50%), Rest of EU (38%).
Deutsche Börse increased its sales revenue by +24% (y/y) to EUR 4.2
billion in the last financial year. They increased by only +18% (y/y) to 160
EUR 2.2 billion. As a result, operating income increased strongly. It
increased by +30% (y/y) to EUR 2.2 billion. The operating margin
remained at a very high level of 56%. Adjusted net income increased 140
by +21% (y/y) to EUR 473 million.
The acquisition of the Danish software company Simcorp, announced 120
at the end of April 2023, comes at a very high valuation (price/sales
approx. 6.9x). The offered price of DKK 735/share seems simply too
high in view of the expected slowdown in sales growth and because of 100
Simcorp's declining profitability.
80
2020 2021 2022 2023 2024
Deutsche Boerse 200 DMA 100 DMA

30 40
ISIN: DE0005810055 5Y Price Perf.: 64.2% 10 0
Ratios Value 0 -20

EBIT Margin 47.6 60.6 PE 24e 18.9 22.1
Sales (y/y) 11.9 5.4 EV/EBIT 24e 15.2 16.3 70 20
EPS (y/y) -0.8 10.0 EV/EBIT 25e 13.9 14.6
60
Financials 0

Sales 4,338 5,077 5,679 5,946 -20
% y/y 23.6 17.0 11.9 4.7 40 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y 23.6 16.6 9.9 6.0
% y/y 23.2 17.2 7.1 6.6 4Q22 Consensus
Net Profit 1,494 1,724 1,806 1,928
Env. Soc. Buy 13
% y/y 23.5 15.4 4.8 6.7
UM
ME
EPS (EUR) 8.61 9.98 9.90 10.56

D
DI
IU
ME
% y/y 23.4 15.9 -0.8 6.7 Hold 13

DPS (EUR) 3.60 3.80 3.99 4.15
Yield 2.2 2.0 2.1 2.2
HIGH
Gov.
22

14.02.2024
Page 23/146
HSBC
United Kingdom | Financials
Rating: Hold
Prices as of: 13.02.24 Close Price: GBp 611.00
Business Model Price in GBp
HSBC Holdings is a global bank that has four business divisions: Retail
Banking and Wealth Management, Corporate Banking, Global Banking 800
and Markets and Global Private Banking. The main markets are: Asia
(63%) and Europe (19%).
HSBC reported revenue growth of +4% for 2022. The increase was
driven by strong growth in net interest income and higher revenues 600
from the global foreign exchange business. However, currency effects
and an impairment charge in connection with the planned sale of the
retail banking business in France had a negative impact. Provisioning 500
for non-performing loans was USD 3.6 billion (vs. USD -928 million a
year earlier). Non-interest income decreased by -9% (y/y). Operating
income was USD 14.8 bn (-6.7% y/y). Adjusted net income, however, 400
increased by +16.7%.
A significant increase in net interest income is expected for 2023. 300
Operating costs should increase only moderately and therefore
operating income and net income will rise significantly this year.
200
According to the P/E ratio, the stock is valued significantly lower than 2020 2021 2022 2023 2024
those of peer companies. The dividend yield is above average.
HSBC 200 DMA 100 DMA

20 100
Exchange: London SE 1Y Price Perf.: -0.5%
ISIN: GB0005405286 5Y Price Perf.: -7.3% 0 0

NPL Ratio 2.0 0.6 PE 24e 6.3 9.8
ROE 10.2 9.9 PB 24e 0.82 0.91 70 20
ROA 0.6 0.71 PB 25e 0.76 0.84
65
Financials 0
USD mn FY 2021 FY 2022 FY 2023e FY 2024e 60

Total Income 36,843 45,591 65,142 65,129 -20
% y/y 3.2 23.7 42.9 - 55 Jul.23 Jan.24
19 20 21 22 23
Company Peers
% y/y 235.5 48.1 86.4 3.6
+/- 5.0 3.0 4.6 -1.7 4Q22 Consensus
EPS (USD) 0.72 0.74 1.26 1.23
Env. Soc. Buy 17
% y/y 99.4 3.0 70.1 -2.1
UM
ME
DPS (GBp) 18.00 26.00 50.79 65.07

D
DI
IU
ME
Yield % 3.0 4.2 8.3 10.7 Hold 7

Sell 2
HIGH
Gov.
23

14.02.2024
Page 24/146
UBS
Switzerland | Financials
Rating: Hold
UBS Group provides financial services to individuals, corporations and
institutions. UBS is organized into Global Wealth Management, 30
Business Banking, Investment Banking and Asset Management. In
terms of net revenues, the most important markets are: Americas
(41%), Switzerland (22%), rest of Europe (20%), Asia/Pacific (17%). 25
UBS achieved a slight decrease in revenues of -2.7% (y/y) to CHF 34.8
billion in 2022. Net interest income decreased by -1.2% (y/y) to CHF
20
6.3 billion, while other revenues (non-interest income) increased by
+1.4% (y/y) to CHF 28.4 billion. Net new money inflows of USD 60
billion were achieved in the investment business. Operating income
totaled CHF 9.2 bn and GAAP net income increased +2.3% to CHF 7.3 15
bn. The company plans to repurchase USD 5 bn of its own shares in
2023.
UBS is expected to achieve a moderate year-on-year decline in net
revenues this year. Operating income and net profit should also decline
slightly. Revenues and profit are not expected to rise again until 2024.
5
2020 2021 2022 2023 2024
UBS 200 DMA 100 DMA

30 200
100
Exchange: SIX Swiss SE 1Y Price Perf.: 20.5% 10
ISIN: CH0244767585 5Y Price Perf.: 85.3% 0
0
NPL Ratio - 2.0 PE 24e 22.5 5.8
ROE 1.3 13.1 PB 24e 1.00 0.57 100 50
ROA 2.0 0.57 PB 25e 0.93 0.52
80
Financials 0
CHF mn FY 2022 FY 2023 FY 2024e FY 2025e 60

Total Income 31,755 34,002 40,738 41,724 -50
% y/y -3.2 7.1 19.8 2.4 40 Jul.23 Jan.24
19 20 21 22 23
Company Peers
% y/y 1.9 260.4 -88.8 121.2
ROE 13.0 - 4.4 7.8 ESG Profile Ratings
+/- 0.2 -13.0 4.4 3.4 4Q22 Consensus
EPS (CHF) 2.07 0.30 1.07 2.01
Env. Soc. Buy 14
% y/y 8.7 -85.4 256.4 87.6
GH
ME
DPS (CHF) 0.50 0.55 0.71 0.75

HI
DIU
M
Yield % 2.9 2.1 2.9 3.1 Hold 9

Sell 4
HIGH
Gov.
24

14.02.2024
Page 25/146
UniCredit
Italy | Financials
Rating: Hold
UniCredit offers consumer loans, mortgage loans, corporate loans, life
insurance, investment banking, asset management and other services. 35
Regionally, net revenues are generated in Italy (45%), Germany (25%),
Central Europe (17%), Eastern Europe excluding Russia (10%).
Unicredit benefited from the increase in key interest rates and yields in
fiscal year 2022. Net interest income increased by +17% (y/y) to EUR 25
11 bn. Non-interest income grew by +11% y/y to EUR 10.9 bn. Loan
loss provisions were increased by +25% (y/y). Operating income thus
increased by +114% (y/y) to EUR 6.9 billion in the last fiscal year. 20
Adjusted net income increased year-on-year to EUR 7.1 billion (+64%
Y/Y). Return on equity reached a double-digit percentage for the first
time in 5 years at 11.3%. 15
Unicredit will again achieve revenue and profit growth this year. The
company has raised its profit forecast for 2023 to at least EUR 7.25 10
billion. The group also plans to carry out share buybacks this year.
5
2020 2021 2022 2023 2024
UniCredit 200 DMA 100 DMA

40 100
Exchange: Borsa Italiana 1Y Price Perf.: 57.3%
ISIN: IT0005239360 5Y Price Perf.: 169.6% 0 0

NPL Ratio - 2.0 PE 24e 5.8 5.9
ROE 14.9 10.2 PB 24e 0.76 0.57 80 100
ROA 1.2 0.57 PB 25e 0.69 0.52 70
50
60
Financials
50 0
40
Total Income 18,400 23,843 22,908 22,425 -50
% y/y 2.5 29.6 -3.9 -2.1 30 Jul.23 Jan.24
19 20 21 22 23
Company Peers
% y/y 319.4 47.2 -13.4 -5.4
+/- 7.6 4.6 -1.9 -0.8 4Q22 Consensus
EPS (EUR) 2.50 4.71 5.05 5.21
Env. Soc. Buy 23
% y/y 58.2 88.4 7.2 3.2
HI
UM
GH
DPS (EUR) 0.99 0.0 2.12 2.35

DI
ME
Yield % 7.4 0.0 7.2 8.0 Hold 4

Sell
HIGH
Gov.
25

14.02.2024
Page 26/146
Anheuser Busch Inbev

Belgium | Consumer Staples
Rating: Hold
Anheuser-Busch Inbev is a leading global beer producer. The product
range comprises numerous well-known brands, including Budweiser, 100
Michelob Ultra, Becks, Corona and Bacardi. Regionally, 29% of sales
are generated in North America, 25% in Latin America (esp. Mexico),
20% in South America, 14% in Europe and 11% in Asia.
Anheuser-Busch InBev achieved sales of USD 57.8 billion in the last
financial year 2022, with growth of +6.4% (y/y). Cost of goods sold,
however, increased more strongly (+14% y/y). Operating costs were
little changed (-0.2%). Operating income was up +2.2% to USD 14.7 60
billion. The operating margin decreased slightly. It was most recently
25.1% (v.s 25.5% a year earlier) and substantially above the average
of peers. Adjusted net income rose +15.8% (y/y) to USD 6.2 bn in
2022.
40
Anheuser-Busch InBev will increase sales more strongly this year than
in the previous year. Double-digit percentage profit growth is also
expected for 2023. The operating margin is well above the sector
20
average. It should also increase slightly in the next two years. 2020 2021 2022 2023 2024
Anheuser Busch Inbev 200 DMA 100 DMA

30 20
Exchange: Euronext Brussels 1Y Price Perf.: 8.4%
ISIN: BE0974293251 5Y Price Perf.: -13.9% 10 0
Ratios Value 0 -10

EBIT Margin 26.0 15.2 PE 24e 18.5 17.3
Sales (y/y) 5.1 3.3 EV/EBIT 24e 11.5 14.4 30 20
EPS (y/y) 17.4 8.9 EV/EBIT 25e 10.4 13.2 25
Financials 20 0
USD mn. FY 2021 FY 2022 FY 2023e FY 2024e

15
Sales 45,943 54,983 60,974 64,105 -20
% y/y 11.7 19.7 10.9 5.1 10 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y 6.0 15.9 12.1 8.5
% y/y 24.8 7.1 8.6 10.4 4Q22 Consensus
Net Profit 5,149 6,083 6,038 7,008
Env. Soc. Buy 21
% y/y 65.3 18.1 -0.7 16.1
HI
GH
EPS (USD) 2.56 3.03 2.98 3.50

W
LO
% y/y 64.1 18.0 -1.5 17.4 Hold 9

DPS (USD) 0.50 0.74 0.99 1.24
Yield 0.8 1.2 1.7 2.1 MEDIUM
Gov.
26

14.02.2024
Page 27/146
Beiersdorf
Germany | Consumer Staples
Rating: Hold
Beiersdorf AG produces mainly cosmetic products. The company has
two segments: consumer (brands such as NIVEA, Eucerin, Labello, La 150
Prairie, Hansaplast and Florena, 83% of sales) and tesa (self-adhesive
products, 17% of sales). Sales regions: Europe (44%), 140
Africa/Asia/Australia (32%), Americas (24%).
Beiersdorf completed one of the most successful fiscal years in recent
history in 2022. Group sales increased to EUR 8.8 billion, growing 120
organically by +10.2% y/y. At the same time, EBIT excluding special
effects improved by +20% to EUR 1.2 billion. The EBIT margin 110
increased slightly to 13.2% (2021: 13.0%). Profit reached EUR 771
million (+17% y/y). In the Consumer business segment, Beiersdorf 100
recorded adjusted sales growth of 10.5%. Price increases and cost
management compensated for a large part of the additional input costs,
90
resulting in a slight margin expansion in the Consumer business
segment, as forecast.
80
For the full year 2023, Beiersdorf expects organic sales growth in the
70
Consumer business segment in the mid-single-digit percentage range. 2020 2021 2022 2023 2024
The EBIT margin excluding special factors is expected to be 50 bp
Beiersdorf 200 DMA 100 DMA
above 2022. For tesa, Beiersdorf forecasts sales growth in the mid-
single-digit percentage range. Beiersdorf's valuation is high compared
with its peers. In addition, profitability is only average. The recent
above-average growth in all regions and the margin improvement stand
out positively. However, we are currently maintaining our Hold
recommendation.
20 20
ISIN: DE0005200000 5Y Price Perf.: 50.7% 0
Ratios Value -10 0

EBIT Margin 14.2 18.5 PE 24e 30.7 20.3
Sales (y/y) 6.0 3.7 EV/EBIT 24e 20.8 16.9 20 50
EPS (y/y) 14.7 7.4 EV/EBIT 25e 18.6 15.4
17.5 25
Financials
0
Sales 7,627 8,799 9,467 10,035 -25
% y/y 8.6 15.4 7.6 6.0 12.5 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y 8.8 15.2 7.1 9.4
EBIT 993 1,158 1,289 1,428 ESG Profile Ratings
% y/y 9.6 16.6 11.3 10.9 4Q22 Consensus
Net Profit 682 807 890 1,018
Env. Soc. Buy 14
% y/y 10.2 18.3 10.3 14.4
GH
ME
EPS (EUR) 3.00 3.56 3.91 4.49

HI
DI
UM
% y/y 21.5 18.7 10.0 14.7 Hold 10

DPS (EUR) 0.70 0.70 0.70 0.91
Yield 0.8 0.7 0.5 0.7 MEDIUM
Gov.
27

14.02.2024
Page 28/146
Danone
France | Consumer Staples
Rating: Hold
Danone produces dairy products, beverages and baby food. Europe
and North America account for 56% of sales. The largest sales market 90
is the USA followed by China and France. By product, sales are
divided into dairy products (53%), infant nutrition (23%) and mineral
water (18%). 80
Danone achieved a sales increase of +12.6% to EUR 13.3 billion in the
first half of 2022. The strongest sales growth was achieved in the
70
China/North Asia/Oceania region, followed by North America. Cost of
goods sold increased faster (+15.4% y/y) than sales, as did operating
costs (+16.9%). As a result, operating income fell -10% (y/y) to EUR
1.4 billion, with an operating margin of 10.4% and adjusted net income 60
of EUR 737 million. Return on equity fell to 9.1% (vs. 12.2%) a year
earlier. Free cash flow reached EUR 700 million.
Danone will increase sales and profits in 2023. The operating margin
should increase slightly and net profit should rise more strongly than
sales. The company has lower profitability (margins and return on
40
equity) than its peers. The valuation of the stock by P/E ratio is 2020 2021 2022 2023 2024
therefore also significantly lower than the sector average.
Danone 200 DMA 100 DMA

15 15
10
ISIN: FR0000120644 5Y Price Perf.: -6.4% 5
0
Ratios Value -5 0
EBIT Margin 12.9 21.6 PE 24e 17.2 18.6
Sales (y/y) -0.7 3.4 EV/EBIT 24e 14.2 16.1 25 25
EPS (y/y) 2.7 10.6 EV/EBIT 25e 13.2 14.5
20
Financials 0

Sales 24,242 27,608 27,777 27,576 -25
% y/y 2.8 13.9 0.6 -0.7 10 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y -3.8 14.0 -12.0 1.5
% y/y 0.6 1.2 2.6 2.3 4Q22 Consensus
Net Profit 2,165 2,205 2,140 2,233
Env. Soc. Buy 16
% y/y -1.1 1.8 -3.0 4.4
HI
UM
GH
EPS (EUR) 3.31 3.43 3.45 3.54

DI
ME
% y/y -0.9 3.6 0.6 2.7 Hold 9

DPS (EUR) 1.94 2.00 2.05 2.13
Yield 3.6 4.1 3.4 3.5
HIGH
Gov.
28

14.02.2024
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Diageo
United Kingdom | Consumer Staples
Rating: Hold
Prices as of: 13.02.24 Close Price: GBp 2,861.00
Diageo is a leading supplier of spirits, beers and wines. Well-known
brands are: Johnnie Walker, Crown Royal, J&B, Windsor, Buchanan's 4500
and Bushmills Whiskies, Smirnoff, Baileys, Captain Morgan and
Guinness. The sales breakdown: North America 37%, Europe 22%,
Asia & Pacific 19%, Africa 11%, Latin America 11%. 4000
In financial year 2023, Diageo increased sales by +11% to USD 20.6
billion. Organic net sales growth amounted to +6.5%. It reflected 7.3
3500
percentage points from a positive price/product mix and a negative
effect from the -0.8% decline in organic volume. The largest sales
increases were in the Scotch whisky (+12%) and tequila (+19%)
product categories. Beer sales increased by +9% (Y/Y). The operating 3000
margin fell slightly. It most recently amounted to 27.1% (vs. 28.6%) a
year earlier. Overall, the Group generated an operating result of USD
5.6 bn (+5.0% Y/Y). Adjusted net profit amounted to USD 4.6 bn (+4% 2500
Y/Y).
Diageo is currently experiencing a significant decline in sales in the
2000
Latin America/Caribbean region. High product inventories are the 2020 2021 2022 2023 2024
result. The recovery in sales in this region will be very slow. The Group
Diageo 200 DMA 100 DMA
will only be able to increase total sales and profits slightly in the next
financial year. The consensus estimates for sales and profits are
currently weakening.
20 20
ISIN: GB0002374006 5Y Price Perf.: -5.4% 0 0

EBIT Margin 29.7 25.2 PE 24e 18.8 18.5
Sales (y/y) -1.2 3.4 EV/EBIT 24e 16.3 14.2 35 25
EPS (y/y) -2.3 7.0 EV/EBIT 25e 15.6 13.2 30
Financials 25 0
GBP mn. FY 2022 FY 2023 FY 2024e FY 2025e

20
Sales 15,452 17,113 16,135 16,706 -25
% y/y 21.4 10.7 -5.7 3.5 15 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y 25.7 10.2 -7.6 3.2
% y/y 28.1 9.5 -8.5 3.2 4Q22 Consensus
Net Profit 3,338 3,766 3,293 3,418
Env. Soc. Buy 10
% y/y 25.5 12.8 -12.6 3.8
HI
UM
GH
EPS (GBp) 139.70 163.00 149.04 155.88

DI
ME
% y/y 19.3 16.7 -8.6 4.6 Hold 11

DPS (GBp) 76.19 79.97 80.31 84.34
Yield 2.2 2.4 2.8 2.9
HIGH
Gov.
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14.02.2024
Page 30/146
Nestle
Switzerland | Consumer Staples
Rating: Hold
Nestle produces a wide range of food and beverages. Products include
chocolate, chocolates, cereals, coffee, coffee creamers, ice cream, 140
milk, water, soft drinks and pet food. Sales markets are: Developed
markets (58%), Emerging markets (42%).
Nestle achieved a sales increase of +8.4% (y/y) to CHF 94.8 billion in
the last financial year. Due to a moderate decline in gross margin, 120
gross profit increased by +3% to CHF 43 billion. Operating expenses
were almost unchanged (-0.1% y/y). As a result, operating income
increased by +6.3% (y/y). The operating margin declined slightly to 110
13% at last count (vs. 13.3% a year earlier). Adjusted net income, on
the other hand, declined more sharply. It fell by -38% (y/y) to CHF 12.1
billion. 100
Sales growth will be lower this year and next year than in the previous
year. Net profit, on the other hand, should rise more strongly again in 90
2023. Due to Nestle's higher profitability (ROE, operating margin), the
expected P/E ratio in 2023e is moderately higher than the sector
80
average. 2020 2021 2022 2023 2024
Nestle 200 DMA 100 DMA

15 15
10
Exchange: SIX Swiss SE 1Y Price Perf.: -13.1% 5
ISIN: CH0038863350 5Y Price Perf.: 11.2% 5
0
Ratios Value -5 0
EBIT Margin 17.7 15.7 PE 24e 19.1 17.3
Sales (y/y) 0.4 2.1 EV/EBIT 24e 18.6 13.9 20 10
EPS (y/y) 3.5 2.7 EV/EBIT 25e 17.5 13.0
18 0
Financials
-10
CHF mn. FY 2021 FY 2022 FY 2023e FY 2024e 16
Sales 87,088 94,424 93,715 94,073 -20
% y/y 3.3 8.4 -0.8 0.4 14 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y -0.8 5.0 1.3 2.6
% y/y 1.4 6.5 0.7 2.5 4Q22 Consensus
Net Profit 12,334 12,988 12,067 12,680
Env. Soc. Buy 19
% y/y 2.9 5.3 -7.1 5.1
HI
UM
GH
EPS (CHF) 4.42 4.80 4.88 5.05

DI
ME
% y/y 5.0 8.6 1.6 3.5 Hold 6

DPS (CHF) 2.80 2.95 3.08 3.25
Yield 2.2 2.8 3.2 3.4
HIGH
Gov.
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14.02.2024
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Unilever
Netherlands | Consumer Staples
Rating: Hold
Unilever produces consumer goods such as food, detergents,
perfumes, household and personal care products. The main sales 60
regions are Asia/Africa (46%), the Americas (35%) and Europe (19%).
The business segments by sales are: Personal and Home Care
Products (64%) and Food and Ice Cream (36%). 55
High inflation helped Unilever increase sales by 14.9% to EUR 29
billion in the first half. Adjusted growth to June 30 was 8.1%. The
50
consumer goods giant's profit rose 4.1% on an adjusted basis to EUR
4.5 billion, while its adjusted operating margin fell slightly to 17%. As a
result of higher prices, Unilever raised its sales guidance for 2022. The
guidance for adjusted sales growth was previously at the upper end of 45
a range of 4.5- 6.5%. Now it expects growth to be above that range.
Beauty & Personal Care was the largest division in the first half of the
year at EUR12.2 billion. Unilever said that strong price increases were 40
achieved in the segment.
Unilever benefits from its strong brands in this high inflation
35
environment. The Group has little exposure to global economic growth. 2020 2021 2022 2023 2024
The valuation of the share according to the P/E ratio 2023e is below
Unilever 200 DMA 100 DMA
the sector average. The above-average dividend yield, on the other
hand, also gives the stock stability.
20 15
15 10
Last FY End: 31.12.2023 Div. Yield 24e: 3.8%
10
Exchange: EN Amsterdam 1Y Price Perf.: -2.5% 5
5
ISIN: GB00B10RZP78 5Y Price Perf.: -4.9%
0 0
Ratios Value -5 -5
EBIT Margin 17.0 17.2 PE 24e 17.1 17.9
Sales (y/y) 2.1 2.0 EV/EBIT 24e 13.7 13.6 18 10
EPS (y/y) 5.4 3.1 EV/EBIT 25e 12.9 12.2 17.5 0
Financials 17
-10
16.5
Sales 60,073 59,604 60,833 63,390 -20
% y/y 14.5 -0.8 2.1 4.2 16 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y 1.9 -0.9 4.9 5.6
% y/y 0.5 2.6 3.9 5.7 4Q22 Consensus
Net Profit 6,568 6,588 6,828 7,254
Env. Soc. Buy 11
% y/y 8.6 0.3 3.6 6.2
GH
HI
GH
EPS (EUR) 2.57 2.60 2.74 2.93

HI
% y/y -1.9 1.2 5.4 7.0 Hold 12

DPS (EUR) 2.09 2.09 1.78 1.88
Yield 4.5 4.8 3.8 4.0
HIGH
Gov.
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14.02.2024
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AstraZeneca
United Kingdom | Health Care
Rating: Hold
AstraZeneca is a global pharmaceutical company. The company
focuses on various therapeutic areas such as oncology, 14k
biopharmaceuticals including cardiovascular, renal & metabolism,
respiratory & immunology and rare diseases.
Earnings Update 08.09.2023 12k
AstraZeneca achieved sales growth of +6% (y/y) to USD 11.4bn in 2Q
2023, with gross profit up +22% (y/y) to USD 9.5bn. Operating income
was USD 2.5 bn (+356% y/y). The Group increased its operating
10k
margin to 21.5% (vs. 5% in the same quarter last year). Adjusted net
income rose +405% to USD 1.8bn in 2Q. AstraZeneca achieved
important positive measurement results in the first half of 2023 for
future products intended to treat lung cancer, uterine cancer, and 8k
gastric and esophageal cancer, respectively.
AstraZeneca expects sales to grow in the low to mid single-digit 6k
percentage range in 2023. On the positive side, operating margins are
expected to expand this year and next. However, the company recently
reported only mixed results from a clinical trial in a potential compound
4k
to treat lung cancer. Accordingly, the most important objectives of the 2020 2021 2022 2023 2024
study were not achieved with statistical significance.
AstraZeneca 200 DMA 100 DMA

20 150
10
Exchange: London SE 1Y Price Perf.: -16.0% 50
ISIN: GB0009895292 5Y Price Perf.: 67.8% 0
0
Net Margin 24.9 25.3 PE 23 - 15.6 Company Peers Company Peers

EBIT Margin 33.0 32.9 PE 24e 14.8 14.4
Sales (y/y) 11.9 3.6 EV/EBIT 24e 12.2 12.8 37.5 20
EPS (y/y) 100.0 5.3 EV/EBIT 25e 10.5 10.8 35
Financials 32.5 0

30
Sales 44,351 45,811 51,241 54,758 -20
% y/y 18.5 3.3 11.9 6.9 27.5 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y 58.6 5.5 21.9 11.8
% y/y 34.5 8.9 16.2 12.8 4Q22 Consensus
Net Profit 10,390 11,259 12,742 14,558
Env. Soc. Buy 25
% y/y 37.6 8.4 13.2 14.3
GH
ME
EPS (USD) 0.03 0.04 8.21 9.31

HI
D IU
M
% y/y 25.9 9.0 22,514.5 13.4 Hold 6

DPS (GBp) 16,700.00 16,700.00 247.59 255.08
Yield 123.8 123.6 2.6 2.7 MEDIUM
Gov.
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14.02.2024
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GlaxoSmithKline
United Kingdom | Health Care
Rating: Hold
GlaxoSmithKline is a pharmaceutical company that develops and
manufactures vaccines and drugs for infections, depression, skin 2000
diseases, asthma, cardiovascular diseases, cancer, HIV, immune
inflammation and rare diseases. The most important sales country in
terms of sales is the USA with 46%. 1800
GlaxoSmithKline achieved sales of GBP 29.3 billion in FY2022
(+18.7% Y/Y). Gross profit increased by +20% (Y/Y). As operating
1600
costs increased less (+11.8% Y/Y), operating income also increased. It
amounted to GBP 6.4 billion (+44% Y/Y). The operating margin
increased to 22% (vs. 17.6% a year earlier). Adjusted net income
increased by +42% (y/y) to GBP 4.9 billion. 1400
The company has raised its growth outlook as of mid-year 2023. Sales
growth in a range of 8% - 10% and an increase in operating income of 1200
between 11% - 13% are now forecast for this year. Adjusted earnings
per share should increase by approx. 15%.
1000
2020 2021 2022 2023 2024
GlaxoSmithKline 200 DMA 100 DMA

20 30
Exchange: London SE 1Y Price Perf.: 10.4% 0 10

ISIN: GB00BN7SWP63 5Y Price Perf.: 5.1%
-10 0
EBIT Margin 29.1 33.3 PE 24e 10.5 13.5
Sales (y/y) 3.4 7.7 EV/EBIT 24e 8.8 12.3 40 25
EPS (y/y) 0.9 16.8 EV/EBIT 25e 7.6 10.5
35
Financials 0
GBP mn. FY 2022 FY 2023 FY 2024e FY 2025e 30

Sales 29,324 30,328 31,364 33,279 -25
% y/y -14.0 3.4 3.4 6.1 25 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y -7.8 7.2 7.5 9.0
% y/y -7.4 7.8 3.9 10.4 4Q22 Consensus
Net Profit 5,625 6,855 6,406 7,122
Env. Soc. Buy 12
% y/y -0.7 21.9 -6.6 11.2
HI
UM
GH
EPS (GBP) 139.70 155.10 156.57 175.00

DI
ME
% y/y 22.2 11.0 0.9 11.8 Hold 12

DPS (GBp) 61.00 60.00 60.00 63.35
Yield 0.0 0.0 3.7 3.9 MEDIUM
Gov.
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14.02.2024
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Novartis
Switzerland | Health Care
Rating: Buy
Novartis is a pharmaceutical company that produces drugs in the
disease areas of immunology, dermatology, cancer, ophthalmology, 100
neuroscience, respiratory, cardiovascular, renal and metabolic. The
Group is divided into 2 segments: Innovative Medicines and Sandoz 95
(generics). Main markets: USA (34%), Germany (8%) China (6%).
90
Novartis increased sales by +8.2% to USD 11.8 bn in 4Q23. On a
comparable basis, an increase of +10% (y/y) was achieved. The sales
growth was supported by the sales success of the drugs Entresto, 85
Kisqali, Kesimpta, Cosentyx and Pluvicto. These are used in
indications such as heart failure, certain forms of breast cancer,
80
relapsing-remitting multiple sclerosis, inflammatory processes and
prostate cancer. Four active substances achieved their primary
endpoints in phase 3 clinical trials in the 4th quarter, i.e. the targets set 75
before the start of the trials. The operating result improved by +47%
(y/y) to USD 2.6 bn in the 4th quarter. 70
For 2024, the Group expects net sales growth in the mid-single-digit
65
percentage range and operating profit growth in the high single-digit 2020 2021 2022 2023 2024
percentage range. The Novartis product pipeline is very large. As a
Novartis 200 DMA 100 DMA
result, the company's further growth is likely to be stable. The share is
moderately valued. The dividend is high. The share price should
continue to rise in the medium term.
20 30
Exchange: SIX Swiss SE 1Y Price Perf.: 9.5% 0 10

-10 0
EBIT Margin 36.8 32.9 PE 24e 14.1 13.8
Sales (y/y) 9.2 5.4 EV/EBIT 24e 13.4 12.3 40 25
EPS (y/y) 11.9 12.7 EV/EBIT 25e 12.6 10.5
35
Financials 0
USD mn. FY 2022 FY 2023 FY 2024e FY 2025e 30

Sales 50,545 45,440 49,598 49,780 -25
% y/y -2.1 -10.1 9.2 0.4 25 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y 1.8 -3.7 10.9 4.2
% y/y 0.5 -1.8 11.4 3.2 4Q22 Consensus
Net Profit 13,352 13,446 14,805 15,280
Env. Soc. Buy 13
% y/y -5.3 0.7 10.1 3.2
HI
UM
GH
EPS (USD) 5.80 6.47 7.24 7.72

DI
ME
% y/y -2.7 11.5 11.9 6.7 Hold 12

DPS (USD) 3.18 3.30 3.52 3.59
Yield 3.5 3.3 4.0 4.1
HIGH
Gov.
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14.02.2024
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Novo Nordisk
Denmark | Health Care
Rating: Buy
Prices as of: 13.02.24 Close Price: DKK 832.30
Business Model Price in DKK
Novo Nordisk markets pharmaceutical products with a focus on
diabetes and weight control. The Group is the global market leader in 1000
these segments. Furthermore, the company is active in hemostasis,
growth hormone disorders and hormone replacement therapy. The
most important sales region is North America (52%). 800
Novo Nordisk increased sales by +37% to DKK 65.9 billion (EUR 8.8
billion) in 4Q23. The product Ozempic, a very effective drug for patients
600
with difficult-to-control type 2 diabetes, with the active ingredient
semaglutide, sold particularly well. The success of the weight loss drug
Wegovy also continued. In the full year 2023, its revenue increased by
+407% (y/y) to DKK 31.4 bn. Operating income increased by +57% to 400
DKK 26.8 bn in 4Q with an operating margin of 40.6% (vs. 35.5% in the
same quarter last year). Net profit increased +62% (Y/Y) to DKK 22bn.
Rating Rationale Analyst: Hans Engel 200
Novo Nordisk has also recently published forecasts for the
development of sales and profits for 2024. Accordingly, revenue growth
of between +18% and +26% and an increase in operating profit of
0
between +21% and +29% are expected for this year. Only a small 2020 2021 2022 2023 2024
proportion of diabetes patients are well treated with medication, and
Novo Nordisk 200 DMA 100 DMA
the proportion of treated obesity patients is extremely low. The
prospects for further increases in sales and profits are very good.
40 75
20
Exchange: OMX 1Y Price Perf.: 67.5% 25
Copenhagen 0
0
ISIN: DK0062498333 5Y Price Perf.: 412.2%
-20 -25
Ratios Value 22 23 24e 25e 26e 22 23 24e 25e 26e
(%, CY ) Comp. Peers (x, CY) Comp. Peers Company Peers Company Peers
Net Margin 35.9 23.3 PE 23 37.5 15.3
EBIT Margin 44.8 30.1 PE 24e 36.4 14.6 CY, % 1 year in EUR, %
ROE 70.4 19.0 PB 24e 25.65 3.47 50 100
Sales (y/y) 21.9 2.8 EV/EBIT 24e 29.5 12.4
40 50
EPS (y/y) 22.7 5.3 EV/EBIT 25e 24.3 10.6
0
Financials 30
DKK mn. FY 2022 FY 2023 FY 2024e FY 2025e -50
Sales 176,954 232,261 283,059 336,990 20 Jul.23 Jan.24
22 23 24e 25e 26e
% y/y 25.7 31.3 21.9 19.1 Company Index
Company Peers
EBITDA 82,171 111,987 137,207 166,702
% y/y 27.1 36.3 22.5 21.5 ESG Profile Ratings
EBIT 74,809 102,574 126,760 152,686 4Q22 Consensus
% y/y 27.6 37.1 23.6 20.5
Env. Soc. Buy 17
Net Profit 55,525 83,683 101,542 120,932
UM
ME
% y/y 16.3 50.7 21.3 19.1

DI
DI
UM
ME
EPS (DKK) 12.22 18.62 22.86 27.10 Hold 10

% y/y 17.8 52.4 22.7 18.6
DPS (DKK) 6.20 9.40 11.57 13.46 MEDIUM
Sell 4
Yield 1.3 1.3 1.4 1.6
Source: Erste Group Research, FactSet Consensus Estimates. Gov.
35

14.02.2024
Page 36/146
Roche Holding
Switzerland | Health Care
Rating: Hold
Roche Holding is one of the world's largest pharmaceutical companies
focusing primarily on oncology, immunology, ophthalmology, infectious 450
diseases and neuroscience. Roche also manufactures diagnostic
products. The main sales markets are North America (46%), Asia
(25%), Europe (23%) and South America (5%). 400
Roche achieved sales growth of +4.8% to CHF 65.8 bn in 2022.
Research and development expenses amounted to CHF 15.2 bn
350
(+2.9% y/y) in the last fiscal year. Operating income decreased by -4%
(Y/Y) to CHF 17.5 billion. Adjusted net income was almost unchanged
year-on-year (+0.2% Y/Y). The outlook in terms of sales is clouded for
2023 due to the discontinuation of COVID-19 related diagnostics and 300
pharmaceuticals. The Group expects sales to decline by a mid-single-
digit percentage.
Roche will suffer a moderate decline in sales this year, following
stagnation in the previous year. Sales are expected to grow slightly
again in 2024. Consensus estimates for sales and earnings
200
development have deteriorated for 2023 and 2024 in recent months. 2020 2021 2022 2023 2024
The dividend yield of the stock is high. The Group has held out the
Roche Holding 200 DMA 100 DMA
prospect of an increase in the dividend.

