Spanish Undervalued based on future growth

Banco Santander

Market Cap: €146.6b

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

MERLIN Properties SOCIMI

Market Cap: €9.0b

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

Grifols

Market Cap: €5.6b

Engages in the research, development, production, and marketing of plasma-derived medicines in the United States, Canada, Spain, Europe, and internationally.

Técnicas Reunidas

Market Cap: €2.2b

An engineering and construction company, designs and manages industrial plant projects worldwide.

Gestamp Automoción

Market Cap: €1.8b

Designs, develops, and manufactures metal components for the automotive industry in Western Europe, Eastern Europe, Mercosur, North America, and Asia.

Pharma Mar

Market Cap: €1.7b

A biopharmaceutical company, focuses on the research, development, production, and commercialization of bio-active principles for the use in oncology in Spain, Germany, Ireland, France, Switzerland, rest of the European Union, the United States, and internationally.

HBX Group International

Market Cap: €1.5b

Provides network of interconnected B2B products and services for accommodation, mobility, experiences, hoteltech, fintech, and insurance sectors.

Cox ABG Group

Market Cap: €1.0b

Operates as an integrated utility of water and energy company in South America, Mexico, Europe, Africa, Spain, Latin America, and internationally.

General de Alquiler de Maquinaria

Market Cap: €138.3m

Primarily engages in the equipment rental business in Spain, Portugal, Latam, Morocco, and internationally.

Alquiber Quality

Market Cap: €77.8m

Provides leasing solutions for commercial and passenger vehicles for SMEs and large companies in Spain.

Libertas 7

Market Cap: €68.0m

Engages in the real estate development business in Spain.

Adolfo Domínguez

Market Cap: €52.6m

Engages in the design, manufacture, acquisition, sale, marketing, retail, import, and export of ready-made garments, footwear, handbags and accessories, household linen, furniture, and decorative objects.