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Spanish (IBEX) Market Analysis & Valuation

UpdatedJun 24, 2026
DataAggregated Company Financials
Companies251
  • 7D1.3%
  • 3M11.6%
  • 1Y33.3%
  • YTD9.8%

Over the last 7 days, the market has risen 1.3%, driven by gains of 2.6% in the Financials sector. As for the past 12 months, the market is up 33%. 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
Wed, 24 Jun 2026€1.2t€594.2b€64.7b16.6x18.6x2x
Fri, 22 May 2026€1.1t€593.4b€64.7b16.5x17.5x1.9x
Sun, 19 Apr 2026€1.2t€589.9b€62.9b17x18.4x2x
Tue, 17 Mar 2026€1.1t€589.5b€63.0b16x17.1x1.8x
Thu, 12 Feb 2026€1.1t€591.6b€66.7b17.1x17x1.9x
Sat, 10 Jan 2026€1.1t€593.8b€65.4b17.2x17x1.9x
Mon, 08 Dec 2025€1.1t€598.7b€66.1b16.9x16x1.8x
Wed, 05 Nov 2025€1.0t€595.4b€66.4b16.6x15.4x1.7x
Fri, 03 Oct 2025€992.9b€593.1b€65.6b18.3x15.1x1.7x
Sun, 31 Aug 2025€961.1b€592.8b€65.7b19.1x14.6x1.6x
Tue, 29 Jul 2025€924.3b€588.2b€64.4b18.4x14.4x1.6x
Thu, 26 Jun 2025€899.0b€589.3b€64.8b18.5x13.9x1.5x
Sat, 24 May 2025€918.5b€589.1b€64.6b18.8x14.2x1.6x
Mon, 21 Apr 2025€854.4b€582.7b€62.8b19.1x13.6x1.5x
Wed, 19 Mar 2025€873.0b€581.6b€63.2b18.9x13.8x1.5x
Fri, 14 Feb 2025€860.7b€579.5b€59.6b19.3x14.4x1.5x
Sun, 12 Jan 2025€785.9b€572.8b€57.1b19.4x13.8x1.4x
Tue, 10 Dec 2024€807.4b€572.9b€57.1b19.5x14.1x1.4x
Thu, 07 Nov 2024€779.9b€574.8b€58.3b19.9x13.4x1.4x
Sat, 05 Oct 2024€792.9b€571.9b€56.0b18.8x14.2x1.4x
Mon, 02 Sep 2024€778.7b€570.8b€56.0b19.1x13.9x1.4x
Wed, 31 Jul 2024€762.7b€564.8b€54.8b18.7x13.9x1.4x
Fri, 28 Jun 2024€748.0b€564.7b€53.6b17.4x14x1.3x
Sun, 26 May 2024€765.9b€563.6b€53.3b16.9x14.4x1.4x
Tue, 23 Apr 2024€716.0b€559.4b€50.5b15.8x14.2x1.3x
Thu, 21 Mar 2024€717.4b€560.0b€50.6b15.5x14.2x1.3x
Sat, 17 Feb 2024€668.3b€560.6b€55.7b14.9x12x1.2x
Mon, 15 Jan 2024€688.9b€557.4b€53.9b15.1x12.8x1.2x
Wed, 13 Dec 2023€689.2b€557.5b€53.7b15.3x12.8x1.2x
Fri, 10 Nov 2023€644.2b€559.2b€53.3b14.7x12.1x1.2x
Sun, 08 Oct 2023€635.8b€570.5b€51.4b14.8x12.4x1.1x
Tue, 05 Sep 2023€648.1b€569.4b€51.2b15x12.7x1.1x
Thu, 03 Aug 2023€640.1b€569.3b€51.4b15.7x12.5x1.1x
Sat, 01 Jul 2023€662.0b€577.5b€51.0b17.2x13x1.1x
Price to Earnings Ratio