10 20
Exchange: SIX Swiss SE 1Y Price Perf.: -18.2% 0
ISIN: CH0012032048 5Y Price Perf.: -15.5% 0

EBIT Margin 33.6 36.5 PE 24e 12.9 14.6
Sales (y/y) 3.1 9.2 EV/EBIT 24e 9.8 12.9 45 20
EPS (y/y) -4.5 11.9 EV/EBIT 25e 8.7 11.7 40
Financials 35 0
CHF mn. FY 2022 FY 2023 FY 2024e FY 2025e

30
Sales 63,281 58,716 60,541 64,110 -20
% y/y 0.8 -7.2 3.1 5.9 25 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y 1.3 -11.7 5.2 8.0
% y/y 1.3 -13.2 5.6 10.0 4Q22 Consensus
Net Profit 17,530 14,927 14,092 15,626
Env. Soc. Buy 11
% y/y 2.9 -14.8 -5.6 10.9
GH
HI
GH
EPS (CHF) 20.30 18.57 17.73 20.25

HI
% y/y 2.5 -8.5 -4.5 14.2 Hold 11

DPS (CHF) 9.50 9.69 9.88 10.02
Yield 3.3 4.0 4.3 4.4
HIGH
Gov.
36

14.02.2024
Page 37/146
Sanofi
France | Health Care
Rating: Hold
Sanofi is a global pharmaceutical company. It develops and sells drugs
in the areas of cardiovascular, thrombosis, metabolic disorders and 110
diabetes, central nervous system and oncology. It also produces
vaccines. The main sales markets are the USA (40%), Europe (22%)
and the rest of the world (38%).
Sanofi increased sales by +15% (y/y) to EUR 45.4 billion in fiscal 2022.
Gross profit rose by +18% (y/y) to EUR 31.7 billion. Research and
development expenses increased by +18% to EUR 6.7 billion. Overall,
the rate of increase in operating costs was kept below that of sales 90
growth. In total, operating income increased by +31% (Y/Y) to EUR
10.7 billion. Net income reached EUR 8.4 billion (+35% Y/Y). In 2Q
FY2023, sales momentum slowed (+3.3% Y/Y at constant exchange
rates).
80
Sanofi expects non-GAAP earnings per share growth in 2023 to be in
the mid-single-digit percentage range at constant exchange rates.
Sanofi has had some recent successes in trials of potentially high-
70
selling drugs. (E.g., for the compound ittepekimab for the treatment of 2020 2021 2022 2023 2024
COPD). The stock is favorably valued based on the 2023e P/E ratio,
Sanofi 200 DMA 100 DMA
which is 12.5x. However, margins and return on equity are lower than
the average of competitors.
30 30

0 0
EBIT Margin 26.1 35.0 PE 24e 10.9 13.5
Sales (y/y) 11.4 6.3 EV/EBIT 24e 8.9 12.8 40 25
EPS (y/y) -3.5 8.3 EV/EBIT 25e 7.5 11.5
35
Financials 0

Sales 45,389 43,070 47,990 50,878 -25
% y/y 20.2 -5.1 11.4 6.0 25 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y 24.5 -3.6 -0.8 13.5
% y/y 21.4 -2.6 -1.2 13.6 4Q22 Consensus
Net Profit 10,341 10,155 9,791 10,990
Env. Soc. Buy 18
% y/y 25.9 -1.8 -3.6 12.3
HI
UM
GH
EPS (EUR) 8.26 8.11 7.83 8.84

DI
ME
% y/y 26.6 -1.8 -3.5 12.9 Hold 8

DPS (EUR) 3.56 3.63 3.85 4.08
Yield 4.0 4.0 4.5 4.8 MEDIUM
Gov.
37

14.02.2024
Page 38/146
BP
United Kingdom | Energy
Rating: Hold
Prices as of: 13.02.24 Close Price: GBp 480.00
BP is an international oil, gas and petrochemicals group. The
company's activities are in both oil production and refining, and in the 700
distribution of its products. The main brand names are BP, Aral, ARCO
and Castrol. Sales markets: USA (31%), rest of the world (69%)
After the record year of 2022, sales fell by -13% last year to USD 210
billion. The Upstream segment benefited from the 2.6% increase in oil 500
production to around 2.3 million barrels per day. The volume was in
line with BP's forecasts. Operating income fell by -26% to USD 30.3
billion (margin: 14%). By way of comparison, in the last ten years the 400
Group has only achieved an average EBIT margin of 4%. The bottom
line was a profit of USD 15.2 billion after a loss of USD 2.5 billion in the
previous year. At that time, the Russian Rosneft shares (USD 24 bn) 300
were written off in full. The share buyback program reached USD 8 bn,
meaning that the number of BP shares has now fallen by -17% since
the beginning of 2021. 200
With regard to the 2024 result, BP forecasts that oil production will
100
increase, while gas production and the generation of low-carbon 2020 2021 2022 2023 2024
energy (including hydrogen) will be lower. In general, BP aims to
BP 200 DMA 100 DMA
increase EBITDA from USD 43.7 bn last year to between USD 46 and
49 bn by the end of 2025 (i.e. approx. 4% p.a.). Due to the positive
outlook and solid cash flow generation, BP also announced that an
annual dividend increase of ~4% is planned as long as the average oil
price remains above around USD 60. In addition, BP has announced
further share buybacks of USD 14 bn until the end of 2025. We
consider the current valuation of BP to be fair given the growth forecast
and high share buybacks. Hold.
Mkt. Cap. mn: EUR 94,905 Next Earnings: - CY, % CY, %
75 150
50 100
50
0
ISIN: GB0007980591 5Y Price Perf.: -13.0%
0 -50
EBIT Margin 12.8 16.9 PE 24e 7.3 9.8
Sales (y/y) -0.8 -2.1 EV/EBIT 24e 4.8 7.7 25 20
EPS (y/y) 4.6 -7.1 EV/EBIT 25e 4.8 7.4
20
Financials 0

Sales 241,392 210,130 208,368 205,049 -20
% y/y 47.0 -13.0 -0.8 -1.6 10 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y 64.9 -27.8 -4.3 0.5
% y/y 106.1 -41.3 -1.6 -1.9 4Q22 Consensus
Net Profit 27,653 13,836 13,728 13,822
Env. Soc. Buy 18
% y/y 115.8 -50.0 -0.8 0.7
GH
HI
GH
EPS (USD) 1.46 0.80 0.83 0.87

HI
% y/y 128.8 -45.3 4.6 5.0 Hold 6

DPS (GBp) 20.00 22.00 23.81 24.72
Yield 3.4 3.8 5.0 5.2
HIGH
Gov.
38

14.02.2024
Page 39/146
Equinor
Norway | Energy
Rating: Hold
Prices as of: 13.02.24 Close Price: NOK 271.45
Business Model Price in NOK
Equinor is a Norway-based energy company engaged in oil and gas
exploration and marketing of its products. Sales are primarily 450
generated in the following countries: Norway (75%), USA (18%).
Equinor achieved a price for pipeline gas to Europe in 2Q that was
-58% lower than a year earlier and a price for liquefied natural gas that 350
was -34% lower year-on-year. Sales fell by a total of -37% (y/y) to USD
22.9 bn in 2Q, while operating costs rose slightly (+2% y/y to USD 5 300
bn). Operating profit fell by a total of -60% Y/Y to USD 7 bn. Adjusted
net profit amounted to USD 2.2 bn (-67% Y/Y), while operating cash 250
flow fell by -78% (Y/Y) to USD 1.9 bn. A third tranche of the share
buyback program amounting to USD 1.67 bn was approved for 2023. 200
Equinor's revenues and profits will fall this year and next year due to 150
the sharp drop in the price of natural gas. There is currently no sign of
an early recovery in the price situation for natural gas. The dividend will 100
therefore also be reduced this year and next year.
50
2020 2021 2022 2023 2024
Equinor 200 DMA 100 DMA

100 150
100
50
Exchange: Oslo Børs 1Y Price Perf.: -17.7%
0
ISIN: NO0010096985 5Y Price Perf.: 37.0% 0
-50
EBIT Margin 31.8 16.9 PE 24e 8.0 9.4
Sales (y/y) -6.7 2.1 EV/EBIT 24e 2.6 7.0 60 25
EPS (y/y) -5.7 -1.2 EV/EBIT 25e 2.8 6.8
40
Financials 0

Sales 149,938 105,871 98,791 95,459 -25
% y/y 66.2 -29.4 -6.7 -3.4 0 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y 86.6 -45.2 -11.8 -3.5
% y/y 115.0 -51.7 -13.4 -4.2 4Q22 Consensus
Net Profit 22,700 10,371 9,095 8,991
Env. Soc. Buy 9
% y/y 127.0 -54.3 -12.3 -1.1
GH
ME
EPS (USD) 7.29 3.43 3.23 3.36

HI
D
IU
M
% y/y 136.1 -53.0 -5.7 3.9 Hold 10

DPS (NOK) 29.91 35.98 26.65 15.99
Yield 8.1 11.0 9.8 5.9 MEDIUM
Gov.
39

14.02.2024
Page 40/146
Shell
United Kingdom | Energy
Rating: Hold
Shell explores, produces and refines crude oil. A large part of the
production is natural gas. The main sales markets are Europe (36%), 35
Asia/Oceania/Africa (33%), USA (23%) and other American countries
(8%).
Shell increased sales to USD 381.3 billion (+45.8%) in 2022. At the
same time, operating costs were reduced significantly. They fell by 25
-16% (y/y) to USD 34.2 bn. As a result, operating profit increased to
USD 63.1 bn (+183% y/y). As a result, the operating margin rose to
16.6% (vs. 8.5% a year earlier). Adjusted net profit rose to USD 41.1 20
bn (+84% Y/Y). Operating cash flow amounted to USD 65.6 bn (+58%
y/y). The Group announced the launch of a new USD 3 bn share
buyback program in mid-2023. 15
We are currently seeing a stable trend in global demand on the global
oil market with a simultaneous expansion in US production volumes. 10
The oil price should therefore move sideways in the coming quarters.
Shell's dividend yield is slightly above average, with an attractive
5
valuation compared to its sector peers. 2020 2021 2022 2023 2024
Shell 200 DMA 100 DMA

75 150
Exchange: EN Amsterdam 1Y Price Perf.: 2.9% 25 50

ISIN: GB00BP6MXD84 5Y Price Perf.: 6.0%
0 0
EBIT Margin 12.3 24.8 PE 24e 8.4 9.4
Sales (y/y) 10.3 -0.8 EV/EBIT 24e 6.2 7.0 40 20
EPS (y/y) -1.2 -3.1 EV/EBIT 25e 6.0 6.8
30
Financials 0

Sales 348,534 292,382 322,541 311,169 -20
% y/y 52.2 -16.1 10.3 -3.5 10 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y 60.4 -18.4 0.4 -1.7
% y/y 117.7 -27.6 -3.4 -1.9 4Q22 Consensus
Net Profit 36,443 26,087 24,949 24,839
Env. Soc. Buy 16
% y/y 115.7 -28.4 -4.4 -0.4
UM
ME
EPS (USD) 4.96 3.88 3.83 4.02

D
DI
IU
ME
% y/y 127.6 -21.9 -1.2 4.8 Hold 7

DPS (USD) 0.95 1.19 1.28 1.35
Yield 3.4 3.6 4.3 4.5
HIGH
Gov.
40

14.02.2024
Page 41/146
TotalEnergies
France | Energy
Rating: Hold
TotalEnergies produces oil, natural gas, chemicals and operates
service stations in Europe, the U.S. and Africa. The business areas 70
are: Refining and Chemicals (43%), Marketing (36%), Exploration
(4%), Natural Gas and Renewables (17%). Sales territories: France
(22%), rest of Europe (46%), North America (13%) and Africa (9%). 60
TotalEnergies achieved a +43% (y/y) increase in sales to USD 263.3 50
bn in the last FY 2022, benefiting from the strong increase in gas and
oil prices. Operating income increased +90% to USD 46.1 bn. The
operating margin increased to 17.5%. Adjusted net income increased 40
+88% to USD 36.8 bn. Total is executing its strategy to massively
expand the alternative energy sector and reduce the share of fossil
fuels from 55% to 30% this decade. 30
TotalEnergies is expected to achieve a moderate decline in sales this
year and also a drop in profits. Consensus estimates for sales and 20
earnings development in 2023 and 2024 have weakened. The stock is
very favorably valued according to PE 2023e. It also has a very high
10
dividend yield. 2020 2021 2022 2023 2024
TotalEnergies 200 DMA 100 DMA

75 150
Exchange: Euronext Paris 1Y Price Perf.: 1.3% 25 50

0 0
EBIT Margin 15.3 21.9 PE 24e 7.1 8.9
Sales (y/y) 2.7 -1.5 EV/EBIT 24e 5.0 6.7 30 20
EPS (y/y) -3.2 -2.7 EV/EBIT 25e 5.4 6.5 25
Financials 20 0

15
Sales 245,522 203,528 209,101 206,707 -20
% y/y 52.5 -17.1 2.7 -1.1 10 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y 73.9 -22.0 -3.3 -5.1
% y/y 121.4 -30.0 -3.1 -8.4 4Q22 Consensus
Net Profit 33,752 21,544 19,786 19,323
Env. Soc. Buy 20
% y/y 110.5 -36.2 -8.2 -2.3
GH
HI
GH
EPS (EUR) 13.00 8.74 8.46 8.59

HI
% y/y 123.1 -32.8 -3.2 1.5 Hold 10

DPS (EUR) 3.61 3.01 3.19 3.41
Yield 6.2 4.9 5.3 5.7 MEDIUM
Gov.
41

14.02.2024
Page 42/146
ABB
Switzerland | Industrials
Rating: Buy
The Swiss industrial group operates in the Industrial Automation/Drives
(Robots), Metrology and Power Engineering business areas. The 40
segments by sales are: Industrial Automation (23%), Electrification
Products (44%) and Robotics (33%). The sales markets are: Europe
(37%), Asia/Middle East/Africa (32%), Americas (31%). 35
In 3Q23, sales rose by +8% (Y/Y) to USD 8.0 billion. Adjusted for 30
currency and portfolio effects, sales climbed by +11%. Gross profit
increased by +11% (Y/Y). The Group was able to increase its gross
margin. It recently amounted to 34.7% (vs. 33.2% a year earlier). 25
Growth in operating costs was limited to +0.2% (Y/Y). As a result, ABB
increased its operating income very strongly. It increased by +78%
(Y/Y) to USD 1.3 bn. The operating margin also increased to 15.8% 20
(vs. 9.6% in 3Q 2022). Net profit increased to USD 882 million (vs.
USD 360 million in the same quarter of the previous year). On a
comparable basis, incoming orders increased by +2% (Y/Y). The book- 15
to-bill ratio was 1.01.
10
ABB impresses with innovative products in the industrial sector. Sales 2020 2021 2022 2023 2024
should grow by a low double-digit percentage this year and operating
ABB 200 DMA 100 DMA
income should increase significantly. The valuation of the share based
on the P/E ratio is slightly below the industry average. The stock is a
buy recommendation due to the positive growth prospects.
30 50
Exchange: SIX Swiss SE 1Y Price Perf.: 22.0% 10 0

0 -25
EBIT Margin 15.5 17.4 PE 24e 19.8 22.5
Sales (y/y) 24.1 5.9 EV/EBIT 24e 15.8 18.7 22 50
EPS (y/y) 28.2 8.9 EV/EBIT 25e 14.0 15.5 20 25
Financials 18
0
16
Sales 26,787 27,772 34,478 35,225 -25
% y/y 0.7 3.7 24.1 2.2 14 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y -4.2 19.5 24.2 7.1
% y/y 15.3 9.4 19.3 7.5 4Q22 Consensus
Net Profit 2,399 3,315 3,780 4,103
Env. Soc. Buy 11
% y/y -10.0 38.2 14.0 8.5
GH
HI
GH
EPS (USD) 1.42 1.74 2.23 2.29

HI
% y/y -29.4 22.5 28.2 2.7 Hold 20

DPS (USD) 0.79 0.82 0.89 0.94
Yield 2.6 1.8 2.3 2.5
HIGH
Gov.
42

14.02.2024
Page 43/146
DHL Group
Germany | Industrials
Rating: Hold
DHL Group (previously: Deutsche Post) is a logistics and mail delivery
company. DHL also offers international express services, air and ocean 70
freight, and European road transport. Approximately 55% of revenues
are generated in Europe, with the remainder in North and South
America and the Asia-Pacific region. 60
Sales increased by +15.5% (y/y) to EUR 94.4 bn in the last fiscal year 50
2022. Operating costs grew faster than sales. They increased by
+16.6% (y/y) to EUR 88 bn. As a result, operating income increased by
only +6.6% (y/y) to EUR 8.5 bn. As a result, the operating margin 40
decreased to 9.0% (vs. 9.7% a year earlier). Adjusted net income
increased by 5% (Y/Y) to EUR 5.3bn. In the first half year of 2023,
sales and operating income softened significantly. 2Q operating 30
income decreased by 28% (y/y) to 1.7 bn.
DHL Group's revenue will shrink in 2023. The Group will therefore 20
generate lower operating income this year than in the previous year.
This should be in a range between approximately EUR 6.2 - 7.0 billion.
10
Slight positive growth rates in revenues and profits can only be 2020 2021 2022 2023 2024
expected again for 2024.
DHL Group 200 DMA 100 DMA

20 20
0
ISIN: DE0005552004 5Y Price Perf.: 59.5% -20
-10
EBIT Margin 7.9 7.2 PE 24e 12.4 13.5
Sales (y/y) 1.9 2.1 EV/EBIT 24e 10.6 11.2 10 25
EPS (y/y) 7.4 3.7 EV/EBIT 25e 9.6 9.4 9
Financials 8 0

7
Sales 81,747 94,436 81,915 83,443 -25
% y/y 22.5 15.5 -13.3 1.9 6 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y 39.6 6.1 -1.0 3.1
% y/y 49.3 4.1 -23.9 3.0 4Q22 Consensus
Net Profit 5,085 5,366 3,751 3,924
Env. Soc. Buy 15
% y/y 60.1 5.5 -30.1 4.6
ME
EPS (EUR) 4.10 4.33 3.14 3.37

D
W
IU
LO
% y/y 70.1 5.7 -27.5 7.4 Hold 6

DPS (EUR) 1.80 1.85 1.85 1.90
Yield 3.2 5.3 4.4 4.5
HIGH
Gov.
43

14.02.2024
Page 44/146
Schneider Electric
France | Industrials
Rating: Buy
Schneider Electric is a French company that offers electrotechnical
products worldwide. It operates in two segments: Energy Management 225
and Industrial Automation. Sales by region: North America (32%),
Asia/Pacific (30%), Western Europe (25%), Rest of the World (13%). 200
Schneider Electric reported 1Q 2023 organic revenue growth of +15%
175
(y/y) to EUR 17.6 billion, with reported revenue growth of +9.7% (y/y).
Organic revenue growth remained consistently strong in 2Q at +15%
(Y/Y). The highest increase was achieved in North America (+23% 150
Y/Y). Sales also grew very strongly in the other world regions (+18%
Y/Y) and in Europe (+14% Y/Y). The Asia-Pacific region recorded the
125
lowest growth (+8% Y/Y). Gross profit increased +15% (Y/Y) to EUR
7.5 billion, with operating income up +38% (Y/Y) to EUR 3.0 billion. Net
profit increased by +33% (y/y) to EUR 2.0 billion. 100
The outlook for sales and earnings development is positive. The 75
company has slightly increased the range for forecast organic sales
growth to +11% to +13%. The operating margin should also increase
50
more strongly than previously forecast. The existing share buyback 2020 2021 2022 2023 2024
program will be continued. The share should also benefit in the
Schneider Electric 200 DMA 100 DMA
medium term from the fact that the company is consistently pursuing a
sustainability strategy.
20 30
Exchange: Euronext Paris 1Y Price Perf.: 25.0% 10 10

5 0
Ratios Value 0 -10
EBIT Margin 17.1 18.8 PE 24e 22.9 21.0
Sales (y/y) 4.6 6.2 EV/EBIT 24e 18.1 18.5 22 50
EPS (y/y) 8.8 10.4 EV/EBIT 25e 16.0 15.5
20 25
Financials
0
Sales 28,905 34,176 36,004 37,665 -25
% y/y 14.9 18.2 5.4 4.6 16 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y 22.3 17.7 5.1 6.2
% y/y 35.2 18.4 6.5 7.9 4Q22 Consensus
Net Profit 3,526 3,968 4,147 4,550
Env. Soc. Buy 15
% y/y 34.9 12.5 4.5 9.7
GH
HI
GH
EPS (EUR) 5.67 7.11 7.70 8.38

HI
% y/y 48.8 25.4 8.3 8.8 Hold 7

DPS (EUR) 2.90 3.15 3.47 3.80
Yield 1.7 2.4 1.8 2.0 MEDIUM
Gov.
44

14.02.2024
Page 45/146
Siemens
Germany | Industrials
Rating: Hold
Siemens is an industrial company. The segments are: Industrial
Automation, Building Technologies, Power Technologies, Mobility 200
Solutions for Rail and Road, Medical Technology, and Financial
Services. The sales markets are Europe/Africa/Middle East (46%),
Americas (29%), Asia (25%). 175
Siemens increased revenue by +8% (Y/Y) to EUR 77.8 bn in FY 2023 150
(ended 30.09.2023). However, revenue momentum slowed in the last
quarter. Revenue increased by only +4.0% (Y/Y) to EUR 21.4 billion in
the 4th quarter. This was the lowest growth rate since 2021. However, 125
gross profit increased by +7.3% (y/y). Operating profit rose by +4.8%
(y/y) to EUR 10.0 bn in the financial year 2023. The operating margin
fell slightly year-on-year from 12.9% to 12.4%. Annual sales and 100
operating margin were moderately better than the consensus estimate
Adjusted net profit rose by +53% (Y/Y) to EUR 8.2 bn and was also
slightly above expectations. 75
In the new financial year 2024, sales should grow in a range between
50
4% and 8% (Y/Y). The operating margin should also increase. The 2020 2021 2022 2023 2024
consensus forecasts for sales, margins and earnings have improved in
Siemens 200 DMA 100 DMA
recent weeks.

15 100
ISIN: DE0007236101 5Y Price Perf.: 77.8% 5 0
Ratios Value 0 -50

EBIT Margin 14.6 11.6 PE 24e 14.9 19.8
Sales (y/y) 4.7 10.0 EV/EBIT 24e 13.8 15.8 17.5 25
EPS (y/y) 8.9 28.2 EV/EBIT 25e 12.1 11.8 15
Financials 12.5 0

10
Sales 71,977 77,769 81,253 85,587 -25
% y/y 15.6 8.0 4.5 5.3 7.5 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y 12.1 19.9 12.3 10.8
% y/y 36.7 24.0 14.4 12.7 4Q22 Consensus
Net Profit 4,413 8,514 8,342 9,008
Env. Soc. Buy 21
% y/y -21.7 92.9 -2.0 8.0
GH
HI
GH
EPS (EUR) 4.62 9.90 10.70 11.90

HI
% y/y -39.1 114.3 8.0 11.3 Hold 4

DPS (EUR) 4.25 4.70 4.95 5.22
Yield 4.2 3.5 3.0 3.2 MEDIUM
Gov.
45

14.02.2024
Page 46/146
BASF
Germany | Basic Resources
Rating: Hold
BASF is one of the world's largest chemical companies. The business
areas are: Chemicals (including precursors for paints), Performance 80
Products, Functional Solutions, Insecticides and Plastics. Sales
regions: Europe (41%), Asia (25%) and North America (29%).
BASF achieved a +33% (y/y) increase in sales to EUR 78.6 billion in
the last fiscal year. Gross profit increased by +31% to EUR 19.8 billion.
Operating profit was EUR 7.1 billion (vs. -0.3 billion a year earlier). The
60
operating margin reached 9.1%. Adjusted net income increased by
+405% (y/y) to EUR 5.4 billion.
BASF is affected by rising energy costs and a weakening global 50
economy. As a result, sales and profits will decline next year. The
share is therefore favorably valued according to its P/E ratio. It also has
an above-average dividend yield. 40
30
2020 2021 2022 2023 2024
BASF 200 DMA 100 DMA

20 50
25
0
-25
ISIN: DE000BASF111 5Y Price Perf.: -30.5% -20
-50
EBIT Margin 6.1 14.7 PE 24e 12.6 13.6
Sales (y/y) 1.6 1.3 EV/EBIT 24e 13.6 12.2 20 20
EPS (y/y) 12.9 7.7 EV/EBIT 25e 10.9 9.8 15 0
Financials 10
-20
5
Sales 78,598 87,327 69,239 70,327 -40
% y/y 32.9 11.1 -20.7 1.6 0 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y 51.3 -1.0 -28.5 8.0
% y/y 118.2 -11.5 -44.1 11.4 4Q22 Consensus
Net Profit 6,018 6,278 2,433 2,990
Env. Soc. Buy 10
% y/y 104.3 4.3 -61.2 22.9
UM
ME
EPS (EUR) 6.76 6.96 3.17 3.57

D
DI
IU
ME
% y/y 110.6 3.0 -54.5 12.9 Hold 13

DPS (EUR) 3.40 3.40 3.40 3.40
Yield 5.5 7.3 7.5 7.5 MEDIUM
Gov.
46

14.02.2024
Page 47/146
Holcim
Switzerland | Industrials
Rating: Buy
Holcim is a Swiss-based company in the building materials industry.
The company's business areas include cement, aggregates (raw 70
materials for concrete, masonry and asphalt), ready-mix and precast
concrete as well as concrete products. The majority of sales are made
in North and Latin America, Europe and Asia. 60
Holcim increased sales organically by +4.3% to CHF 7.4 billion in the
third quarter. Sales growth over the last three quarters amounted to
50
+6.2% (y/y). In these three quarters, sales reached CHF 20.4 bn. On a
positive note, CO2 emissions in relation to sales were reduced by -20%
(y/y) in the first nine months. In Q3, EBIT reached a record level of
CHF 1.6 billion (+14% y/y). The full-year forecast for the EBIT margin 40
was raised to 17% at the end of October. Holcim recently announced
its target of generating sales of more than USD 6 billion and operating
income of more than USD 1.3 billion with roofing systems by 2026. 30
Holcim's operating margin is significantly higher than that of its
competitors. It should also increase slightly in 2024. Sales should also
20
increase moderately. Based on the P/E ratio, the share is valued lower 2020 2021 2022 2023 2024
than the peer group average and has a comparatively high dividend
Holcim 200 DMA 100 DMA
yield.

20 50
Exchange: SIX Swiss SE 1Y Price Perf.: 18.4%
ISIN: CH0012214059 5Y Price Perf.: 45.5% 0 0

EBIT Margin 17.8 10.5 PE 24e 12.1 14.6
Sales (y/y) 1.4 3.9 EV/EBIT 24e 9.1 17.6 20 50
EPS (y/y) 4.8 4.1 EV/EBIT 25e 8.2 16.2
15 25
Financials
0
CHF mn. FY 2021 FY 2022 FY 2023e FY 2024e 10
Sales 26,834 29,189 26,947 27,318 -25
% y/y 16.0 8.8 -7.7 1.4 5 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y 17.1 14.8 -12.6 2.3
% y/y 25.5 3.0 -2.0 4.7 4Q22 Consensus
Net Profit 2,830 2,446 3,008 3,146
Env. Soc. Buy 15
% y/y 27.6 -13.6 23.0 4.6
ME
EPS (CHF) 3.80 5.46 5.17 5.42

D
W
IU
LO
% y/y 29.6 43.8 -5.3 4.8 Hold 11

DPS (CHF) 2.10 2.50 2.63 2.80
Yield 4.5 5.2 4.0 4.3
HIGH
Gov.
47

14.02.2024
Page 48/146
Vinci
France | Industrials
Rating: Hold
Vinci is a French construction group that operates globally. The
company employs approximately 268,000 people. The company also 140
operates highways in France and numerous international airports.
Sales breakdown: France (45%), International (55%).
In 2022, Vinci reported a significant increase in sales and profits. All
divisions reported significant earnings growth, approaching or even
exceeding pre-Covid 19 pandemic levels. Total 2022 sales rose to
100
EUR 61.7 billion (adj. +11% y/y) and profit reached EUR 4.3 billion
(+64% y/y). Construction - the Group's largest revenue contributor -
generated sales of EUR 29.3 billion (+8% y/y). Overall, in 2022, for the
first time in the Group's history, foreign sales exceeded sales 80
generated in France (2021: 47% / 2022: 55%).
Vinci, which is also increasingly investing in renewable energies - 60
including a solar park in Brazil - plans to launch a dozen projects in
Spain in the coming months. Sales of the renewable energy-focused
Cobra IS business are thus expected to grow by at least +10% (y/y) in
40
2023, according to Vinci's guidance. Vinci will also benefit from growing 2020 2021 2022 2023 2024
travel volumes in Europe and Asia in 2023. The stock currently has an
Vinci 200 DMA 100 DMA
above-average dividend yield.

30 100
50
0
EBIT Margin 12.1 4.5 PE 24e 13.4 12.6
Sales (y/y) 3.7 3.2 EV/EBIT 24e 9.6 8.0 15 20
EPS (y/y) 4.9 27.8 EV/EBIT 25e 8.9 7.0
10
Financials 0

Sales 61,675 68,838 71,407 74,342 -20
% y/y 24.9 11.6 3.7 4.1 0 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y 29.6 17.1 3.3 4.4
% y/y 44.3 22.5 3.1 5.3 4Q22 Consensus
Net Profit 4,259 4,702 4,922 5,405
Env. Soc. Buy 23
% y/y 52.3 10.4 4.7 9.8
GH
ME
EPS (EUR) 7.47 8.18 8.58 9.46

HI
D
IU
M
% y/y 65.6 9.5 4.9 10.2 Hold 2

DPS (EUR) 4.00 4.50 4.70 5.12
Yield 4.3 4.0 4.1 4.5 MEDIUM
Gov.
48

14.02.2024
Page 49/146
ASML
Netherlands | Technology
Rating: Buy
ASML is the world's largest supplier of lithography systems for the
semiconductor industry, which are required for microchip production. 1000
Most chip manufacturers worldwide are customers of ASML.
Regionally, ASML generates most of its sales in Taiwan (38%), South
Korea (29%), China (14%) and USA (9%). 800
Europe's largest tech company reported order intake of EUR 4.5 billion
in 2Q23, up +20% Q/Q. It was the first increase in order intake since
600
3Q22. Demand from China was particularly strong - which can be
attributed to customers wanting to avoid impending export controls.
ASML remains the sole producer of lithography equipment needed for
the production of most advanced semiconductors. Overall, ASML's 2Q 400
sales rose +27% Y/Y to EUR6.9 billion, while profits ballooned to
EUR1.9 billion (+37.6% Y/Y). Operating margin remained in line with
the average level of recent years at 32.8% in 2Q. 200
ASML expects to achieve +30% revenue growth by the end of 2023
(guidance previously +25%) despite macroeconomic headwinds, as
0
demand for lithography tools should remain strong globally. ASML is 2020 2021 2022 2023 2024
also benefiting from the US CHIPS Act. The order book remains high at
ASML 200 DMA 100 DMA
EUR 38 billion. The stock is a clear Buy recommendation due to
ASML's monopoly position and growth prospects.
40 75
30 50
20
Exchange: EN Amsterdam 1Y Price Perf.: 37.1% 25
10
ISIN: NL0010273215 5Y Price Perf.: 427.3%
0 0
EBIT Margin 31.0 27.2 PE 24e 45.2 26.9
Sales (y/y) 0.1 3.1 EV/EBIT 24e 39.8 22.8 40 50
EPS (y/y) -5.4 7.3 EV/EBIT 25e 26.3 19.1
35
Financials 0

Sales 21,173 27,559 27,587 34,346 -50
% y/y 13.8 30.2 0.1 24.5 25 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y -1.9 34.7 -2.6 48.0
% y/y -3.7 36.1 -3.3 50.1 4Q22 Consensus
Net Profit 5,624 7,774 7,243 10,906
Env. Soc. Buy 28
% y/y -4.4 38.2 -6.8 50.6
GH
HI
GH
EPS (EUR) 14.14 19.91 18.83 28.27

HI
% y/y -1.5 40.8 -5.4 50.1 Hold 11

DPS (EUR) 5.80 6.87 6.70 8.07
Yield 1.2 1.0 0.8 0.9
HIGH
Gov.
49

14.02.2024
Page 50/146
Infineon
Germany | Technology
Rating: Hold
Infineon Technologies develops, manufactures and markets
semiconductors. It sells its products to customers in the 50
communications, automotive, industrial and consumer electronics
sectors. The sales regions are: Asia/Pacific (49%), Europe (30%),
North, South America (13%) and Japan (8%), respectively. 40
Infineon steigerte im GJ 2022 (endete am 30.09.) den Umsatz um
+28,6% (j/j) auf EUR 14,2 Mrd. Der Umsatz wird vom Trend der
30
zunehmenden Elektromobilität sowie von der steigenden
Digitalisierung vieler Anwendungen bzw. dem beschleunigten Ausbau
erneuerbarer Energie getrieben. Der Konzern profitiert auch von hohen
Investitionen in Rechenzentren und Cloud-Computing. Da die 20
operativen Kosten weniger stark angestiegen sind, konnte der
operative Gewinn um +94% auf EUR 2,8 Mrd. gesteigert werden. Die
operative Marge stieg auf 20% (vs. 13,3% ein Jahr zuvor). Der 10
adjustierte Nettogewinn konnte um +83% (j/j) auf EUR 2,2 Mrd. erhöht
werden. Für das Geschäftsjahr 2023 ein Umsatz von EUR 15,5 Mrd.
(plus/minus EUR 500 Mio.) erwartet bzw. +9% (j/j).
0
Rating Rationale Analyst: Hans Engel 2020 2021 2022 2023 2024
Sales are expected to grow at a significantly slower pace next year
Infineon 200 DMA 100 DMA
than this year. Due to an expected decline in the operating margin,
operating income should increase only slightly in 2024. The valuation
of the stock according to the P/E ratio is below the sector average.
40 75
50
25
0
-25
EBIT Margin 21.5 22.3 PE 24e 14.8 16.2
Sales (y/y) 1.3 6.4 EV/EBIT 24e 12.8 12.2 28 50
EPS (y/y) -11.7 21.0 EV/EBIT 25e 9.8 11.5 26
Financials 24 0

22
Sales 14,218 16,309 15,913 17,929 -50
% y/y 28.6 14.7 -2.4 12.7 20 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y 68.0 23.1 -12.0 24.5
% y/y 63.1 30.2 -24.8 27.4 4Q22 Consensus
Net Profit 2,186 3,139 2,672 3,283
Env. Soc. Buy 25
% y/y 39.9 43.6 -14.9 22.9
ME
EPS (EUR) 1.97 2.65 2.09 2.60

DI
W
UM
LO
% y/y 64.2 34.5 -21.1 24.3 Hold 4

DPS (EUR) 0.32 0.35 0.35 0.39
Yield 1.4 1.1 1.1 1.2 MEDIUM
Gov.
50

14.02.2024
Page 51/146
SAP
Germany | Technology
Rating: Buy
SAP develops enterprise software, which is offered in the cloud, locally
or as a hybrid model. The S/4HANA database is the core product. The 180
sales regions are North and South America (43%), Europe (42%) and
Asia/Pacific (15%).
4Q23 total revenue increased by +5% to EUR 8.5 billion, or +9%
adjusted for currency effects. Cloud and software revenue increased by 140
+6% to EUR 7.4 billion and grew by +10% on a currency-adjusted
basis. Service revenue remained unchanged at EUR 1.1 billion. Order
intake rose to a record level. The current cloud backlog rose to EUR 120
13.7 billion (+25%). The operating result decreased by -5% year-on-
year to EUR 1.9 bn in 4Q. Profit after tax amounted to EUR 1.2 billion
in 4Q (vs. EUR 326 million in the same quarter of the previous year). 100
Free cash flow rose by +16% to EUR 5.1 bn for the year as a whole,
slightly exceeding the Group's most recent forecast. The current share
buyback program, which runs until 31.12.2025, currently still has a 80
volume of around EUR 4 billion.
60
SAP has recently raised its outlook for 2024. A growth rate of around 2020 2021 2022 2023 2024
+24% to +27% is expected for cloud revenues. Operating profit in 2024
SAP 200 DMA 100 DMA
should be in a range between EUR 7.6 bn and EUR 7.9 bn. We expect
SAP to continue on its profitable growth path.
20 50

5 -25
Ratios Value 0 -50
EBIT Margin 23.1 21.3 PE 24e 35.5 24.3
Sales (y/y) 8.3 7.4 EV/EBIT 24e 25.4 19.4 30 100
EPS (y/y) -8.6 12.0 EV/EBIT 25e 19.4 17.3
25 50
Financials
0
Sales 30,871 31,207 33,804 37,548 -50
% y/y 10.9 1.1 8.3 11.1 15 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y -27.2 15.4 13.0 27.0
% y/y -2.4 8.6 -10.4 28.2 4Q22 Consensus
Net Profit 4,549 5,815 5,364 6,921
Env. Soc. Buy 20
% y/y -45.5 27.8 -7.8 29.0
GH
ME
EPS (EUR) 4.08 5.01 4.58 6.19

HI
DI
UM
% y/y -39.5 22.8 -8.6 35.2 Hold 8

DPS (EUR) 2.00 2.14 2.17 2.31
Yield 2.1 1.5 1.3 1.4 MEDIUM
Gov.
51

14.02.2024
Page 52/146
Deutsche Telekom
Germany | Telecom
Rating: Hold
Deutsche Telekom offers telecommunications services. The offering
includes fixed-network telephony, mobile communications, Internet 25
access, and combined IT and telecommunications services for
companies. The Company owns 62.9% of the shares in T-Mobile US.
Main sales markets: United States (62%), Europe (32%). 22.5
Deutsche Telekom increased its revenue by +7.7% to EUR 108.8 20
billion in the last financial year. Most recently, the Group generated
over 60% of its revenue in the United States. In 2Q 2022, 1.7 million
new mobile customers were acquired in the USA. As a result, the total 17.5
number of customers increased to 110 million in the U.S. The Group's
operating margin was 12% in the last fiscal year (vs. 12.7% a year
earlier). Operating income increased by +5% to EUR 17.6 billion. 15
Adjusted net income increased by +6.1% to EUR 7.4 billion.
Deutsche Telekom shows stable development. The 43% stake in T- 12.5
Mobile US is developing more dynamically and profitably than the
European unit. The dividend yield of the stock is high. We expect
10
moderate gains in the share price in the coming months. 2020 2021 2022 2023 2024
Deutsche Telekom 200 DMA 100 DMA

10 75
5
0
Ratios Value -5 -25
EBIT Margin 21.7 13.7 PE 24e 12.2 10.2
Sales (y/y) 2.2 0.8 EV/EBIT 24e 10.0 12.6 25 50
EPS (y/y) 12.3 3.0 EV/EBIT 25e 9.2 13.4
20 25
Financials
0
Sales 107,610 114,197 111,286 113,760 -25
% y/y 6.5 6.1 -2.5 2.2 10 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y 7.7 3.0 -1.4 5.8
% y/y 9.5 22.9 10.9 8.1 4Q22 Consensus
Net Profit 5,900 9,081 8,116 8,819
Env. Soc. Buy 22
% y/y 3.5 53.9 -10.6 8.7
UM
ME
EPS (EUR) 1.22 1.83 1.62 1.82

D
DI
IU
ME
% y/y 1.7 50.0 -11.6 12.3 Hold 3

DPS (EUR) 0.64 0.70 0.77 0.85
Yield 3.9 3.8 3.5 3.8 MEDIUM
Gov.
52

14.02.2024
Page 53/146
RWE
Germany | Utility
Rating: Hold
RWE produces and distributes electricity and also engages in energy
trading. The Group generates electricity from lignite, natural gas, 45
offshore and onshore wind, as well as hydropower and medium solar
and biomass. The main markets are: UK (39%), Germany (28%), rest
of Europe (29%) and other (4%) respectively. 40
RWE increased sales by +56% (y/y) to EUR 38.4 billion in the last 35
fiscal year 2022. Electricity production fell by -3.8 GWh to 156.8 GWh.
This was due to declining consumption (in Germany: -3% y/y, in UK:
-5%, in the Netherlands: -4%). Electricity production was largely from 30
natural gas (51.5 GWh), lignite (50 GWh), and nuclear (11.9 GWh).
The remaining production came from onshore wind/solar (19 GWh vs.
16.5 GWh a year earlier) and offshore wind (10.2 GWh vs. 7.6 GWh a 25
year earlier), and hydro and biomass, respectively. Operating
expenses increased strongly. They increased by +80% y/y to EUR 44.6
billion. The resulting operating loss was EUR 3.3 billion, adjusted net 20
income was EUR 5.9 billion. RWE increased its equity ratio by 9.2
percentage points to 21.1% last year.
15
Rating Rationale Analyst: Stephan Lingnau 2020 2021 2022 2023 2024
Income from energy trading will be significantly lower than a year
RWE 200 DMA 100 DMA
earlier. Electricity sales volumes should decline due to energy savings
and slow economic growth. Electricity revenue absorption will
additionally lead to earnings losses.
75 150
50 100
50
Exchange: XETRA 1Y Price Perf.: -19.2% 25
0
0 -50
EBIT Margin 8.9 14.7 PE 24e 10.9 11.1
Sales (y/y) -12.2 -5.3 EV/EBIT 24e 9.1 10.2 17.5 25
EPS (y/y) -48.9 2.6 EV/EBIT 25e 11.3 10.1 15
Financials 12.5 0

10
Sales 24,571 38,366 44,509 39,096 -25
% y/y 79.5 56.1 16.0 -12.2 7.5 Jul.23 Jan.24
22 23 24e 25e 26e
EBITDA 2,751 734 8,330 5,578 Company Index
Company Peers
% y/y 516.8 -73.3 1,034.9 -33.0
% y/y 23.7 108.6 27.5 -39.9 4Q22 Consensus
Net Profit 1,570 3,232 4,262 2,235
Env. Soc. Buy 24
% y/y 29.4 105.9 31.9 -47.6
ME
EPS (EUR) 2.32 4.68 5.77 2.95

DI
W
UM
LO
% y/y 22.1 101.7 23.3 -48.9 Hold 1

DPS (EUR) 0.90 0.90 1.00 1.10
Yield 2.5 2.2 3.1 3.4 MEDIUM
Gov.
53

14.02.2024
Page 54/146
Adobe
USA | Technology
Rating: Buy
Prices as of: 13.02.24 Close Price: USD 601.89
Business Model Price in USD
Adobe develops and sells numerous software products in the
segments of digital imaging (e.g. Photoshop, Lightroom), illustration, 800
PDF creation, video and audio editing, design (Creative Cloud), e-
learning, web design and web hosting, among others. The main sales
are in the USA (approx. 58% of revenues). 700
Adobe reported a profit for the fourth quarter of the financial year that 600
exceeded expectations, but published a revenue outlook that was
weaker than expected. In the last quarter, earnings/share per share
rose by +28% to USD 3.23. Sales increased by +12% to USD 5.05 bn. 500
Double-digit growth rates were achieved both in the Digital Media
segment with an increase of +15% to USD 3.7 bn and in the Digital
Experience segment (USD 1.3 bn / +12%). The EBIT margin improved 400
to 34.5% after 32.2% a year ago. With regard to the outlook, the
manufacturer of Photoshop and Illustrator, among others, announced
that 2024 earnings/share are expected to be in a range of USD 17.6 to 300
USD 18.0. This corresponds to an increase of around +11% in the
coming fiscal year.
200
Adobe is the market leader in a variety of digital content creation
Adobe 200 DMA 100 DMA
applications and is increasingly focusing on the direct integration of AI
models. We expect Adobe to continue to achieve above-average
growth rates in sales and profits in the future.
20 20
Last FY End: 30.11.2023 Div. Yield 24e: 0% 15 15
Exchange: NASDAQ 1Y Price Perf.: 60.5%
ISIN: US00724F1012 5Y Price Perf.: 131.3% 10 10
Ratios Value 5 5
EBIT Margin 45.9 36.0 PE 24e 33.3 35.5
Sales (y/y) 10.6 12.0 EV/EBIT 24e 26.6 27.1 50 100
EPS (y/y) 11.6 14.9 EV/EBIT 25e 23.3 23.5
40 50
Financials
0
Sales 17,430 19,409 21,434 23,947 -50
% y/y 10.3 11.4 10.4 11.7 20 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y 2.7 12.0 38.7 10.9
% y/y 9.5 12.2 10.3 11.9 4Q22 Consensus
Net Profit 6,457 7,377 8,136 9,188
Env. Soc. Buy 30
% y/y 7.6 14.2 10.3 12.9
GH
HI
GH
EPS (USD) 13.71 16.07 17.90 20.25

HI
% y/y 9.9 17.2 11.4 13.1 Hold 10

DPS (USD) 0.0 0.0 0.0 0.0
Yield 0.0 0.0 0.0 0.0
HIGH
Gov.
54

14.02.2024
Page 55/146
Advanced Micro Devices

USA | Technology
Rating: Buy
AMD is a computer chip developer from the USA. The group develops
and produces processors (CPU) and graphics chips (GPU) for 200
desktops, laptops and servers. Sales are divided into direct sales to
end customers (70%) and corporate customers/individualized data
centers (30%). In the CPU segment, AMD has a 35% global market
share, behind competitor Intel. 150
Advanced Micro Devices sales declined -18.2% (y/y) to USD 5.4 billion
in the recent quarter. However, they were slightly above expectations.
The gross margin was 46%, unchanged from the prior-year quarter. 100
Research and development expenses increased by +11% (y/y) to USD
1.44 billion. They were very high in relation to net sales at 26.7%.
Operating income was slightly negative at USD -20 million. Net income
and earnings per share declined to USD 27 million (-94%) and USD
50
0.03 (-93% y/y), respectively. Earnings slightly exceeded consensus
expectations. For the next quarter, AMD expects data center revenue
to grow by a double-digit percentage due to increasing demand for
EPYC and Ryzen processors.
0
AMD's CPUs are very competitive compared to Intel. AMD has made
Advanced Micro Devices 200 DMA 100 DMA
great strides in achieving key hardware and software milestones to
meet growing customer demand for data center AI solutions. The new
MI300 processor, which is used for AI acceleration, is to be delivered
from the 4Q.
60 75
40 50
Last FY End: 31.12.2023 Div. Yield 24e: 0%
25
Exchange: NASDAQ 1Y Price Perf.: 106.4% 20
0
ISIN: US0079031078 5Y Price Perf.: 650.7%
0 -25
EBIT Margin 25.5 33.5 PE 24e 48.3 28.3
Sales (y/y) 13.5 5.7 EV/EBIT 24e 41.2 25.0 40 200
EPS (y/y) 34.2 12.0 EV/EBIT 25e 26.9 19.4 35 100
Financials 30
0
25
Sales 23,601 22,680 25,737 32,357 -100
% y/y 43.6 -3.9 13.5 25.7 20 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y 104.3 -32.1 33.2 32.7
% y/y 55.9 -23.5 35.0 51.1 4Q22 Consensus
Net Profit 5,504 4,302 5,789 8,921
Env. Soc. Buy 43
% y/y 60.2 -21.8 34.6 54.1
GH
ME
EPS (USD) 3.50 2.65 3.56 5.40

HI
DI
UM
% y/y 25.4 -24.3 34.2 51.9 Hold 12

DPS (USD) 0.0 0.0 0.0 0.0
Yield 0.0 0.0 0.0 0.0 MEDIUM
Gov.
55

14.02.2024
Page 56/146
Alphabet
USA | Technology
Rating: Buy
Alphabet is a global technology and media company. The most
important business areas are Google Search, YouTube Advertising, 175
Google Cloud, and the Android operating system. Alphabet generates
revenue primarily from advertising in its web services. Sales markets:
International (52%), USA (48%). 150
Alphabet achieved revenue growth of +13% in 4Q23. Google Search 125
increased revenues by +12.7% (Y/Y) to USD 48 bn. YouTube
advertising revenues rose by +15% (Y/Y) to USD 9.2 bn. The Cloud
division increased its revenues by +26% (Y/Y) to USD 9.2 bn. 100
Operating profit increased by +30% (Y/Y) to USD 23.2 bn. The
operating margin rose to 27.5% in 4Q (vs. 23.9% in the same quarter
of the previous year). The Cloud segment contributed USD 864m to 75
operating profit. In the previous year, however, this segment reported a
loss of USD -186 million in 4Q. Net profit amounted to USD 20.7 bn
(+52% Y/Y). or earnings per diluted share rose by +56% (Y/Y) to USD 50
1.64.
25
Sales will grow slightly faster this year (2024e: +11.4%) than in the 2020 2021 2022 2023 2024
previous year. The operating margin and return on equity are higher
Alphabet 200 DMA 100 DMA
than those of competitors. The Group should continue to achieve very
profitable growth.
Mkt. Cap. mn: EUR 1,687,375 Next Earnings: 25.04.2024 CY, % CY, %
15 40
12.5 20
Last FY End: 31.12.2023 Div. Yield 24e: 0%
10
7.5
ISIN: US02079K3059 5Y Price Perf.: 157.2%
5 -20
Ratios Value 2.5 -40
EBIT Margin 29.1 24.0 PE 24e 21.3 25.3
Sales (y/y) 11.5 12.5 EV/EBIT 24e 17.0 20.5 40 100
EPS (y/y) 17.2 18.4 EV/EBIT 25e 14.8 18.8
30 50
Financials
0
Sales 282,836 307,394 342,596 377,781 -50
% y/y 9.8 8.7 11.5 10.3 10 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y 3.4 10.0 15.7 12.8
% y/y 0.1 13.3 -6.7 12.8 4Q22 Consensus
Net Profit 76,051 87,109 84,341 95,845
Env. Soc. Buy 53
% y/y -1.1 14.5 -3.2 13.6
GH
ME
EPS (USD) 4.56 5.80 6.80 7.81

HI
DI
UM
% y/y -18.7 27.2 17.2 14.9 Hold 10

DPS (USD) 0.0 0.0 0.0 0.0
Yield 0.0 0.0 0.0 0.0 MEDIUM
Gov.
56

14.02.2024
Page 57/146
Amazon.Com
USA | Technology
Rating: Buy
Amazon is the largest U.S. online retailer with a wide range of
products. The range includes books, music, videos, electronic devices, 200
household goods and also food. Amazon is also the world's largest
provider of data storage services (cloud server storage). Approximately
62% of revenues are generated in North America, 23% in the 175
international business and 15% in the cloud segment (AWS).
Amazon.com increased net sales in Q3 by +13.0% (Y/Y) to USD 143
150
bn. Cloud revenues rose by +12% (Y/Y) to USD 23.1 bn. Reported
sales were slightly above consensus forecasts. Operating income
increased significantly to a total of USD 11.2 bn (+343% Y/Y). The
cloud segment made the largest contribution to this. It generated 125
operating income of USD 7.0 bn (vs. USD 5.4 bn in the same quarter of
the previous year). The trading business generated a total operating
profit of USD 4.2 billion. The Group's net profit amounted to USD 9.9 100
billion (+244% Y/Y). In the same quarter of the previous year, a profit of
USD 2.9 bn was achieved. The profit achieved was significantly higher
than expected.
75
Amazon.com should increase sales in the range of +7% to +12% (Y/Y)
Amazon.Com 200 DMA 100 DMA
in the next quarter. Operating income should be in a range between
USD 7 bn - USD 11 bn (vs. USD 2.7 bn a year earlier). The cloud
segment (AWS) remains the most profitable area. AWS is expanding
its global leadership position with a series of generative AI versions.
15 200
Employees: 1,525,000 Div. Yield 23: 0%
Last FY End: 31.12.2023 Div. Yield 24e: 0% 100
10
ISIN: US0231351067 5Y Price Perf.: 105.7% 5
-100
Ratios Value 0 -200
EBIT Margin 8.3 7.7 PE 24e 41.0 12.0
Sales (y/y) 11.6 6.9 EV/EBIT 24e 31.9 9.7 30 100
EPS (y/y) 41.7 11.3 EV/EBIT 25e 23.2 9.2
20
Financials 0

Sales 513,983 574,785 641,201 716,758 -100
% y/y 9.4 11.8 11.6 11.8 0 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y 2.2 48.9 20.5 16.9
% y/y -12.1 86.0 -13.2 29.9 4Q22 Consensus
Net Profit 16,901 54,379 43,389 56,943
Env. Soc. Buy 66
% y/y -63.0 221.8 -20.2 31.2
ME
EPS (USD) -0.27 2.90 4.11 5.30

DI
W
UM
LO
% y/y - - 41.7 29.0 Hold 2

DPS (USD) 0.0 0.0 0.0 0.0
Yield 0.0 0.0 0.0 0.0 MEDIUM
Gov.
57

14.02.2024
Page 58/146
Apple
USA | Technology
Rating: Buy
Apple sells smartphones (58%), computers (tablets, notebooks,
desktop: (14%). The company also generates part of its revenue from 250
the sale of wearables, home accessories (12%) and services (16%).
The main sales regions are: North America (42%), Europe (24%) and
China (21%). 200
Apple achieved sales of USD 81.8 bn (-1.4% Y/Y) in the last quarter.
Product sales fell -4.4% (Y/Y) to USD 60.6 bn, but service sales
150
increased to 21.2 bn (+8.2% Y/Y). Revenues increased in Europe and
China, but declined in all other sales regions. R&D expenses increased
by +9.5% (Y/Y) to USD 7.4 billion. They amounted to 9.1% of sales.
Operating expenses increased by +4.7% (Y/Y). As a result, operating 100
income fell slightly to USD 23 bn (-0.3% Y/Y). Net income rose +2.2%
(Y/Y) to USD 19.9 bn. Share repurchases (the number of shares was
reduced by -3% in the last quarter) boosted earnings/diluted share by 50
+5.8% (Y/Y) to USD 1.27.
Apple benefits from very high customer loyalty. The Group recently
0
again achieved a new record high in its installed equipment base and 2020 2021 2022 2023 2024
sold more than 1 billion paid services. Ongoing innovations in Mac
Apple 200 DMA 100 DMA
products (including in-house developed 5 nanometer M2 chip, 3
nanometer M3 chip late 23e) and high-end iPhones will lead to a
continuation of the long-term growth trend. In addition, the IPhone is
particularly popular with young customers - in the USA, the market
share among teenagers is 90%
10 15
ISIN: US0378331005 5Y Price Perf.: 334.9% 0 5
Ratios Value -5 0
EBIT Margin 31.1 11.0 PE 24e 27.6 17.3
Sales (y/y) 2.7 3.8 EV/EBIT 24e 22.9 13.0 40 50
EPS (y/y) 7.8 10.2 EV/EBIT 25e 21.6 11.3 30
Financials 20 0

10
Sales 394,328 383,285 388,739 413,768 -50
% y/y 7.8 -2.8 1.4 6.4 0 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y 8.6 -3.6 5.1 6.8
% y/y 9.6 -4.3 5.7 6.6 4Q22 Consensus
Net Profit 99,803 96,995 101,235 107,424
Env. Soc. Buy 33
% y/y 5.4 -2.8 4.4 6.1
GH
ME
EPS (USD) 6.11 6.13 6.57 7.20

HI
DI
MU
% y/y 8.9 0.3 7.2 9.6 Hold 17

DPS (USD) 0.90 0.94 1.00 1.03
Yield 0.7 0.6 0.5 0.6
HIGH
Gov.
58

14.02.2024
Page 59/146
Broadcom
USA | Technology
Rating: Buy
Prices as of: 13.02.24 Close Price: USD 1,251.65
Broadcom markets software solutions for semiconductors and
infrastructure. The product portfolio also includes memory adapters, 1500
network processors, motion and optical sensors, radio frequency,
semiconductor devices and wireless connectivity solutions. The
infrastructure software segment also includes cybersecurity solutions. 1250
Broadcom increased sales by +21% (Y/Y) to USD 33.2 bn in 2022. 1000
Cost of goods sold increased by only +5%. Therefore, gross profit
increased by +31% (Y/Y) to USD 22.1 bn. Operating costs were
reduced by -6% (Y/Y). This is very positive. Thus, operating profit 750
increased by +67% (Y/Y) to USD14.2 bn in the last fiscal year. The
operating margin increased to 42.9% (vs. 31% a year earlier). Adjusted
net income was USD11.2 (+71% y/y). In 2Q 2023, the Group increased 500
sales by 8% (Y/Y) to USD8.7 bn and operating income by +19%'(Y/Y)
to USD4.1 bn. Operating margin increased to 45.9% (vs. 41.9% a year
ago). Adjusted net income increased +38%'(Y/Y) to USD 3.5 bn. 250
Broadcom has a very attractive product portfolio for network
0
applications. The company thus achieves a far above-average 2020 2021 2022 2023 2024
operating margin. The return on equity is also very high. The outlook
Broadcom 200 DMA 100 DMA
for further revenue growth is positive. The valuation of the share
according to the P/E ratio is below that of the competitors.
40 50
20
ISIN: US11135F1012 5Y Price Perf.: 344.9% 0
-25
EBIT Margin 58.2 33.5 PE 24e 26.4 31.2
Sales (y/y) 33.3 6.7 EV/EBIT 24e 21.1 27.6 80 200
EPS (y/y) 11.3 20.5 EV/EBIT 25e 18.0 20.1
60 100
Financials
0
Sales 33,203 35,819 50,032 55,285 -100
% y/y 21.0 7.9 39.7 10.5 20 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y 30.9 5.3 47.2 16.2
% y/y 27.5 9.0 30.3 17.1 4Q22 Consensus
Net Profit 16,526 18,378 22,762 26,816
Env. Soc. Buy 27
% y/y 31.4 11.2 23.9 17.8
GH
ME
EPS (USD) 37.64 42.25 46.08 56.08

HI
DI
UM
% y/y 34.4 12.2 9.1 21.7 Hold 8

DPS (USD) 16.40 18.40 21.00 23.10
Yield 3.5 2.2 1.7 1.8 MEDIUM
Gov.
59

14.02.2024
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Cadence Design Systems

USA | Technology
Rating: Buy
Cadence Design Systems is an electronic systems design company.
The company's IC design and simulation services are used by 350
customers to test digital circuits or integrated circuits for correctness
before implementation. 300
Cadence Design Systems increased sales by +19% (y/y) to USD 3.6
250
bn in FY2022, benefiting from the ongoing trend of increased activities
in engineering design and testing of products for semiconductor
manufacturers. Operating costs increased by only +12.6% (y/y). As a 200
result, operating profit expanded +38% (y/y) to USD 1.1 billion. The
company achieved an operating margin of 30% in the process. Net
150
income was USD 849m, or USD 3.09/diluted share (+23.6% y/y). The
company expects 1Q 23 sales between USD 1.0-1.02bn with an
operating margin of approximately 31.5%. For 2023, total revenue is 100
expected to be in the range of USD 4.0 - 4.06, with a very high
operating margin of approx. 30.5 - 32%. 50
Cadence Design Systems will achieve double-digit percentage sales
0
growth this year. At the same time, the operating margin should 2020 2021 2022 2023 2024
increase slightly. The stock should benefit from the above-average
Cadence Design Systems 200 DMA 100 DMA
positive outlook and achieve gains in the medium term.

20 40
15
10
Ratios Value 5 0
EBIT Margin 42.5 34.4 PE 24e 49.7 33.0
Sales (y/y) 12.0 9.5 EV/EBIT 24e 40.5 25.9 50 100
EPS (y/y) 14.9 10.3 EV/EBIT 25e 34.4 22.6 45 50
Financials 40
0
35
Sales 3,562 4,090 4,580 5,155 -50
% y/y 19.2 14.8 12.0 12.6 30 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y 23.7 20.1 11.3 16.8
% y/y 30.7 18.9 13.4 16.5 4Q22 Consensus
Net Profit 1,173 1,405 1,612 1,863
Env. Soc. Buy 11
% y/y 27.8 19.7 14.8 15.5
UM
ME
EPS (USD) 4.27 5.15 5.92 6.85

D
DI
IU
ME
% y/y 29.8 20.6 15.0 15.7 Hold 3

DPS (USD) 0.0 0.0 0.0 0.0
Yield 0.0 0.0 0.0 0.0 MEDIUM
Gov.
60

14.02.2024
Page 61/146
Cisco
USA | Technology
Rating: Buy
Cisco Systems manufactures products for the telecommunications
industry. The company produces routers, switches, hardware and 70
software for Internet telephony, data and video transmission. The main
markets are: North and South America (59%), Europe/Middle
East/Africa (26%), Asia/Pacific (15%).
Cisco reported revenue growth of +7.6% (Y/Y) to USD 14.7 billion for
the last quarter. The revenue growth affected all segments of the
product portfolio, driven by customer investments in Generative AI,
Cloud and Security. Software sales grew at an above-average rate of 50
+13% (Y/Y). Gross profit increased +14.5% (Y/Y) to USD 9.6 bn.
Operating income increased +21% (Y/Y) to USD 4.3 bn. Net income on
a GAAP basis amounted to USD 3.6 bn (+36% Y/Y) or USD 0.89 per
share (+37% Y/Y). Cisco exceeded expectations in terms of revenue,
40
operating profit and net income. For the full year 2024, revenue is
expected to be in the range of USD 53.8 bn - 55 bn and GAAP
earnings/share between USD 2.97 - 3.08.
30
Sales will weaken slightly in the next quarter and only increase again in 2020 2021 2022 2023 2024
the following quarters. The operating margin is above average. It
Cisco 200 DMA 100 DMA
should remain very stable in the future.

10 10
ISIN: US17275R1023 5Y Price Perf.: 4.5% 0 0
Ratios Value -5 -5
EBIT Margin 34.3 15.9 PE 24e 12.6 14.6
Sales (y/y) -1.6 2.0 EV/EBIT 24e 9.6 11.6 40 50
EPS (y/y) 1.1 8.5 EV/EBIT 25e 9.1 10.2
30
Financials 0

Sales 51,557 56,998 54,379 55,859 -50
% y/y 3.5 10.6 -4.6 2.7 10 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y 3.9 7.4 16.2 2.1
% y/y 3.8 10.0 -2.2 2.7 4Q22 Consensus
Net Profit 14,094 15,979 15,771 16,106
Env. Soc. Buy 9
% y/y 3.4 13.4 -1.3 2.1
GH
HI
GH
EPS (USD) 3.36 - 3.87 4.00

HI
% y/y 4.3 - - 3.5 Hold 18

DPS (USD) 1.50 1.54 1.58 1.62
Yield 3.3 3.0 3.2 3.3
HIGH
Gov.
61

14.02.2024
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IBM
USA | Technology
Rating: Hold
IBM is an information services company whose product range includes
IT systems, products, services, software and financing. The main 200
segments are: IT services & cloud platforms and cognitive solution and
industry services. Revenue split: US (46%), EMEA (32%) and
Asia/Pacific (22%). 175
IBM achieved revenue growth of +5.5% (y/y) to USD 60.5 billion in the
latest FY2022. All segments of the group (software, consulting and
150
infrastructure) achieved growth. Red Hat, which enables customers to
realize the potential of open source software innovation, continues to
grow well. IBM's automation, data, AI and security software was
optimized for this platform and delivered solid growth. Gross profit 125
increased +4% (y/y) to USD 32.7 bn, with operating expenses holding
steady in the latest FY (-0.2% y/y). Operating profit increased strongly.
Adjusted net income rose +13% (Y/Y) to USD 6.6 billion. 100
IBM expects an increase in sales in a range between approx. 3 - 5%
this year. Free cash flow should increase by approx. +10% (Y/Y) and
75
amount to approx. USD 10.5 billion. The slow growth in sales and 2020 2021 2022 2023 2024
profits should continue in 2024.
IBM 200 DMA 100 DMA

20 20
Exchange: NYSE EN (US) 1Y Price Perf.: 33.7%
ISIN: US4592001014 5Y Price Perf.: 33.6% -20 0

EBIT Margin 18.2 21.3 PE 24e 18.3 26.1
Sales (y/y) 5.3 6.9 EV/EBIT 24e 17.8 19.4 30 50
EPS (y/y) 10.1 10.5 EV/EBIT 25e 16.0 17.3 25
Financials 20 0

15
Sales 57,350 60,530 63,742 66,644 -50
% y/y -22.1 5.5 5.3 4.6 10 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y 14.0 -12.7 2.1 4.4
% y/y -2.7 13.7 20.5 8.5 4Q22 Consensus
Net Profit 7,174 8,326 9,370 10,007
Env. Soc. Buy 9
% y/y -7.7 16.1 12.5 6.8
GH
HI
GH
EPS (USD) 7.93 9.13 10.06 10.64

HI
% y/y -4.2 15.1 10.1 5.8 Hold 9

DPS (USD) 6.55 6.60 6.67 6.80
Yield 4.6 4.0 3.6 3.7
HIGH
Gov.
62

14.02.2024
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Intel
USA | Technology
Rating: Hold
The world's largest semiconductor group produces microprocessors,
chipsets, embedded processors, flash memory products, graphics 80
products, mainboards and hardware for networks, as well as for the
communications and digital imaging sectors. The largest sales
countries are: China (27%), Singapore (22%) and USA (20%). 70
Intel suffered a sharp decline in sales in fiscal year 2022. Revenues fell 60
by -20% (y/y) to USD 63.1 billion. The most important business
segments, namely the Client Computing Group and Datacenter and AI,
respectively, suffered above-average drops in sales. This negative 50
trend intensified further at the end of the fiscal year. The operating
margin declined significantly. It fell to 3.3% in FY2022 (vs. 24.6% a
year earlier). Earnings/share subsequently fell by -60% (y/y) in 2022. 40
The prospects for a recovery in the sales and earnings situation are
currently gloomy for Intel. The slowdown will continue for the time 30
being. Consensus estimates for earnings development are on the
downside for 2023 and 2024.
20
2020 2021 2022 2023 2024
Intel 200 DMA 100 DMA

20 100
Exchange: NASDAQ 1Y Price Perf.: 51.2% 0 0

ISIN: US4581401001 5Y Price Perf.: -14.5%
-10 -50
EBIT Margin 11.4 22.7 PE 24e 32.1 15.0
Sales (y/y) 6.1 4.0 EV/EBIT 24e 33.2 12.2 40 100
EPS (y/y) 28.2 7.5 EV/EBIT 25e 20.1 9.8 30
Financials 20 0

10
Sales 63,054 54,228 57,519 64,540 -100
% y/y -15.6 -14.0 6.1 12.2 0 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y -41.6 -34.3 31.6 29.8
% y/y -64.3 -41.1 39.9 66.1 4Q22 Consensus
Net Profit 7,594 4,423 5,838 9,683
Env. Soc. Buy 10
% y/y -66.0 -41.8 32.0 65.9
UM
ME
EPS (USD) 1.84 1.05 1.35 2.23

D
DI
IU
ME
% y/y -66.4 -42.9 28.2 65.7 Hold 33

DPS (USD) 1.46 0.74 0.50 0.50
Yield 5.5 1.5 1.2 1.2
HIGH
Gov.
63

14.02.2024
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Intuit
USA | Technology
Rating: Buy
Intuit is a global technology platform for consumers, small businesses
and the self-employed. The software offered includes financial and 800
business management, payroll/payment processing for merchants and
financing. Also offered are tax preparation products for individuals and 700
services for accountants.
600
Intuit's revenues increased by +15% (Y/Y) to USD 3.0 bn in the last
quarter. The company's largest segment in terms of sales, Small
Business and Self-Employed, increased revenues by +18% (Y/Y) to 500
USD 2.3 bn. (+12% Y/Y). Operating profit reached USD 307m in the
last quarter (+304% Y/Y or profit of USD 76m in the same quarter of
400
the previous year). GAAP net profit increased to USD 241m (+503%
Y/Y). Earnings per share increased to USD 0.85. A total of USD 603m
worth of treasury shares were repurchased in the last quarter. USD 3.2 300
billion is available for further share buybacks under the current buyback
program. 200
The company recently confirmed its forecast for the 2024 financial
100
year. According to this, annual sales should increase to around USD 2020 2021 2022 2023 2024
16 bn (+11% to +12% y/y). Operating profit will increase by approx.
Intuit 200 DMA 100 DMA
+15% to +18% (Y/Y) to approx. USD 3.65 bn.

