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Spanish (IBEX) Market Analysis & Valuation

UpdatedMar 25, 2026
DataAggregated Company Financials
Companies246
  • 7D-1.9%
  • 3M-1.4%
  • 1Y22.5%
  • YTD-3.1%

Over the last 7 days, the market has dropped 1.9%, driven by a decline of 3.2% in the Utilities sector. In contrast to the last week, the market is actually up 23% over the past year. 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, 25 Mar 2026€1.1t€589.5b€63.0b16.2x16.9x1.8x
Fri, 20 Feb 2026€1.1t€596.3b€65.7b17x17.2x1.9x
Sun, 18 Jan 2026€1.1t€593.8b€65.4b17.2x17x1.9x
Tue, 16 Dec 2025€1.1t€598.7b€66.1b17.1x16.3x1.8x
Thu, 13 Nov 2025€1.1t€596.4b€65.9b17x16x1.8x
Sat, 11 Oct 2025€989.8b€593.1b€65.7b17.5x15.1x1.7x
Mon, 08 Sep 2025€954.9b€592.8b€65.8b18.6x14.5x1.6x
Wed, 06 Aug 2025€928.6b€593.2b€65.7b18x14.1x1.6x
Fri, 04 Jul 2025€921.9b€589.3b€64.8b19.3x14.2x1.6x
Sun, 01 Jun 2025€922.4b€589.1b€64.7b19.5x14.3x1.6x
Tue, 29 Apr 2025€886.3b€583.1b€62.9b18.5x14.1x1.5x
Thu, 27 Mar 2025€879.0b€581.5b€62.9b18.9x14x1.5x
Sat, 22 Feb 2025€857.1b€582.1b€58.6b19.5x14.6x1.5x
Mon, 20 Jan 2025€792.7b€573.7b€57.4b18.8x13.8x1.4x
Wed, 18 Dec 2024€778.6b€573.6b€57.2b19x13.6x1.4x
Fri, 15 Nov 2024€778.2b€576.8b€58.2b19.3x13.4x1.3x
Sun, 13 Oct 2024€797.1b€571.9b€56.0b18.8x14.2x1.4x
Tue, 10 Sep 2024€765.7b€570.8b€56.0b19.2x13.7x1.3x
Thu, 08 Aug 2024€726.5b€570.8b€56.0b19x13x1.3x
Sat, 06 Jul 2024€752.0b€564.8b€53.6b17.6x14x1.3x
Mon, 03 Jun 2024€770.3b€564.6b€53.4b17.5x14.4x1.4x
Wed, 01 May 2024€736.9b€563.4b€53.1b16x13.9x1.3x
Fri, 29 Mar 2024€736.0b€560.0b€50.6b16.4x14.6x1.3x
Sun, 25 Feb 2024€682.9b€570.3b€51.9b14.9x13.2x1.2x
Tue, 23 Jan 2024€679.4b€557.6b€53.9b14.8x12.6x1.2x
Thu, 21 Dec 2023€690.0b€557.0b€53.7b15.4x12.9x1.2x
Sat, 18 Nov 2023€665.6b€559.8b€53.4b15.2x12.5x1.2x
Mon, 16 Oct 2023€636.2b€570.5b€51.4b15x12.4x1.1x
Wed, 13 Sep 2023€651.9b€569.4b€51.2b15x12.7x1.1x
Fri, 11 Aug 2023€649.4b€569.3b€51.3b15.7x12.7x1.1x
Sun, 09 Jul 2023€640.3b€577.5b€50.9b17.1x12.6x1.1x
Tue, 06 Jun 2023€641.7b€576.1b€50.6b17x12.7x1.1x
Thu, 04 May 2023€628.6b€564.5b€50.4b17.5x12.5x1.1x
Sat, 01 Apr 2023€638.8b€560.9b€49.8b17.1x12.8x1.1x
Price to Earnings Ratio

