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Spanish (IBEX) Market Analysis & Valuation

UpdatedJul 07, 2026
DataAggregated Company Financials
Companies253
  • 7D1.4%
  • 3M10.9%
  • 1Y34.4%
  • YTD10.9%

The market has climbed 2.3% in the last 7 days, lead by the Financials sector with a gain of 4.3%. In the last year, the market has climbed 36%. Looking forward, earnings are forecast to grow by 11% annually.

Trending IndustriesRenewable Energy

Market Valuation and Performance

Has the Spanish Market valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 07 Jul 2026€1.2t€594.0b€64.6b16.3x18.8x2x
Thu, 04 Jun 2026€1.1t€593.7b€64.7b16.4x17.6x1.9x
Sat, 02 May 2026€1.1t€590.6b€64.0b16.6x17.5x1.9x
Mon, 30 Mar 2026€1.1t€589.4b€63.0b16.3x16.8x1.8x
Wed, 25 Feb 2026€1.1t€590.9b€67.8b16.9x16.8x1.9x
Fri, 23 Jan 2026€1.1t€593.8b€65.4b16.9x16.9x1.9x
Sun, 21 Dec 2025€1.1t€598.7b€66.1b16.7x16.4x1.8x
Tue, 18 Nov 2025€1.0t€598.0b€65.8b17x15.6x1.7x
Thu, 16 Oct 2025€996.2b€593.1b€65.7b17.7x15.2x1.7x
Sat, 13 Sep 2025€981.8b€593.2b€65.9b18.5x14.9x1.7x
Mon, 11 Aug 2025€952.6b€592.8b€65.7b18.5x14.5x1.6x
Wed, 09 Jul 2025€909.8b€588.9b€64.7b18.5x14.1x1.5x
Fri, 06 Jun 2025€926.3b€589.1b€64.7b19.3x14.3x1.6x
Sun, 04 May 2025€885.1b€583.8b€63.2b18.8x14x1.5x
Tue, 01 Apr 2025€864.6b€581.2b€62.8b18.7x13.8x1.5x
Thu, 27 Feb 2025€878.6b€576.1b€58.5b19.8x15x1.5x
Sat, 25 Jan 2025€795.0b€573.7b€57.4b18.9x13.9x1.4x
Mon, 23 Dec 2024€771.3b€573.6b€57.2b19x13.5x1.3x
Wed, 20 Nov 2024€782.8b€576.3b€58.4b19.1x13.4x1.4x
Fri, 18 Oct 2024€808.8b€571.8b€56.0b19x14.4x1.4x
Sun, 15 Sep 2024€784.6b€571.7b€56.0b19.5x14x1.4x
Tue, 13 Aug 2024€729.3b€570.8b€56.0b19.2x13x1.3x
Thu, 11 Jul 2024€755.2b€564.8b€53.6b17.5x14.1x1.3x
Sat, 08 Jun 2024€777.2b€564.0b€53.3b17.5x14.6x1.4x
Mon, 06 May 2024€737.7b€564.1b€53.2b16.2x13.9x1.3x
Wed, 03 Apr 2024€729.5b€559.9b€50.6b16.2x14.4x1.3x
Fri, 01 Mar 2024€674.4b€559.6b€52.2b15.5x12.9x1.2x
Sun, 28 Jan 2024€677.2b€557.6b€53.9b15x12.6x1.2x
Tue, 26 Dec 2023€690.1b€557.5b€54.0b15.3x12.8x1.2x
Thu, 23 Nov 2023€672.9b€560.2b€53.5b15.2x12.6x1.2x
Sat, 21 Oct 2023€623.4b€570.6b€51.4b14.5x12.1x1.1x
Mon, 18 Sep 2023€657.9b€569.4b€51.2b14.9x12.9x1.2x
Wed, 16 Aug 2023€639.7b€569.3b€51.2b15.4x12.5x1.1x
Fri, 14 Jul 2023€653.5b€577.6b€50.9b17.2x12.8x1.1x
Price to Earnings Ratio

12.8x


Total Market Cap: €653.5bTotal Earnings: €50.9bTotal Revenue: €577.6bTotal Market Cap vs Earnings and Revenue0%0%0%
Spanish Market Price to Earnings3Y Average 14.5x202420252026
Current Market PE
  • Investors are optimistic on the Spanish market, and appear confident in strong long term growth rates.
  • The market is trading at a PE ratio of 19.0x which is higher than its 3-year average PE of 14.4x.
Past Earnings Growth
  • The earnings for Spanish listed companies have grown 8.3% per year over the last three years, while revenues have remained steady.
  • This means that companies overall are more efficiently conducting business since profits are increasing while sales have been flat.

Sector Trends

Which sectors have driven the changes within the Spanish Market?