25 30
20
10
Ratios Value 5 0
EBIT Margin 39.1 25.1 PE 24e 36.9 32.0
Sales (y/y) 12.0 9.9 EV/EBIT 24e 27.1 25.4 50 100
EPS (y/y) 14.1 14.7 EV/EBIT 25e 23.2 21.3 40 50
Financials 30
0
20
Sales 12,726 14,368 16,033 18,050 -50
% y/y 32.1 12.9 11.6 12.6 10 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y 28.5 20.7 13.4 14.3
% y/y 29.2 22.2 13.3 14.3 4Q22 Consensus
Net Profit 3,365 4,080 4,639 5,348
Env. Soc. Buy 23
% y/y 26.6 21.2 13.7 15.3
GH
ME
EPS (USD) 11.85 14.40 16.40 18.76

HI
D
IU
M
% y/y 21.7 21.5 13.9 14.4 Hold 8

DPS (USD) 2.72 3.12 3.55 3.72
Yield 0.6 0.6 0.6 0.6 MEDIUM
Gov.
64

14.02.2024
Page 65/146
Meta Platforms
USA | Technology
Rating: Buy
Meta Platforms is a technology company that operates Facebook,
Instagram and WhatsApp, among others. The number of monthly 500
active users is about 2.6 billion. The most important markets by
revenue are: USA & Canada (47%), Europe (25%) and Asia (18%).
The company generates its revenues mainly through advertising 400
revenue (98%).
Meta Platforms significantly increased sales in 2Q for the first time after
300
several quarters. Revenues increased by +11% (Y/Y) to USD 32.0
billion. Active daily users of Meta products recently totaled 3.07 billion
(+7% Y/Y), of which 2.06 billion were daily users of Facebook (+5%
Y/Y). Operating profit increased +12.4% (Y(Y) to USD 9.4 bn. 200
Operating margin increased slightly to 29.3%. Adjusted net income
increased +51% (Y/Y) to USD 10.1 bn in Q2. Reality Labs (Metaverse)
is currently in the red. In this regard, the Group expects operating 100
losses to increase significantly year-on-year due to ongoing product
development in Augmented Reality/Virtual Reality.
0
Meta Platforms expects Q3 revenue of approximately USD 32 - 34.5 2020 2021 2022 2023 2024
bn. Based on the improved revenue outlook, consensus forecasts for
Meta Platforms 200 DMA 100 DMA
2023 and 2024 revenue and earnings have recently been revised
significantly upward.
20 100
ISIN: US30303M1027 5Y Price Perf.: 180.4% 0 0

EBIT Margin 38.8 20.6 PE 24e 23.0 23.5
Sales (y/y) 17.1 12.2 EV/EBIT 24e 18.1 18.7 50 200
EPS (y/y) 34.5 17.8 EV/EBIT 25e 15.3 15.9 40
Financials 30 0

20
Sales 116,609 134,902 157,921 176,800 -200
% y/y -1.1 15.7 17.1 12.0 10 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y -16.5 39.2 23.6 15.6
% y/y -26.8 48.5 0.8 15.3 4Q22 Consensus
Net Profit 32,893 51,129 51,710 59,052
Env. Soc. Buy 63
% y/y -30.0 55.4 1.1 14.2
UM
ME
EPS (USD) 8.59 14.87 20.00 23.04

DI
DI
UM
ME
% y/y -37.6 73.1 34.5 15.2 Hold 9

DPS (USD) 0.0 0.0 1.00 2.00
Yield 0.0 0.0 0.2 0.4 MEDIUM
Gov.
65

14.02.2024
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Microsoft
USA | Technology
Rating: Buy
Microsoft Corporation sells computer software products, particularly
operating systems, server applications, office software and cloud 500
applications. The company also operates the LinkedIn network. In
addition, game consoles (Xbox) and laptops (Surface) are offered. 50%
of sales are generated within the USA. 400
Microsoft generated sales of USD 62.0 billion (+18% Y/Y) in 4Q23.
Group sales significantly exceeded expectations. The intelligent cloud
300
business remains the sales driver with revenues of USD 25.9 bn
(+20%). Revenue from server products and cloud services rose by
+22%, driven by revenue growth of +30% for Azure and other cloud
services. Sales of Office Commercial products and cloud services 200
increased by +15%, driven by sales growth of +17% for Office 365
Commercial. Office Consumer products and cloud services revenue
increased +5% and Microsoft 365 Consumer subscribers increased to 100
78.4 million. LinkedIn revenue increased 9%. The operating result
amounted to USD 27.0 bn and increased by +33% (Y/Y). The EBIT
margin also improved to 43.3%, up from 38.7% a year ago.
0
Better than expected figures in terms of sales, operating profits and
Microsoft 200 DMA 100 DMA
earnings/share underline the quality of Microsoft. The outlook for
earnings and sales growth is very positive and the stock definitely
remains one of our Core Buy recommendations.
16 20
14
5
Ratios Value 10 0
EBIT Margin 43.7 29.1 PE 24e 32.8 29.8
Sales (y/y) 14.6 10.6 EV/EBIT 24e 26.1 21.1 50 100
EPS (y/y) 16.3 11.6 EV/EBIT 25e 22.3 17.3
40 50
Financials
0
Sales 198,270 211,915 244,013 278,272 -50
% y/y 18.0 6.9 15.1 14.0 20 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y 21.1 4.6 24.4 14.7
% y/y 19.3 7.6 18.9 14.0 4Q22 Consensus
Net Profit 69,447 73,307 86,357 98,660
Env. Soc. Buy 60
% y/y 14.5 5.6 17.8 14.2
GH
ME
EPS (USD) 9.21 9.81 11.59 13.29

HI
DI
UM
% y/y 15.6 6.5 18.1 14.7 Hold 5

DPS (USD) 2.46 2.72 3.00 3.29
Yield 1.0 0.8 0.7 0.8
HIGH
Gov.
66

14.02.2024
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NVIDIA
USA | Technology
Rating: Buy
Nvidia is a semiconductor manufacturer that produces graphics chips
and graphics cards for computers and game consoles. The company 800
also produces GPU-based solutions for supercomputers and
components for self-driving vehicles, including the software testing
platform ("Nvidia Drive") for autonomous driving. 600
NVIDIA reported sales of USD 18.1 billion for the third quarter, +206%
more than a year ago and +34% more than in the previous quarter. In
400
the Data Center segment, sales reached a record USD 14.5 billion
(+41% Q/Q). Sales in the Gaming segment amounted to USD 2.9
billion (+81% Y/Y). Group earnings per share amounted to USD 3.71 in
the third quarter, more than 12x higher than a year ago and 50% higher 200
than in the previous quarter. EBIT margin reached 58%, up from 50%
in 2Q23. NVIDIA is investing in generative AI to help advertisers
optimize images and text. NVIDIA also mentioned that the wave of AI 0
adoption in enterprises is just beginning.
Sales in the data center segment will increase significantly due to the
-200
use of AI applications. In this segment, NVIDIA is far ahead of the 2020 2021 2022 2023 2024
competition in terms of computing power and user-friendliness for
NVIDIA 200 DMA 100 DMA
developers thanks to the CUDA architecture. Assuming sales growth of
c. 55% in the coming year and a slight increase in the EBIT margin to
60% (FY 23e: 58%), the P/E ratio for 2025e is 24x. We consider this to
be an attractive valuation due to the strong growth prospects in the
coming years - especially in the new AI foundry area.
150 150

ISIN: US67066G1040 5Y Price Perf.: 1,787.2%
0 0
EBIT Margin 63.8 31.1 PE 24e 37.1 27.6
Sales (y/y) 58.0 2.3 EV/EBIT 24e 31.1 22.9 80 400
EPS (y/y) 71.7 4.4 EV/EBIT 25e 24.9 20.0
60 200
Financials
0
Sales 26,914 26,974 58,889 91,544 -200
% y/y 61.4 0.2 118.3 55.5 20 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y 96.3 -36.5 405.6 64.0
% y/y 86.5 -28.8 290.6 66.4 4Q22 Consensus
Net Profit 11,259 8,366 27,681 46,974
Env. Soc. Buy 58
% y/y 79.4 -25.7 230.9 69.7
GH
HI
GH
EPS (USD) 4.44 3.34 12.29 20.51

HI
% y/y 77.6 -24.8 268.0 66.9 Hold 5

DPS (USD) 0.16 0.16 0.16 0.16
Yield 0.1 0.1 0.0 0.0 MEDIUM
Gov.
67

14.02.2024
Page 68/146
Oracle
USA | Technology
Rating: Hold
Oracle is one of the world's largest IT companies, offering databases,
servers, application development, and enterprise software. Revenue 140
split: cloud applications & software (83%), hardware (8%) and services
(8%). Sales markets: USA (54%), rest of the world (46%).
Oracle increased sales by +5.4% (Y/Y) to USD 12.9 bn in Q3. Sales of
cloud services and license support rose by +12% (Y/Y) to USD 9.6 bn. 100
Sales of cloud licenses and on-premise licenses fell by -18% and -19%
respectively to USD 1.2 bn. Operating income increased by +18%
(Y/Y) to USD 3.6 bn. However, it was slightly below consensus 80
estimates. Adjusted net profit increased significantly. It rose by +37%
(Y/Y) to USD 2.6 bn. Operating cash flow, on the other hand, fell to
USD 143 m (-83% Y/Y). 60
Oracle published lower than expected revenue growth in its latest
quarterly results. Cloud sales in particular grew more slowly. Operating 40
cash flow fell significantly in the last quarter. The growth rates for sales
and profits expected for 2024 are below those of the technology sector.
20
2020 2021 2022 2023 2024
Oracle 200 DMA 100 DMA

15 15
Last FY End: 31.05.2023 Div. Yield 24e: 1.4% 12.5
10
Exchange: NYSE EN (US) 1Y Price Perf.: 27.1% 10
ISIN: US68389X1054 5Y Price Perf.: 121.1% 5
7.5
Ratios Value 5 0
EBIT Margin 43.2 21.2 PE 24e 19.2 30.0
Sales (y/y) 7.8 7.6 EV/EBIT 24e 15.9 22.3 50 50
EPS (y/y) 10.5 9.9 EV/EBIT 25e 13.9 19.1 40
Financials 30 0

20
Sales 42,440 49,954 53,441 57,917 -50
% y/y 4.8 17.7 7.0 8.4 10 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y 1.5 4.7 46.5 2.5
% y/y 3.1 6.7 9.5 10.1 4Q22 Consensus
Net Profit 13,661 14,176 15,640 17,466
Env. Soc. Buy 19
% y/y -3.3 3.8 10.3 11.7
GH
ME
EPS (USD) 4.90 5.12 5.55 6.21

HI
D IU
M
% y/y 4.9 4.5 8.4 11.9 Hold 17

DPS (USD) 1.28 1.36 1.54 1.60
Yield 1.8 1.3 1.4 1.4 MEDIUM
Gov.
68

14.02.2024
Page 69/146
Qualcomm
USA | Technology
Rating: Hold
Qualcomm is a wireless communications research and development
company. The company licenses digital wireless technology to other 200
companies and produces integrated circuits and devices and software.
Sales regions are: International (89%), U.S. (11%). 175
Qualcomm achieved a significant decline in sales of -19% (Y/Y) to USD
150
35.8 bn in FY 2023 (as at the end of 09/2023). This was mainly due to
sharp declines in sales of components used in the production of cell
phones or in the IoT (Internet of Things) sector. As operating costs in 125
particular rose sharply to USD 12.2 bn (+25% Y/Y), operating profit fell
by -51% to USD 7.8 bn. Net profit recently amounted to USD 7.2 bn
100
(-44% Y/Y) and earnings per share were USD 6.42 (-44% Y/Y).
75
Sales and earnings performance will improve significantly in 2024.
Sales are expected to increase by around +6% and adjusted net profit
by around +28% (Y/Y). The operating margin and return on equity are 50
significantly higher than those of peer companies in the sector.
25
2020 2021 2022 2023 2024
Qualcomm 200 DMA 100 DMA

20 50
0
ISIN: US7475251036 5Y Price Perf.: 190.8% -50
-10
EBIT Margin 33.6 16.4 PE 24e 15.1 13.3
Sales (y/y) 6.7 5.7 EV/EBIT 24e 12.8 10.3 40 50
EPS (y/y) 13.9 28.2 EV/EBIT 25e 11.5 9.8
30
Financials 0

Sales 44,169 35,832 38,023 41,172 -50
% y/y 32.0 -18.9 6.1 8.3 10 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y 45.7 -36.9 37.3 5.1
% y/y 45.0 -32.8 11.4 8.2 4Q22 Consensus
Net Profit 14,254 9,486 10,867 11,702
Env. Soc. Buy 24
% y/y 45.3 -33.5 14.6 7.7
GH
HI
GH
EPS (USD) 12.53 - 9.70 10.76

HI
% y/y 46.7 - - 11.0 Hold 16

DPS (USD) 2.86 3.10 3.26 3.35
Yield 2.5 2.8 2.2 2.2
HIGH
Gov.
69

14.02.2024
Page 70/146
Salesforce.com
USA | Technology
Rating: Buy
Salesforce is the world's leading CRM software company. The
Salesforce portfolio also includes: Slack, MuleSoft, Tableau Analytics 350
and Trailhead. The revenue regions are the USA (64%), Europe (23%),
Asia (9%) and the Americas (4%).
Quarterly sales increased by +11% year-on-year to USD 8.72 billion,
resulting in a profit of USD 1.22 billion. The Remaining Performance
Obligation (RPO), a key indicator for assessing future growth,
250
increased by +21% year-on-year to USD 48.3 bn. Operating cash flow
quintupled year-on-year to USD 1.5 bn. The non-GAAP EBIT margin
increased to 31.3% in 3Q after 31.2% in 2Q and 29.2% in 3Q22.
Regionally, sales increased in the Americas, Europe and Asia. With 200
quarterly sales of 5.8 billion, the Americas is by far the most important
region (67% global share). The Group recently emphasized its
expansion into AI services. This is also a long-term goal, which is why 150
the company says it is "aggressively" recruiting AI engineers.
For 4Q23, Salesforce expects revenue of approximately USD 9.2
100
billion, which corresponds to an increase of approximately +10% 2020 2021 2022 2023 2024
compared to the previous year. The operating margin forecast for the
Salesforce.com 200 DMA 100 DMA
full year has been raised to 30.5%. In our view, Salesforce will manage
the balancing act between improving the EBIT margin and accelerating
sales momentum. The Group itself continues to expect revenue growth
of around 17% (CAGR) until 2026.
20 75
ISIN: US79466L3024 5Y Price Perf.: 75.3% 10 25
Ratios Value 5 0
EBIT Margin 31.8 36.0 PE 24e 29.8 32.8
Sales (y/y) 11.0 9.1 EV/EBIT 24e 21.1 25.6 40 100
EPS (y/y) 19.1 10.5 EV/EBIT 25e 17.3 22.3 35 50
Financials 30
0
25
Sales 26,492 31,352 34,790 38,600 -50
% y/y 24.7 18.3 11.0 11.0 20 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y 19.2 40.8 98.3 9.0
% y/y 31.5 42.8 50.2 16.2 4Q22 Consensus
Net Profit 4,659 5,224 8,059 9,409
Env. Soc. Buy 42
% y/y 1.7 12.1 54.3 16.7
GH
ME
EPS (USD) 4.78 - 8.19 9.58

HI
DI
UM
% y/y -2.8 - - 17.0 Hold 13

DPS (USD) 0.0 0.0 0.0 0.0
Yield 0.0 0.0 0.0 0.0 MEDIUM
Gov.
70

14.02.2024
Page 71/146
ServiceNow
USA | Technology
Rating: Hold
ServiceNow is a US technology company that offers cloud computing
solutions for companies. These can use them to optimize work 900
processes in the areas of IT, human resources and customer care, etc.
66% of sales are generated in the USA, 34% globally. 800
ServiceNow increased sales by +23% (Y/Y) to USD 7.2 billion in the 700
last fiscal year 2022. The gross margin was increased slightly. It most
recently amounted to 78.3%. Operating costs increased +24 (Y/Y) to 600
USD 5.3 bn, with a total operating profit of USD 379 mn. The operating
margin increased to 4.9% (vs. 4.4% a year earlier). Adjusted net 500
income increased +40% (Y/Y) to USD 244m.
ServiceNow is showing very rapid growth. Last quarter, ServiceNow
unveiled new solutions that will embed generative AI into the Now 300
platform. The company recently raised its revenue and margin growth
forecasts for 2023. The consensus estimate for earnings growth for 200
2023 and 2024 also recently improved.
100
2020 2021 2022 2023 2024
ServiceNow 200 DMA 100 DMA

25 60
ISIN: US81762P1021 5Y Price Perf.: 233.6% 15 20
Ratios Value 10 0
EBIT Margin 29.0 26.5 PE 24e 58.8 32.8
Sales (y/y) 21.3 11.0 EV/EBIT 24e 48.5 25.4 32.5 100
EPS (y/y) 22.1 15.6 EV/EBIT 25e 38.2 19.4 30
Financials 27.5 0

25
Sales 7,245 8,971 10,882 13,114 -100
% y/y 22.9 23.8 21.3 20.5 22.5 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y 17.3 33.1 24.7 23.9
% y/y 25.4 33.8 26.7 24.0 4Q22 Consensus
Net Profit 1,543 2,215 2,748 3,352
Env. Soc. Buy 37
% y/y 28.5 43.6 24.1 22.0
UM
ME
EPS (USD) 7.59 10.78 13.16 15.89

D
DI
IU
ME
% y/y 28.2 42.0 22.1 20.7 Hold 5

DPS (USD) 0.0 0.0 0.0 0.0
Yield 0.0 0.0 0.0 0.0 MEDIUM
Gov.
71

14.02.2024
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Abbott Laboratories
USA | Health Care
Rating: Hold
Abbott Laboratories is a global pharmaceutical company whose
businesses include pharmaceuticals, nutritional supplements, 160
diagnostics and medical devices. The main sales regions are: USA
(42%) and international (58%), respectively.
Sales from Abbot Laboratories increased only +1.3% (y/y) to $43.7
billion in FY2022. Sales were negatively impacted towards the end of 120
the year by the expected year-on-year decline in sales related to
COVID-19 testing. Operating income was flat. It was USD 8.4 billion
(-0.7% y/y). Operating margin decreased slightly to 19.2% (vs. 19.6% 100
y/y). Adjusted net income also remained almost the same compared to
the previous year. It amounted to USD 7.7 billion (-0.2% y/y).
Abbott Laboratories will suffer a significant decline in sales this year.
The reason for this is the lower revenue from COVID-19 test products.
GAAP earnings/share will also drop significantly. The consensus 60
expectation is approximately $4.4/share. The company has a lower
operating margin than peers in the sector. However, the 2023e P/E
40
ratio of the stock is above the sector average. 2020 2021 2022 2023 2024
Abbott Laboratories 200 DMA 100 DMA

10 20
Exchange: NYSE EN (US) 1Y Price Perf.: 2.6% 0 0

-5 -10
EBIT Margin 22.4 26.7 PE 24e 24.2 18.0
Sales (y/y) 4.5 4.9 EV/EBIT 24e 20.8 16.3 35 20
EPS (y/y) 3.6 8.5 EV/EBIT 25e 18.4 14.5
30
Financials 0

Sales 43,653 40,109 41,930 45,003 -20
% y/y 1.3 -8.1 4.5 7.3 20 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y -2.8 -18.4 5.3 10.6
% y/y -0.8 -20.7 5.2 11.3 4Q22 Consensus
Net Profit 9,466 7,802 8,070 8,939
Env. Soc. Buy 18
% y/y 1.1 -17.6 3.4 10.8
HI
UM
GH
EPS (USD) 5.34 4.44 4.60 5.15

DI
ME
% y/y 2.5 -16.9 3.6 11.8 Hold 8

DPS (USD) 1.90 2.05 2.17 2.34
Yield 1.7 1.9 1.9 2.1 MEDIUM
Gov.
72

14.02.2024
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AbbVie
USA | Health Care
Rating: Hold
AbbVie is a pharmaceutical company spun off from Abbott Laboratories
in early 2013 with a focus on: Drugs for multiple sclerosis, Alzheimer's 200
disease, Parkinson's disease, hepatitis C, cancer and chronic kidney
disease. Major sales markets: USA (79%), International (21%)
AbbVie suffered a decline in sales of -6.4% (y/y) to USD 54.3 bn in
2023. Sales of immunology and oncology drugs fell by around -10% in 150
each case. By contrast, sales in the neurology drugs segment
increased by +18% (Y(Y)). Operating income fell by -30% (Y/Y) to USD
12.8 bn. The operating margin most recently amounted to 23.5% (vs. 125
31.2% a year earlier). Adjusted earnings/share fell by -17.5% (Y/Y) to
USD 8.70.
AbbVie's sales will change little in 2024. In the medium term, however,
AbbVie confirms its expectations for annual sales growth in the high
single-digit percentage range until 2029. The forecast earnings/share 75
should increase significantly in 2024 and be in a range between around
USD 11.05 - USD 11.25.
50
2020 2021 2022 2023 2024
AbbVie 200 DMA 100 DMA

10 20
0
ISIN: US00287Y1091 5Y Price Perf.: 114.5% -20
-5
EBIT Margin 46.5 32.9 PE 24e 15.5 12.9
Sales (y/y) -0.1 4.1 EV/EBIT 24e 13.7 12.7 60 25
EPS (y/y) 0.5 11.9 EV/EBIT 25e 12.4 11.0 50
Financials 40 0

30
Sales 58,054 54,318 54,288 57,400 -25
% y/y 3.3 -6.4 -0.1 5.7 20 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y 6.8 -17.5 2.5 7.1
% y/y 7.0 -17.9 1.9 7.3 4Q22 Consensus
Net Profit 24,597 19,769 19,821 21,651
Env. Soc. Buy 18
% y/y 8.4 -19.6 0.3 9.2
GH
HI
GH
EPS (USD) 13.77 11.11 11.17 12.30

HI
% y/y 8.4 -19.3 0.5 10.1 Hold 14

DPS (USD) 5.64 5.92 6.20 6.51
Yield 3.5 3.8 3.6 3.8
HIGH
Gov.
73

14.02.2024
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Amgen
USA | Health Care
Rating: Hold
Amgen is a biotech company that develops drugs for cancer,
inflammation and kidney disease. The company has several 350
compounds in therapeutic areas such as oncology, hematology,
inflammation, nephrology, cardiovascular as well as neurology. 71% of
revenues are generated in the USA.
Amgen increased sales by +19.8% to USD 8.2 bn in 4Q 2023. Product
volume growth amounted to +23%. The net selling price declined by
-3% on average. The manufacturing costs of products increased at an
above-average rate. As a result, gross profit stagnated at USD 5.1 bn 250
(-0.2% Y/Y). Operating costs also increased. They most recently
amounted to USD 3.8 bn (+33% Y/Y). As a result, operating income fell
by -43% (Y/Y) to USD 1.3 bn, which was slightly below expectations.
The operating margin fell significantly to 15.5%. A year earlier it was
200
32.6%. Net profit fell by -53% to USD 767 million.
In Q4, product inventories rose to a record high in relation to sales and
also in relation to assets. This should be viewed negatively, as should
150
the increase in receivables from customers. The consensus estimates 2020 2021 2022 2023 2024
for operating income and net profit for 2024 have recently weakened.
Amgen 200 DMA 100 DMA

20 20

EBIT Margin 46.1 32.8 PE 24e 14.9 14.7
Sales (y/y) 16.8 5.9 EV/EBIT 24e 13.3 12.9 50 50
EPS (y/y) 4.8 9.9 EV/EBIT 25e 12.4 11.9
40
Financials 0

Sales 26,323 28,190 32,918 34,254 -50
% y/y 1.3 7.1 16.8 4.1 20 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y 1.6 -16.1 35.1 1.7
% y/y 2.7 5.0 13.1 4.6 4Q22 Consensus
Net Profit 9,570 10,034 10,502 11,421
Env. Soc. Buy 16
% y/y -2.3 4.8 4.7 8.8
GH
ME
EPS (USD) 17.69 18.65 19.54 21.24

HI
D
IU
M
% y/y 3.5 5.4 4.8 8.7 Hold 11

DPS (USD) 7.76 8.52 9.35 10.21
Yield 3.0 3.0 3.2 3.5 MEDIUM
Gov.
74

14.02.2024
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Bristol-Myers Squibb
USA | Health Care
Rating: Hold
Bristol-Myers Squibb is a pharmaceutical company that covers several
areas, including: Cancer, HIV/AIDS, cardiovascular disease, diabetes, 90
hepatitis, rheumatoid arthritis and psychiatric disorders. Sales
countries: USA (63%), Europe / Middle East / Africa (23%), Rest of the
World (13%). 80
Group sales fell by -2.5% to USD 45 billion in FY 2023. The decline in
sales is primarily due to significantly lower sales of the drug Revlimid
70
(for the treatment of multiple myeloma). The decline in sales was only
partially offset by higher sales in the new product portfolio and with the
product Opdivo (active ingredient against various tumors). Operating
profit fell by -12% to USD 7.3 billion. Adjusted net income/share rose 60
by +20% to USD 4.54.
Sales should only increase slightly in 2024. Profits, on the other hand, 50
will fall in 2024. The stagnation in sales should also continue in 2024.
Due to the below avererage growth prospects the stock has a below
average valuation according to the PR ratio.
40
2020 2021 2022 2023 2024
Bristol-Myers Squibb 200 DMA 100 DMA

10 20
Exchange: NYSE EN (US) 1Y Price Perf.: -33.4%
ISIN: US1101221083 5Y Price Perf.: -4.5% 0 0
Ratios Value -5 -10

EBIT Margin 36.5 32.9 PE 24e 7.0 14.7
Sales (y/y) 2.1 6.9 EV/EBIT 24e 7.0 12.8 45 50
EPS (y/y) -7.7 11.6 EV/EBIT 25e 6.3 11.5 40
Financials 35 0

30
Sales 46,159 45,006 45,938 46,405 -50
% y/y -0.5 -2.5 2.1 1.0 25 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y 9.2 -15.0 -10.5 3.9
% y/y -6.1 -9.9 -0.2 3.2 4Q22 Consensus
Net Profit 16,533 15,598 13,756 14,364
Env. Soc. Buy 8
% y/y -1.9 -5.7 -11.8 4.4
GH
ME
EPS (USD) 7.70 7.51 6.93 7.23

HI
D
IU
M
% y/y 2.5 -2.5 -7.7 4.3 Hold 21

DPS (USD) 2.16 2.28 2.40 2.52
Yield 3.0 4.4 4.9 5.2
HIGH
Gov.
75

14.02.2024
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Elevance Health
USA | Health Care
Rating: Hold
Elevance Health is a U.S. healthcare provider. The company offers
managed care plans for individuals, companies, groups, Medicaid and 600
Medicare. Anthem also offers a range of specialty services, including
pharmacy management, dental, vision, life, disability and supplemental
health insurance, and integrated health services. 500
Elevance Health achieved sales growth of +13.0% (y/y) to USD 156.6
billion in 2022. Operating income declined slightly due to slightly higher
400
expenses. It fell -1.4% (y/y) to USD 8.6 bn. As a result, the operating
margin dropped to 5.5% (vs. 6.3% a year earlier). Net income fell
-1.3% (Y/Y) to USD 6.0bn, or USD 25.1/share. The company expects
adjusted net income to exceed USD 32.85/share in 2023 as 2Q 2023 300
results were strong. Return on equity was recently 16.7% (vs. 17.6% a
year earlier).
Elevance Health should increase sales and net income this year and
also in 2024. Operating income will grow at double-digit rates in 2023
and 2024. The operating margin will therefore also increase next year.
100
However, revenue and profit growth rates will decline in 2024, 2020 2021 2022 2023 2024
according to the consensus estimate.
Elevance Health 200 DMA 100 DMA

15 15
Ratios Value 0 5
EBIT Margin 6.8 3.5 PE 24e 13.6 15.2
Sales (y/y) 1.3 6.7 EV/EBIT 24e 11.3 13.0 8 25
EPS (y/y) 12.1 6.0 EV/EBIT 25e 9.9 10.8
6
Financials 0

Sales 155,660 170,209 172,418 182,790 -25
% y/y 13.7 9.3 1.3 6.0 2 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y -0.7 11.7 11.4 8.3
% y/y -13.8 45.0 4.7 10.6 4Q22 Consensus
Net Profit 7,058 7,868 8,660 9,485
Env. Soc. Buy 16
% y/y 10.1 11.5 10.1 9.5
GH
ME
EPS (USD) 29.07 33.14 37.14 41.50

HI
D
IU
M
% y/y 11.9 14.0 12.1 11.8 Hold 4

DPS (USD) 5.12 5.92 6.35 6.50
Yield 1.0 1.3 1.3 1.3 MEDIUM
Gov.
76

14.02.2024
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Eli Lilly
USA | Health Care
Rating: Hold
Eli Lilly is an internationally oriented pharmaceutical company, which
sells products in the following areas: Psychiatry and Neurology, 800
Cardiovascular, Endocrinology, Oncology, Anti-infectives and also
Veterinary. Sales countries: USA (57%), outside USA (43%).
Eli Lilly's sales changed only slightly in the last fiscal year. They 600
increased by +0.8% (y/y) to USD 28.5 billion. A major reason for the
only slight increase in revenues was declining sales of COVID-19
antibody products. Negative exchange rate effects also slowed sales
development in the last fiscal year. However, operating income rose 400
+12% (y/y) to USD 7.1 billion through gross margin expansion and
strict cost discipline. Operating margin increased to 25% (vs. 22.5% a
year earlier). Adjusted net income fell -3.5% to USD 6.8 bn.
The outlook for the company's sales development is positive. This year,
revenues should grow significantly stronger than in the previous year.
The forecast for earnings/share has been raised by the company to a
range of USD 7.90 to USD 8.10. However, the valuation of the stock
0
according to the expected P/E ratio 2023 is significantly above the 2020 2021 2022 2023 2024
sector average.
Eli Lilly 200 DMA 100 DMA

30 150

0 0
EBIT Margin 32.9 33.0 PE 24e 59.6 14.1
Sales (y/y) 20.4 4.5 EV/EBIT 24e 53.1 12.4 50 200
EPS (y/y) 97.2 7.5 EV/EBIT 25e 37.5 10.6 40 100
Financials 30
0
20
Sales 28,541 34,124 41,091 50,936 -100
% y/y 0.8 19.6 20.4 24.0 10 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y -0.5 -8.4 71.5 40.1
% y/y -9.9 -7.7 92.1 40.5 4Q22 Consensus
Net Profit 7,186 5,713 11,236 16,346
Env. Soc. Buy 24
% y/y -3.4 -20.5 96.7 45.5
HI
UM
GH
EPS (USD) 7.94 6.32 12.46 18.16

DI
ME
% y/y -2.7 -20.4 97.2 45.7 Hold 6

DPS (USD) 3.92 4.52 5.20 5.96
Yield 1.1 0.8 0.7 0.8
HIGH
Gov.
77

14.02.2024
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Gilead Sciences
USA | Health Care
Rating: Hold
Gilead Sciences is a biopharmaceutical company. Gilead's primary
focus areas are human immunodeficiency virus (HIV)/AIDS, liver 100
diseases such as hepatitis B and C, cardiovascular, metabolic and
respiratory diseases. The main sales markets are the U.S. (81%) and
Europe (13%). 90
Sales declined -5% y/y to $7.0 billion in 3Q 2022 compared to the
same period last year. This was mainly due to significantly lower sales
80
of the antiviral drug Remdesivir (-52% y/y). The decline was partially
offset by higher sales of HIV and oncology products. Their sales rose
+11% (y/y) to $6.1 billion in 3Q 2022, with cell therapy products,
hepatitis C virus medicines (+22% y/y) and the Trodelvy product also 70
showing positive performance. Trodelvy contains an active ingredient
to treat a specific form of breast cancer. It was approved in the US in
April 2020 and in the EU at the end of November 2021. Diluted 60
earnings per share decreased to USD 1.42 in 3Q 2022 (vs. USD 2.05
in the same period in 2021).
50
Gilead Sciences has been very successful in HIV drugs, cell therapy, 2020 2021 2022 2023 2024
hepatitis C treatment, and oncology. Revenue and earnings forecasts
Gilead Sciences 200 DMA 100 DMA
for 2023 have improved significantly in recent weeks. The stock is very
favorably valued compared to peers based on the expected 2023 P/E
ratio.
7.5 20
10
Exchange: NASDAQ 1Y Price Perf.: -16.0% 2.5
0
Ratios Value -2.5 -10
EBIT Margin 42.0 31.5 PE 24e 10.4 14.6
Sales (y/y) 1.3 5.4 EV/EBIT 24e 8.9 12.6 50 20
EPS (y/y) 5.2 5.3 EV/EBIT 25e 8.1 11.0
40
Financials 0

Sales 27,281 27,116 27,469 28,192 -20
% y/y -0.1 -0.6 1.3 2.6 20 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y -5.0 -5.6 1.3 0.6
% y/y -2.9 -13.9 9.9 4.1 4Q22 Consensus
Net Profit 9,158 8,454 8,855 9,373
Env. Soc. Buy 15
% y/y -0.3 -7.7 4.7 5.8
GH
ME
EPS (USD) 7.26 6.72 7.07 7.46

HI
DI
UM
% y/y -0.3 -7.4 5.2 5.5 Hold 18

DPS (USD) 2.92 3.00 3.11 3.21
Yield 3.4 3.7 4.2 4.4 MEDIUM
Gov.
78

14.02.2024
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Intuitive Surgical
USA | Health Care
Rating: Hold
Intuitive Surgical develops and manufactures a robotic system
equipped with surgical instruments and diagnostic equipment that is 450
controlled by a surgeon during an operation called the Da Vinci
System. Approximately 73% of sales are generated in the USA. 400
Intuitive Surgical grew sales +9.0% to $6.2 billion in 2022.Sales were
350
held back by the COVID-19 pandemic at the beginning of 2022. In the
second half of 2022, the resurgence of COVID-19 in China had a
negative impact on sales. Operating income fell to USD 1.6 billion 300
(-13% y/y) due to a sharp increase in administrative costs, as well as
R&D costs. Operating margin fell to 25.4% (vs. 31.9% a year earlier).
250
Net income decreased by -19% to USD 1.3 bn, below expectations.
200
Sales and earnings should develop significantly better in 2023 than in
the previous year. Earnings per share should increase. However,
growth forecasts have also weakened recently. Based on the P/E ratio, 150
the share is significantly more expensive than the sector average. As a
result, the upside potential currently appears limited.
100
2020 2021 2022 2023 2024
Intuitive Surgical 200 DMA 100 DMA

20 30

ISIN: US46120E6023 5Y Price Perf.: 113.1%
5 0
Ratios Value 0 -10
EBIT Margin 32.7 24.1 PE 24e 60.9 24.9
Sales (y/y) 12.3 4.6 EV/EBIT 24e 48.6 20.5 40 100
EPS (y/y) 8.9 4.0 EV/EBIT 25e 40.0 18.4 35 50
Financials 30
0
25
Sales 6,222 7,124 7,998 9,227 -50
% y/y 9.0 14.5 12.3 15.4 20 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y -4.4 12.6 10.5 18.6
% y/y -7.2 11.6 9.0 18.9 4Q22 Consensus
Net Profit 1,695 2,042 2,227 2,607
Env. Soc. Buy 18
% y/y -6.6 20.5 9.1 17.1
ME
EPS (USD) 4.68 5.71 6.22 7.30

D
W
IU
LO
% y/y -5.6 22.0 8.9 17.3 Hold 12

DPS (USD) 0.0 0.0 0.0 0.0
Yield 0.0 0.0 0.0 0.0 MEDIUM
Gov.
79

14.02.2024
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Johnson & Johnson

USA | Health Care
Rating: Hold
Johnson & Johnson is a global healthcare company that manufactures
pharmaceuticals as well as a variety of consumer products, such as 200
skin and hair care products, and also produces surgical and diagnostic
devices. Major Sales Countries/Regions: United States (50%),
International (50%). 180
Johnson & Johnson reported an increase in organic sales of +4.9%
(Y/Y) for 3Q 2023. Total sales amounted to USD 21.4 bn. In the
160
Pharmaceuticals segment, the Oncologics and Immunotherapeutics
segments achieved the largest increases. Operating costs increased
by +8.8% (y/y). Operating profit was little changed year-on-year. It
amounted to USD 5.2 bn (+0.9% y/y). Net profit stagnated at USD 4.3 140
bn (+0.0% y/y).
Johnson & Johnson will only increase sales slightly in the coming year. 120
An acceleration in growth is also not foreseeable in the medium term.
The operating margins are higher than those of its competitors. The
share has an above-average dividend yield due to the company's very
100
moderate growth prospects. 2020 2021 2022 2023 2024
Johnson & Johnson 200 DMA 100 DMA

10 30
0
Exchange: NYSE EN (US) 1Y Price Perf.: -3.9% 10
0
EBIT Margin 32.8 27.3 PE 24e 14.7 14.7
Sales (y/y) 3.8 5.4 EV/EBIT 24e 12.7 13.0 35 20
EPS (y/y) 7.5 10.5 EV/EBIT 25e 11.9 11.0
30
Financials 0

Sales 94,943 85,159 88,388 90,779 -20
% y/y 1.2 -10.3 3.8 2.7 20 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y 0.8 -5.1 5.8 3.8
% y/y 1.5 -8.4 5.7 3.8 4Q22 Consensus
Net Profit 27,038 25,409 25,950 26,709
Env. Soc. Buy 11
% y/y 3.2 -6.0 2.1 2.9
GH
HI
GH
EPS (USD) 10.15 9.92 10.66 10.98

HI
% y/y 3.6 -2.3 7.5 3.0 Hold 15

DPS (USD) 4.41 4.70 4.76 5.15
Yield 2.5 3.0 3.0 3.3 MEDIUM
Gov.
80

14.02.2024
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Merck & Co
USA | Health Care
Rating: Buy
Merck & Co. is a global pharmaceutical company that produces and
markets a wide range of medicines, such as cholesterol-lowering or 140
antihypertensive agents or drugs for osteoporosis or allergic rhinitis, in
the form of drugs, vaccines and biological therapies. Sales countries: 130
USA (44%), Rest of the world (56%).
Merck increased sales by +3% (Y/Y) to USD 15.0 billion in 2Q 2023.
The small increase in sales was mainly due to the sharp drop in sales 110
of the COVID-19 drug LAGEVRIO (active ingredient molnupiravir: -83%
Y/Y). Sales of the cancer medicine KEYTRUDA rose strongly (+19% 100
Y/Y). KEYTRUDA pembrolizumab is an immune checkpoint inhibitor
approved for various indications. It is used for more than 30 tumor 90
types. Due to a very strong increase in R&D spending (most recently
USD 13.2 billion vs. USD 2.8 billion a year earlier) - also related to the
80
acquisition of Prometheus Biosciences. As a result, a loss/share of
USD 2.35 was achieved in 2Q.
70
Merck most recently raised its 2023 sales outlook to a range of USD
60
58.6 - 59.6 billion. Non-GAAP earnings/share are expected to range 2020 2021 2022 2023 2024
from USD 2.95 - 3.05. The consensus forecast for 2024 is stronger
Merck & Co 200 DMA 100 DMA
sales growth than 2023 and very strong earnings growth to
approximately USD 21.3 billion.
30 200
100
ISIN: US58933Y1055 5Y Price Perf.: 58.7% 0
0
EBIT Margin 40.5 32.9 PE 24e 14.7 13.5
Sales (y/y) 6.3 4.2 EV/EBIT 24e 12.9 12.3 60 25
EPS (y/y) 100.0 5.6 EV/EBIT 25e 11.0 10.5
40
Financials 0

Sales 59,283 60,115 63,886 67,951 -25
% y/y 21.7 1.4 6.3 6.4 0 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y 25.8 -65.6 249.0 11.9
% y/y 27.3 -72.4 316.4 13.0 4Q22 Consensus
Net Profit 19,005 3,837 21,766 24,755
Env. Soc. Buy 26
% y/y 24.4 -79.8 467.3 13.7
HI
UM
GH
EPS (USD) 7.48 1.51 8.56 9.70

