If you’ve been avoiding stocks during the past few months in order to prevent yourself from making any more mistakes after 2022’s bloodbath and you’re looking to dip your toe back into equities, finding good global stocks to buy might be the wisest course of action.

As of Jan. 27, the iShares MSCI ACWI ex U.S. ETF (NASDAQ:ACWX) was up 20% in 2023. That’s three times the gain of  the iShares Russell 3000 ETF (NYSEARCA:IWV). ACWX owns the stocks of developed and emerging market companies that are based outside of the U.S. The IWV provides investors with exposure to 3,000 U.S. stocks of all sizes.    

Barclays’ Head of European Equity Strategy, Emmanuel Cau, believes that European equities could continue outperforming U.S. names well into 2023. 

“We started the year [overweight] Europe vs. U.S. and think the former offers better value, the potential to see flows reallocated towards the region, and arguably more positive growth risks, at least short term,” CNBC quoted  Cau  as saying on Jan. 24.  

“However, if the macro situation in the U.S. were to deteriorate more, history suggests the decoupling between the two markets may not last long.”

Generally, financial professionals have long believed that European assets are significantly undervalued relative to those in the U.S. 

Here are three global stocks to buy from ACWX that ought to do well in 2023 and beyond. 

Nestle (NSRGY)

Nestle (OTCMKTS:NSRGY) is likely to deliver its best annual financial results  since 2008 when it reports its 2022 earnings on Feb. 16. 

In November, the company discussed its plans for the next three years. It expects to grow its sales, excluding acquisitions, 4%-6% annually. It also anticipates reporting operating profit margins of 17.5% to 18.5% by 2025. 

For 2022, the midpoint of its guidance anticipates sales growth, excluding acquisitions, of 8.25% and a 17% operating profit margin. Its margins have been lower than usual in the past 12-18 months due to its higher costs. However, its costs are expected to drop during 2023.

And Nestle’s business is so strong that it plans to repurchase 20 billion Swiss Francs ($21.7 billion) of its stock between 2022 and 2024. 

LVMH (LVMUY)

LVMH (OTCMKTS:LVMH) remains one of my favorite stocks on either side of the Atlantic. Its CEO and its controlling shareholder, Bernard Arnault, has spent 38 years building the world’s largest, most profitable group of luxury brands and services. He did not become a multi-billionaire by accident. 

LVMH reported record 2022 full-year financial results on Jan. 26. Despite widespread fears that a global recession could occur, Arnault believes that the company can generate similar results in 2023 as in 2022, when its revenue and profit from recurring operations increased by 23% to 79 billion Euros ($85.9 billion) and 21 billion Euros ($22.8 billion), respectively.  

“We approach 2023 with confidence but remain vigilant due to current uncertainties. We count on the desirability of our Maisons and the agility of our teams to further strengthen our lead in the global luxury market and support France’s prestige throughout the world,” Arnault stated in the firm’s Jan. 26 press release. 

Michael Burke, who ran Louis Vuitton for ten years, will now be Bernard Arnault’s right-hand person, while Christian Dior Couture CEO Pietro Beccari will move into Burke’s spot, and Delphine Arnault (Arnault’s daughter) will slide into Beccari’s position at Christian Dior. 

Some media outlets presented this management shuffle as a demotion for Burke. That’s not the case. It’s more of an opportunity to give his daughter a chance to run one of the company’s more critical businesses. In addition, Beccari is ten years younger than Burke, so it makes sense to put him in charge of arguably its biggest asset for the next five to ten years. 

LVMH has a very deep bench.

Novo Nordisk (NVO)

Novo Nordisk (NYSE:NVO) obtained approval for its Rybelsus diabetes pill from the Food and Drug Administration on Jan. 13. It allows the company to generate additional revenue from Rybelsus, which was initially approved by the FDA in 2019. 

The label expansion enables doctors to prescribe the 7 mg and 14 mg Rybelsus pills as a first-line treatment for Type 2 diabetes. Previously, the FDA recommended that the weekly injections not be used as the first-line treatment for Type 2 diabetes.

Meanwhile, Novo’s  weight-loss drug, Wegovy, has been shown to significantly reduce weight by taming patients’ hunger.    

Between Rybelsus and Wegovy  the company’s revenues look ready to soar in 2023. Novo expects Wegovy to generate annual revenue of $3.7 billion by 2025.

While Rybelsus and Wegovy show promise, its biggest drug remains Ozempic, a weekly injection that lowers blood sugar levels. Through Q3, Ozempic accounted for one-third of Novo’s overall revenue. Ozempic’s revenues grew 69% year-over-year in Q3, excluding currency fluctuations. 

Of the 27 analysts covering NVO, 16 have an “overweight” rating or an outright “buy” on it, and their median price target on it is $150.56, nearly 10% above where it’s currently trading.  

As long as a significant portion of the world’s population remains obese, Novo Nordisk should deliver excellent shareholder returns for years to come.

On the date of publication, Will Ashworth did not have (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.