ES Market1.35%
Tech7.15%
Materials5.21%
Financials4.94%
Consumer Staples2.51%
Energy2.44%
Healthcare1.12%
Consumer Discretionary1.03%
Industrials-0.047%
Real Estate-0.53%
Telecom-3.12%
Utilities-3.21%
Sector PE
  • Investors favour the Industrials sector the most for future growth, which is trading above its 3-year average PE ratio of 24.6x.
    • Analysts are expecting annual earnings growth of 9.6%, which is lower than the prior year's growth of 17.8% per year.
Forecasted Growth
  • Analysts are most optimistic on the Telecom sector, expecting annual earnings growth of 72% over the next 5 years.
  • This is better than its past earnings decline of 17% per year.
  • In contrast, the Energy sector is expected to see its earnings grow by 3.9% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuationSector
SAN Banco Santander€12.515.0%
+€8.2b		71.4%PB1.7xFinancials
BBVA Banco Bilbao Vizcaya Argentaria€22.785.7%
+€6.7b		73.2%PB2.2xFinancials
CABK CaixaBank€12.744.2%
+€3.6b		66.9%PB2.4xFinancials
ITX Industria de Diseño Textil€55.981.0%
+€1.8b		27.3%PE27.7xConsumer Discretionary
IDR Indra Sistemas€52.328.8%
+€741.3m		41.2%PE20.3xTech
See more

Market Insights

Header cover image
Markets are supposed to reprice risk when it changes. This time they've repriced the promise, but left the threat largely untouched. Whether that's an oversight or a fair call is worth thinking through.
Continue reading
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Latest News

NTGY
€27.22
Naturgy Energy Group
7D
-1.8%
1Y
-0.1%
IDR
€52.32
Indra Sistemas
7D
8.8%
1Y
41.2%
TEF
€3.48
Telefónica
7D
-3.0%
1Y
-23.4%
CABK
€12.74
CaixaBank
7D
4.2%
1Y
66.9%
Narrative Update • Jul 02

CABK: Rising Confidence In Execution And Capital Return Will Drive Upside

Analysts have raised their fair value estimate for CaixaBank from €12.50 to €14.20, supported by a series of recent price target increases across major banks and updated assumptions for revenue growth, profit margins and a lower discount rate. Analyst Commentary Recent research updates on CaixaBank point to a constructive tone, with several bullish analysts adjusting price targets higher and highlighting potential upside drivers for the stock.
FER
€59.36
Ferrovial
7D
-0.8%
1Y
31.9%
Narrative Update • Jul 01

FER: Future U.S. Infrastructure Wins Will Not Offset Rich Pricing

Analysts have raised their fair value estimate for Ferrovial to about €43.62 from €41.05, citing high asset quality but also noting limited upside on the current asset base at prevailing share levels. This is reflected in a recent downgrade to Neutral and a €70 price target.
ELE
€38.95
Endesa
7D
-2.1%
1Y
47.4%
SAN
€12.51
Banco Santander
7D
5.0%
1Y
71.4%
SAB
€3.23
Banco de Sabadell
7D
4.7%
1Y
10.2%
Narrative Update • Jul 01

SAB: Strong Asset Quality And Capital Discipline Will Support Future Repricing

Banco de Sabadell's analyst price target has been revised lower to €4.00 from €4.31, as several firms have trimmed their targets into a tighter €2.85 to €3.45 range, with analysts citing updated views on fair value, discount rates, revenue growth, profit margins and forward P/E assumptions. Analyst Commentary Recent Street research on Banco de Sabadell points to a tighter band of price targets, but there are still some constructive signals that investors can use to frame the risk and reward profile.
MAP
€4.43
Mapfre
7D
3.6%
1Y
24.3%
Narrative Update • Jul 01

MAP: Fair Value View Will Rely On Updated P/E And Discount Rate

Analysts have slightly raised their price target on Mapfre to €4.57 from €4.30, citing updated assumptions around the stock's fair value, discount rate, expected revenue growth, profit margins and future P/E multiple. What’s in the News for Mapfre No recent company-specific news items for Mapfre were provided in the available sources.
ANA
€266.40
Acciona
7D
-2.4%
1Y
67.3%
Narrative Update • Jul 01

ANA: Cautious Outlook On Execution Risk Will Pressure Elevated P/E

Acciona's analyst fair value estimate has increased from €125 to €160. Analysts point to updated price targets around €170 to €184 and refreshed assumptions on revenue growth, discount rate, profit margins, and future P/E as the key drivers of this change.
BKT
€15.28
Bankinter
7D
4.9%
1Y
34.2%
IBE
€20.93
Iberdrola
7D
-4.1%
1Y
33.1%
ACS
€124.10
ACS Actividades de Construcción y Servicios
7D
-1.7%
1Y
119.3%
BBVA
€22.78
Banco Bilbao Vizcaya Argentaria
7D
5.7%
1Y
73.2%
ITX
€55.98
Industria de Diseño Textil
7D
1.0%
1Y
27.3%
Narrative Update • Jun 17

ITX: Store Optimization And Cash Generation Will Support Consistent Execution At Fair Valuation

Analysts have nudged their average price target on Industria de Diseño Textil up by about €1, to approximately €59. This reflects modestly higher assumptions for revenue growth and profit margins, alongside Street research that highlights Inditex as a relative bright spot in European consumer discretionary with what analysts describe as a compounding growth profile.
CLNX
€25.76
Cellnex Telecom
7D
-3.7%
1Y
-21.4%