DI
ME
% y/y 24.3 -79.8 466.9 13.3 Hold 4

DPS (USD) 2.76 2.92 3.08 3.26
Yield 2.5 2.7 2.5 2.6 MEDIUM
Gov.
81

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Pfizer
USA | Health Care
Rating: Hold
Pfizer is a global pharmaceutical company. The company's products
include prescription drugs, non-prescription drugs and biosimilars. The 70
largest sales regions are: United States (46%), emerging markets
(25%), Europe (17%), rest of the world (12%).
Pfizer increased sales by +23% (y/y) to USD 100.3 bn last year, mainly
driven by successful sales of COVID-19 vaccines. R&D costs fell -17%
(y/y) to USD 11.4 billion, while marketing costs rose +8% (y/y) to USD
50
13.7 billion. Operating income increased +80% (y/y) to USD 34.9
billion. Adjusted net income rose +45% (y/y) to USD 35.5 bn. To secure
growth, Pfizer announced the planned acquisition of biotechnology
company Seagen in 1Q 2023. 40
Pfizer now faces the challenge of further growth following the success
of the COVID-19 products. Sales and profits will still fall significantly 30
this year. significantly this year. Positive growth rates will not be
achieved again until next year.
20
2020 2021 2022 2023 2024
Pfizer 200 DMA 100 DMA

50 100
Exchange: NYSE EN (US) 1Y Price Perf.: -38.7% 0 0

-25 -50
EBIT Margin 27.8 33.0 PE 24e 12.0 14.7
Sales (y/y) 2.8 6.3 EV/EBIT 24e 12.4 12.7 50 50
EPS (y/y) 21.7 7.5 EV/EBIT 25e 10.6 11.0 40
Financials 30 0

20
Sales 100,330 58,496 60,145 62,430 -50
% y/y 23.4 -41.7 2.8 3.8 10 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y 43.6 -74.6 74.9 13.9
% y/y 47.4 -77.2 80.0 15.1 4Q22 Consensus
Net Profit 37,717 10,501 12,698 15,682
Env. Soc. Buy 12
% y/y 49.5 -72.2 20.9 23.5
HI
UM
GH
EPS (USD) 6.58 1.84 2.24 2.75

DI
ME
% y/y 48.9 -72.0 21.7 22.8 Hold 16

DPS (USD) 1.60 1.64 1.68 1.72
Yield 3.1 5.7 6.2 6.4 MEDIUM
Gov.
82

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Regeneron Pharma
USA | Health Care
Rating: Buy
Regeneron Pharmaceuticals is a biotechnology company developing
drugs used for eye diseases, allergic and inflammatory diseases, 1000
cancer, cardiovascular and metabolic diseases, pain, hematologic
diseases, infectious diseases, and rare diseases.
Regeneron achieved sales growth of +11% (Y/Y) to USD 3.2 bn in 2Q 800
2023. Sales of all major products (EYLEA, Dupixent, Libtayo, Praluent,
etc.) exceeded expectations. Dupixent, a pharmaceutical for dermatitis,
generated revenues of USD 2.1 bn, while EYLEA, a medicine for
retinal diseases, increased sales to USD 1.5 bn. R&D expenses 600
increased 37% (y/y) to USD 1.1 billion. Operating income fell -8.4%
(Y/Y) to USD 1.02 bn, while adjusted net income declined -13% (Y/Y)
to USD 1.5 bn. declined by -13% (Y/Y) to USD 1.0 bn. Both operating
profit and adjusted net profit were above expectations.
400
The company's shares are moderately valued in view of the very
positive growth prospects. The drug Dupixent has the potential to
strongly expand the Group's sales in the coming years.
200
2020 2021 2022 2023 2024
Regeneron Pharma 200 DMA 100 DMA

20 50
0
ISIN: US75886F1075 5Y Price Perf.: 128.2% -20
-25
EBIT Margin 38.1 28.0 PE 24e 21.0 14.6
Sales (y/y) 5.5 11.1 EV/EBIT 24e 17.9 12.3 50 50
EPS (y/y) 2.4 8.2 EV/EBIT 25e 15.9 12.4
40 25
Financials
0
Sales 12,173 13,117 13,835 14,956 -25
% y/y -24.3 7.8 5.5 8.1 20 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y -40.4 -9.0 2.5 11.2
% y/y -41.8 -10.3 2.7 7.9 4Q22 Consensus
Net Profit 5,164 5,045 5,121 5,390
Env. Soc. Buy 20
% y/y -39.2 -2.3 1.5 5.2
GH
ME
EPS (USD) 44.98 43.79 44.86 46.30

HI
D
IU
M
% y/y -39.8 -2.6 2.4 3.2 Hold 4

DPS (USD) 0.0 0.0 0.0 0.0
Yield 0.0 0.0 0.0 0.0 MEDIUM
Gov.
83

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Thermo Fisher Scientific

USA | Health Care
Rating: Hold
Thermo Fisher Scientific is a leading global supplier of laboratory
consumables and chemicals. A main product is coupling techniques of 700
mass spectrometers with chromatography instruments. The most
important sales market is the USA with 48% of sales.
Thermo Fisher Scientific increased sales by +14.5% (Y/Y) to USD 44.9
billion in FY2022, with cost of goods sold rising sharply (+32% Y/Y).
However, the increase in operating costs was much lower (+10% Y/Y).
500
Operating income fell -16% (Y/Y) to USD 8.4 billion, while adjusted net
income declined -11% (Y/Y) to USD 7.2 billion. Sales and profits were
below expectations in 2Q 2023.
Thermo Fisher Scientific should suffer a slight decline in sales in 2023.
However, significant increases in operating income and adjusted net
income should be achieved in 2023. Sales are not expected to rise 300
again until 2024. According to the P/E ratio, the share's valuation is
significantly above the sector average.
200
2020 2021 2022 2023 2024
Thermo Fisher Scientific 200 DMA 100 DMA

20 20

EBIT Margin 22.5 30.9 PE 24e 25.0 15.6
Sales (y/y) 0.1 3.7 EV/EBIT 24e 23.8 14.5 40 25
EPS (y/y) -0.1 3.3 EV/EBIT 25e 21.1 12.4 35 0
Financials 30
-25
25
Sales 44,915 42,857 42,880 46,080 -50
% y/y 14.5 -4.6 0.1 7.5 20 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y -7.7 -9.1 -1.0 10.6
% y/y -9.5 -10.7 -1.5 11.0 4Q22 Consensus
Net Profit 9,159 8,364 8,246 9,198
Env. Soc. Buy 21
% y/y -8.2 -8.7 -1.4 11.5
UM
ME
EPS (USD) 23.24 21.55 21.53 24.29

D
DI
IU
ME
% y/y -7.5 -7.3 -0.1 12.8 Hold 6

DPS (USD) 1.16 1.35 1.55 1.70
Yield 0.2 0.3 0.3 0.3 MEDIUM
Gov.
84

14.02.2024
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UnitedHealth Group
USA | Health Care
Rating: Buy
UnitedHealth Group Inc. is the second largest healthcare company in
the world. In the U.S., it is a leader in health products and health 600
insurance. UnitedHealth offers specialized health plans and services to
businesses or individuals nationwide.
UnitedHealth Group increased revenues by +14% (Y/Y) to USD 94.4
bn in 4Q, above consensus expectations. Operating profit increased by
+11.6% (Y/Y) and reached USD 7.7 bn, slightly below consensus
400
forecasts. The operating margin fell slightly year-on-year. It most
recently stood at 8.1% (vs. 8.3%). Adjusted net profit, on the other
hand, rose by +14.6% to USD 5.5 bn, significantly exceeding
expectations. 300
UnitedHealth Group expects sales of USD 400 - 403 billion and net
income of USD 26.20 to 26.70 per share for 2024. UnitedHealth Group 200
is more profitable than its competitors. The operating margin and return
on equity are significantly higher. The company is also expected to
increase earnings/share significantly next year.
100
2020 2021 2022 2023 2024
UnitedHealth Group 200 DMA 100 DMA

20 20
15
ISIN: US91324P1021 5Y Price Perf.: 95.9% 10
5
Ratios Value 0 5
EBIT Margin 9.0 3.5 PE 24e 18.6 12.8
Sales (y/y) 8.0 3.3 EV/EBIT 24e 13.8 11.7 10 20
EPS (y/y) 10.9 6.6 EV/EBIT 25e 12.1 10.3
7.5
Financials 0

Sales 324,162 371,622 401,427 432,278 -20
% y/y 12.7 14.6 8.0 7.7 2.5 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y 17.6 19.1 6.4 10.1
% y/y 18.6 19.3 6.2 11.0 4Q22 Consensus
Net Profit 21,081 23,567 24,613 27,672
Env. Soc. Buy 23
% y/y 16.0 11.8 4.4 12.4
GH
ME
EPS (USD) 22.19 25.12 27.85 31.47

HI
D
IU
M
% y/y 16.7 13.2 10.9 13.0 Hold 3

DPS (USD) 6.39 7.21 7.96 8.88
Yield 1.2 1.4 1.5 1.7 MEDIUM
Gov.
85

14.02.2024
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Vertex Pharmaceuticals
USA | Health Care
Rating: Buy
Vertex Pharmaceuticals is engaged in the development and
commercialization of drugs for serious diseases. The company focuses 500
on the development of therapies for the treatment of cystic fibrosis (CF)
or in other indications. Sales split: USA (74%), International (24%). 450
Sales increased +14% (y/y) to $2.9 bn in 2Q 2023, driven by continued
400
sales success of TRIKAFTA/KAFTRIO (for cystic fibrosis) in several
international countries and the US. TRIKAFTA was recently approved
in the USA for children with cystic fibrosis, including those aged 2 to 5 350
years. Net product sales increased +7% (y/y) in 1Q 2023 to USD 1.40
bn in the US and +26% (y/y) outside the US to USD 985 mn. R&D
300
expenses increased 31% (y/y) to USD 786 mn. Operating income fell
-7.2% (y/y) to USD 1.0 bn due to the sharp increase in operating costs
(+40% y/y), while GAAP net income rose +13% (y/y) to USD 916 mn 250
Vertex has recently increased its financial guidance for the full year 200
2023. Accordingly, sales should increase to a level of USD 9.7 - 9.8
billion. The sales growth reflects the strong uptake of the
150
TRIKAFTA/KAFTRIO products in several countries internationally and 2020 2021 2022 2023 2024
in the US. The operating margin should remain above average.
Vertex Pharmaceuticals 200 DMA 100 DMA

20 20
ISIN: US92532F1003 5Y Price Perf.: 124.6% 0 0

EBIT Margin 46.4 33.6 PE 24e 25.1 12.9
Sales (y/y) 8.4 4.5 EV/EBIT 24e 18.1 9.8 60 50
EPS (y/y) 8.9 2.4 EV/EBIT 25e 15.4 8.7
50
Financials 0

Sales 8,931 9,869 10,699 11,521 -50
% y/y 17.9 10.5 8.4 7.7 30 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y 10.5 -8.0 14.7 12.5
% y/y 10.3 -8.7 13.6 12.0 4Q22 Consensus
Net Profit 3,855 3,968 4,309 4,758
Env. Soc. Buy 19
% y/y 13.9 2.9 8.6 10.4
HI
GH
EPS (USD) 14.88 15.23 16.58 18.75

W
LO
% y/y 14.3 2.4 8.9 13.1 Hold 11

DPS (USD) 0.0 0.0 0.0 0.0
Yield 0.0 0.0 0.0 0.0 MEDIUM
Gov.
86

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Arthur J. Gallagher
USA | Financials
Rating: Buy
Arthur J. Gallagher provides insurance brokerage, consulting and
claims adjusting services to companies and organizations around the 300
world. The Global Risk Management division brokers customized risk
management and global insurance programs. 69% of revenues are
generated in North America, 19% in the UK and the remainder in 250
Australia and New Zealand.
Arthur J. Gallagher's 2Q 2023 sales increased +19.5% (y/y) to USD 2.4
200
bn. In the second quarter, global insurance premiums increased more
than expected by +12% (y/y). Brokerage commissions also increased
significantly as a result. Operating income declined by -10% (y/y) to
USD 375 million due to higher operating expenses (USD 2.1 billion or 150
+27% y/y). Adjusted net income was USD 319 million (+11% Y/Y).
Sales and adjusted net income exceeded consensus expectations. The
Group expects price increases in insurance and reinsurance to 100
continue at least through 2023 and also to expand its global expansion.
Arthur J. Gallagher will generate high double-digit percentage growth
50
rates in sales and profits this year and next. In addition to strong 2020 2021 2022 2023 2024
organic growth, the Group is also increasing sales through targeted
Arthur J. Gallagher 200 DMA 100 DMA
global acquisition activity. The sales and earnings revisions for 2024
are on an upward trajectory.
Overview ESG Profile EPS y/y
Mkt. Cap. mn: EUR 46,724 Next Earnings: - 4Q22 CY, %
150
Last FY End: 31.12.2023 Div. Yield 24e: 1.0% Env. Soc. 100

W
LO
LO

W
0
Ratios Value -50
(%, CY 24e) Comp. Peers (x, CY) Comp. Peers MEDIUM 22 23 24e 25e 26e
ROE 17.6 15.8 PE 23 49.9 23.3 Company Peers

Gov.
ROA 2.2 - PE 24e 23.2 21.1
Equity vs Global Sector
EPS (y/y) 100.0 13.5 PE 25e 20.7 19.2 1 year in EUR, %
PB 23 4.73 6.03 50
PB 24e 3.91 5.24
Financials 0
USD mn FY 2022 FY 2023 FY 2024e FY 2025e

Gross Prem. 8,420 10,072 11,512 12,606 -50
% y/y 4.5 19.6 14.3 9.5 Jul.23 Jan.24
Net Profit 1,114 970 2,263 2,558 Company Index

% y/y 22.9 -13.0 133.4 13.0
ROE 12.6 - 16.9 15.7 Ratings
+/- 0.3 -12.6 16.9 -1.2 Consensus
EPS (USD) 5.19 4.51 10.20 11.40
Buy 13
% y/y 18.6 -13.1 126.2 11.8
DPS (USD) 2.04 2.20 2.40 2.56
Yield % 1.1 1.0 1.0 1.1 Hold 5
Sell 3
87

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Bank of America
USA | Financials
Rating: Hold
Bank of America is one of the largest banks in the USA in terms of
market capitalization. The company serves both private and business 60
customers. The Group generates approximately 94% of its operating
profit in the USA.
Bank of America increased its net interest income by +8.5% to USD
56.5 bn in FY 2023. The growth was below average compared to its
competitors. Loan provisions were increased significantly. They rose by
40
USD 4.4 bn in 2023. The net loan amount remained almost unchanged
at USD 1.04 trillion (+0.7% y/y). Non-interest income fell by -2.0% to
USD 41.7 bn in the last financial year. Total assets rose by +4.2% year-
on-year to USD 3.2 trillion. Adjusted net profit fell by -3.7% to USD 26.5 30
bn in 2023. The return on equity amounted to 8.8%. It is lower than that
of comparable companies in the sector.
Bank of America will generate stagnating revenues in 2024. Profits will
only increase slightly this year. The share is appropriately valued
based on the expected P/E ratio for 2024.
10
2020 2021 2022 2023 2024
Bank of America 200 DMA 100 DMA

7.5 40
Exchange: NYSE EN (US) 1Y Price Perf.: -8.1% 2.5 0

0 -20
NPL Ratio 0.7 0.3 PE 24e 10.4 10.6
ROE 8.8 9.5 PB 24e 0.92 1.16 75 25
ROA 0.8 0.72 PB 25e 0.86 1.08
70 0
Financials
-25
Total Income 94,950 100,200 100,137 102,964 -50
% y/y 6.6 5.5 -0.1 2.8 60 Jul.23 Jan.24
19 20 21 22 23
Company Peers
% y/y -14.9 -4.4 0.8 6.9
+/- -1.7 -0.8 0.0 0.4 4Q22 Consensus
EPS (USD) 3.19 3.08 3.14 3.50
Env. Soc. Buy 15
% y/y -10.8 -3.3 1.9 11.5
ME
DPS (USD) 0.86 0.92 1.00 1.08

D
W
IU
LO
Yield % 2.6 2.7 3.1 3.3 Hold 13

Sell 1
HIGH
Gov.
88

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Charles Schwab
USA | Financials
Rating: Hold
Charles Schwab engages in savings and lending activities and is also
active in asset management and financial advisory services or 100
securities brokerage. The company provides financial services to
individuals and institutional clients. 100% of sales are generated in the
USA.
Charles Schwab increased net revenues by +87% to USD 4.6 billion in
Q3. The strongest growth (+432% y/y) was achieved in proprietary
trading. USD 964m was generated in this segment. Net interest income
also showed strong growth (+51% y/y) to USD 2.03 bn. Overall 60
operating income increased by +126% to USD 2.01 bn. Operating
margin increased to 44% (vs. 36% a year earlier). Adjusted net
income/share increased +54% to USD 0.78.
Charles Schwab's revenue growth will slow significantly in 2023. The
consensus estimate currently assumes stagnation in revenues (2023e:
+0.1%). Profit growth will also be lower than in the previous year. In
2023, therefore, the positive growth impetus for outperformance of the
20
sector benchmark will be lacking. 2020 2021 2022 2023 2024
Charles Schwab 200 DMA 100 DMA

20 50
ISIN: US8085131055 5Y Price Perf.: 36.4% -20 0

EBIT Margin 44.3 32.6 PE 24e 18.8 11.0
Sales (y/y) -22.1 4.2 EV/EBIT 24e 13.5 17.0 60 50
EPS (y/y) 6.4 15.2 EV/EBIT 25e 11.5 13.0 50
Financials 40 0

30
Sales 22,307 25,521 19,876 22,458 -50
% y/y 17.4 14.4 -22.1 13.0 20 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y 21.8 -20.7 15.4 19.6
% y/y 11.1 -32.1 38.2 26.3 4Q22 Consensus
Net Profit 7,386 6,159 5,903 7,933
Env. Soc. Buy 18
% y/y 19.6 -16.6 -4.2 34.4
EPS (USD) 3.90 3.13 3.33 4.45
W
LO
LO
% y/y 20.0 -19.7 6.4 33.6 Hold 6

DPS (USD) 0.84 1.00 1.08 1.16
Yield 1.0 1.5 1.7 1.8 MEDIUM
Gov.
89

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Citigroup
USA | Financials
Rating: Hold
Citigroup is a bank holding company that provides services for private
and corporate customers. In addition to banking, its businesses include 90
investment banking, wealth management and credit card operations.
Sales by region: North America (47%), Asia (22%), EMEA (17%), Latin
America (14%). 80
Citigroup increased its net interest income by +12.9% to USD 54 bn in 70
the 2023 financial year. The net loan volume rose only moderately by
+4.8% in the last financial year. It amounted to USD 671 bn. Loan loss
provisions were expanded very strongly. They rose by +68% (Y/Y) or 60
USD 7.7 bn. Non-interest income fell by -11.6% to USD 23.6 bn in
2023. Net profit fell by -37.8% year-on-year. It amounted to USD 9.2 bn
in FY 2023 and was lower than consensus expectations. The earnings 50
situation has deteriorated over the course of the 2023 financial year.
An operating loss of USD -2.1 bn was even generated in Q4.
Citigroup reported profits that were below expectations. The return on
equity is significantly below the sector average. The company has
30
announced rationalization measures to improve the economic situation. 2020 2021 2022 2023 2024
The revenue increases expected for 2024 are still very low. The
Citigroup 200 DMA 100 DMA
dividend yield on the share is high.

10 50
7.5
5
2.5
0
NPL Ratio 0.5 0.4 PE 24e 9.1 10.3
ROE 4.5 8.8 PB 24e 0.51 1.03 75 25
ROA 0.4 0.80 PB 25e 0.47 0.95 70 0
Financials 65
-25
60
Total Income 75,338 78,462 80,012 81,560 -50
% y/y 4.8 4.1 2.0 1.9 55 Jul.23 Jan.24
19 20 21 22 23
Company Peers
% y/y -28.6 -37.8 19.7 21.2
+/- -3.0 -2.8 1.0 0.8 4Q22 Consensus
EPS (USD) 7.00 4.11 5.80 7.10
Env. Soc. Buy 13
% y/y -31.0 -41.3 41.2 22.5
UM
ME
DPS (USD) 2.04 2.08 2.16 2.22

D
DI
IU
ME
Yield % 4.5 4.0 4.1 4.2 Hold 14

Sell 1
HIGH
Gov.
90

14.02.2024
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JPMorgan
USA | Financials
Rating: Buy
JPMorgan Chase & Co. is a global financial services company that
provides investment banking, treasury and securities services, asset 200
management, private banking, card member services, commercial
banking and home equity financing. Key revenue regions are: U.S.
(53%), International (47%). 175
The world's largest bank benefited from the continued high interest 150
rates in the US. Net interest income amounted to USD 24.1 bn (+19%)
in Q4 with a total loan volume of USD 1.3 trillion (+16% Y/Y). The net
interest margin amounted to 2.8% (vs. 2.5% a year earlier). Loan loss 125
provisions were increased by USD +2.8 bn (+21% y/y). However, non-
interest income rose by only +1.2% to USD 14.5 bn. Customer deposits
increased by 2.6% to USD 2.4 trillion. Net profit amounted to USD 9.3 100
bn in 4Q. At USD 3.04, earnings per share were -15% lower than in the
same quarter of the previous year. However, it was higher than
consensus expectations. At 16.9%, the return on equity was recently 75
above average.
50
JPMorgan Chase has a strong balance sheet and a diversified 2020 2021 2022 2023 2024
business model. The return on equity is significantly higher than that of
JPMorgan 200 DMA 100 DMA
its competitors and the cost-income ratio is lower. The share is
reasonably valued in view of the high profitability (P/E ratio 24e of
10.5x).
30 50

ISIN: US46625H1005 5Y Price Perf.: 69.0%
0 -25
NPL Ratio 0.1 0.6 PE 24e 11.0 9.6
ROE 16.0 8.6 PB 24e 1.52 0.86 80 25
ROA 1.3 0.72 PB 25e 1.41 0.78
70
Financials 0

Total Income 128,695 158,104 161,715 163,166 -25
% y/y 5.7 22.9 2.3 0.9 50 Jul.23 Jan.24
19 20 21 22 23
Company Peers
% y/y -19.0 31.5 -6.4 -0.6
+/- -3.4 3.1 -2.1 -0.8 4Q22 Consensus
EPS (USD) 12.08 16.23 15.88 16.20
Env. Soc. Buy 24
% y/y -21.3 34.3 -2.1 2.0
ME
DPS (USD) 4.00 4.10 4.31 4.51

DI
W
UM
LO
Yield % 3.0 2.4 2.5 2.6 Hold 7

MEDIUM
Sell 1
Gov.
91

14.02.2024
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Mastercard
USA | Financials
Rating: Hold
Mastercard handles cashless payments between consumers, financial
organizations and retail companies in the form of debit, credit or 500
prepaid cards. Well-known brand names are: MasterCard, Maestro and
Cirrus. The services are also offered to customers under license 450
through banks. 64% of sales are generated outside the USA.
400
Mastercard's 2Q 2023 revenue increased +14% (y/y) to USD 6.3 bn,
beating consensus expectations. The group benefited from stable
consumer spending and the continued recovery in travel. This reached 350
154% of pre-pandemic levels. Operating income increased +16% to
USD 3.7 billion. The operating margin remained at a very high level. It
300
was 58.3% at last count (vs. 54.9% in the previous year). Adjusted net
income increased +18.3% (y/y) to USD 2.95 billion, or adjusted
earnings/share increased +21.3% (y/y) to USD 3.11. Return on equity 250
was very high at 175% in 2Q.
Mastercard is benefiting from rising consumer spending by customers
and also from the acquisition of new customers. The outlook for
150
increases in revenues and profits is clearly positive for 2023. Revenue 2020 2021 2022 2023 2024
and profit increases will be above average in 2023 and 2024.
Mastercard 200 DMA 100 DMA

20 30
ISIN: US57636Q1040 5Y Price Perf.: 108.8% 10 10
Ratios Value 5 0
EBIT Margin 58.6 19.7 PE 24e 31.8 24.2
Sales (y/y) 12.0 7.1 EV/EBIT 24e 26.5 19.2 80 50
EPS (y/y) 17.9 11.7 EV/EBIT 25e 23.1 17.4 60 25
Financials 40
0
20
Sales 22,237 25,098 28,109 31,680 -25
% y/y 17.8 12.9 12.0 12.7 0 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y 22.0 14.5 12.9 14.1
% y/y 23.3 15.0 13.2 14.3 4Q22 Consensus
Net Profit 10,342 11,607 13,421 15,275
Env. Soc. Buy 42
% y/y 24.6 12.2 15.6 13.8
GH
ME
EPS (USD) 10.65 12.26 14.46 16.81

HI
D
IU
M
% y/y 26.8 15.1 17.9 16.3 Hold 5

DPS (USD) 1.96 2.28 2.56 2.81
Yield 0.6 0.5 0.6 0.6 MEDIUM
Gov.
92

14.02.2024
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Morgan Stanley
USA | Financials
Rating: Hold
Morgan Stanley is a financial holding company. The company's
segments include the global securities business for institutional and 120
private clients, asset management and investment management. The
majority of revenues are generated in the Americas (73%), 13% in
Europe and 14% in Asia. 100
Morgan Stanley posted a -10% (y/y) decline in revenues to USD 53.7
bn in 2022, with net interest income the main positive contributor. It
80
increased +16% y/y to USD 9.3 bn. In contrast, the more significant
component at Morgan Stanley, namely non-interest income, declined
by -14% (y/y) to USD 44.3 bn. Operating income slipped -23% to USD
14 bn. Net income fell -28% to USD 10.5 bn. However, adjusted net 60
income/share was slightly above expectations.
Morgan Stanley should return to significant revenue and earnings 40
growth in 2023. Following better-than-expected 4Q 2022 results,
consensus forecasts for revenue and operating income growth in 2023
and 2024 have also improved. However, prospects for rising
20
investment banking profits are limited in the current high interest rate 2020 2021 2022 2023 2024
environment.
Morgan Stanley 200 DMA 100 DMA

10 40
0
-20
NPL Ratio - 0.5 PE 24e 13.1 11.0
ROE 8.6 8.8 PB 24e 1.47 0.92 80 25
ROA 0.7 0.88 PB 25e 1.43 0.86
0
Financials 70
-25
Total Income 53,668 54,143 56,667 60,105 -50
% y/y -10.2 0.9 4.7 6.1 60 Jul.23 Jan.24
19 20 21 22 23
Company Peers
% y/y -24.3 -22.7 20.2 9.7
+/- -3.3 -2.2 2.6 1.2 4Q22 Consensus
EPS (USD) 6.15 5.18 6.40 7.30
Env. Soc. Buy 10
% y/y -23.4 -15.8 23.5 14.2
UM
ME
DPS (USD) 2.95 3.25 3.50 3.70

D
DI
IU
ME
Yield % 3.5 3.5 4.2 4.4 Hold 19

Sell
HIGH
Gov.
93

14.02.2024
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Royal Bank of Canada

Canada | Financials
Rating: Hold
Prices as of: 13.02.24 Close Price: CAD 128.54
Business Model Price in CAD
Royal Bank of Canada is a diversified financial services company. The
company offers retail and commercial banking, wealth management 160
services, insurance, investor services, and capital markets products.
59% revenues are generated in Canada, 25% in the U.S., and the
remainder globally (16%). 140
Royal Bank of Canada increased revenues by +5.6% (y/y) to CAD 13.2
bn in the last quarter. Net interest income increased by +4.1% (y/y) to
120
CAD 6.5 bn. Non-interest income increased by +7.1% (y/y) to CAD 6.7
bn. Loan loss provisions rose sharply (+89% y/y or CAD 720m), as did
non-interest expenses. These increased by +12.4% (Y/Y) to 8.2 billion.
Operating income fell by -11.2% to CAD 4.3 bn. Adjusted earnings per 100
diluted share, on the other hand, rose by +9.7% (Y/Y) to CAD 3.01.
Royal Bank of Canada has a higher return on equity (13.2%) than the 80
sector average. Revenues are expected to grow slightly less strongly in
the next financial year and net profit should also increase moderately.
The expected P/E ratio 2024e is above the sector average, the
60
dividend yield is slightly below. 2020 2021 2022 2023 2024
Royal Bank of Canada 200 DMA 100 DMA

12.5 20
10
Exchange: TMX Group 1Y Price Perf.: -7.5% 7.5
ISIN: CA7800871021 5Y Price Perf.: 27.5% 0
5
NPL Ratio 0.4 0.6 PE 24e 10.7 9.6
ROE 13.2 12.5 PB 24e 1.50 1.07 65 25
ROA 0.8 0.68 PB 25e 1.40 1.02 62.5 0
Financials 60
-25
CAD mn FY 2022 FY 2023 FY 2024e FY 2025e
57.5
Total Income 47,202 52,107 56,993 58,648 -50
% y/y 3.1 10.4 9.4 2.9 55 Jul.23 Jan.24
19 20 21 22 23
Company Peers
% y/y -1.5 -5.9 7.6 5.5
+/- -2.0 -2.1 0.8 -0.2 4Q22 Consensus
EPS (CAD) 11.08 10.51 11.53 12.25
Env. Soc. Buy 12
% y/y - -5.1 9.7 6.2
UM
ME
DPS (CAD) 4.96 5.34 5.81 6.04

D
DI
IU
ME
Yield % 3.9 4.0 4.5 4.7 Hold 5

Sell 2
HIGH
Gov.
94

14.02.2024
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S&P Global
USA | Financials
Rating: Buy
S&P Global is a provider of credit ratings, benchmarks, analytics and
workflow solutions for the global capital, commodity and automotive 500
markets. The company operates in five segments: Global Market
Intelligence, Global Ratings, Global Commodity Insights, Global 450
Mobility and Indices. 60% of revenues are generated in the USA.
400
S&P Global's 2Q2023 net sales increased +3.6% (Y/Y) to USD 3.1
billion, with gross profit up +4.7% (Y/Y) to USD 2.1 billion. Operating
costs increased +8% (Y/Y). Operating income increased +2% (Y/Y) to 350
USD 1.16 bn. Operating margin eased to 29.4% (vs. 49.5% a year
earlier). Adjusted net income reached USD 792m (+13% y/y).
300
S&P Global will again achieve higher sales growth rates in the coming
250
quarters than recently. At the same time, operating income should
increase at high double-digit rates (y/y). Free cash flow is expected to
increase by more than +50% (y/y) to approximately USD 3.9 billion this 200
year.
150
2020 2021 2022 2023 2024
S&P Global 200 DMA 100 DMA

60 20
ISIN: US78409V1044 5Y Price Perf.: 114.3% 20 -20
Ratios Value 0 -40

EBIT Margin 47.4 39.0 PE 24e 30.0 30.8
Sales (y/y) 6.6 7.9 EV/EBIT 24e 22.6 25.4 50 50
EPS (y/y) 11.6 10.5 EV/EBIT 25e 20.3 21.4
45 25
Financials
0
Sales 11,842 12,497 13,325 14,423 -25
% y/y 42.7 5.5 6.6 8.2 35 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y 15.4 8.4 9.8 10.0
% y/y 16.1 7.8 10.3 10.6 4Q22 Consensus
Net Profit 3,765 4,019 4,402 4,916
Env. Soc. Buy 24
% y/y 13.7 6.7 9.5 11.7
GH
HI
GH
EPS (USD) 11.19 12.60 14.06 16.08

HI
% y/y -18.3 12.6 11.6 14.4 Hold 2

DPS (USD) 3.20 3.60 3.64 4.00
Yield 1.0 0.8 0.9 0.9
HIGH
Gov.
95

14.02.2024
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Visa
USA | Financials
Rating: Buy
Visa offers electronic payment services. The company derives revenue
primarily from fees from its customers based on payment volume or 300
data processing and other services. Revenue split: USA (46%),
International (54%). 275
Visa reported revenue growth of +12.4% (y/y) to USD 7.9 bn for the 1st
250
fiscal quarter 2023 (1FQ) ended Dec. 31, 2022.The volume of
processed transactions increased by +7% (y/y), the number of
transactions by +10% (y/y). Negative effects on revenues resulted from 225
the exit from the Russian business and due to the strong dollar.
Operating expenses increased by +25% (y/y). As a result, operating
200
income increased by only +6.6% (y/y) to 5.09 billion. Earnings/share
increased +8% y/y to USD 1.99. Net income was USD 4.2 bn +6%
(y/y). The Group used USD 3.1 bn for share buybacks and USD 0.95 175
bn for dividend payments in 1FQ.
A positive factor is the high barrier to entry in this sector, which allows
for higher margins and long-term profit growth. Cross-border travel
125
should continue to recover this year and thus transaction volumes 2020 2021 2022 2023 2024
carried out by Visa should also increase. Revenue and profit forecasts
Visa 200 DMA 100 DMA
for 2023 have recently improved slightly.

