Global Giants: 3 Multinational Corporations to Outperform in 2024

Global stocks are an excellent way to get exposure to emerging growth markets like India. Another advantage is their diversification across geographic regions, which promotes revenue stability. Since they operate in many areas across the globe, they can weather economic or demand headwinds in one region.

Typically, the best global stocks are large cap companies with extensive worldwide operations. Due to their global footprint, they benefit from the stability of mature developed markets and the growth in emerging markets. Besides, multinational corporations can leverage economies of scale to drive higher operating efficiency and margins.

Indeed, most of the top global stocks are some of the most profitable companies. Not only do they earn huge profits, but they also generate tremendous free cash flow. Most have a tradition of robust shareholder returns through dividends and buybacks. The following global stocks have become part of our everyday lives by selling frequently used products.

They have established market leadership and moats around their business. As we begin the year, buy these top global stocks to profit in 2024. Novo Nordisk A/S (NVO) Novo Nordisk A/S (NYSE: NVO ) is a leader in the diabetes market. Today, its medicines, including insulin and GLP 1s, treat over 40 million people globally.

Notably, the company boasts an enviable position in the diabetes treatment. It serves a third of the market and has achieved over $25 billion in obesity care sales. The diabetes market leader is set for growth, given its aspirations in the obesity market. The World Health Organization ( WHO ) estimates that obesity causes over 4 million deaths each year.

Besides, the World Obesity Federation forecasts that more than half of the population will be overweight or obese by 2035. Cardiovascular complications arising from obesity are a major cause of mortality, and the drug maker is addressing this challenge. In November, Novo Nordisk released its largest ever random study of Wegovy (semaglutide).

Based on the findings, it lowered the risk of stroke, cardiovascular death or myocardial infarction by 20%. Additionally, the drug improves blood pressure and markers of inflammation by 40%. Already, the company has two drugs on the market, Wegovy and Ozempic, that treat obesity and cardiovascular disease.

So far, the only competition is Eli Lilly’s (NYSE: LLY ) Mounjaro. Due to surging demand, the two global stocks are not satisfying demand for these weight loss and diabetes drugs. Novo Nordisk is investing in manufacturing facilities and supply chains to meet this demand. Due to solid demand, analysts expect over 20% revenue and earnings growth in 2024.

Thus, at 32 times 2024 EPS, NVO stock is a bargain, given the growth outlook over the next decade. Starbucks (SBUX) This global coffee powerhouse lost its mojo in 2023 and lagged the market. The major Achilles heel was the slow recovery in the Chinese market . However, SBUX stock could have a stellar 2024 on a China turnaround.

Starbucks (NASDAQ: SBUX ) brand is ubiquitous worldwide and is one of the top global stocks. As of Oct. 1, 2023, it had 38,038 stores, with 17,810 in North America and 20,228 internationally. The coffee chain generates a significant portion of revenues outside North America. In fiscal 2023, international stores accounted for 21% of total revenues.

Towards year end, SBUX stock endured a record 11 day losing streak . Sentiment on the stock weakened due to reports of slowing traffic and sales in November. However, this bellwether has had a history of solid execution. Going by Q4 FY2023 results, the company might surprise the market again with solid results.

Although there were fears about weak Chinese consumer traffic and slowing U.S. growth, the company surpassed expectations. Q4 FY2023 global comparable store sales increased 8% versus expectations of 6.3%. Additionally, total revenues were $9.4B, an 11.4% increase year over year ( YOY ). Since fundamentals are solid, analysts are bullish on the stock.

Out of the 33 analyst ratings , there are 11 buys, 21 holds and no sell or underweight ratings. The average price target is $113, presenting over 15% upside from current levels. Meta Platforms (META) This social media giant has a presence in our daily lives through Facebook, WhatsApp, and Instagram.

Moreover, due to network effects, more and more people are flocking to its platforms. As a result, Meta Platforms (NASDAQ: META ) has built a strong economic moat around its business. Meta Platforms is uniquely positioned since 2024 is the ultimate election year . Over 49% of the world’s population in 64 countries will head to national elections.

In the U.S., the presidential, senatorial, and congressional races will occur later in the year. Furthermore, consequential polls will be held in countries like Taiwan, Pakistan, Bangladesh, the U.K. and Russia. The 2024 elections in populous nations like India, the U.S., Indonesia, Pakistan, and Bangladesh bode well for Meta Platforms.

Due to its extensive reach and high number of active monthly users, its platforms are a magnet for advertisers. Political campaigns are no exception, and many candidates will be relying on the platform to sell their agendas. Already, the social media giant has shown robust growth trends in 2023. After growing revenues by 23% YOY in the third quarter of 2023, management expects at least 13% growth in Q4.

Typically, advertising revenue is tied to economic growth. Thus, 2024 might be another impressive year since economic growth is still robust. Furthermore, political advertising is the icing on the cake that will push one of the best global stocks higher. META stock is a solid buy at a forward price to earnings ratio of 20.

On the date of publication, Charles Munyi did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines..