Spanish Potentially Undervalued Companies

Fomento de Construcciones y Contratas

Market Cap: €4.9b

Engages in the environmental services, water management, infrastructure development, and real estate businesses in Europe and internationally.

Ebro Foods

Market Cap: €2.6b

Operates as a food company in Spain, rest of Europe, the United States, Canada, and internationally.

Vale

Market Cap: €244.3b

Produces and sells iron ore, iron ore pellets, nickel, and copper in Brazil and internationally.

Grupo Catalana Occidente

Market Cap: €4.8b

Provides insurance products and services worldwide.

Grupo Financiero Banorte. de

Market Cap: €419.0b

Through its subsidiaries, engages in the provision of banking and financial products and services in Mexico and internationally.

Laboratorios Farmaceuticos Rovi

Market Cap: €2.7b

Manufactures, sells, and markets pharmaceutical products in Spain, European Union, OECD countries, and internationally.

Alquiber Quality

Market Cap: €60.5m

Provides industrial and commercial vehicle rental services for SMEs and large companies in Spain.

Centrais Elétricas Brasileiras - Eletrobrás

Market Cap: €75.9b

Through its subsidiaries, engages in the generation, transmission, and commercialization of electricity in Brazil.

Mapfre

Market Cap: €8.8b

Engages in the investment, insurance, property, financial, and services businesses in Spain.

Telefónica

Market Cap: €24.5b

Provides telecommunications services in Europe and Latin America.

CIE Automotive

Market Cap: €2.8b

Designs, manufactures, and sells automotive components and sub-assemblies.

Aedas Homes

Market Cap: €1.2b

Engages in the development of residential properties in Spain.

Labiana Health

Market Cap: €21.8m

Develops, manufactures, sells, and markets animal and human health medicine products in Spain, rest of European Union, and internationally.

Banco Santander

Market Cap: €97.0b

Provides various financial products and services to individuals, small and medium-sized enterprises, large corporations, and public entities worldwide.

International Consolidated Airlines Group

Market Cap: €13.7b

Engages in the provision of passenger and cargo transportation services in the North Atlantic, Latin America and the Caribbean, Europe, Africa, the Middle East and South Asia, the Asia Pacific, and internationally.

Neoenergia

Market Cap: €25.3b

Generates, transmits, distributes, trades in, and commercializes electric energy in Brazil.

Acerinox

Market Cap: €2.8b

Manufactures, process, and markets stainless steel products in Spain, the United States, Africa, Asia, Rest of Europe, and internationally.

Vocento

Market Cap: €91.5m

Operates as a multimedia communications company in Spain.

Bradespar

Market Cap: €6.8b

Through its interest in VALE, operates as a mining company in the production of iron ore and pellets, and nickel in Brazil.

Gestamp Automoción

Market Cap: €1.6b

Engages in the design, development, and manufacture of metal components for the automotive industry in the Western Europe, Eastern Europe, Mercosur, North America, and Asia.

Repsol

Market Cap: €14.0b

Operates as a multi-e energy company in Spain, Peru, the United States, Portugal, and internationally.

Soltec Power Holdings

Market Cap: €145.3m

Engages in the development of solutions for photovoltaic energy projects in Spain, Italy, Brazil, the United States, Mexico, Argentina, Chile, Colombia, Peru, Panama, Australia, China, India, Thailand, France, Denmark, Egypt, Israel, Portugal, the United Arab Emirates, Romania, and Kenya.

Plásticos Compuestos

Market Cap: €11.9m

Engages in the design, production, and marketing of mineral fillers, and color concentrates and additives for the plastics processing industry in Spain, Germany, France, and internationally.

Meliá Hotels International

Market Cap: €1.5b

Owns, manages, operates, leases, and franchises hotels worldwide.

Puig Brands

Market Cap: €9.2b

Operates in the beauty and fashion industry in Europe, the Middle East, Africa, the Americas, and the Asia-Pacific.

Nicolás Correa

Market Cap: €117.9m

Engages in the design, manufacture, and sale of CNC milling machines in Spain and internationally.

Aperam

Market Cap: €2.2b

Produces and sells stainless and specialty steel products worldwide.

Banco Bilbao Vizcaya Argentaria

Market Cap: €75.3b

Provides retail banking, wholesale banking, and asset management services primarily in Spain, Mexico, Turkey, South America, rest of Europe, the United States, and Asia.

Obrascón Huarte Lain

Market Cap: €555.8m

Engages in the construction and concessions businesses in the United States, Canada, Mexico, Chile, Peru, Colombia, Spain, Central and Eastern Europe, and internationally.

VBARE Iberian Properties SOCIMI

Market Cap: €35.5m

A multi-family residential REIT company.

MFE-Mediaforeurope

Market Cap: €2.3b

Operates in the television industry in Italy and Spain.

Cox ABG Group

Market Cap: €687.1m

Operates as an integrated utility of water and energy company.

Inmocemento

Market Cap: €1.4b

Inmocemento S.A., through its subsidiaries, engages in the real estate and cement businesses.

Domo Activos

Market Cap: €14.0m

Operates as a real estate investment company that purchases, develops, rents, and sells urban real estate properties in Spain.

Logista Integral

Market Cap: €3.7b

Through its subsidiaries, operates as a distributor and logistics operator in Spain, France, Italy, Portugal, and Poland.

MERLIN Properties SOCIMI

Market Cap: €5.6b

MERLIN Properties SOCIMI, S.A. (MC:MRL) is the largest real estate company trading on the Spanish Stock Exchange.