20 30
ISIN: US92826C8394 5Y Price Perf.: 92.2% 10 10
Ratios Value 5 0
EBIT Margin 68.1 28.8 PE 24e 27.0 13.2
Sales (y/y) 10.1 7.8 EV/EBIT 24e 22.0 11.4 80 25
EPS (y/y) 13.2 13.5 EV/EBIT 25e 19.6 10.5 60
Financials 40 0

20
Sales 29,310 32,653 35,898 39,694 -25
% y/y 21.6 11.4 9.9 10.6 0 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y 23.9 11.0 10.8 11.8
% y/y 24.3 11.3 9.9 11.6 4Q22 Consensus
Net Profit 16,034 18,280 20,134 22,150
Env. Soc. Buy 39
% y/y 24.0 14.0 10.1 10.0
GH
ME
EPS (USD) 7.50 8.77 9.94 11.21

HI
D
IU
M
% y/y 26.9 16.9 13.3 12.8 Hold 8

DPS (USD) 1.50 1.80 2.08 2.34
Yield 0.8 0.8 0.8 0.8 MEDIUM
Gov.
96

14.02.2024
Page 97/146
Booking Holdings
USA | Consumer Discretionary
Rating: Buy
Prices as of: 13.02.24 Close Price: USD 3,747.61
Booking Holdings is a global provider of online travel booking and
reservation services. The Group's best-known brand names are 4000
Booking.com, KAYAK, agoda.com, rentalcars.com and OpenTable.
Customers can also book airline tickets, rental cars, cruises and
vacations through the priceline.com website. 3500
Booking benefited from continued strong global tourism in 2022. Sales 3000
increased by +56% (y/y) to USD 17.1 billion and thus also achieved a
significant increase on the pre-COVID 2019 level of USD 15.1 billion.
The operating margin rose to 30.7% after 24,1% in 2021. Here the high 2500
level of 35% pre-COVID could not yet be reached due to increased
marketing costs, among other things. In terms of net profit, Booking
2022 managed an increase of +162% (y/y) to USD 3.1 bn. Both 2000
Priceline and Booking.com continued to perform particularly well in the
US market. Growth in room nights and total bookings significantly
exceeded 2019 levels and market share increased. 1500
Booking convinces with its global diversification, broad product portfolio
1000
(hotels, flights, car rentals, activities) and strong technology with focus 2020 2021 2022 2023 2024
on A.I. (i.e. Build the Connected Trip). In addition, the group has a
Booking Holdings 200 DMA 100 DMA
higher operating margin than the median of its peers. The stock should
outperform the market.
75 150
100
ISIN: US09857L1089 5Y Price Perf.: 95.2% 50
0
Ratios Value -25 0
EBIT Margin 32.5 14.4 PE 24e 21.5 14.0
ROE - 17.9 PB 24e - 3.61 CY, % 1 year in EUR, %
Sales (y/y) 10.9 12.1 EV/EBIT 24e 17.3 11.1 40 100
EPS (y/y) 16.4 6.1 EV/EBIT 25e 15.2 9.3 30 50
Financials 20
0
10
Sales 10,958 17,090 21,289 23,608 -50
% y/y 61.2 56.0 24.6 10.9 0 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y 196.3 69.9 28.5 15.6
% y/y 282.5 95.3 26.9 17.4 4Q22 Consensus
Net Profit 1,893 3,998 5,074 5,915
Env. Soc. Buy 25
% y/y 875.8 111.2 26.9 16.6
GH
ME
EPS (USD) 45.77 99.83 150.02 174.64

HI
DI
UM
% y/y 871.8 118.1 50.3 16.4 Hold 12

DPS (USD) 0.0 0.0 0.0 0.0
Yield 0.0 0.0 0.0 0.0 MEDIUM
Gov.
97

14.02.2024
Page 98/146
Costco Wholesale
Rating: Buy
Costco Wholesale is a multinational retail group with a very broad
product range. An important focus is sales to small and medium-sized 800
businesses, as well as a membership model for individual customers.
Costco operates primarily in the United States (73%). Globally the 700
group has approximately 105 million members and operates 804
locations. By sales, Costco is the fifth largest retailer in the world.
Costco Wholesale increased sales by +9.5% (Y/Y) to USD 78.9 billion
in the last quarter. Adjusted for fuel price fluctuations, same-store sales 500
increased by +3.1% (Y/Y) in the USA and by +7.4% (Y/Y) in Canada.
Adjusted e-commerce sales declined -0.6% (Y/Y). Operating income
400
was up +11.4% (Y/Y) to USD 2.8 billion. Inventory decreased year-on-
year and therefore also in relation to sales. This is to be seen as
positive. Adjusted net income was up +15.6% (Y/Y) to USD 2.2 billion. 300
Key customer membership fees increased +13.7% y/y to USD 1.5 bn.
Costco Wholesale is showing solid sales growth and a high return on
equity. The outlook for continued sales and earnings growth is good.
100
The company has been able to improve key metrics for retail groups 2020 2021 2022 2023 2024
(margins, receivables from customers, inventories) in recent quarters.
Costco Wholesale 200 DMA 100 DMA

15 40
30
20
10
ISIN: US22160K1051 5Y Price Perf.: 235.6% 5
0
Ratios Value 0 -10
EBIT Margin 3.6 6.4 PE 24e 44.3 19.0
Sales (y/y) 5.4 2.4 EV/EBIT 24e 33.4 15.6 12.5 50
EPS (y/y) 10.0 5.5 EV/EBIT 25e 29.9 13.7 10
Financials 7.5 0

5
Sales 226,954 242,290 253,810 270,710 -50
% y/y 15.8 6.8 4.8 6.7 2.5 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y 7.5 5.3 6.7 9.4
% y/y 17.2 7.5 5.9 10.5 4Q22 Consensus
Net Profit 5,844 6,528 6,981 7,550
Env. Soc. Buy 28
% y/y 18.7 11.7 6.9 8.2
UM
EPS (USD) 13.14 14.16 15.71 17.00

DI
LO
ME
% y/y 18.6 7.8 10.9 8.2 Hold 14

DPS (USD) 3.38 3.84 18.60 4.29
Yield 0.6 0.7 2.6 0.6 MEDIUM
Gov.
98

14.02.2024
Page 99/146
General Motors
Rating: Hold
General Motors manufactures and markets cars and trucks. General
Motors offers its vehicles (89% of revenues) and financing services 70
(11% of revenues) worldwide. The most important sales region is
China (50%).
General Motors reported a high sales increase of +23% (y/y) to USD
156.7 bn in 2045. Gross profit increased by +13% (y/y) to USD 29.8 bn. 50
Operating income amounted to USD 10.3 bn (+11% y/y). The operating
margin fell year-on-year from 7.3% to 6.6%. It was thus below the
sector average. Adjusted net income was almost at the level of the 40
previous year at UDS 10.3 billion (-1.2% y/y).
For 2045, sales are expected to increase between approximately 8% - 30
9% and operating income is expected to increase significantly. GAAP
net profit should increase slightly. In 2024, however, sales will stagnate
or the operating margin and net income will decline again. 20
10
2020 2021 2022 2023 2024
General Motors 200 DMA 100 DMA

30 20
ISIN: US37045V1008 5Y Price Perf.: -1.8% 10 0
Ratios Value 0 -10

EBIT Margin 7.0 7.9 PE 24e 4.3 6.2
Sales (y/y) 1.5 3.2 EV/EBIT 24e 3.1 3.8 10 50
EPS (y/y) 17.2 -1.2 EV/EBIT 25e 2.9 5.8
Financials 8 0

Sales 156,735 171,842 174,411 177,549 -50
% y/y 23.4 9.6 1.5 1.8 6 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y 10.4 -2.4 5.1 -0.2
% y/y 1.3 -14.6 -0.7 -2.0 4Q22 Consensus
Net Profit 11,044 10,513 10,282 9,718
Env. Soc. Buy 20
% y/y 6.4 -4.8 -2.2 -5.5
HI
UM
GH
EPS (USD) 7.59 7.68 9.00 9.01

DI
ME
% y/y 7.4 1.2 17.2 0.1 Hold 10

DPS (USD) 0.18 0.36 0.48 0.48
Yield 0.5 1.0 1.3 1.3
HIGH
Gov.
99

14.02.2024
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Home Depot
Rating: Buy
Home Depot is a US home improvement chain for do-it-yourselfers as
well as for professional craftsmen. The company operates DIY stores 450
in North and Central America (USA, Canada, Mexico, Puerto Rico) and
is one of the largest DIY chains in the world. Largest market by sales: 400
USA (96%).
350
Home Depot's sales fell by -3% (Y/Y) to USD 37.7 bn in the last
reported quarter (3Q FY 2024). Gross profit declined by -3.7% to USD
12.7 bn. However, as operating costs increased slightly, the operating 300
result fell to USD 5.0 bn (-12% Y/Y). The operating margin recently
amounted to 14.3% (compared to 15.8% in the same quarter of the
250
previous year). On a positive note, the ratio of inventories to sales fell
in the last quarter. Adjusted net income fell by -12.2% to USD 3.8 bn.
Share buybacks reduced the number of shares by -2.4% (y/y). 200
Earnings per share fell by -10.1% to USD 3.81.
Home Depot is more profitable than average. The company was able
to increase sales in the growing online segment in the last quarter. In
100
terms of sales, the Group is also one of the leading online retail 2020 2021 2022 2023 2024
companies in North America. Sales and profits will again show positive
Home Depot 200 DMA 100 DMA
growth rates in the new financial year.

7.5 20
5
2.5
0
-2.5
Ratios Value -5 -10
EBIT Margin 14.3 4.3 PE 24e 23.0 17.6
Sales (y/y) 1.2 -0.5 EV/EBIT 24e 18.0 14.4 20 25
EPS (y/y) 2.3 8.7 EV/EBIT 25e 17.4 13.6 15
Financials 10 0

5
Sales 151,157 157,403 152,496 154,910 -25
% y/y 14.4 4.1 -3.1 1.6 0 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y 24.5 4.3 -8.4 2.0
% y/y 25.3 4.3 -10.0 2.3 4Q22 Consensus
Net Profit 16,433 17,105 15,089 15,387
Env. Soc. Buy 22
% y/y 26.9 4.1 -11.8 2.0
GH
ME
EPS (USD) 15.53 16.69 15.06 15.58

HI
D
IU
M
% y/y 30.1 7.5 -9.8 3.5 Hold 13

DPS (USD) 6.60 7.60 8.36 8.78
Yield 1.8 2.3 2.3 2.5
HIGH
Gov.
100

14.02.2024
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Netflix
Rating: Buy
Netflix produces movies, series and documentaries and sells them via
subscriptions on a worldwide paid streaming platform. The main 800
regions by revenue are: North America (51%), Europe (28%) and
South America (14%). 700
Netflix achieved a significant increase in subscriber figures for 4Q23
600
with a plus of 13 million. While 1.2 million paying subscribers were
added in the US, most of the subscriber growth internationally came
from Europe and Asia. Overall, Netflix now has a record 260.3 million 500
subscribers worldwide. The main reason for the increase were two
initiatives carried out in 2023. On the one hand, subscriptions
400
increased due to the crackdown on password sharing. On the other
hand, the introduction of an ad-supported subscription for USD 6.99
per month was successful. Netflix had a strong financial year in 2023, 300
with total revenue of USD 33.7 billion (+7% Y/Y) and profit of USD 5.4
billion (+20% Y/Y), both by far the highest annual results in the 200
company's history. In addition, the EBIT margin increased from 18% to
21%.
100
Netflix gave a positive outlook for 2024 as part of its earnings
Netflix 200 DMA 100 DMA
presentation and will continue to improve its core TV and movie
content offering while expanding its games, live entertainment and
sports programming. We continue to view the share as an attractive
investment, as Netflix is managing to expand with rising margins. In
contrast, major competitors such as Disney are showing clear
weakness in terms of growth and profitability.
15 50
Ratios Value 0 -25

EBIT Margin 24.0 12.6 PE 24e 32.2 15.9
Sales (y/y) 14.2 3.0 EV/EBIT 24e 26.6 11.2 30 100
EPS (y/y) 43.1 13.9 EV/EBIT 25e 21.8 10.3 25 50
Financials 20
0
15
Sales 31,616 33,723 38,496 43,208 -50
% y/y 6.5 6.7 14.2 12.2 10 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y -3.8 16.9 30.3 20.1
% y/y -9.0 19.6 30.8 21.0 4Q22 Consensus
Net Profit 4,493 5,483 7,510 9,075
Env. Soc. Buy 39
% y/y -12.2 22.0 37.0 20.8
UM
EPS (USD) 9.95 12.03 17.22 21.26

DI
LO
ME
% y/y -11.5 20.9 43.1 23.5 Hold 17

DPS (USD) 0.0 0.0 0.0 0.0
Yield 0.0 0.0 0.0 0.0 MEDIUM
Gov.
101

14.02.2024
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Nike
Rating: Hold
NIKE, Inc. develops and markets athletic footwear, apparel, equipment
and sports accessory products. The company sells its products 200
worldwide to retailers, through its own stores and distributors. Footwear
(66%) and apparel (31%) are the key segments. The main sales
regions are: North America (21%) and EMEA (26%). 175
Nike beat forecasts for quarterly sales in 2Q (FQ4 to end-May), 150
benefiting from the recovery in China and solid demand for its sneakers
such as Air Jordan and LeBron 20. Sales reached USD 12.8 bn,
against market expectations of USD 12.6 bn (+5% Y/Y / +8% FX adj.). 125
However, this showed slight weakness in North America - Nike's
largest market with 43% of global sales. Inflation, which remained high,
had led consumers to reduce their spending on leisure activities. The 100
increasingly important Nike Direct sales (online sales & flagship stores)
grew +15% Y/Y to USD 5.5 billion.
Globally, Nike continued to achieve sales increases every quarter. For
FY24 (until the end of May 2024), Nike forecasts an increase in sales
50
of approximately +5% Y/Y. The fact that consumer sentiment has also 2020 2021 2022 2023 2024
deteriorated significantly, particularly in the important sales market of
Nike 200 DMA 100 DMA
China, and sales there have fallen, is currently having a negative
impact. Nike's margins are still above average compared to the
industry and the valuation of the share is below the long-term average.
20 30

5 0
Ratios Value 0 -10
EBIT Margin 13.2 11.6 PE 24e 26.7 25.0
Sales (y/y) 4.1 6.0 EV/EBIT 24e 22.6 18.4 16 50
EPS (y/y) 15.0 14.5 EV/EBIT 25e 19.4 15.7
14
Financials 0

Sales 46,792 51,191 51,758 54,996 -50
% y/y 5.2 9.4 1.1 6.3 10 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y -4.8 -19.7 18.2 18.6
% y/y -3.8 -11.4 7.6 19.4 4Q22 Consensus
Net Profit 6,046 5,070 5,489 6,338
Env. Soc. Buy 29
% y/y 5.6 -16.1 8.3 15.5
UM
ME
EPS (USD) 3.75 3.23 3.59 4.22

DI
DI
UM
ME
% y/y 5.3 -13.9 11.1 17.5 Hold 13

DPS (USD) 1.19 1.32 1.45 1.55
Yield 1.0 1.3 1.4 1.5 MEDIUM
Gov.
102

14.02.2024
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Procter & Gamble

Rating: Hold
Procter & Gamble offers products in the segments: Laundry & Home
Care, Paper, Beauty Care and Health Care. Procter & Gamble 180
products are sold primarily through bulk buyers, grocery stores,
membership club stores and drugstores. 53% of sales are generated
outside the U.S.: Asia/Pacific 9%, Europe 22%, China 10%, North 160
America 47%.
P&G is one of many companies passing on higher input costs to
140
customers. Organic sales rose 5% despite selling fewer items, as
product volume declined -6% in 4Q. P&G expects many customers to
use up inventory before restocking. On a non-adjusted basis - to
exclude currency effects in particular - sales fell -1% year-on-year to 120
$20.8 billion, with EBIT margin down 170 basis points to 23.6%. In the
outlook, P&G raised its guidance for organic sales growth in fiscal 2023
to 4-5%. The earnings guidance, dividend level and ongoing share 100
buyback program remain unchanged from the last quarterly report.
We believe that the strength of innovation, and the continuous
80
improvements in productivity should help P&G to overcome the cost- 2020 2021 2022 2023 2024
related challenges in the current environment. The high market shares
Procter & Gamble 200 DMA 100 DMA
worldwide should, after the increases in recent years, continue to be at
least maintained.
7 10
6 7.5
5
4
3 2.5
Ratios Value 2 0
EBIT Margin 24.1 15.7 PE 24e 23.3 25.3
Sales (y/y) 3.6 3.7 EV/EBIT 24e 18.9 19.5 30 20
EPS (y/y) 8.7 8.0 EV/EBIT 25e 17.7 17.7 25
Financials 20 0

15
Sales 80,187 82,006 84,782 88,049 -20
% y/y 5.3 2.3 3.4 3.9 10 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y -2.8 1.7 9.3 6.3
% y/y -1.0 1.8 11.2 6.4 4Q22 Consensus
Net Profit 14,752 14,653 15,886 16,960
Env. Soc. Buy 19
% y/y 0.1 -0.7 8.4 6.8
HI
GH
EPS (USD) 5.81 5.90 6.44 6.98

W
LO
% y/y 2.7 1.5 9.2 8.3 Hold 11

DPS (USD) 3.52 3.68 3.81 3.99
Yield 2.4 2.4 2.4 2.6 MEDIUM
Gov.
103

14.02.2024
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Tesla
Rating: Hold
Tesla is the world's largest producer of electric vehicles. The company
also produces and sells power storage units, photovoltaic systems and 500
operates electric charging stations (Superchargers). Tesla also
develops hardware and software to support autonomous driving. Main
sales countries: USA (50%), China (22%), others (28%). 400
Tesla grew sales very strongly (+51% Y/Y) to USD 81.4 billion in 2022 300
and delivered a record 1.3 million vehicles. Product manufacturing
costs increased at a lower rate. On a very positive note, operating
costs were only slightly higher than a year earlier. As a result, 200
operating income increased very strongly in 2022 (+110% Y/Y). It most
recently stood at USD 13.6 billion. Adjusted net income increased by
+132% (Y/Y) to USD 12.7 billion. Sales continued to expand strongly in 100
the first two quarters of 2023. 889,000 vehicles were delivered during
this period. In Europe, the Tesla Model Y and Model 3 cars were each
the best-selling electric vehicles. Operating income, on the other hand, 0
declined.
-100
Sales and earnings growth should continue. Price discounts on 2020 2021 2022 2023 2024
vehicles due to the competitive situation led to a decline in margins in
Tesla 200 DMA 100 DMA
recent quarters. The rate of sales growth in 2023 is expected to be
lower than in previous years. Operating profit and net profit will decline
and not increase significantly again until next year.
75 100
Exchange: NASDAQ 1Y Price Perf.: -5.5%
ISIN: US88160R1014 5Y Price Perf.: 795.7% 25 0
Ratios Value 0 -50

EBIT Margin 9.7 7.0 PE 24e 59.1 5.6
Sales (y/y) 14.3 3.2 EV/EBIT 24e 52.6 3.8 20 50
EPS (y/y) -0.2 6.3 EV/EBIT 25e 36.2 3.5
15
Financials 0

Sales 81,464 96,773 110,588 136,077 -50
% y/y 51.4 18.8 14.3 23.0 5 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y 65.6 -19.8 11.4 36.9
% y/y 109.4 -34.9 20.4 43.2 4Q22 Consensus
Net Profit 14,116 10,882 10,825 14,718
Env. Soc. Buy 21
% y/y 84.8 -22.9 -0.5 36.0
GH
ME
EPS (USD) 4.07 3.12 3.12 4.22

HI
DI
UM
% y/y 80.1 -23.3 -0.2 35.6 Hold 26

DPS (USD) 0.0 0.0 0.0 0.0
Yield 0.0 0.0 0.0 0.0 MEDIUM
Gov.
104

14.02.2024
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Walt Disney
Rating: Hold
Walt Disney is an entertainment company divided into 2 segments:
Disney Media & Entertainment Distribution (71%) and Disney Parks, 225
Experiences and Products (29%). The main sales markets are: North
and South America (80%), Europe (10%) and Asia/Pacific (10%). 200
Walt Disney increased sales by +23% (y/y) to 82.7 billion in the last
175
fiscal year 2022. Operating income increased by +117% (y/y) to USD
6.5 billion. Operating margin increased year-on-year. However, it was
very low at 7.9% (vs. 4.5% a year earlier). Despite the strong +97% 150
(y/y) increase in adjusted net income to USD 4.7 billion, return on
equity was only 3.4%. For the remaining two quarters of the fiscal year,
125
the consensus expects a moderate sales increase in the single-digit
percentage range and a much stronger percentage increase in
operating income. 100
Walt Disney should increase sales moderately this year and also next 75
year. The operating margin should also increase in 203 and 2024. The
stock is valued lower than the average of its peers according to the
50
2023 P/E ratio. The return on equity is very low. It is significantly below 2020 2021 2022 2023 2024
the sector average.
Walt Disney 200 DMA 100 DMA

20 50

EBIT Margin 16.9 14.5 PE 24e 23.0 22.1
Sales (y/y) 3.7 4.2 EV/EBIT 24e 15.2 13.3 25 25
EPS (y/y) 21.4 37.8 EV/EBIT 25e 13.4 11.8 20 0
Financials 15
-25
10
Sales 82,580 88,898 91,665 96,744 -50
% y/y 22.5 7.7 3.1 5.5 5 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y 34.8 20.4 21.7 14.5
% y/y 56.1 6.1 18.0 13.1 4Q22 Consensus
Net Profit 6,835 7,959 7,387 9,069
Env. Soc. Buy 27
% y/y 44.2 16.4 -7.2 22.8
UM
ME
EPS (USD) 3.53 3.76 4.62 5.45

D
DI
IU
ME
% y/y 54.1 6.5 22.9 18.0 Hold 7

DPS (USD) 0.0 0.0 0.75 0.78
Yield 0.0 0.0 0.7 0.7 MEDIUM
Gov.
105

14.02.2024
Page 106/146
Coca-Cola
USA | Consumer Staples
Rating: Hold
Coca-Cola produces and distributes soft drinks, fruit juices, energy
drinks, tea, coffee and other non-alcoholic beverages. Sales by 70
region/segment: North America (34%), Pacific (14%), Europe (19%),
Latin America (11%), bottling plant collaborations (15%), global 65
ventures (7%).
60
Coca-Cola increased sales by +11% (y/y) to USD 43 bn in 2022. Cost
of goods sold rose by +17% (y/y), while operating costs increased by
+8.5% (y/y). As a result, operating profit reached USD 11.8 bn (+6% 55
y/y). Operating margin declined to 25.4% (vs. 26.7% a year earlier).
Adjusted net income increased only slightly. It amounted to USD 10.2
50
bn (+1.4% y/y). Operating cash flow reached USD 11 bn (vs. 12.6 bn
y/y). The company expects organic sales growth of +7% to +8% or
comparable EPS growth of +4% to +5% in 2023. 45
Coca-Cola has profitability ratios (ROE, margins) above the sector. 40
However, the valuation according to the P/E ratio 2023e is slightly
below the average of the peer companies. The dividend yield is high.
35
The outlook for sales and earnings growth is positive for 2023 and 2020 2021 2022 2023 2024
2024.
Coca-Cola 200 DMA 100 DMA

20 12.5
Exchange: NYSE EN (US) 1Y Price Perf.: -2.1% 10 7.5

5 5
Ratios Value 0 2.5
EBIT Margin 29.8 15.7 PE 24e 21.1 20.7
Sales (y/y) 2.4 5.5 EV/EBIT 24e 20.6 18.0 35 20
EPS (y/y) 4.5 10.9 EV/EBIT 25e 19.0 16.6 30
25 0
Financials
20
15
Sales 43,046 45,784 46,864 48,556 -20
% y/y 11.4 6.4 2.4 3.6 10 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y 8.3 6.3 5.2 7.4
% y/y 11.1 8.0 4.8 7.1 4Q22 Consensus
Net Profit 10,803 11,660 12,138 13,033
Env. Soc. Buy 22
% y/y 7.1 7.9 4.1 7.4
UM
ME
EPS (USD) 2.48 2.69 2.81 3.02

D
DI
IU
ME
% y/y 6.9 8.5 4.5 7.5 Hold 7

DPS (USD) 1.76 1.84 1.92 2.02
Yield 2.8 3.1 3.2 3.4 MEDIUM
Gov.
106

14.02.2024
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McDonalds
Rating: Buy
McDonald 's Corporation operates fast food restaurants worldwide,
some on a franchise basis. The restaurants offer a variety of 350
standardized menus. Sales markets: USA (41%), International (59%).
McDonalds generated global operating profit of USD 11.9 bn (+15% 300
y/y) on sales of USD 25.5 bn (+10% y/y) in 2023. Excluding special
items, operating profit would have increased by 16%. The difference
was mainly due to the fact that the withdrawal from the Russian
250
business had weighed on earnings in 2022. Among other things, lower
food costs helped to improve the EBIT margin from 44.5% to 46%. Net
profit reached USD 8.5 bn (+37% Y/Y). McDonalds continues to
operate 5% of the global total of 41,822 restaurants (+3.8% Y/Y) itself. 200
Sales in this segment increased by +11%. In the franchise stores,
revenue increased by +9% to USD 15.4 bn.
The 2023 results showed that McDonalds is continuing to expand and
has benefited more than average from the fall in food prices. The
company is back on its long-term growth path. The target is 50,000
100
restaurants globally by 2027 - it will be the fastest growth phase in the 2020 2021 2022 2023 2024
brand's history. The share's valuation is slightly above the industry
McDonalds 200 DMA 100 DMA
average, but growth is also above average. The biggest risk factor in
McDonalds' expansion is geopolitical uncertainty - particularly in the
Arab region. In the long term, however, McDonalds has been able to
overcome crises and anti-American sentiment in the region several
times and expand. We are maintaining our Buy recommendation.
15 20

0 5
Ratios Value -5 0
EBIT Margin 46.8 17.1 PE 24e 23.1 22.2
Sales (y/y) 5.5 8.5 EV/EBIT 24e 19.4 17.6 60 20
EPS (y/y) 4.1 12.6 EV/EBIT 25e 18.2 15.8
40
Financials 0

Sales 23,183 25,494 26,908 28,561 -20
% y/y -0.2 10.0 5.5 6.1 0 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y 2.5 13.6 5.5 6.2
% y/y 1.9 15.6 5.0 6.6 4Q22 Consensus
Net Profit 7,485 8,743 8,947 9,583
Env. Soc. Buy 32
% y/y 7.3 16.8 2.3 7.1
ME
EPS (USD) 10.10 11.94 12.43 13.53

DI
W
U
LO
% y/y 8.8 18.2 4.1 8.8 Hold 12

DPS (USD) 5.66 6.23 6.80 7.16
Yield 2.1 2.1 2.4 2.5 MEDIUM
Gov.
107

14.02.2024
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Mondelez
Rating: Hold
Mondelez is a food and beverage manufacturer which produces and
distributes snacks, beverages, cheese, ready-to-eat meals and various 90
packaged food products. The main markets by sales are: Europe
(41%), North America (27%), Asia&Africa (22%), Latin America (10%).
Mondelez increased net sales by +14.4% to USD 36.0 billion in FY
2023. Organic net sales growth was mainly driven by price increases
as well as a more favorable product mix and volume increases. Gross
70
profit rose by +22% to USD 13.8 billion. The gross profit margin
increased by 230 basis points to 38.2%. As operating costs also rose
less than sales (+6.2% y/y), operating profit increased by +56% (y/y) to
USD 5.5 bn. The operating margin recently amounted to 15.3% (vs. 60
11.2% a year earlier). Adjusted net profit increased by +9% (Y/Y) to
USD 4.5 bn.
For 2024, the company has forecast organic sales growth of between
around +3% and +5%. Adjusted net profit/share should increase by a
high single-digit percentage and free cash flow should amount to at
40
least around USD 3.5 bn. 2020 2021 2022 2023 2024
Mondelez 200 DMA 100 DMA

20 15
10
5
Ratios Value 0 0
EBIT Margin 16.6 17.3 PE 24e 20.4 15.5
Sales (y/y) 3.1 1.5 EV/EBIT 24e 18.6 12.3 18 20
EPS (y/y) 6.3 1.8 EV/EBIT 25e 17.4 11.1
17
Financials 0

Sales 31,474 36,016 37,140 38,863 -20
% y/y 9.6 14.4 3.1 4.6 15 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y 4.2 11.6 9.3 6.3
% y/y 5.3 12.0 9.7 6.6 4Q22 Consensus
Net Profit 4,092 4,371 4,744 5,087
Env. Soc. Buy 27
% y/y 0.8 6.8 8.5 7.2
GH
ME
EPS (USD) 2.95 3.32 3.53 3.82

HI
D
IU
M
% y/y 5.7 12.5 6.3 8.2 Hold 3

DPS (USD) 1.44 1.58 1.76 1.92
Yield 2.2 2.2 2.4 2.7
HIGH
Gov.
108

14.02.2024
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PepsiCo
Rating: Hold
PepsiCo produces and sells beverages and food. Products include
carbonated and still beverages, snacks, sauces and cereals. Sales 220
regions: United States (58%), International (42%). Important global
sales markets are Mexico, Canada, United Kingdom, China and Brazil. 200
PepsiCo increased sales by +6.7% (y/y) to USD 23.4 bn in 3Q 2023.
180
Cost of goods sold increased less (+3.6% y/y). As a result, gross profit
increased +9.5% to USD 12.8 bn. Total operating costs also increased
significantly less than sales. As a result, operating profit increased 160
significantly. It increased by +22% (Y/Y) to USD 4 billion. Net income
increased by +14% (Y/Y) to USD 3.1 billion.
140
PepsiCo continues to grow faster than its competitors (e.g. Coca Cola).
120
However, sales and earnings growth will be lower next year than in
2023. The consensus estimate for sales growth has also weakened
slightly in recent weeks. 100
80
2020 2021 2022 2023 2024
PepsiCo 200 DMA 100 DMA

10 15
Last FY End: 31.12.2023 Div. Yield 24e: 3.2% 7.5
10
2.5
Ratios Value 0 0
EBIT Margin 15.7 19.8 PE 24e 20.7 19.1
Sales (y/y) 3.4 1.5 EV/EBIT 24e 18.0 16.3 22.5 20
EPS (y/y) 7.0 5.8 EV/EBIT 25e 16.6 14.9 20
Financials 17.5 0

15
Sales 86,392 91,471 94,586 99,274 -20
% y/y 8.7 5.9 3.4 5.0 12.5 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y 6.8 11.5 7.6 7.2
% y/y 8.0 12.6 6.9 7.5 4Q22 Consensus
Net Profit 9,421 10,533 11,232 12,148
Env. Soc. Buy 15
% y/y 8.4 11.8 6.6 8.2
UM
ME
EPS (USD) 6.79 7.62 8.15 8.82

D
DI
IU
ME
% y/y 8.5 12.2 7.0 8.3 Hold 11

DPS (USD) 4.53 4.95 5.33 5.66
Yield 2.5 2.9 3.2 3.4
HIGH
Gov.
109

14.02.2024
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Starbucks
Rating: Hold
Starbucks is a retail company specializing in coffee products and
operating internationally. It buys and roasts coffee beans and 140
distributes coffee through its own and licensed coffee houses. Main
sales market: North and South America (70%), Europe, Middle East
and Africa, and China/Asia/Pacific. 120
Starbucks grew sales +11% (y/y) to USD 32.3 bn in FY2022, with the
number of new stores opened expanding to 18,300 (vs. 17,100 a year
100
earlier). Marketing costs were up +27% y/y. Other operating costs
increased less than sales. operating income fell -5% (y/y) to USD 4.6
bn. net income fell -21% (y/y) to USD 3.3 bn. operating cash flow fell
-27% (y/y) to USD 4.4 bn. this decline was primarily due to lower net 80
income and an increase in inventories.
Starbucks continues to be on a growth path. The Group is currently 60
also benefiting from the end of the lockdown strategy in China. Sales,
operating margin and profits should increase significantly over the next
two years. The trend in consensus estimates for earnings is also
40
upward. 2020 2021 2022 2023 2024
Starbucks 200 DMA 100 DMA

12.5 20
10
Exchange: NASDAQ 1Y Price Perf.: -13.5% 7.5
5
EBIT Margin 17.1 18.3 PE 24e 22.2 20.6
Sales (y/y) 8.5 3.3 EV/EBIT 24e 17.6 18.3 20 20
EPS (y/y) 15.4 5.2 EV/EBIT 25e 15.8 17.0
18
Financials 0

Sales 32,228 35,976 38,861 42,677 -20
% y/y 10.9 11.6 8.0 9.8 14 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y -1.8 12.7 -1.7 12.7
% y/y -7.7 19.5 13.5 13.9 4Q22 Consensus
Net Profit 3,429 4,076 4,616 5,316
Env. Soc. Buy 15
% y/y -10.7 18.9 13.3 15.2
UM
ME
EPS (USD) 2.96 3.54 4.07 4.74

D
DI
IU
ME
% y/y -8.6 19.6 15.0 16.5 Hold 25

DPS (USD) 1.96 2.12 2.31 2.50
Yield 2.3 2.3 2.5 2.7 MEDIUM
Gov.
110

14.02.2024
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Walmart
Rating: Hold
Wal-Mart Stores is a global retailer that operates supermarkets and
also sells merchandise online such as apparel, household and 180
automotive accessories, pharmaceuticals, groceries, toys, and
electronics and hardware. Sales markets: USA (66%), International
(23%), Sam's Club (11%). 160
Walmart increased comparable sales in the US by +4.9% and Sam's
Club US by +3.8% in the last quarter. Positive factors to note are the
140
fall in inventories (-4.8%), the growth in the online segment (US: +24%)
and the momentum in the food segment, even if the shift in demand
towards the food segment is weighing on margins. In Q3, the EBIT
margin fell from 4.6% to 3.9%. However, the stronger momentum in 120
grocery came as something of a surprise after Walmart warned last
month that it was seeing an impact on grocery demand from the new
GLP-1 weight-loss medications available on the market (including Novo 100
Nordisk's Ozempic).
The FY24 (Jan. 24) guidance was raised slightly. Adjusted sales 23/24
80
are expected to increase by +5% to 5.5%. Earnings per share are 2020 2021 2022 2023 2024
forecast to rise by approx. +2.4% to USD 6.40 to USD 6.48. The
Walmart 200 DMA 100 DMA
valuation of the share with a P/E ratio of 22.8x (FY22) is still well above
the industry average. In addition, sales and earnings growth is below
the global average.
15 40
Employees: 2,100,000 Div. Yield 23: 1.6%
30
20
10
0
Ratios Value 0 -10
EBIT Margin 4.3 4.8 PE 24e 24.1 16.8
Sales (y/y) 3.6 1.8 EV/EBIT 24e 17.4 14.2 12.5 20
EPS (y/y) 8.7 9.0 EV/EBIT 25e 16.1 13.1 10
Financials 7.5 0

5
Sales 572,754 611,289 645,045 667,083 -20
% y/y 2.4 6.7 5.5 3.4 2.5 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y 2.6 -9.3 8.3 6.5
% y/y 12.4 -5.2 8.0 7.1 4Q22 Consensus
Net Profit 18,120 17,197 17,498 18,883
Env. Soc. Buy 38
% y/y 16.1 -5.1 1.8 7.9
UM
ME
EPS (USD) 6.46 6.29 6.47 7.07

DI
DI
UM
ME
% y/y 17.9 -2.6 2.9 9.2 Hold 10

DPS (USD) 2.20 2.24 2.28 2.33
Yield 1.6 1.6 1.3 1.4 MEDIUM
Gov.
111

14.02.2024
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Caterpillar
USA | Industrials
Rating: Hold
Caterpillar manufactures vehicles and machinery used primarily in the
construction, mining and forestry industries. The product range also 350
includes engines and spare parts. The main sales markets are: North
America (44%), Asia/Pacific (24%), EAME (24%).
In the last fiscal year, Caterpillar increased sales by +17% (Y/Y) to
USD 59.4 billion. Operating income reached USD 12.9 billion. The 250
operating margin was 13.3%. On a positive note, net interest expenses
were significantly reduced. They amounted to only USD 276 million in
the last fiscal year (-32% Y/Y). Net income reached USD 7.5bn (+22% 200
y/y). In 2Q 2023, sales and profit growth continued. All customer
segments (construction, natural resources, transportation & energy
conversion) achieved high double-digit percentage growth in revenues 150
and profits.
Caterpillar's order backlog has continued to rise recently. Revenues 100
and profits should increase strongly in 2023. For 2024, the consensus
forecast is a significant slowdown in the rates of increase for revenues
50
and for profits. 2020 2021 2022 2023 2024
Caterpillar 200 DMA 100 DMA

20 75
10
0
EBIT Margin 20.3 14.0 PE 24e 14.7 13.6
Sales (y/y) 0.2 1.7 EV/EBIT 24e 11.9 10.7 25 50
EPS (y/y) 0.1 1.5 EV/EBIT 25e 11.4 10.1
20
Financials 0

Sales 59,427 67,060 67,201 69,853 -50
% y/y 16.6 12.8 0.2 3.9 10 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y 13.5 50.2 -0.8 4.2
% y/y 32.7 50.5 -0.7 4.0 4Q22 Consensus
Net Profit 7,339 10,890 10,428 10,621
Env. Soc. Buy 12
% y/y 23.7 48.4 -4.2 1.9
UM
ME
EPS (USD) 13.84 21.21 21.24 22.60

D
DI
IU
ME
% y/y 28.0 53.3 0.1 6.4 Hold 13

DPS (USD) 4.62 5.00 5.41 5.81
Yield 1.9 1.7 1.7 1.9 MEDIUM
Gov.
112

14.02.2024
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Deere & Co
USA | Industrials
Rating: Hold
Deere & Co is active in agriculture, construction, forestry and financial
services. The company manufactures and sells agricultural machinery, 500
as well as construction equipment, forestry machinery and
attachments. It also offers financing. 59% of revenues are generated in
North America. 400
The producer of agricultural, construction and forestry machinery has
presented a good 4Q result and a further improved outlook for 2023.
300
The main reasons are continued strong demand, higher prices and
promising infrastructure spending. Q4 also saw a reduction in supply
chain issues- work-in-process inventory was significantly reduced. Q4
sales of USD 14.3 bn (+40% y/y) were well above already high 200
consensus expectations of USD 13.4 bn, with all three main segments
contributing to the sales increase. Operationally, the margin increased
from 16.5% in the year-ago quarter to now 20.6%. Bottom-line profit in 100
Q4 increased by 75% to USD 2.2 billion.
Deere's long-term outlook is positive. Deere benefits from being the
0
technology leader in the industry with a modern portfolio of IT solutions 2020 2021 2022 2023 2024
for farmers. However, recent forecasts for agricultural commodity
Deere & Co 200 DMA 100 DMA
prices have shown a downward trend. The World Bank expects the
grain price index to fall by 10% in 2023 and by a further 8% in 2024.
This reduces the medium-term demand for Deere products. We
recommend holding the share.
40 50
25
-20
EBIT Margin 21.1 12.2 PE 24e 13.4 13.5
Sales (y/y) -18.2 -0.2 EV/EBIT 24e 10.8 11.2 25 25
EPS (y/y) -15.8 -2.6 EV/EBIT 25e 11.3 11.4 20
Financials 15 0