13x


Total Market Cap: €662.0bTotal Earnings: €51.0bTotal Revenue: €577.5bTotal Market Cap vs Earnings and Revenue0%0%0%
Spanish Market Price to Earnings3Y Average 14.4x202420252026
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 18.6x which is higher than its 3-year average PE of 14.4x.
Past Earnings Growth
  • The earnings for Spanish listed companies have grown 8.2% 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 Market1.30%
Utilities2.62%
Financials2.60%
Industrials1.46%
Real Estate0.16%
Healthcare0.14%
Materials-0.058%
Energy-0.69%
Consumer Discretionary-1.24%
Consumer Staples-1.43%
Telecom-1.58%
Tech-3.47%
Sector PE
  • Investors favour the Industrials sector the most for future growth, which is trading above its 3-year average PE ratio of 24.9x.
    • Analysts are expecting annual earnings growth of 9.1%, which is lower than the prior year's growth of 16.6% 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 growth rate of 37% per year.
  • In contrast, the Energy sector is expected to see its earnings grow by 4.1% 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€11.932.5%
+€4.1b		68.7%PB1.6xFinancials
IBE Iberdrola€21.182.9%
+€4.0b		26.8%PE25.7xUtilities
BBVA Banco Bilbao Vizcaya Argentaria€21.692.8%
+€3.2b		65.4%PB2.1xFinancials
CABK CaixaBank€12.602.4%
+€2.0b		69.9%PB2.4xFinancials
ANA Acciona€278.6010.6%
+€1.5b		85.0%PE18.9xUtilities
See more

Market Insights

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Latest News

SAN
€11.86
Banco Santander
7D
-0.3%
1Y
71.8%
ELE
€38.77
Endesa
7D
2.8%
1Y
42.3%
Narrative Update • Jun 23

ELE: Future Returns Will Depend On New CEO Execution Risks

Endesa's analyst price target has been lifted by €0.32 to €33.93. Analysts point to updated assumptions on revenue growth, profit margin and recent target increases from several firms as the key drivers of this revision.
NTGY
€27.54
Naturgy Energy Group
7D
-4.4%
1Y
3.5%
CABK
€12.37
CaixaBank
7D
-2.1%
1Y
69.2%
Narrative Update • Jun 18

CABK: Share Capital Reduction And Tighter Assumptions Will Support Steady Profitability

CaixaBank’s analyst price target edges higher by roughly €0.07, with analysts pointing to updated fair value estimates, as well as slightly revised assumptions around revenue growth, profit margins and future P/E as key supports for the move. Analyst Commentary Recent research on CaixaBank gives you a mix of optimism and caution, with several banks revisiting their fair value estimates and tweaking price targets by relatively small amounts.
BKT
€14.49
Bankinter
7D
-4.1%
1Y
31.5%
Analysis Article • Jun 18

Bankinter (BME:BKT) Stock Could Be 2% Undervalued After Mortgage Pricing Investigation

Regulatory investigation raises questions for Bankinter stock Spain’s competition authority has opened disciplinary proceedings into several banks, putting Bankinter (BME:BKT) under scrutiny for alleged coordination around fixed rate mortgage pricing and bringing regulatory risk into sharper focus for shareholders. See our latest analysis for Bankinter. Despite the investigation, Bankinter’s share price has shown strong momentum, with a 1-month share price return of 10.42% and a 90-day share...
IBE
€21.15
Iberdrola
7D
2.2%
1Y
29.4%
ITX
€55.78
Industria de Diseño Textil
7D
-1.2%
1Y
28.0%
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.
REP
€21.02
Repsol
7D
-3.7%
1Y
68.3%
Narrative Update • Jun 17

REP: Venezuela And Libya Upstream Deals Will Drive Future Repricing

The updated Repsol analyst price target of €31.40, compared with the prior €20.00 level, reflects analysts' recent series of target increases and upgrades, including moves by several major banks who point to revised assumptions on revenue growth, profit margins and future P/E multiples. Analyst Commentary Recent research on Repsol has been mixed, but the pattern of upgrades and higher price objectives from several large banks helps explain why the current analyst price target sits well above earlier levels.
FER
€61.84
Ferrovial
7D
2.1%
1Y
38.0%
Narrative Update • Jun 17