12.8x


Total Market Cap: €638.8bTotal Earnings: €49.8bTotal Revenue: €560.9bTotal Market Cap vs Earnings and Revenue0%0%0%
Spanish Market Price to Earnings3Y Average 14x202420252026
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 16.9x which is higher than its 3-year average PE of 14.0x.
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 Market-1.88%
Consumer Staples3.80%
Materials0.78%
Financials0.27%
Energy-1.93%
Real Estate-2.11%
Healthcare-2.12%
Industrials-2.75%
Consumer Discretionary-2.89%
Utilities-3.19%
Telecom-4.40%
Tech-14.85%
Sector PE
  • Investors favour the Industrials sector the most for future growth, which is trading close to its 3-year average PE ratio of 27.4x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 8.2%, which is higher than its past year's earnings growth of 1.2% per year.
Forecasted Growth
  • Analysts are most optimistic on the Telecom sector, expecting annual earnings growth of 86% over the next 5 years.
  • However this is lower than its past earnings growth rate of 163% per year.
  • In contrast, the Real Estate 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
CABK CaixaBank€10.202.2%
+€1.6b		36.0%PB1.9xFinancials
PUIG Puig Brands€17.5910.1%
+€906.9m		8.5%PE16.7xConsumer Staples
BBVA Banco Bilbao Vizcaya Argentaria€18.290.9%
+€873.7m		36.0%PB1.8xFinancials
TEF Telefónica€3.681.5%
+€298.4m		-14.1%PS0.6xTelecom
TRE Técnicas Reunidas€30.1811.2%
+€237.5m		77.0%PE15xEnergy
See more

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Latest News

ELE
€34.65
Endesa
7D
-3.2%
1Y
47.5%
PUIG
€17.59
Puig Brands
7D
10.1%
1Y
8.5%
AENA
€25.23
Aena S.M.E
7D
-3.0%
1Y
15.3%

AENA: Balanced Rating Shifts Will Shape Future Execution And Cash Flow Risk

The analyst price target for Aena S.M.E. has been revised slightly higher to €26.23 from €25.76, reflecting recent target increases from several banks and a modest adjustment in assumptions for revenue growth, discount rate, profit margin and future P/E. Analyst Commentary Recent research updates on Aena S.M.E. show a mix of optimism and caution, with several firms adjusting price targets and ratings in different directions.
CLNX
€26.48
Cellnex Telecom
7D
-10.8%
1Y
-18.4%
BBVA
€18.29
Banco Bilbao Vizcaya Argentaria
7D
0.9%
1Y
36.0%

BBVA: Buybacks And Cash Returns Will Support Medium Term Stability

Analysts have lifted the implied fair value for Banco Bilbao Vizcaya Argentaria to about €21.13 from €19.14, reflecting updated revenue and discount rate assumptions, alongside a mix of recent price target tweaks and rating shifts across the Street. Analyst Commentary Recent Street updates on Banco Bilbao Vizcaya Argentaria show a mix of higher and lower price targets, as well as rating changes, which feed into the refreshed implied fair value of about €21.13.
UNI
€2.52
Unicaja Banco
7D
1.8%
1Y
42.5%
IBE
€19.30
Iberdrola
7D
-3.5%
1Y
33.8%
IDR
€46.64
Indra Sistemas
7D
-18.3%
1Y
71.2%
ITX
€49.82
Industria de Diseño Textil
7D
-3.1%
1Y
7.3%
ENO
€31.65
Elecnor
7D
5.9%
1Y
80.9%
SAN
€9.48
Banco Santander
7D
-1.2%
1Y
43.1%

SAN: Rising Dividends And Buybacks Will Support Attractive Future Return Potential

Analysts have nudged their price target on Banco Santander higher from about €11.47 to roughly €11.98. This reflects updated assumptions around slightly lower discount rates, higher projected revenue growth, modestly stronger profit margins and a reduced future P/E multiple.
CABK
€10.20
CaixaBank
7D
2.2%
1Y
36.0%

CABK: Strong Asset Quality And Capital Generation Will Support Upgraded Bullish Outlook

The analyst price target for CaixaBank has been adjusted slightly higher to €11.39 from €11.35, with analysts pointing to strong asset quality, healthy capital generation and generally higher Street targets as support for the updated view. Analyst Commentary Recent research on CaixaBank clusters around supportive views on asset quality and capital generation, alongside a series of upward adjustments to price targets.
FER
€54.22
Ferrovial
7D
-4.3%
1Y
31.2%

FER: Toll Pricing And Buybacks Will Shape Future Risk Reward Balance

The analyst price target for Ferrovial has inched higher to about €60.06 from €59.90, as analysts factor in slightly higher assumed revenue growth, a modestly lower discount rate, and support from recent bullish coverage that highlights potential benefits from toll price initiatives and U.S. managed lanes exposure, even as some see limited further re rating after the recent share rally. Analyst Commentary Bullish Takeaways Bullish analysts point to the higher price targets of around €70 as a signal that they see room for value creation if Ferrovial executes on its current concessions and pipeline.
TRE
€30.18
Técnicas Reunidas
7D
11.2%
1Y
77.0%
TEF
€3.68
Telefónica
7D
1.5%
1Y
-14.1%
SOL
€1.52
Soltec Power Holdings
7D
16.6%
1Y
n/a