10
Sales 52,510 61,251 48,199 49,107 -25
% y/y 19.7 16.6 -21.3 1.9 5 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y 7.6 49.6 -35.9 5.1
% y/y 24.7 42.8 -20.5 -1.1 4Q22 Consensus
Net Profit 7,131 10,166 7,975 7,837
Env. Soc. Buy 16
% y/y 19.6 42.6 -21.6 -1.7
UM
ME
EPS (USD) 23.28 34.63 28.25 28.38

DI
DI
UM
ME
% y/y 22.6 48.8 -18.4 0.5 Hold 11

DPS (USD) 4.36 5.05 5.50 5.50
Yield 1.1 1.4 1.5 1.5
HIGH
Gov.
113

14.02.2024
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United Parcel Service

USA | Industrials
Rating: Hold
United Parcel Service is a provider of parcel delivery services and
global supply chain management solutions. The global small parcel 250
business offers deliveries for express letters, documents, parcels and
palletized freight via air and ground services. The Supply Chain 225
Solutions business is composed of freight forwarding, logistics and
distribution.
UPS increased global revenue by +6.4% y/y to USD 24.6 in the 3Q,
significantly exceeding consensus expectations. Below the line, the 175
Group achieved a profit of USD 2.6 billion (+9.6% y/y). The increase
was driven by the important US domestic segment (64% of total sales),
150
which grew by +8.2%, with an operating margin of 10.8%. In the
international parcel segment (20%), however, sales rose by only
+1.7%. In the logistics segment (16%), sales fell -6.3%, driven by 125
declines in the air and ocean freight businesses.
For 2023, UPS has raised prices by 6.9% in the US market to respond
to higher input costs. The higher prices should lead to a stable revenue
75
development despite the slight weakness of the US economy. 2020 2021 2022 2023 2024
However, a risk factor for UPS is the low unemployment rate in the
United Parcel Service 200 DMA 100 DMA
U.S., which increases wage pressure in the delivery segment. In
addition, the ongoing Amazon insourcing is a potential problem for
UPS. In our view, the stock is currently fairly valued.
20 25
0
-10
EBIT Margin 10.4 9.0 PE 24e 17.5 17.3
Sales (y/y) 2.5 3.1 EV/EBIT 24e 14.8 11.6 40 50
EPS (y/y) -5.5 3.6 EV/EBIT 25e 12.7 9.6 30
Financials 20 0

10
Sales 100,338 90,958 93,250 97,704 -50
% y/y 3.1 -9.3 2.5 4.8 0 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y 5.9 -22.3 -0.4 13.3
% y/y 5.4 -28.7 -1.8 16.6 4Q22 Consensus
Net Profit 11,326 7,554 7,113 8,333
Env. Soc. Buy 14
% y/y 6.3 -33.3 -5.8 17.1
UM
ME
EPS (USD) 12.94 8.78 8.30 9.80

DI
DI
UM
ME
% y/y 6.7 -32.1 -5.5 18.1 Hold 19

DPS (USD) 6.08 6.48 6.52 6.59
Yield 3.5 4.1 4.5 4.5
HIGH
Gov.
114

14.02.2024
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Waste Management
USA | Industrials
Rating: Buy
Waste Management provides environmental services for waste
management in the United States and Canada. The activities include 225
collection, transfer and disposal services as well as recycling and
resource recovery. Further Waste Management also operates landfill
gas plants for energy generation. 200
Sales increased organically by +6.3% (y/y) to USD 5.2 bn in 3Q, 175
outpacing inflation-related cost increases in the last quarter. Operating
expenses as a percentage of sales were 61.3% in 3Q 2023, compared
to 62.2% in 3Q 2022, contributing to margin and profit growth. Gross 150
profit increased by 5.0% (y/y) to USD 2.0 bn and operating profit
increased by +8.0% to USD 1 bn. The operating margin most recently
amounted to 19.6% (vs. 18.6% in 3Q 2023). Adjusted net income rose 125
by +3% to USD 663 million. Cash flow from operating activities
increased by 6.9% to USD 1.3 billion in the third quarter of 2023.
Waste Management is growing both organically and through
acquisitions. The integration of competitor Advanced Disposal has
75
been successful. Waste Management is likely to be able to increase its 2020 2021 2022 2023 2024
operating margin through restrictive cost control. The company should
Waste Management 200 DMA 100 DMA
increase sales by approx. +6% (y/y) and earnings/share by +13% (y/y)
in 2024. The expected growth rates are therefore higher than in 2023.
30 20
Ratios Value 0 5
EBIT Margin 19.2 20.0 PE 24e 29.3 32.8
Sales (y/y) 6.4 9.1 EV/EBIT 24e 23.1 26.7 25 50
EPS (y/y) 9.9 15.1 EV/EBIT 25e 21.0 24.0 22.5 25
Financials 20
0
17.5
Sales 19,698 20,426 21,733 23,031 -25
% y/y 9.9 3.7 6.4 6.0 15 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y 9.5 7.0 7.9 8.0
% y/y 14.5 7.8 11.2 9.0 4Q22 Consensus
Net Profit 2,321 2,519 2,727 3,029
Env. Soc. Buy 12
% y/y 13.4 8.5 8.2 11.1
UM
ME
EPS (USD) 5.59 6.19 6.80 7.69

DI
DI
UM
ME
% y/y 15.5 10.7 9.9 13.1 Hold 11

DPS (USD) 2.60 2.80 3.00 3.20
Yield 1.7 1.6 1.5 1.6 MEDIUM
Gov.
115

14.02.2024
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WW Grainger
USA | Industrials
Rating: Buy
WW Grainger is a B2B distributor of maintenance, repair and operating
supplies and other related products and services for industrial 1200
companies. The main sales market is the USA with approx. 85%.
1000
2022 total sales increased by 16.9% y-o-y to USD 15.2 billion. On a
constant currency basis, key daily sales increased by +19.3% y-o-y
and gross margin increased to 38.4% (+215 bps). The margin increase 800
was primarily due to a good product mix and a more favorable
price/cost ratio, but was partly offset by freight inflation. EBIT rose
+43% to USD 2.2 billion and earnings per share soared +51.5% to 600
USD 30.06. Over the full year, dividends paid and share buybacks
totaled USD 949 million.
In 1Q23, the Group continued on its growth path with a revenue
increase of +12.2% y/y to USD 4.1 billion, exceeding expectations. The
EBIT margin improved by 200 bp and the number of registered users 200
on the two most important trading platforms increased by +16% y/y.
Revenue growth guidance of +7 to +11% y/y in FY 2023 remained
0
unchanged, while the expected EBIT margin was raised to 15.2-15.7%. 2020 2021 2022 2023 2024
WW Grainer is growing above average, shows a slight increase in
WW Grainger 200 DMA 100 DMA
market shares and impresses with high margins.

20 60
40
5
Ratios Value 0 0
EBIT Margin 15.6 15.4 PE 24e 23.8 17.0
Sales (y/y) 6.0 4.0 EV/EBIT 24e 17.5 13.8 30 50
EPS (y/y) 7.1 6.0 EV/EBIT 25e 16.2 12.8 25
Financials 20 0

15
Sales 15,228 16,478 17,463 18,683 -50
% y/y 16.9 8.2 6.0 7.0 10 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y 39.2 16.5 4.9 7.8
% y/y 41.8 18.1 5.4 7.1 4Q22 Consensus
Net Profit 1,526 1,851 1,934 2,090
Env. Soc. Buy 3
% y/y 46.3 21.3 4.5 8.0
GH
HI
GH
EPS (USD) 29.66 36.67 39.27 43.12

HI
% y/y 49.5 23.6 7.1 9.8 Hold 11

DPS (USD) 6.79 7.30 7.94 8.66
Yield 1.2 0.9 0.8 0.9 MEDIUM
Gov.
116

14.02.2024
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Chevron
USA | Energy
Rating: Hold
Chevron is an internationally oriented, integrated oil and gas group and
one of the largest companies in this sector. In addition to fuels, 200
products such as plastics, specialty chemicals, additives and olefins
(ethylene, propylene) are produced in a joint venture with 175
ConocoPhillips. 72% of revenues are generated within the USA.
150
Chevron increased annual revenue by +51% (y/y) to USD 236 billion in
2022. Operating costs increased much less year-on-year. They
increased to USD 28.4 bn (+13% y/y). As a result, operating profit 125
increased +151% (y/y) to USD 42.5 bn. Operating margin increased to
17% (vs. 10.4% a year earlier). Net income increased +127% (y/y) to
100
USD 35.5 bn. Operating cash flow was significantly higher at USD 49.6
bn. This is to be seen as positive. It increased +70% y/y. 2022 was the
35th consecutive year of increased annual dividend payout per share. 75
Chevron has a lower operating margin and return on equity than the 50
sector average. This should change little over the next two years. Sales
and earnings are expected to decline significantly in 2023.
25
2020 2021 2022 2023 2024
Chevron 200 DMA 100 DMA

75 150

0 0
EBIT Margin 16.9 25.9 PE 24e 11.8 8.9
Sales (y/y) 2.1 -1.1 EV/EBIT 24e 8.8 6.9 40 20
EPS (y/y) -3.1 -1.8 EV/EBIT 25e 8.3 6.6
30 0
Financials
-20
Sales 235,717 200,949 205,164 200,036 -40
% y/y 45.1 -14.7 2.1 -2.5 10 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y 65.8 -28.0 9.4 9.0
% y/y 126.2 -35.1 8.4 6.7 4Q22 Consensus
Net Profit 36,542 24,693 24,830 26,755
Env. Soc. Buy 20
% y/y 134.1 -32.4 0.6 7.8
ME
EPS (USD) 18.83 13.13 12.72 14.11

D
W
IU
LO
% y/y 131.6 -30.3 -3.1 10.9 Hold 10

DPS (USD) 5.68 6.04 6.52 6.90
Yield 3.2 4.0 4.3 4.6
HIGH
Gov.
117

14.02.2024
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ConocoPhillips
USA | Energy
Rating: Hold
ConocoPhillips explores and markets crude oil, bitumen, natural gas
and liquefied natural gas (LNG). The company operates predominantly 150
in the USA and Canada, but also in Europe (North Sea), the Middle
East, North Africa and the Asia-Pacific region. More than 80% of sales
are generated in North America. 125
ConocoPhillips achieved sales growth of +71% (y/y) to USD 71.3 bn in 100
the last financial year 2022. Operating profit rose to USD 26.7 bn with a
significantly higher margin of 33.8% (vs. 25.9% a year earlier).
Adjusted net income reached USD 17.2 bn (+115% y/y). The increase 75
in operating cash flow from USD 17 bn to USD 28.3 bn is a positive
development. A significant increase in investments from around USD
8.7 bn to around USD 11 bn is planned for 2023. 50
According to the P/E ratio 2024e, the share is valued significantly
higher than its competitors at 12.0x. The company recently revised its 25
cost forecast slightly upwards. Although the consensus forecast for
sales in 2024 is stable, the forecasts for operating profit and net profit
0
have recently weakened significantly. 2020 2021 2022 2023 2024
ConocoPhillips 200 DMA 100 DMA

100 150
50
ISIN: US20825C1045 5Y Price Perf.: 62.0% 0
0
EBIT Margin 27.0 15.2 PE 24e 12.8 9.2
Sales (y/y) 1.2 1.6 EV/EBIT 24e 8.9 7.9 40 25
EPS (y/y) -2.4 -3.1 EV/EBIT 25e 8.6 7.4
30
Financials 0

Sales 80,348 58,446 59,149 60,719 -25
% y/y 67.7 -27.3 1.2 2.7 10 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y 70.5 -28.6 -2.1 4.1
% y/y 106.8 -40.3 -5.7 2.5 4Q22 Consensus
Net Profit 17,340 10,615 9,947 10,791
Env. Soc. Buy 24
% y/y 116.8 -38.8 -6.3 8.5
ME
EPS (USD) 13.52 8.77 8.56 9.24

D
W
IU
LO
% y/y 125.0 -35.1 -2.4 7.9 Hold 9

DPS (USD) 4.49 4.61 3.09 2.86
Yield 3.8 4.0 2.8 2.6 MEDIUM
Gov.
118

14.02.2024
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Exxon Mobil
USA | Energy
Rating: Hold
Exxon Mobil Corporation is a global petroleum and petrochemical
company. The company's activities include oil and gas exploration and 140
production, power generation, and chemical manufacturing. Exxon
Mobil produces and markets fuels, lubricants, and other petrochemical
products. 65% of its sales are generated outside the USA. 120
Exxon Mobil's sales also fell due to the decline in the oil price. They fell 100
by -17% year-on-year to USD 88.6 bn in the third quarter. Gross profit
fell by -36% to USD 14.7 bn, while operating costs rose by +11% (y/y).
As a result, operating income fell by -42% (y/y) to USD 11.7 bn. The 80
operating margin fell significantly. It most recently amounted to 13.2%
(vs. 18.9% a year earlier). Adjusted net profit fell by -54% (Y/Y) to USD
9.1 bn, while operating cash flow declined by -35% (Y/Y) to USD 16 bn. 60
Exxon Mobil's profitability is below the sector average. The global
surplus of crude oil has led to a fall in the oil price. A rapid recovery is 40
currently not in sight. The outlook for sales and earnings development
has deteriorated in recent weeks. Turnover should only grow slightly in
20
2024. Expected earnings growth is below that of the global stock 2020 2021 2022 2023 2024
market.
Exxon Mobil 200 DMA 100 DMA

75 150

ISIN: US30231G1022 5Y Price Perf.: 32.9%
0 0
EBIT Margin 15.1 24.8 PE 24e 11.5 9.8
Sales (y/y) -2.1 1.2 EV/EBIT 24e 8.2 8.0 40 20
EPS (y/y) -7.7 -0.4 EV/EBIT 25e 7.4 8.1
30
Financials 0

Sales 413,680 344,582 337,471 336,950 -20
% y/y 44.8 -16.7 -2.1 -0.2 10 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y 94.9 -29.4 -0.5 8.5
% y/y 175.3 -30.9 -15.2 10.1 4Q22 Consensus
Net Profit 59,101 38,572 35,929 39,230
Env. Soc. Buy 17
% y/y 156.8 -34.7 -6.9 9.2
GH
ME
EPS (USD) 14.06 9.52 8.79 9.74

HI
D
IU
M
% y/y 161.3 -32.3 -7.7 10.8 Hold 12

DPS (USD) 3.55 3.68 3.84 3.97
Yield 3.2 3.7 3.8 3.9
HIGH
Gov.
119

14.02.2024
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Marathon Petroleum
USA | Energy
Rating: Buy
Marathon Petroleum Corporation is an energy company operating in
the USA. Its business activities include the refining of crude oil, 200
marketing, retailing and transportation of crude oil and natural gas via
pipelines, as well as the storage of products.
Marathon Petroleum is subject to cyclical fluctuations in its refinery 150
business. The company achieved a decline in sales of -10.2% to USD
41.5 bn in the last quarter (3Q - financial year 2024 ends on January
31, 2024). As costs increased, however, operating profit fell by -29% to
USD 4.8 bn. Net profit amounted to USD 3.3 bn (-27% Y/Y). The 100
company has always exceeded EPS consensus estimates in the last 4
quarters.
Among other things, the company operates refineries for renewable 50
diesel and alternative fuels. At the beginning of 2024, a converted
refinery was launched, which is operated as a joint venture with Neste.
It is now producing 730 million gallons of renewable fuels per year. The
stock is valued favorably according to the P/E ratio 2024. Due to the
0
current share buyback program of USD 8.3 bn, the volatility of the 2020 2021 2022 2023 2024
stock should be comparatively moderate.
Marathon Petroleum 200 DMA 100 DMA

75 150

ISIN: US56585A1025 5Y Price Perf.: 166.9%
0 0
EBIT Margin 6.5 15.3 PE 24e 11.1 11.5
Sales (y/y) -8.9 2.1 EV/EBIT 24e 9.5 8.8 20 50
EPS (y/y) -35.5 -3.1 EV/EBIT 25e 10.8 8.6 15
Financials 10 0

5
Sales 179,952 150,307 136,878 136,358 -50
% y/y 48.8 -16.5 -8.9 -0.4 0 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y 188.7 -26.6 -28.0 -8.9
% y/y 318.2 -30.1 -38.2 -10.4 4Q22 Consensus
Net Profit 13,501 9,679 5,185 4,551
Env. Soc. Buy 14
% y/y 763.8 -28.3 -46.4 -12.2
GH
ME
EPS (USD) 26.16 23.63 15.25 15.21

HI
D
IU
M
% y/y 967.8 -9.7 -35.5 -0.3 Hold 6

DPS (USD) 2.49 3.08 3.39 3.75
Yield 2.1 2.1 2.0 2.2
HIGH
Gov.
120

14.02.2024
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AT&T
USA | Telecom
Rating: Hold
AT&T is a U.S. telecommunications company that provides telephone,
data and video telecommunications, as well as mobile communications 45
and Internet services to businesses, consumers and government
organizations. 95% of revenues are generated in the United States. 40
The main product segments are: Communications (81%) and Warner
Media (18%).
AT&T's revenues fell -10% (y/y) to USD 120.7 bn. in the last reported
fiscal year 2022, while mobile in the U.S. saw approximately new 2.9 30
million postpaid phone network additions. Mobile services revenue
increased by more than +5% (y/y). It reached a multi-year high.
25
Operating income was strongly negative at USD -4.6 billion. AT&T
posted a GAAP loss of USD -8.5 bn., but operating cash was strongly
positive at USD +32 bn. However, it was -24% lower than a year 20
earlier.
AT&T will achieve only marginal revenue growth in 2023 and 2024.
Operating income is also expected to increase only slightly in the next
10
two years. The stock has a very low P/E ratio due to the low expected 2020 2021 2022 2023 2024
growth rates. The dividend yield is above average.
AT&T 200 DMA 100 DMA

10 10
0
-10
-20
ISIN: US00206R1023 5Y Price Perf.: -43.4%
-30
EBIT Margin 20.1 18.0 PE 24e 7.7 13.3
Sales (y/y) 1.0 2.2 EV/EBIT 24e 9.8 13.3 22.5 50
EPS (y/y) -8.7 6.4 EV/EBIT 25e 9.1 13.9
20
Financials 0
USD mn. FY 2022 FY 2023 FY 2024e FY 2025e 17.5

Sales 120,741 122,428 123,655 124,557 -50
% y/y -28.5 1.4 1.0 0.7 15 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y -19.4 4.7 3.0 1.7
% y/y -26.7 5.0 0.6 3.4 4Q22 Consensus
Net Profit 19,499 17,492 15,386 16,181
Env. Soc. Buy 16
% y/y -20.3 -10.3 -12.0 5.2
UM
ME
EPS (USD) 2.57 2.41 2.20 2.29

D
DI
IU
ME
% y/y 0.1 -6.2 -8.7 4.1 Hold 16

DPS (USD) 1.35 1.11 1.11 1.11
Yield 7.3 6.6 6.6 6.6 MEDIUM
Gov.
121

14.02.2024
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T-Mobile US
USA | Telecom
Rating: Hold
T-Mobile US is a mobile communications company that provides
wireless communications services, including voice, messaging and 175
data services, to its customers. All revenue is generated in the United
States.
T-Mobile US recorded a slight decline in revenue of -1.3% to USD 78.6
billion in FY 2023, while gross profit increased by +12% (Y/Y).
Operating costs were reduced by -7.4% (Y/Y). As a result, operating
125
income rose by +118% (Y/Y) to USD 14.3 bn. The operating margin
reached a multi-year high of 18.2% (vs. 8.2% in the previous year). The
return on equity also increased. It amounted to 12.4% at the end of
2023, compared to 3.7% in the previous year. On a positive note, 100
operating cash flow also increased. It most recently amounted to USD
23.4 bn (+8% y/y), while free cash flow was USD 13.6 bn. Adjusted net
profit increased by +21% (y/y) to USD 9.6 bn. 75
T-Mobile US is the leader in 5G network coverage in the USA. The
Group will increase revenue slightly this year. Net profit, on the other
50
hand, will increase much more strongly. Free cash flow in FY 2024 will 2020 2021 2022 2023 2024
be around +22% (Y/Y) higher than in the previous year.
T-Mobile US 200 DMA 100 DMA

4 150
2
0
Ratios Value -2 -50
EBIT Margin 21.6 20.1 PE 24e 17.9 12.1
Sales (y/y) 2.7 1.4 EV/EBIT 24e 15.2 12.6 25 50
EPS (y/y) 29.9 8.1 EV/EBIT 25e 13.8 12.1 22.5
Financials 20 0

17.5
Sales 79,571 78,558 80,681 83,441 -50
% y/y -0.7 -1.3 2.7 3.4 15 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y -2.0 11.5 7.5 6.2
% y/y 34.4 12.7 9.3 12.5 4Q22 Consensus
Net Profit 2,590 8,317 10,580 12,282
Env. Soc. Buy 28
% y/y -14.4 221.1 27.2 16.1
GH
HI
GH
EPS (USD) 2.06 6.93 9.00 11.18

HI
% y/y -14.5 236.4 29.9 24.3 Hold 5

DPS (USD) 0.0 0.65 2.66 2.93 LOW
Yield 0.0 0.4 1.6 1.8
Gov.
122

14.02.2024
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Verizon
USA | Telecom
Rating: Hold
Verizon Communications is a telecommunications company
headquartered in New York. The main revenue segments are: Mobile 70
telephony (84%), Internet, TV, fixed line. Verizon generates more than
95% of its revenues in the USA.
Verizon achieved marginal revenue growth of +2% to USD 136.8 bn in
2022. Operating expenses increased +3.5% (y/y) to USD 105.9 bn.
Operating income reached USD 30.9 bn (-1.2% y/y). Net income fell
50
-3.7% (y/y) to USD 21.3 bn. The group expects total mobile services
revenue growth between 2.5% - 4.5% in 2023 and lower
earnings/share in the range between USD 4.55 - 4.85.
Verizon shows very slow but profitable growth in the medium term.
Operating profit should be little changed this year. Forecasts for
revenue and profit growth have weakened in recent months. The 30
company has very high operating cash flow and also high free cash
flow. The stock is cheaply valued by P/E ratio. It also has a very high
dividend yield.
20
2020 2021 2022 2023 2024
Verizon 200 DMA 100 DMA

4 20

ISIN: US92343V1044 5Y Price Perf.: -26.3%
-2 -10
Ratios Value -4 -20
EBIT Margin 22.9 19.7 PE 24e 8.7 9.8
Sales (y/y) 1.3 1.5 EV/EBIT 24e 10.0 10.6 25 50
EPS (y/y) -2.3 7.0 EV/EBIT 25e 9.5 10.3
20
Financials 0

Sales 136,835 134,000 135,741 137,580 -50
% y/y 2.4 -2.1 1.3 1.4 10 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y -1.1 -0.2 2.1 1.9
% y/y -6.1 1.8 0.2 2.7 4Q22 Consensus
Net Profit 21,748 19,749 19,180 19,721
Env. Soc. Buy 13
% y/y -2.9 -9.2 -2.9 2.8
UM
ME
EPS (USD) 5.18 4.71 4.60 4.70

D
DI
IU
ME
% y/y -3.9 -9.1 -2.3 2.2 Hold 16

DPS (USD) 2.58 2.64 2.69 2.74
Yield 6.6 7.0 6.7 6.8
HIGH
Gov.
123

14.02.2024
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NextEra Energy
USA | Utility
Rating: Hold
NextEra Energy, Inc. is a utility company that also uses alternative
sources to generate energy. Its 3 subsidiaries generate, transmit and 100
distribute electric energy derived from natural gas, wind and nuclear
resources. Sales: USA (100%)
NextEra Energy increased sales by +23% to USD 21 billion in 2022.
However, the cost of sales for electricity also increased more strongly 80
by +41% (y/y) due to higher raw material and energy prices. Operating
costs, however, increased at a much lower rate of +9% (y/y).
Therefore, overall operating income increased by +6% (y/y) to USD 3.2 70
billion. Adjusted net income decreased by -1% to USD 4.9 billion.
For 2023 and 2024, NextEra Energy expects adjusted earnings/share 60
in the range of USD 2.98 - 3.13 and USD 3.23 - 3.43, respectively.
Dividend should be increased by approx. +10% each this year and next
year. 50
40
2020 2021 2022 2023 2024
NextEra Energy 200 DMA 100 DMA

40 15
20
ISIN: US65339F1012 5Y Price Perf.: 20.9% 0
0
Ratios Value -20 -5
EBIT Margin 35.4 22.1 PE 24e 16.3 14.9
Sales (y/y) -2.9 3.8 EV/EBIT 24e 19.9 18.3 40 25
EPS (y/y) 7.3 6.9 EV/EBIT 25e 19.9 17.5 35
0
30
Financials
25 -25
20
Sales 20,956 28,114 27,305 29,483 -50
% y/y 22.8 34.2 -2.9 8.0 15 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y 40.6 22.6 6.2 7.6
% y/y -0.6 119.7 -0.3 5.4 4Q22 Consensus
Net Profit 5,742 6,441 6,975 7,606
Env. Soc. Buy 19
% y/y 14.4 12.2 8.3 9.1
UM
ME
EPS (USD) 2.90 3.17 3.40 3.66

D
DI
IU
ME
% y/y 13.7 9.3 7.3 7.6 Hold 3

DPS (USD) 1.70 1.87 2.06 2.25
Yield 2.0 3.1 3.7 4.1 MEDIUM
Gov.
124

14.02.2024
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Southern Co
USA | Utility
Rating: Hold
Southern Company is an energy company that is one of the most
important electricity and gas suppliers in the USA. The Group also 90
operates nuclear power plants, large solar and wind energy parks, and
biomass plants. In addition, it also offers customers mobile telephony
and Internet access services. Sales market: USA (100%). 80
Southern recorded a year-on-year increase in power sales, up +27%
(y/y) to USD 29.3 bn. Due to the sharp rise in commodity costs (mainly
70
fuels), gross profit increased by only +8% to USD 17.5 bn. Operating
profit was USD 5.4 billion (+45% y/y). As a result, the operating margin
increased to 18.3% (vs. 16% a year earlier). Adjusted net income
reached USD 3.9 bn (+7% y/y). 60
This year, sales will decline slightly. Operating profit and net profit, on
the other hand, will increase. Sales growth is not expected again until 50
next year. In the long term, only slight growth in earnings/share is
possible. The share has a high dividend yield.
40
2020 2021 2022 2023 2024
Southern Co 200 DMA 100 DMA

75 20
10
0
EBIT Margin 25.0 16.9 PE 24e 16.8 10.9
Sales (y/y) 5.1 -11.1 EV/EBIT 24e 19.5 9.1 35 20
EPS (y/y) 11.7 1.8 EV/EBIT 25e 17.9 11.3 30
25 0
Financials
20
15
Sales 23,230 29,290 26,622 27,992 -20
% y/y 14.8 26.1 -9.1 5.1 10 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y 3.5 5.1 6.5 9.2
% y/y -5.7 10.6 10.2 14.6 4Q22 Consensus
Net Profit 3,618 3,874 3,930 4,419
Env. Soc. Buy 12
% y/y 5.2 7.1 1.4 12.4
ME
EPS (USD) 3.41 3.60 3.60 4.02

D
W
IU
LO
% y/y 4.9 5.6 - 11.7 Hold 8

DPS (USD) 2.62 2.70 2.78 2.86
Yield 3.8 3.8 4.1 4.2
HIGH
Gov.
125

14.02.2024
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Linde
USA | Basic Resources
Rating: Buy
Linde is an Irish-based multinational chemical company that is the
largest industrial gases company in the world by market share and 450
sales. Linde serves customers in healthcare, petroleum refining, food,
steelmaking, aerospace, chemicals, electronics and water treatment, 400
among others. One growing segment is the hydrogen sector.
350
As might be expected, Linde exceeded consensus expectations for
earnings per share for the 16th consecutive year in 2022, despite the
weak macroeconomic environment and a negative exchange rate 300
effect of -5%. On sales of +8% y/y, with volumes up +1% y/y and prices
up +7% y/y, EBIT rose +10% y/y (ex. FX +10%) to USD 2.0 bn. EBIT
250
margin reached a record adjusted 23.7%. There was positive news
from the order book - the USD 1.8 bn new green hydrogen project with
OCI on the US Gulf Coast announced in early Feb. 23 increased the 200
backlog for gas projects to USD 5.7 bn. Linde shares will continue to
be tradable on the German stock exchange until Feb.27th 2023. After 150
that, the stock's sole primary listing will be on the NYSE.
100
Linde continues to benefit from its excellent market position in a 2020 2021 2022 2023 2024
steadily growing market segment. In addition to raising its earnings
Linde 200 DMA 100 DMA
forecast, Linde also has a share buyback program of USD 10 bn until
2024. Buy.
20 20
10
ISIN: IE000S9YS762 5Y Price Perf.: 148.7% 0
5
Ratios Value -10 0
EBIT Margin 28.3 11.3 PE 24e 26.9 17.3
Sales (y/y) 4.5 2.3 EV/EBIT 24e 22.3 15.1 40 50
EPS (y/y) 8.9 8.6 EV/EBIT 25e 20.7 13.3 30 25
Financials 20
0
10
Sales 33,364 32,854 34,344 36,598 -25
% y/y 8.3 -1.5 4.5 6.6 0 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y 6.8 11.6 6.1 6.8
% y/y 10.1 14.8 7.0 8.0 4Q22 Consensus
Net Profit 6,195 6,989 7,501 8,142
Env. Soc. Buy 26
% y/y 11.0 12.8 7.3 8.5
UM
ME
EPS (USD) 12.29 14.20 15.46 17.16

DI
DI
UM
ME
% y/y 15.0 15.5 8.9 11.0 Hold 5

DPS (USD) 4.68 5.10 5.61 6.16
Yield 1.4 1.2 1.3 1.5
HIGH
Gov.
126

14.02.2024
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Infosys
India | Technology
Rating: Hold
Prices as of: 13.02.24 Close Price: INR 1,684.60
Business Model Price in INR
Infosys provides IT consulting and software services, including e-
business, program management and supply chain solutions, and 2250
specializes primarily in insurance, banking, utilities, telecom and retail
companies. Revenue markets are: North America (62%), Europe (24%) 2000
and the rest of the world (11%).
Infosys ended fiscal 2023 (ended 3/31/2023) with revenue growth of
+20% (Y/Y) to INR 1.47 trillion. Gross profit was INR 444 billion (+12% 1500
Y/Y). Total operating expenses increased +24% (Y/Y) to INR 1.16
trillion. Operating profit increased +10% (Y/Y) to INR 309 bn, with an 1250
operating margin of 21%, above the sector average. Net profit
increased +9% (y/y) to INR 241 bn. Return on equity was 31%. This 1000
ratio was thus also higher than the average of our competitors.
In the current fiscal year 2024, sales growth will slow compared to the
previous fiscal year. At constant exchange rates, an increase of +1% to 500
+3.5% (y/y) is expected. The operating margin is expected to be
around 21% and thus remain at the same level as in the previous year.
250
A stronger acceleration in sales and earnings growth rates is not 2020 2021 2022 2023 2024
expected until the next fiscal year.
Infosys 200 DMA 100 DMA

30 15
Exchange*: NYSE EN (US) 1Y Price Perf.: 7.5%
ISIN*: US4567881085 5Y Price Perf.: 123.1% 10 5
Ratios Value 0 0
EBIT Margin 21.3 18.4 PE 24e 26.1 24.4
Sales (y/y) 6.9 6.6 EV/EBIT 24e 19.4 18.6 24 50
EPS (y/y) 9.6 10.6 EV/EBIT 25e 17.3 16.6 22
Financials 20 0
INR mn. FY 2022 FY 2023 FY 2024e FY 2025e

18
Sales 1,216,410 1,467,670 1,544,300 1,658,850 -50
% y/y 21.1 20.7 5.2 7.4 16 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y 12.7 11.5 3.7 9.6
% y/y 13.5 10.3 2.7 10.1 4Q22 Consensus
Net Profit 221,100 240,950 246,000 275,405
Env. Soc. Buy 30
% y/y 14.3 9.0 2.1 12.0
GH
HI
GH
EPS (INR) 53.33 58.12 59.30 66.44

HI
% y/y 17.2 9.0 2.0 12.0 Hold 8

DPS (INR) 31.00 34.00 39.95 50.70
Yield 1.6 2.4 2.4 3.0 MEDIUM
Gov.
*ISIN: Security tradeable at NYSE
127

14.02.2024
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Samsung Electronics
South Korea | Technology
Rating: Buy
Prices as of: 13.02.24 Close Price: KRW 75,200
Business Model Price in KRW
Samsung Electronics is one of the world's largest electronics
companies. The product range includes telecommunications 100k
equipment, memory chips, consumer electronics, smartphones, air
conditioners and household appliances. Sales countries: America: 90k
(32%), Asia (18%), Europe (18%), China (17%), Korea (15%).
80k
Samsung Electronics' sales fell by -12% (Y/Y) to USD 51.3 bn in 3Q.
3Q should mark the low point of the current hardware cycle. Gross
profit fell by -26% (Y/Y) to USD 15.8 bn. As operating costs rose 70k
slightly at the same time, operating income fell significantly. It fell by
-78% year-on-year to USD 1.9 bn. The operating margin fell to 3.6% in
60k
3Q (vs. 14.1% a year earlier). Adjusted net profit fell by -40% (y/y) to
USD 3.7 bn. Operating cash flow amounted to USD 7.4 bn (-48% Y/Y).
Rating Rationale Analyst: Hans Engel 50k
Samsung Electronics will benefit greatly from the renewed upturn in the
memory chip cycle (DRAMs) as early as next year. With a global 40k
market share of 43% in the DRAM segment, the Group is very well
positioned as the largest supplier. Sales and, in particular, profits
30k
should therefore increase significantly in the coming years. 2020 2021 2022 2023 2024
Samsung Electronics 200 DMA 100 DMA

20 200
100
Exchange*: London SE 1Y Price Perf.: 19.6% 0
ISIN*: US7960508882 5Y Price Perf.: 62.8% 0
-10
EBIT Margin 11.6 29.1 PE 24e 17.3 27.6
Sales (y/y) 16.4 6.1 EV/EBIT 24e 11.6 22.9 40 50
EPS (y/y) 100.0 16.3 EV/EBIT 25e 7.5 20.1 30
Financials 20 0
KRW mn. FY 2022 FY 2023 FY 2024e FY 2025e

10
Sales 302,230,000 258,940,000 301,384,000 335,318,000 -50
% y/y 8.1 -14.3 16.4 11.3 0 Jul.23 Jan.24
22 23 24e 25e 26e
EBITDA 82,483,000 45,234,400 76,813,500 96,583,000 Company Index
Company Peers
% y/y -3.8 -45.2 69.8 25.7
EBIT 43,378,190 6,562,000 34,849,000 51,440,500 ESG Profile Ratings
% y/y -16.0 -84.9 431.1 47.6 4Q22 Consensus
Net Profit 55,612,400 14,473,687 28,900,000 43,022,000
Env. Soc. Buy 43
% y/y 39.6 -74.0 99.7 48.9
HI
UM
GH
EPS (KRW) 8,057.00 2,131.00 4,347.00 6,310.27

DI
ME
% y/y 39.5 -73.6 104.0 45.2 Hold 2

DPS (KRW) 1,444.00 1,444.00 1,444.00 1,444.00
Yield 2.6 1.8 1.9 1.9 MEDIUM
Gov.
*Security tradeable in London (in USD)
128