FER: High Asset Quality And US Contracts Will Support Balanced Outlook

Analysts have slightly increased their fair value estimate for Ferrovial, with the price target moving to about €61. This reflects fine-tuning of discount rate and margin assumptions following recent research that cites solid asset quality but more limited upside at current share levels.
MAP
€4.28
Mapfre
7D
1.1%
1Y
26.1%
Narrative Update • Jun 16

MAP: Premium Strength And Margin Gains Will Mask Overvaluation Risk

Analysts have raised their fair value estimate for Mapfre from €2.51 to €3.65, citing updated assumptions that include a slightly lower discount rate, weaker expectations for revenue, a higher profit margin, and a modestly higher future P/E multiple. What’s in the News for Mapfre Mapfre presented its 2024 income statement with premium growth expected at 6.6% at constant exchange rates, according to recent company disclosures.
ANA
€272.00
Acciona
7D
3.3%
1Y
80.9%
Narrative Update • Jun 16

ANA: Higher Street Pessimism On Shares Will Test Fair Value Conviction

The analyst price target for Acciona has been revised from about €225 to roughly €262. Analysts attribute the change to updated assumptions on revenue growth, profit margins and future P/E, as well as recent Street research that raised cited price targets to €170 and €184.
BBVA
€21.32
Banco Bilbao Vizcaya Argentaria
7D
-1.5%
1Y
67.7%
Narrative Update • Jun 15

BBVA: Execution Risks Around 22% ROTE Target Will Likely Cap Share Price

Analysts have made a modest upward adjustment to the fair value estimate for Banco Bilbao Vizcaya Argentaria, lifting the implied target by about €0.20 as they factor in updated views on revenue growth, profitability, discount rates, and recent price target tweaks around €20.50 to €23.40. Analyst Commentary Recent research on Banco Bilbao Vizcaya Argentaria reflects a mix of supportive and cautious views, with several large banks fine tuning their price targets and ratings.
AENA
€27.22
Aena S.M.E
7D
1.7%
1Y
20.3%
Narrative Update • Jun 14

AENA: Clearing Regulatory Risk Will Likely Restrain Future Repricing Potential

Aena S.M.E.'s updated analyst price target edges higher to €20.54 from €20.11, as analysts point to firmer fair value assumptions, slightly stronger revenue growth expectations and broad support from recent rating upgrades that highlight traffic resilience despite geopolitical risks. Analyst Commentary Recent research on Aena S.M.E. presents a mixed picture, with several firms lifting ratings or targets while others trim expectations or step back on their stance.
IDR
€51.10
Indra Sistemas
7D
-9.7%
1Y
56.2%
Narrative Update • Jun 14

IDR: Sovereign AI And Index Inclusion Will Drive Future Upside

Analysts have adjusted their price target on Indra Sistemas to €66.16 from €65.56, citing updated assumptions around revenue growth, profit margins, and a lower projected future P/E multiple. What's in the News Indra Sistemas is scheduled to hold a board meeting on May 26, 2026 to review the report of the Appointments, Remuneration and Corporate Governance Committee.
ACS
€129.90
ACS Actividades de Construcción y Servicios
7D
0.9%
1Y
125.7%
Narrative Update • Jun 05

ACS: Data Center Rerating And Equity Raise Will Temper Future Upside

Narrative Update: ACS Actividades de Construcción y Servicios The analyst price target for ACS Actividades de Construcción y Servicios has been revised from about €100.05 to roughly €115.44, with analysts citing updated fair value assumptions, slightly higher projected revenue growth and profit margins, a higher future P/E multiple, and recent upgrades at major banks as key drivers of the change. Analyst Commentary Recent Street research on ACS Actividades de Construcción y Servicios has focused on updated views of the company’s valuation, its exposure to data center assets, and the implications of recent rating and target price changes for the stock’s risk and reward profile.
MRL
€15.75
MERLIN Properties SOCIMI
7D
3.4%
1Y
44.8%