Spanish Potentially Undervalued Companies

Global Dominion Access

Market Cap: €495.6m

Provides integral services for business process efficiency and sustainability worldwide.

Viscofan

Market Cap: €2.5b

Manufactures, produces, and distributes casings in Spain.

Vocento

Market Cap: €85.5m

An independent communications company, develops content and services in Spain.

Prosegur Cash

Market Cap: €914.2m

Provides integrated cash cycle management solutions and automating payments in retail establishments and ATM management for financial institutions, retail establishments, business, government agencies, central banks, mints, and jewellery stores in Europe, LATAM, and internationally.

Tubacex

Market Cap: €423.7m

Engages in the manufacturing and sale of stainless steel and nickel tubes in Spain and internationally.

Promotora de Informaciones

Market Cap: €481.0m

Engages in the exploitation of media in Spain and internationally.

MERLIN Properties SOCIMI

Market Cap: €6.9b

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

Telefónica

Market Cap: €19.6b

Provides telecommunications services in Europe and Latin America.

Grupo Catalana Occidente

Market Cap: €5.3b

Provides insurance products and services in Spain, the European Union, and internationally.

Prosegur Compañía de Seguridad

Market Cap: €1.4b

Operates in the private security sector.

CIE Automotive

Market Cap: €3.6b

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

Aedas Homes

Market Cap: €1.0b

Engages in the development of residential properties in Spain.

Vidrala

Market Cap: €3.2b

Manufactures and sells glass containers for food and beverage products in the United Kingdom, Ireland, Italy, Iberian Peninsula, rest of Europe, and Brazil.

Neoenergia

Market Cap: €38.5b

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

International Consolidated Airlines Group

Market Cap: €19.2b

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

Deoleo

Market Cap: €93.3m

Engages in the production, transformation, and sale of vegetable oils, and other food and agricultural products in Spain, Italy, Northern Europe, Northern America, the Asia Pacific, the Middle East, Africa, and Latin America.

eDreams ODIGEO

Market Cap: €443.8m

Operates as an online travel company in France, Southern Europe, Northern Europe, and internationally.

Grupo Financiero Banorte. de

Market Cap: €477.1b

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

Meliá Hotels International

Market Cap: €1.7b

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

Plásticos Compuestos

Market Cap: €10.5m

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.

Nicolás Correa

Market Cap: €111.4m

Engages in the manufacture ang sale of milling machines and machining centres in Spain, rest of European Union, and internationally.

Construcciones y Auxiliar de Ferrocarriles

Market Cap: €2.0b

Construcciones y Auxiliar de Ferrocarriles, S.A.

Obrascón Huarte Lain

Market Cap: €510.1m

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

Laboratorios Farmaceuticos Rovi

Market Cap: €3.2b

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

Petróleo Brasileiro - Petrobras

Market Cap: €407.6b

Explores, produces, and sells oil and gas in Brazil and internationally.

Faes Farma

Market Cap: €1.6b

Researches, develops, produces, and markets pharmaceutical products, healthcare products, and raw materials internationally.

Galil Capital RE Spain SOCIMI

Market Cap: €24.9m

Operates as a real estate investment company.

Castellana Properties Socimi

Market Cap: €938.2m

As of December 20, 2016, Castellana Properties Socimi, S.A.

Mistral Iberia Real Estate SOCIMI

Market Cap: €23.1m

A real estate investment company, invests in real estate and other assets.

Inmocemento

Market Cap: €1.6b

Through its subsidiaries, engages in the cement and real estate businesses in Spain and internationally.

MFE-Mediaforeurope

Market Cap: €2.4b

Operates in the television industry in Italy and Spain.

Trajano Iberia

Market Cap: €5.0m

A real estate investment trust.

Naturgy Energy Group

Market Cap: €24.8b

Engages in the supply, liquefaction, regasification, transport, storage, distribution, and sale of gas.

Robot

Market Cap: €8.1m

A technology company, designs, manufactures, installs, and maintains systems for the automation and control of technical installations of buildings and the savings in Spain and internationally.

Renta Corporación Real Estate

Market Cap: €22.7m

A real estate company, engages in the acquisition, rehabilitation, and sale of real estate properties in Barcelona and Madrid, Spain.

Acciona

Market Cap: €10.4b

Engages in the energy, infrastructure, and other businesses in Spain and internationally.