14.02.2024
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Taiwan Semiconductor
Taiwan | Technology
Rating: Buy
Taiwan Semiconductor Manufacturing is one of the largest chip
manufacturers in the world. The business model is the production of 150
semiconductor chips for other companies. Main sales countries: USA
(59%), China (19%).
TSMC, the largest contract manufacturer of processor chips for
smartphones, suffered a decline in sales of -11% to USD 17.3 bn in 3Q
2023. The decline in sales should slow down considerably in 4Q and
100
sales should increase significantly again from 1Q 2024. However,
operating costs rose by +14% year-on-year in 3Q. An operating profit
of USD 7.2 bn was achieved (-27% y/y). The operating margin
amounted to 41.7% (vs. 50.6% a year earlier). Adjusted net profit fell 75
by -24% (Y/Y) to USD 6.7 bn in 3Q.
TSMC is the undisputed market leader. Tensions in the semiconductor 50
sector between the USA and China have recently had a negative
impact, but the new and first factory in the USA (Arizona, 1st stage:
USD 12 bn) is making a positive contribution to the global
25
diversification of TSMC's production facilities. There is a high 2020 2021 2022 2023 2024
probability that production capacity will be expanded there. According
Taiwan Semiconductor 200 DMA 100 DMA
to our forecasts, medium-term sales and earnings growth will be high in
the coming years and well above the sector average. However, a slight
decline in sales is still expected in 4Q 2023.
40 75
50
25
Exchange*: NYSE EN (US) 1Y Price Perf.: 32.7%
0
ISIN*: US8740391003 5Y Price Perf.: 234.5% 0
-25
EBIT Margin 41.9 20.2 PE 24e 21.0 14.6
Sales (y/y) 23.4 6.4 EV/EBIT 24e 13.9 11.9 60 50
EPS (y/y) 18.8 21.0 EV/EBIT 25e 10.9 10.3
40
Financials 0

Sales 74,352 68,430 84,425 100,654 -50
% y/y 29.8 -8.0 23.4 19.2 0 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y 32.0 -10.1 23.8 21.5
% y/y 57.0 -20.3 20.4 23.0 4Q22 Consensus
Net Profit 33,385 26,543 31,515 38,392
Env. Soc. Buy 35
% y/y 54.7 -20.5 18.7 21.8
ME
EPS (USD) 6.44 5.12 6.08 7.42

DI
W
UM
LO
% y/y 54.7 -20.5 18.8 22.0 Hold 1

DPS (USD) 1.81 1.87 2.22 2.22
Yield 2.4 1.8 1.7 1.7 MEDIUM
Gov.
*ISIN: Tradeable security at NYSE
129

14.02.2024
Page 130/146
Tencent
Hong Kong | Technology
Rating: Hold
Prices as of: 13.02.24 Close Price: HKD 287.20
Business Model Price in HKD
Tencent is one of the largest Chinese Internet companies. Its services
include instant messaging service (WeChat), social networks, online 800
games (Riot Games), e-commerce and online advertising. WeChat is
the most widely used chat service in China as well as the number 2 in 700
the Chinese mobile payment market, generating 95% of its revenue in
China.
Tencent has invested heavily in technology to better target user data
and improve conversion. Revenue increased significantly. Revenue up 500
+16% to CNY 560 bn in 2021, with operating income up +51% to CNY
264 bn, resulting in operating margin reaching the exceptionally high
400
level of 47% in the last reported fiscal year (2021). For FY 2022,
consensus expects a slight decline in revenue (-1% y/y) and a sharp
drop in profit (-49% y/y). 300
The Chinese leadership has a strong influence on the company's 200
management. After an expected significant decline in profits (2022e:
-49%) in the last fiscal year, sales (2023e: +12%) and earnings/share
100
(2023e: +21%) are expected to recover again in 2023. 2020 2021 2022 2023 2024
Tencent 200 DMA 100 DMA

20 25
10
Exchange: Hong Kong SEs 1Y Price Perf.: -25.7% -25
ISIN: KYG875721634 5Y Price Perf.: -13.1% 0
-50
EBIT Margin 30.8 27.6 PE 24e 14.0 15.5
Sales (y/y) 12.5 8.3 EV/EBIT 24e 11.2 13.3 35 50
EPS (y/y) 18.4 16.3 EV/EBIT 25e 9.4 11.9 30
Financials 25 0
CNY mn. FY 2021 FY 2022 FY 2023e FY 2024e

20
Sales 675,060 644,876 600,886 675,749 -50
% y/y 24.6 -4.5 -6.8 12.5 15 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y 8.7 -8.6 17.9 14.1
% y/y 3.0 -14.1 43.9 21.0 4Q22 Consensus
Net Profit 270,958 218,904 152,423 180,721
Env. Soc. Buy 69
% y/y 50.9 -19.2 -30.4 18.6
GH
ME
EPS (CNY) 27.02 13.61 15.95 18.88

HI
D
IU
M
% y/y 49.2 -49.6 17.2 18.4 Hold 2

DPS (CNY) 1.60 2.40 1.66 1.81 LOW
Yield 0.5 0.8 0.6 0.6
Gov.
130

14.02.2024
Page 131/146
Tokyo Electron
Japan | Technology
Rating: Hold
Prices as of: 13.02.24 Close Price: JPY 33,720
Business Model Price in JPY
Tokyo Electron manufactures electronic products for industrial
applications. The company operates in two segments : production of 40k
equipment for semiconductor manufacturing and coating equipment for
flat panel displays. The main markets are Asia (mainly China, Taiwan, 35k
Korea, Japan) and North America.
Earnings Update 21.08.2023 30k
Tokyo Electron increased sales by +10% (y/y) to JPY 2209 billion in the
last fiscal year. However, operating costs increased more strongly. 25k
They increased by +17% (Y/Y). As a result, the operating margin
slipped to 28% (vs. 29.9% a year earlier). Operating income was JPY 20k
617 billion (+3% y/y) and net income was JPY 471 billion (+8% y/y).
Rating Rationale Analyst: Hans Engel 15k
For fiscal 2024, which is already underway, both sales and earnings
are expected to decline. The operating margin should rise again in the 10k
medium term. Significantly positive growth rates in sales and earnings
are not expected again until the next financial year. 5k
0k
2020 2021 2022 2023 2024
Tokyo Electron 200 DMA 100 DMA

20 40
Exchange: Japan SE (Tokyo) 1Y Price Perf.: 119.2% 0 0

ISIN: JP3571400005 5Y Price Perf.: 525.2%
-10 -20
EBIT Margin 26.3 30.1 PE 24e 40.1 28.1
Sales (y/y) 4.6 0.7 EV/EBIT 24e 29.9 24.2 35 100
EPS (y/y) 10.3 0.6 EV/EBIT 25e 23.4 18.4
30
Financials 0
JPY mn. FY 2022 FY 2023 FY 2024e FY 2025e 25

Sales 2,003,805 2,209,025 1,770,000 2,031,310 -100
% y/y 43.2 10.2 -19.9 14.8 20 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y 79.3 3.9 -26.3 30.3
% y/y 86.9 3.1 -32.2 31.5 4Q22 Consensus
Net Profit 437,076 471,584 321,633 419,200
Env. Soc. Buy 19
% y/y 79.9 7.9 -31.8 30.3
GH
ME
EPS (JPY) 935.95 1,007.82 694.91 905.75

HI
D
IU
M
% y/y 79.7 7.7 -31.0 30.3 Hold 6

DPS (JPY) 467.67 570.33 350.00 444.00 LOW
Yield 2.2 3.6 1.0 1.3
Gov.
131

14.02.2024
Page 132/146
BHP Group
Australia | Basic Resources
Rating: Hold
BHP Group is a global commodities company that mines iron ore, coal,
copper, silver, gold, zinc, lead, molybdenum and uranium. The Group 3000
also produces crude oil and natural gas. Sales share of the largest
segments: iron ore (49%), metals (27%), coal (25%). The main sales
markets are China (56%), Japan (13%) and India (8%). 2500
BHP Group revenues increased +14% (y/y) to USD 65.1 bn in FY2022.
BHP achieved high revenue growth mainly from coal (revenue USD 15
2000
bn vs. USD 5 bn a year earlier). There were also increases in copper
and nickel. Iron ore sales, on the other hand, declined. Operating costs
rose little, with an increase of only +4.9% (y/y). As a result, operating
profit increased strongly. It amounted to USD 34.1 billion (+29% y/y). 1500
Adjusted net income increased by +58% to USD 21.8 bn.
BHP Group is an above-average profitable company in the raw 1000
materials sector. The operating margin is very high. In the current fiscal
year, sales and profits are expected to decline significantly. A slight
decline in sales and profits is also expected for the coming fiscal year.
500
2020 2021 2022 2023 2024
BHP Group 200 DMA 100 DMA

20 25
Employees: - Div. Yield 23: 4.6%
ISIN: AU000000BHP4 5Y Price Perf.: 48.9% 0 -25

EBIT Margin 42.6 28.0 PE 24e 11.0 10.3
Sales (y/y) 10.2 2.0 EV/EBIT 24e 6.7 6.5 80 20
EPS (y/y) -0.3 7.6 EV/EBIT 25e 7.1 6.3
60
Financials 0

Sales 48,979 44,744 55,624 54,992 -20
% y/y 15.8 -8.6 24.3 -1.1 20 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y 4.6 -22.4 31.9 -3.3
% y/y 13.7 -27.8 -2.6 -5.3 4Q22 Consensus
Net Profit 23,815 13,232 14,083 13,184
Env. Soc. Buy 7
% y/y 39.5 -44.4 6.4 -6.4
GH
ME
EPS (USD) 4.21 2.61 2.77 2.59

HI
D
IU
M
% y/y 40.1 -38.0 5.9 -6.2 Hold 17

DPS (GBp) 270.00 138.00 123.36 113.94
Yield 9.7 4.6 5.3 4.9
HIGH
Gov.
132

14.02.2024
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Rio Tinto
Australia | Basic Resources
Rating: Hold
The English-Australian Rio Tinto Group is one of the three largest
commodity companies in the world. The group generates its revenues 7k
through the sale of iron ore (53%), aluminum (24%), diamonds and
minerals (12%), and copper (11%). The main sales markets are China
(54%), USA (16%), Japan and rest of Asia (14%). 6k
Rio Tinto saw sales decline by -10% (y/y) to USD 26.7 billion in the last
half-year. At the same time, operating costs increased by +11% (Y/Y).
5k
As a result, operating income declined -41% (Y/Y) year-on-year to USD
7.2 billion. As a result, the operating margin fell to 27.2% (vs. 41% in
the comparable half of the previous year). Adjusted net income was
USD 5.7 billion (-34% y/y). Operating cash flow also declined. It fell by 4k
-33% y/y) to USD 7 billion.
The company has a very high operating margin compared with its 3k
competitors. In 2023, sales and profits will fall significantly. It is not until
next year that the sales trend should stabilize and profits will decline
only slightly. Due to the below-average growth prospects, the stock has
2k
a low P/E ratio. The dividend yield is also very high. 2020 2021 2022 2023 2024
Rio Tinto 200 DMA 100 DMA

10 100
5
ISIN: GB0007188757 5Y Price Perf.: 21.4% 0
-50
EBIT Margin 33.8 28.0 PE 24e 10.3 11.0
Sales (y/y) 0.2 3.4 EV/EBIT 24e 7.2 7.2 40 25
EPS (y/y) 86.7 3.2 EV/EBIT 25e - 6.3 35
Financials 30 0

25
Sales 46,168 45,101 50,852 52,340 -25
% y/y 32.7 -2.3 12.8 2.9 20 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y 44.8 -23.0 21.3 5.9
% y/y 78.3 -26.9 2.6 8.1 4Q22 Consensus
Net Profit 15,768 11,002 11,436 12,229
Env. Soc. Buy 16
% y/y 75.3 -30.2 3.9 6.9
HI
UM
GH
EPS (USD) 9.74 6.79 6.96 7.58

DI
ME
% y/y 75.4 -30.3 2.5 8.9 Hold 7

DPS (GBp) 767.00 408.00 310.40 332.88
Yield 9.3 6.8 5.9 6.3 MEDIUM
Gov.
133

14.02.2024
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Vale
Brazil | Basic Resources
Rating: Hold
Prices as of: 13.02.24 Close Price: BRL 65.92
Business Model Price in BRL
Vale produces and sells iron ore, pellets, manganese, alloys, gold,
nickel, copper, kaolin, bauxite, alumina, aluminum and potash. Product 140
range: bulk (67%), metals (24%), fertilizers (9%). Sales regions are:
Asia (67%), Europe (11%), and North/South America (18%).
Vale saw sales decline by -23% (y/y) to USD 44 bn in the last fiscal
year 2022 due to falling commodity prices. Gross profit fell by -42% 100
(y/y) to USD 19.9 bn. Operating costs were reduced by -51% (y/y).
Overall, Vale achieved an operating profit of USD 17.2 bn (-40% Y/Y)
or adjusted net income of USD 17 bn (-39% Y/Y). 80
Significant declines in revenues and profits are expected for 2023. Next
year, revenue growth should be slightly positive again. Vale has higher 60
profitability (operating margin and ROE) than its peers. The stock is
valued much more favorably than the median of its peers based on the
2023e P/E ratio. The expected dividend yield 2023e is very high. 40
20
2020 2021 2022 2023 2024
Vale 200 DMA 100 DMA

10 50
Exchange*: NYSE EN (US) 1Y Price Perf.: -24.0% -10 0

ISIN*: US91912E1055 5Y Price Perf.: 44.9%
-20 -25
EBIT Margin 37.8 32.7 PE 24e 5.0 16.6
Sales (y/y) 1.8 4.9 EV/EBIT 24e 4.4 7.4 45 25
EPS (y/y) 13.3 9.1 EV/EBIT 25e 4.8 7.1 40 0
Financials 35
-25
BRL mn. FY 2021 FY 2022 FY 2023e FY 2024e
30
Sales 293,524 226,508 207,076 210,756 -50
% y/y 42.4 -22.8 -8.6 1.8 25 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y 72.8 -37.6 -17.0 6.6
% y/y 87.4 -41.5 -20.7 8.2 4Q22 Consensus
Net Profit 133,712 95,924 47,810 54,647
Env. Soc. Buy 10
% y/y 275.7 -28.3 -50.2 14.3
GH
ME
EPS (BRL) 24.19 20.68 11.61 13.16

HI
D
IU
M
% y/y 364.4 -14.5 -43.9 13.3 Hold 4

DPS (BRL) 14.11 5.98 6.45 5.70 LOW
Yield 18.1 6.7 9.8 8.6
Gov.
*ISIN: Tradeable security at NYSE (USD)
134

14.02.2024
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Alibaba
China | Consumer Discretionary
Rating: Hold
Alibaba offers its business and individual customers Internet commerce
and communication platforms and cloud services. For retail, there are 350
the platforms "Tmall" and Taobao (for online auctions), respectively.
Alibaba also operates the online payment system "Alipay".
Approximately 75% of revenues are generated in China. 300
Alibaba reported revenue growth of +18.9% (y/y) for the last fiscal year 250
(ended 3/31/2022). Alibaba increased its customer base by 28 million
to 1.31 billion last year. Retail business was up +18%, while cloud
business revenue was up +23%. Operating income fell -22% to USD 200
10.9 bn, while net income fell -59% to USD 9.7 bn. Revenue growth is
expected to slow significantly in the current FY 2023. Profits should
increase only slightly in FY 2023. 150
The Chinese leadership has a strong influence on the company's
management. After a significant slowdown in growth in the current 100
fiscal year, consensus estimates for the coming fiscal year 2024 (starts
on March 31, 2023) assume a stronger increase in sales and also a
50
significant increase in profits. 2020 2021 2022 2023 2024
Alibaba 200 DMA 100 DMA

15 50
10
ISIN: US01609W1027 5Y Price Perf.: -57.7% 5
-25
Ratios Value 0 -50
EBIT Margin 14.4 16.2 PE 24e 7.9 16.2
Sales (y/y) 6.9 11.5 EV/EBIT 24e 6.4 11.1 25 50
EPS (y/y) 5.4 17.2 EV/EBIT 25e 4.7 9.3 20
Financials 15 0

10
Sales 132,931 126,703 130,632 141,256 -50
% y/y 25.6 -4.7 3.1 8.1 5 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y 7.8 510.5 -79.6 2.6
% y/y 10.5 1.0 16.7 18.1 4Q22 Consensus
Net Profit 9,655 10,558 13,633 16,987
Env. Soc. Buy 43
% y/y -56.4 9.4 29.1 24.6
ME
EPS (USD) 7.82 7.76 8.83 9.09

D
W
IU
LO
% y/y -22.5 -0.7 13.7 3.0 Hold 9

DPS (USD) 0.0 0.0 0.99 1.00 LOW
Yield 0.0 0.0 1.4 1.4
Gov.
135

14.02.2024
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Toyota Motor
Japan | Consumer Discretionary
Rating: Buy
Prices as of: 13.02.24 Close Price: JPY 3,456.00
Toyota Motor produces automobiles at more than 50 locations around
the world. Segments: Toyota Motor Automotive (90%), Financial 4000
Services (7%), Other (3%). Sales countries: North America (30%),
Japan (28%), Asia (16%), Europe (13%), other (13%).
Toyota Motor increased sales by +18% (Y/Y) to JPY 37,200 bn in
FY2023 (ended 03/31/2013). Revenues increased in all sales regions. 3000
In North America, the most important market, revenues were up +24%
(Y/Y). Gross profit increased by +6% (Y/Y). Operating profit, however,
decreased by -9% (Y/Y) to JPY 2.725 billion. Adjusted net profit fell 2500
-14% to JPY 2,500 bn in the last fiscal year. Toyota Motor expects
sales of JPY 38,000 billion and net profit of JPY 2,600 bn in the current
fiscal year. 2000
The positive trend in sales and earnings continued in the 1st quarter of
the current financial year current fiscal year (April - June) 2024. The 1500
operating margin increased to 10.6% (vs. 6.8% in the comparable
quarter of the previous year). The group also plans to launch 10 new
1000
battery-electric car models by 2026 and sell at least about 1.5 million of 2020 2021 2022 2023 2024
them annually. A new production strategy is expected to make it much
Toyota Motor 200 DMA 100 DMA
cheaper to manufacture the models sold from 2026.

20 75
Exchange: Japan SE (Tokyo) 1Y Price Perf.: 84.2% 10 25

ISIN: JP3633400001 5Y Price Perf.: 160.8%
0
Ratios Value 0 -25
EBIT Margin 11.1 7.8 PE 24e 10.9 5.9
Sales (y/y) 6.9 1.6 EV/EBIT 24e 15.6 3.4 12 100
EPS (y/y) 13.0 -1.3 EV/EBIT 25e 15.0 2.9
10 50
Financials
0
Sales 31,379,507 37,154,298 44,150,000 45,700,000 -50
% y/y 15.3 18.4 18.8 3.5 6 Jul.23 Jan.24
22 23 24e 25e 26e
EBITDA 4,817,577 4,764,930 6,233,740 6,609,880 Company Index
Company Peers
% y/y 25.4 -1.1 30.8 6.0
EBIT 2,995,697 2,725,026 4,900,000 5,050,000 ESG Profile Ratings
% y/y 36.3 -9.0 79.8 3.1 4Q22 Consensus
Net Profit 2,850,110 2,451,318 4,433,400 4,300,000
Env. Soc. Buy 14
% y/y 26.9 -14.0 80.9 -3.0
GH
ME
EPS (JPY) 205.23 179.47 314.60 318.20

HI
D
IU
M
% y/y 27.8 -12.6 75.3 1.1 Hold 10

DPS (JPY) 52.00 60.00 85.00 91.00 LOW
Yield 2.3 3.2 2.5 2.6
Gov.
136

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AmBev
Brazil | Consumer Staples
Rating: Not
Rated
Prices as of: 13.02.24 Close Price: BRL 12.95
Business Model Price in BRL
AmBev is the largest beer producer in Latin America. The Group is the
market leader in Brazil and also a leading producer in a total of 10 of 22.5
the 18 countries in which it operates. The company produces,
distributes, and sells beer, sodas, tea, and sports drinks. Largest sales
markets: Brazil: 54%, Rest of Latin America: 22%, Canada: 13%. 20
Ambev increased sales volumes of beer and non-alcoholic beverages
by +3.0% (y/y) last year. Sales increased by +9.4% to BRL 79.7 billion.
17.5
Sales increased significantly in Brazil in particular. Annual volumes for
beer and non-alcoholic beverages reached an all-time high in a more
difficult environment with high inflation and rising interest rates, with
market share gains in both divisions. Operating income increased by 15
+3% (y/y) to BRL 17.7 bn. The operating margin decreased moderately
y/y from 23.4% to 22.2%. Adjusted net profit, on the other hand, rose
by +13% (y/y) to BRL 14.5 bn. 12.5
Coverage of this company will be terminated.
10
2020 2021 2022 2023 2024
AmBev 200 DMA 100 DMA

15 20
10
Exchange*: NYSE EN (US) 1Y Price Perf.: -1.4% 10
ISIN*: US02319V1035 5Y Price Perf.: -29.6% 5
5
Ratios Value 0 0
EBIT Margin 25.2 18.6 PE 24e 13.9 17.3
Sales (y/y) 3.0 3.3 EV/EBIT 24e 8.9 14.0 30 50
EPS (y/y) 0.9 10.7 EV/EBIT 25e 8.0 12.9 25 25
Financials 20
0
BRL mn. FY 2021 FY 2022 FY 2023e FY 2024e
15
Sales 72,854 79,709 82,092 84,518 -25
% y/y 24.8 9.4 3.0 3.0 10 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y 16.3 1.3 16.0 9.1
% y/y 20.6 -1.5 16.6 12.5 4Q22 Consensus
Net Profit 12,671 14,458 14,575 14,621
Env. Soc. Buy 13
% y/y 11.4 14.1 0.8 0.3
HI
UM
GH
EPS (BRL) 0.82 0.87 0.92 0.93

DI
ME
% y/y 10.8 6.6 5.2 0.9 Hold 4

DPS (BRL) 0.60 0.73 0.74 0.77 LOW
Yield 3.9 5.0 5.8 5.9
Gov.
*
137

14.02.2024
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Fomento Eco. Mexicano

Mexico | Consumer Staples
Rating: Buy
Prices as of: 13.02.24 Close Price: MXN 241.54
Business Model Price in MXN
Fomento Economico Mexicano (FEMSA) is a holding company that
produces and markets non-alcoholic beverages through its 250
subsidiaries. The company is the largest bottler of Coca-Cola, Sprite,
juices and other soft drinks, and water. The majority of its revenues are
generated in Mexico and Central America. 225
Fomento Economico Mexicano increased revenues by +22% (y/y) to 200
MXN 180 billion in 1Q. Same-store sales rose by +18.5% (y/y). Higher
purchases per customer and also increased customer traffic in stores
were the main contributors to this increase. Following a very strong 175
expansion in marketing expenses (+30% y/y), operating profit
increased only slightly. It increased by +2% (y/y) to MXN 12 billion. The
number of new stores was expanded by more than +1,000 to 21,615. 150
Adjusted profit increased +191% (y/y) to MXN 7.5 billion.
Demand for soft drinks is very robust in Mexico and Central America. 125
Fomento Economico Mexicano is therefore showing strong organic
sales growth. Sales are additionally being expanded through the
100
expansion of business outlets. The operating margin is extremely 2020 2021 2022 2023 2024
stable. Estimates for sales and profits are on an upward trend.
Fomento Eco. Mexicano 200 DMA 100 DMA

30 100
20
-50
Ratios Value 0 -100
EBIT Margin 9.0 29.7 PE 24e 23.0 18.8
Sales (y/y) 6.6 5.1 EV/EBIT 24e 7.5 16.3 40 100
EPS (y/y) -45.9 10.9 EV/EBIT 25e 5.9 15.6 30 50
Financials 20
0
MXN mn. FY 2021 FY 2022 FY 2023e FY 2024e
10
Sales 556,261 673,202 759,456 809,598 -50
% y/y 12.8 21.0 12.8 6.6 0 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y 13.1 12.4 15.6 10.2
% y/y 21.8 14.2 9.4 12.4 4Q22 Consensus
Net Profit 28,495 23,909 71,362 37,810
Env. Soc. Buy 8
% y/y - -16.1 198.5 -47.0
GH
ME
EPS (MXN) 7.93 12.72 19.40 10.50

HI
D
IU
M
% y/y - 60.4 52.5 -45.9 Hold 6

DPS (MXN) 3.40 3.26 3.42 3.84 LOW
Yield 2.1 2.1 1.4 1.6
Gov.
138

14.02.2024
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China Construction Bank

China | Financials
Rating: Sell
Prices as of: 13.02.24 Close Price: HKD 4.61
Business Model Price in HKD
China Construction Bank Corporation is one of the "Big Four" banks in
China with approximately 350,000 employees. The bank's segments 8
are: Retail Banking (40%), Corporate Banking (39%), Treasury
Business (16%) and Investments (5%). The main market is China,
which accounts for 97% of net revenues. 7
China Construction Bank increased revenues by 0.8% (y/y) in the first
three quarters of 2022. Net interest income increased +7.7% (y/y) to
6
CNY 488,149 million, with a net interest margin of 2.21%. Net fee and
commission income amounted to CNY 106,157 m. Operating profit fell
-0.2% (y/y) to CNY 292,138 m. The cost-income ratio was 28.75% at
last count. Adjusted net income increased +6.5% y/y in the first three 5
quarters of FY2022 compared to the same period last year.
Sales and earnings estimates are on a downward trend for this year 4
and next. There is also an increased political risk to the company's
further positive development. In our view, these risks currently
outweigh the potential opportunities for investors.
3
2020 2021 2022 2023 2024
China Construction Bank 200 DMA 100 DMA

20 40
Exchange: Hong Kong SEs 1Y Price Perf.: -6.9%
ISIN: CNE1000002H1 5Y Price Perf.: -34.0% 0 0

NPL Ratio 1.3 2.9 PE 24e 3.1 6.3
ROE 1.5 10.2 PB 24e 0.33 0.77 250 25
ROA 0.1 0.71 PB 25e 0.30 0.70 200
Financials 150 0
CNY mn FY 2021 FY 2022 FY 2023e FY 2024e

100
Total Income 120,408 110,227 751,947 799,206 -25
% y/y 10.6 -8.5 582.2 6.3 50 Jul.23 Jan.24
19 20 21 22 23
Company Peers
% y/y 15.3 -1.1 588.7 5.2
+/- 0.0 -0.1 9.6 -0.5 4Q22 Consensus
EPS (CNY) 1.44 1.49 1.29 1.36
Env. Soc. Buy 21
% y/y 20.4 3.4 -13.1 5.4
ME
DPS (CNY) 0.43 0.42 0.43 0.45

D
W
IU
LO
Yield % 9.6 9.7 9.4 9.7 Hold 1

LOW
Sell
Gov.
139

14.02.2024
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ICICI Bank
India | Financials
Rating: Buy
Prices as of: 13.02.24 Close Price: INR 1,020.10
Business Model Price in INR
ICICI Bank is the largest private bank in India with approximately
97,000 employees and more than 5,000 branches. Its specialization is 1200
retail and corporate banking. ICICI offers a leading app (iMobile) with
algorithmic investment advice. Key segments are: Retail Banking
(42%), Treasury (37%) and Wholesale Banking (20%). 1000
ICICI Bank increased net interest income by +17% (y/y) to INR 542 bn
in the last fiscal year (ended 3/31/2022), while non-interest income fell
800
-14% (y/y) to INR 621. On the positive side, loan loss provisions fell
sharply (-37.5% y/y). Non-interest expenses increased only moderately
(+7.5% y/y). Net income increased +37% (y/y) to INR 251 billion. Asset
quality improved y/y. The non-performing loan ratio decreased to 0.7% 600
(vs. 0.76% a year earlier).
ICICI Bank again achieved a strong increase in loan volume in the last 400
quarter. Net interest income increased significantly. Fee income, on the
other hand, increased only moderately. The ROE is very high and the
largest Indian bank convinces with a cost-income ratio of 40. The bank
200
benefits from the high growth in India (23e: +6.9 y/y) and the long-term 2020 2021 2022 2023 2024
very positive demographic development in India (median age: 29
ICICI Bank 200 DMA 100 DMA
years). We recommend the stock as a buy.

30 40
20
Exchange*: NYSE EN (US) 1Y Price Perf.: 20.0% 20
ISIN*: US45104G1040 5Y Price Perf.: 200.0% 10
10
Ratios Value 0 0
Net Int. Margin - 2.7 PE 23 17.8 7.0 Company Peers Company Peers
NPL Ratio - 1.2 PE 24e 16.8 6.1
Cost Inc. Ratio - 40.6 PE 25e 14.9 5.2 CY, %, Lower is better 1 year in EUR, %
ROE 17.1 13.6 PB 24e 2.79 0.81 300 25
ROA - 0.68 PB 25e 2.41 0.73
200
Financials 0
INR mn FY 2022 FY 2023 FY 2024e FY 2025e 100

Total Income 659,836 819,601 975,190 1,103,560 -25
% y/y 13.8 24.2 19.0 13.2 0 Jul.23 Jan.24
19 20 21 22 23
Company Peers
% y/y 44.1 36.7 26.1 8.1
+/- 2.2 2.4 1.3 -1.0 4Q22 Consensus
EPS (INR) 36.21 48.86 57.40 62.16
Env. Soc. Buy 50
% y/y 32.8 34.9 17.5 8.3
ME
DPS (INR) 5.00 8.00 10.00 11.20

D
W
IU
LO
Yield % 0.7 0.9 1.0 1.1 Hold 2

MEDIUM
*ISIN: Security tradeable at NYSE Sell
Gov.
140

14.02.2024
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Daikin Industries
Japan | Industrials
Rating: Hold
Prices as of: 13.02.24 Close Price: JPY 21,445
Daikin Industries primarily manufactures and markets air conditioners
for residential and commercial use. A small part of the business is 35k
refrigerant production. The main sales markets are North and South
America (30%), Japan (19%), China (17%), rest of Asia (10%) and
Europe (17%). 30k
Daikin continued to benefit from strong global demand for heat pumps
and air conditioners, increasing sales by +28% (y/y) to now JPY
25k
3,981.6 bn (EUR 28 bn) in the last fiscal year (ending March 2023).
Sales were just above market expectations and increased in the three
business areas and all regions. However, due to higher material,
energy and personnel costs, the EBIT margin fell from 10.2% to 9.5%. 20k
Net income increased by +18.2% (y/y) to JPY 258 bn.
Daikin will benefit in the medium term from the acceleration of the 15k
movement towards CO2 neutrality. The Group is one of the technology
leaders and is therefore growing faster than the overall market. In the
heat pump heating sector, demand has recently been much more
10k
negative than expected. This is partly due to lower gas prices and 2020 2021 2022 2023 2024
changes in the Italian subsidy system. High inventories are currently
Daikin Industries 200 DMA 100 DMA
weighing on the share.

30 30
Exchange: Japan SE (Tokyo) 1Y Price Perf.: -6.5%
ISIN: JP3481800005 5Y Price Perf.: 77.4% 10 10
Ratios Value 0 0
EBIT Margin 9.5 14.6 PE 24e 22.5 19.1
Sales (y/y) 5.3 10.0 EV/EBIT 24e 15.1 15.8 20 25
EPS (y/y) 7.0 17.3 EV/EBIT 25e 13.3 13.1
15
Financials 0

Sales 3,109,106 3,981,578 4,275,000 4,471,560 -25
% y/y 24.7 28.1 7.4 4.6 5 Jul.23 Jan.24
22 23 24e 25e 26e
Company Peers
% y/y 24.8 20.4 5.9 7.1
% y/y 32.6 19.2 5.1 7.4 4Q22 Consensus
Net Profit 217,709 257,755 262,000 283,000
Env. Soc. Buy 10
% y/y 39.3 18.4 1.6 8.0
UM
ME
EPS (JPY) 743.88 880.59 894.90 972.93

D
DI
IU
ME
% y/y 39.3 18.4 1.6 8.7 Hold 10

DPS (JPY) 200.00 240.00 240.00 260.00 LOW
Yield 0.9 1.0 1.1 1.2
Gov.
141

14.02.2024
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Contacts
Group Research
Treasury - Erste Bank Vienna
Head of Group Research
Head of Group Markets
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CEE Macro/Fixed Income Research
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Head CEE: Juraj Kotian (Macro/FI) +43 (0)5 0100 17357
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Croatia/Serbia
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142

Disclaimer
14.02.2024
Page 143/146
Disclaimer
This investment research (the "Document") has been prepared by Erste Group Bank AG or any of its consolidated subsidiaries (together with
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Distribution of ratings
Statistics
Sector No. of Buy Hold Sell

Equities
Consumer Discretionary 23 6 17 0
Industrials 10 4 6 0
Materials 7 2 5 0
Energy 8 2 6 0
Technology 26 17 9 0
Consumer Staples 14 2 12 0
Health Care 21 7 14 0
Financials 20 7 11 2
Telecom 4 0 4 0
Utilities 3 0 3 0
Total 136 47 87 2
Source: Erste Group Research
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Erste Group Research

Major Markets & Credit Research

GLOBAL EQUITY RATINGS

New all-time high in the USA after strong earnings

Analysts Rating Changes

For the exclusive use of Erste Group Client. (Erste Group)

For the exclusive use of Erste Group Client. (Erste Group)

United States (1/2)

For the exclusive use of Erste Group Client. (Erste Group)

United States (2/2)

Asia, Australia & Latin America

For the exclusive use of Erste Group Client. (Erste Group)

Buy Rating & High Dividend Yield

Buy Rating & Low PE

Date Time Company Result Rating

For the exclusive use of Erste Group Client. (Erste Group)

Overview Sales y/y EPS y/y

% y/y 247.8 -83.0 - -

EPS (EUR) 7.47 1.25 -0.04 3.09 Hold 15

For the exclusive use of Erste Group Client. (Erste Group)

Exchange: XETRA 1Y Price Perf.: 3.4% 10 0

EUR mn. FY 2021 FY 2022 FY 2023e FY 2024e 7.5

EPS (EUR) 18.77 27.31 18.48 16.29

% y/y 227.6 45.5 -32.3 -11.8 Hold 13

For the exclusive use of Erste Group Client. (Erste Group)

Cie Financiere Richemont

Overview Sales y/y EPS y/y

Exchange: SIX Swiss SE 1Y Price Perf.: -6.7% 10 25

EPS (EUR) 3.82 6.60 6.47 7.12

% y/y 50.0 72.8 -2.1 10.1 Hold 9

For the exclusive use of Erste Group Client. (Erste Group)

EPS (EUR) 32.09 41.12 43.19 47.98

% y/y 37.7 28.1 5.0 11.1 Hold 13

For the exclusive use of Erste Group Client. (Erste Group)

Overview Sales y/y EPS y/y

EUR mn. FY 2022 FY 2023 FY 2024e FY 2025e

EPS (EUR) 1.04 1.33 1.72 1.88

% y/y 193.5 27.4 29.6 9.5 Hold 10

For the exclusive use of Erste Group Client. (Erste Group)

Overview Sales y/y EPS y/y

Exchange: Euronext Paris 1Y Price Perf.: -27.5% 10 0

EUR mn. FY 2022 FY 2023 FY 2024e FY 2025e 20

EPS (EUR) 30.42 25.01 24.60 27.53

% y/y 12.8 -17.8 -1.7 11.9 Hold 22

For the exclusive use of Erste Group Client. (Erste Group)

Overview Sales y/y EPS y/y

EUR mn. FY 2022 FY 2023 FY 2024e FY 2025e

EPS (EUR) 11.26 12.08 12.97 14.02

% y/y 27.7 7.3 7.4 8.1 Hold 13

For the exclusive use of Erste Group Client. (Erste Group)

Overview Sales y/y EPS y/y

EUR mn. FY 2022 FY 2023 FY 2024e FY 2025e

EPS (EUR) 28.03 30.33 32.35 35.73

% y/y 17.3 8.2 6.7 10.4 Hold 9

For the exclusive use of Erste Group Client. (Erste Group)

Overview Sales y/y EPS y/y

EUR mn. FY 2021 FY 2022 FY 2023e FY 2024e

EPS (EUR) 12.89 13.55 13.19 11.75

% y/y 354.0 5.1 -2.7 -10.9 Hold 9

For the exclusive use of Erste Group Client. (Erste Group)

Overview Sales y/y EPS y/y

Exchange: XETRA 1Y Price Perf.: -29.1% 10 20