Companies which are undervalued more than 20% based on the Discounted Cash Flow valuation.

기업	최종 가격	7일 수익률	1년 수익률	시가총액	애널리스트 목표가	가치평가	성장	배당 수익률	산업
SAN	€12.71	3.3%	57.6%	€184.2b	€13.17	1.7	16.0%	2.0%	Banks
BBVA	€24.95	1.3%	60.7%	€137.7b	€22.99	2.3	7.0%	3.7%	Banks
REP	€26.89	-1.9%	94.5%	€28.9b	€27.30	8.5	-6.1%	4.0%	Energy
TEF	€3.61	-2.4%	-21.7%	€20.3b	€3.96	0.6	62.7%	8.3%	Telecom
SAB	€3.65	1.1%	11.6%	€17.8b	€3.41	1.5	15.3%	7.3%	Banks
BKT	€16.72	1.7%	30.9%	€15.0b	€16.31	2.2	8.1%	3.6%	Banks
MAP	€4.46	2.2%	18.3%	€13.7b	€4.19	11.6	4.8%	4.0%	Insurance
LOG	€35.92	-0.9%	27.1%	€4.7b	€32.54	17.1	5.3%	5.6%	Transportation
FDR	€19.61	2.5%	-19.7%	€3.7b	€26.20	22.4	19.1%	3.3%	Capital Goods
VID	€90.40	2.6%	2.8%	€3.2b	€103.79	17.2	11.3%	1.9%	Materials
ROVI	€60.80	1.8%	5.7%	€3.1b	€74.36	16.8	12.2%	1.6%	Pharmaceuticals & Biotech
CIE	€25.65	-1.0%	-3.8%	€3.0b	€35.97	8.9	8.3%	3.7%	Automobiles
VIS	€57.20	1.1%	-4.5%	€2.6b	€70.00	16.2	8.5%	3.9%	Food, Beverage & Tobacco
ALM 신규	€10.50	1.2%	-5.9%	€2.3b	€14.30	38.7	25.6%	1.8%	Pharmaceuticals & Biotech
HBX	€7.75	-0.4%	2.0%	€1.9b	€11.85	10.1	11.8%	1.0%	Consumer Services
GEST	€2.94	0.2%	-15.4%	€1.7b	€3.45	8.9	15.0%	2.7%	Automobiles
HOME	€16.04	4.6%	-7.3%	€1.6b	€19.76	11.8	9.9%	16.0%	Consumer Durables
RLIA	€1.02	-1.0%	4.9%	€1.5b	€1.27	9.8	n/a	0%	Real Estate Management and Development
LDA	€1.34	2.0%	-1.8%	€1.5b	€1.45	15.4	9.6%	2.1%	Insurance
FAE	€4.55	0.8%	8.1%	€1.4b	€5.36	16.8	16.0%	2.8%	Pharmaceuticals & Biotech
OHLA 신규	€0.41	-1.2%	1.5%	€559.9m	€0.57	21.2	24.8%	0%	Capital Goods
PRS	€2.84	-0.2%	-19.9%	€382.3m	€4.22	0.4	75.1%	n/a	Media
TUB	€2.93	-1.0%	-20.3%	€358.2m	€4.14	0.5	82.9%	6.9%	Materials
ISUR	€16.70	-0.6%	19.3%	€304.8m	€19.88	7.3	11.2%	4.7%	Real Estate Management and Development

Undervalued over 20% based on DCF