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Spanish (IBEX) Market Analysis & Valuation

UpdatedApr 14, 2026
DataAggregated Company Financials
Companies246
  • 7D2.5%
  • 3M2.0%
  • 1Y37.5%
  • YTD3.1%

Over the last 7 days, the market has risen 2.5%, driven by gains of 4.8% in the Financials sector. On the other hand, with a decline of 9.1%, the Energy sector is lagging behind. In the last year, the market has climbed 37%. Earnings are forecast to grow by 12% annually.

Trending IndustriesRenewable Energy

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 15 Apr 2026€1.1t€589.4b€62.9b17.4x18x1.9x
Fri, 13 Mar 2026€1.1t€588.8b€62.8b16.3x17.2x1.8x
Sun, 08 Feb 2026€1.1t€591.6b€66.7b17x16.9x1.9x
Tue, 06 Jan 2026€1.1t€598.5b€66.1b17.1x16.8x1.9x
Thu, 04 Dec 2025€1.1t€598.2b€65.9b16.9x16x1.8x
Sat, 01 Nov 2025€1.0t€595.2b€65.9b17.4x15.5x1.7x
Mon, 29 Sep 2025€981.9b€593.2b€65.7b18.1x14.9x1.7x
Wed, 27 Aug 2025€972.5b€592.8b€65.7b19.1x14.8x1.6x
Fri, 25 Jul 2025€920.4b€588.9b€65.1b18.8x14.1x1.6x
Sun, 22 Jun 2025€903.3b€589.3b€64.8b18.9x13.9x1.5x
Tue, 20 May 2025€916.1b€588.7b€64.8b18.6x14.1x1.6x
Thu, 17 Apr 2025€855.2b€582.6b€62.8b19x13.6x1.5x
Sat, 15 Mar 2025€852.8b€581.6b€63.2b18.7x13.5x1.5x
Mon, 10 Feb 2025€835.9b€579.3b€59.6b19.2x14x1.4x
Wed, 08 Jan 2025€793.1b€572.8b€57.1b19.2x13.9x1.4x
Fri, 06 Dec 2024€814.1b€572.9b€57.1b19.7x14.3x1.4x
Sun, 03 Nov 2024€803.2b€574.7b€58.4b19.8x13.8x1.4x
Tue, 01 Oct 2024€806.2b€571.7b€56.0b19.7x14.4x1.4x
Thu, 29 Aug 2024€774.0b€570.8b€56.0b19x13.8x1.4x
Sat, 27 Jul 2024€761.9b€563.4b€54.9b18.9x13.9x1.4x
Mon, 24 Jun 2024€755.7b€564.7b€53.5b17.7x14.1x1.3x
Wed, 22 May 2024€770.3b€563.4b€53.6b16.2x14.4x1.4x
Fri, 19 Apr 2024€719.1b€559.7b€50.5b16x14.2x1.3x
Sun, 17 Mar 2024€708.5b€560.2b€50.6b15.7x14x1.3x
Tue, 13 Feb 2024€674.9b€559.5b€55.7b15.4x12.1x1.2x
Thu, 11 Jan 2024€686.0b€557.4b€53.9b14.8x12.7x1.2x
Sat, 09 Dec 2023€696.1b€557.5b€53.7b15.5x13x1.2x
Mon, 06 Nov 2023€637.7b€560.0b€53.4b14.4x11.9x1.1x
Wed, 04 Oct 2023€641.3b€569.4b€51.1b14.9x12.6x1.1x
Fri, 01 Sep 2023€654.4b€569.4b€51.2b15x12.8x1.1x
Sun, 30 Jul 2023€662.0b€567.1b€50.8b16.2x13x1.2x
Tue, 27 Jun 2023€642.2b€569.9b€50.9b16.7x12.6x1.1x
Thu, 25 May 2023€632.2b€575.5b€50.6b17.1x12.5x1.1x
Sat, 22 Apr 2023€649.4b€561.3b€49.8b17.5x13x1.2x
Price to Earnings Ratio

13x


Total Market Cap: €649.4bTotal Earnings: €49.8bTotal Revenue: €561.3bTotal Market Cap vs Earnings and Revenue0%0%0%
Spanish Market Price to Earnings3Y Average 14.1x202420252026
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 18.0x which is higher than its 3-year average PE of 14.1x.
Past Earnings Growth
  • The earnings for Spanish listed companies have grown 8.1% 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 Market2.47%
Financials4.84%
Industrials3.71%
Consumer Discretionary3.60%
Materials3.15%
Tech1.82%
Healthcare1.40%
Real Estate1.11%
Telecom0.48%
Consumer Staples-0.25%
Utilities-0.56%
Energy-9.08%
Sector PE
  • Investors favour the Industrials sector the most for future growth, which is trading close to its 3-year average PE ratio of 26.8x.
    • Analysts are expecting annual earnings growth of 8.2%, which is lower than the prior year's growth of 10.5% per year.
Forecasted Growth
  • Analysts are most optimistic on the Telecom sector, expecting annual earnings growth of 88% over the next 5 years.
  • However this is lower than its past earnings growth rate of 163% per year.
  • In contrast, the Utilities sector is expected to see its earnings grow by 3.8% 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€10.7010.0%
+€14.1b		78.1%PB1.5xFinancials
ITX Industria de Diseño Textil€53.065.7%
+€9.0b		13.0%PE26.6xConsumer Discretionary
BBVA Banco Bilbao Vizcaya Argentaria€20.076.2%
+€6.4b		68.5%PB2xFinancials
CABK CaixaBank€10.776.5%
+€4.6b		57.1%PB2xFinancials
ACS ACS Actividades de Construcción y Servicios€124.6011.5%
+€3.4b		142.6%PE34.1xIndustrials
See more

