Spanish Undervalued over 20% based on DCF

Banco Santander

Market Cap: €107.1b

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

Banco Bilbao Vizcaya Argentaria

Market Cap: €82.6b

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

CaixaBank

Market Cap: €57.3b

Provides various banking products and financial services in Spain and internationally.

Cellnex Telecom

Market Cap: €21.4b

Engages in the management of terrestrial telecommunications infrastructures in Austria, Denmark, Spain, France, Ireland, Italy, the Netherlands, Poland, Portugal, the United Kingdom, Sweden, and Switzerland.

Banco de Sabadell

Market Cap: €16.5b

Provides banking products and services to personal, business, and private customers in Spain and internationally.

Repsol

Market Cap: €14.7b

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

Bankinter

Market Cap: €11.1b

Provides various banking products and services to individuals and corporate customers, and small- and medium-sized enterprises in Spain.

Mapfre

Market Cap: €10.7b

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

Puig Brands

Market Cap: €9.0b

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

Grupo Catalana Occidente

Market Cap: €5.8b

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

Logista Integral

Market Cap: €3.6b

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

Enagás

Market Cap: €3.4b

Engages in the transmission, storage, and regasification of natural gas.

Vidrala

Market Cap: €3.1b

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

CIE Automotive

Market Cap: €3.1b

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

Viscofan

Market Cap: €2.8b

Manufactures, produces, and distributes casings.

Ebro Foods

Market Cap: €2.6b

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

Acerinox

Market Cap: €2.5b

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

Cirsa Enterprises

Market Cap: €2.4b

A gaming company, together with its subsidiaries, engages in the operation of slot machines, casinos, and gaming halls in Spain, Italy, Panama, Colombia, Mexico, Costa Rica, Morocco, Dominican Republic, and Peru.

Cementos Molins

Market Cap: €1.9b

Manufactures and markets materials and solutions for construction.

Gestamp Automoción

Market Cap: €1.9b

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

Construcciones y Auxiliar de Ferrocarriles

Market Cap: €1.8b

Construcciones y Auxiliar de Ferrocarriles, S.A.

Técnicas Reunidas

Market Cap: €1.6b

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

Metrovacesa

Market Cap: €1.5b

Operates as a real estate development company in Spain.

Línea Directa Aseguradora Compañía de Seguros y Reaseguros

Market Cap: €1.5b

Engages in insurance and reinsurance business in Spain and Portugal.

Prosegur Compañía de Seguridad

Market Cap: €1.4b

Operates in the private security sector.

Atresmedia Corporación de Medios de Comunicación

Market Cap: €1.1b

An audiovisual company, engages in the television, radio, digital and multimedia development, cinema, and events organization businesses in Spain and internationally.

Prosegur Cash

Market Cap: €1.1b

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.

eDreams ODIGEO

Market Cap: €937.0m

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

Global Dominion Access

Market Cap: €491.1m

Provides integral services for business process efficiency and sustainability worldwide.

Obrascón Huarte Lain

Market Cap: €466.6m

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.

Millenium Hospitality Real Estate SOCIMI

Market Cap: €402.5m

n/a

Amper

Market Cap: €317.3m

Provides technological, industrial, and engineering solutions for the defense, security, energy, sustainability, and telecommunications markets in Spain and internationally.

Airtificial Intelligence Structures

Market Cap: €175.8m

Airtificial Intelligence Structures, S.A.

Nicolás Correa

Market Cap: €130.7m

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

Wellder Senior Assets SOCIMI

Market Cap: €93.0m

Operates as a real estate investment company in Spain.