Spanish Undervalued over 20% based on DCF

Banco Santander

Market Cap: €141.4b

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: €105.5b

Provides various financial services in Spain, Mexico, Turkey, South America, Europe, the United States, and Asia.

CaixaBank

Market Cap: €72.7b

Provides various banking products and services for individuals and businesses in Spain, Portugal, and internationally.

Telefónica

Market Cap: €21.7b

Provides telecommunications services in Europe and Latin America.

Cellnex Telecom

Market Cap: €19.4b

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

Bankinter

Market Cap: €12.3b

Provides various banking products and services to individuals, corporates, and small- and medium-sized enterprises in Spain, Luxembourg, Portugal, and Ireland.

Mapfre

Market Cap: €12.0b

Engages in insurance, reinsurance, and financial activities in Spain.

Puig Brands

Market Cap: €9.9b

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

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.

Laboratorios Farmaceuticos Rovi

Market Cap: €4.2b

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

Fluidra

Market Cap: €3.8b

Designs, manufactures, distributes, and markets accessories and machinery for swimming-pools, irrigation and water treatment, and residential and commercial pool purification market worldwide.

CIE Automotive

Market Cap: €3.2b

Manufactures and sells automotive parts and components in North America, Brazil, Asia, CIE Forging Europe, and rest of Europe.

Ebro Foods

Market Cap: €2.9b

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

Viscofan

Market Cap: €2.8b

Manufactures, produces, and distributes casings in Spain, Rest of Europe, Middle East, Africa, Pacific Asia, North America, South America, and internationally.

Construcciones y Auxiliar de Ferrocarriles

Market Cap: €2.0b

Construcciones y Auxiliar de Ferrocarriles, S.A.

Gestamp Automoción

Market Cap: €1.7b

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

Neinor Homes

Market Cap: €1.6b

Develops, promotes, rental, and manages real estate properties in Spain.

Faes Farma

Market Cap: €1.5b

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

Prosegur Compañía de Seguridad

Market Cap: €1.4b

Operates in the private security sector.

Línea Directa Aseguradora Compañía de Seguros y Reaseguros

Market Cap: €1.3b

Engages in insurance and reinsurance business in Spain and Portugal.

Castellana Properties Socimi

Market Cap: €1.2b

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

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: €928.7m

Provides integrated cash cycle management solutions and automating payments in retail establishments and ATM management in Europe, LATAM, and internationally.

Clínica Baviera

Market Cap: €767.3m

A medical company, operates a network of ophthalmology clinics in Spain and Europe.

Zambal Spain Socimi

Market Cap: €584.2m

Operates as a subsidiary of IBA Capital Partners.

EBRO EV Motors

Market Cap: €523.3m

Engages in research and development, manufacturing, and sales of electric vehicles under the EBRO brand in Spain.

Amper

Market Cap: €361.9m

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

Vytrus Biotech

Market Cap: €127.9m

Develops, produces, and sells active ingredients from plant stem cells in Spain and internationally.

ISC Fresh Water Investment SOCIMI

Market Cap: €121.5m

Operates as a real estate investment company in Spain.

Nicolás Correa

Market Cap: €121.3m

Engages in the manufacture ang sale of milling machines and machining centers in Spain, Europe, and internationally.

Témpore Properties SOCIMI

Market Cap: €117.9m

As of August 8, 2019, Témpore Properties SOCIMI, S.A.

Lingotes Especiales

Market Cap: €51.0m

Together with its subsidiary, Frenos y Conjuntos, engages in the design, development, casting, machining, and assembly of grey and spheroidal iron parts in rest of Europe, Africa, and internationally.

Gigas Hosting

Market Cap: €42.3m

Engages in the provision and marketing of cloud computing and infrastructure as a service and telecommunications services.

Quonia Socimi

Market Cap: €34.5m

A real estate investment fund, engages in the acquisition and management of real estate assets in Barcelona.

VBARE Iberian Properties SOCIMI

Market Cap: €19.1m

A multi-family residential REIT company.