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Latest News

ITX
€53.06
Industria de Diseño Textil
7D
5.7%
1Y
13.0%

ITX: Mixed Street Signals Suggest Premium P/E Will Be Carefully Reassessed

Analysts have trimmed their average price target for Industria de Diseño Textil by about €0.13, reflecting slightly higher discount rate assumptions. Forecasts for revenue growth, profit margins and future P/E remain broadly consistent, with recent Street research showing mixed target moves around the €61 to €63 range.
CABK
€10.77
CaixaBank
7D
6.5%
1Y
57.1%

CABK: Strong Asset Quality And Capital Strength Will Support Balanced Future Re Rating

The updated analyst price target for CaixaBank reflects a small adjustment to €11.34, with analysts citing strong asset quality, healthy capital generation and a series of recent target raises from major banks as support for a more constructive stance on the shares. Analyst Commentary Recent research points to a more balanced view on CaixaBank, with several firms adjusting targets and recommendations around the current valuation, execution track record and growth profile.
IBE
€19.99
Iberdrola
7D
-1.3%
1Y
31.6%

IBE: Neutral Outlook With Renewable JV And Governance Moves Shaping Next Phase

Analysts have nudged the fair value estimate for Iberdrola slightly higher to €18.84, citing a series of price target revisions around €20 to €20.50 and a cluster of Neutral ratings. These indicate a more balanced risk reward view following the recent share price move.
REP
€21.10
Repsol
7D
-11.9%
1Y
111.4%
BKT
€14.90
Bankinter
7D
9.0%
1Y
48.2%

BKT: Asset Quality And Capital Strength Will Support Measured Future Upside

Bankinter's analyst price target has been adjusted slightly to about €15.09, with analysts pointing to resilient asset quality, healthy capital generation and updated P/E and growth assumptions as key supports for the new level. Analyst Commentary Bullish Takeaways Bullish analysts highlight strong asset quality as a key support for current P/E assumptions, which they see as consistent with the revised price targets around €15.09 to €15.80.
SAN
€10.70
Banco Santander
7D
10.0%
1Y
78.1%

SAN: Expanded Buybacks And Higher Cash Dividends Will Support Future Upside

Analysts have slightly adjusted their price target for Banco Santander to €11.90 from €11.95, reflecting updated assumptions around discount rates, revenue growth, profit margins, and future P/E levels. What's in the News Shareholders approved an amendment to the Bylaws article relating to capital and the number of shares at the General Shareholders' Meeting on 27 March 2026 (Key Developments).
TEF
€3.81
Telefónica
7D
-1.9%
1Y
-8.6%
FER
€61.22
Ferrovial
7D
7.9%
1Y
54.2%

FER: Toll Pricing Power And Managed Lanes Will Frame Balanced Risk Outlook

Ferrovial's analyst price target has been adjusted to €59.88, a level supported by analysts who point to updated discount rate and growth assumptions, an ongoing debate between more cautious views on near term upside after the recent rally, and constructive opinions around toll road pricing and U.S. managed lanes exposure. Analyst Commentary Recent research covers a spectrum of views on Ferrovial, with some analysts focusing on upside potential from core assets and others highlighting more limited room for further re-rating after the recent share price move.
YTST
€2.76
Testa Residencial SOCIMI
7D
-16.4%
1Y
-12.1%
SOL
€0.94
Soltec Power Holdings
7D
-12.1%
1Y
n/a
ELE
€37.48
Endesa
7D
-0.4%
1Y
49.7%

ELE: Future Returns Will Depend On Persistent Execution Concerns Despite Higher Street Optimism

Narrative Update The analyst price target for Endesa is updated to €32.19 from €31.10. This reflects analysts' use of slightly higher revenue growth and profit margin assumptions, as well as a modestly higher future P/E multiple in their models, following a series of recent target increases from major banks.
SLR
€23.18
Solaria Energía y Medio Ambiente
7D
-5.4%
1Y
246.9%
ACS
€124.60
ACS Actividades de Construcción y Servicios
7D
11.5%
1Y
142.6%

ACS: Data Center Hype Will Likely Exceed Real Earnings Delivery

Narrative Update on ACS Actividades de Construcción y Servicios The analyst price target for ACS has been nudged higher to €96.44 from €94.97, with analysts pointing to a slightly adjusted fair value model and growing focus on its data center exposure as key reasons behind the change. Analyst Commentary Recent Street research has turned more constructive on ACS, with several upgrades tied to how the market is valuing its data center exposure and positioning in hyperscaler related projects.
BBVA
€20.07
Banco Bilbao Vizcaya Argentaria
7D
6.2%
1Y
68.5%

BBVA: Share Buybacks And Cash Returns Will Support Future Upside

Narrative Update The updated analyst price target for Banco Bilbao Vizcaya Argentaria edges slightly lower to about €21.12. This reflects minor tweaks to inputs such as discount rate and forward P/E as analysts digest a mix of recent target increases and small reductions across the Street.
SAB
€3.33
Banco de Sabadell
7D
8.6%
1Y
33.8%

SAB: Asset Quality And Capital Strength Will Drive Future Share Performance

Analysts have trimmed the fair value estimate for Banco de Sabadell slightly to €3.46 from €3.48, reflecting a mix of recent price target cuts and downgrades, alongside supportive views on asset quality and capital generation. Analyst Commentary Bullish Takeaways Bullish analysts point to "strong" asset quality as a key support for the current fair value, suggesting the balance sheet is viewed as resilient by parts of the market.
VIS
€60.40
Viscofan
7D
-1.1%
1Y
-9.3%