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Spanish (IBEX) Market Analysis & Valuation

UpdatedMay 21, 2026
DataAggregated Company Financials
Companies249
  • 7D2.1%
  • 3M0.2%
  • 1Y22.7%
  • YTD3.0%

In the last week, the market has stayed flat, however the Communication Services sector stood out, gaining 4.6%. More promisingly, the market is up 20% over the past year. As for the next few years, earnings are expected to grow by 12% per annum.

Trending IndustriesRenewable Energy

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 21 May 2026€1.1t€593.4b€64.7b16.6x17.5x1.9x
Sat, 18 Apr 2026€1.2t€589.9b€62.9b17.2x18.4x2x
Mon, 16 Mar 2026€1.1t€589.5b€63.0b16x17.1x1.8x
Wed, 11 Feb 2026€1.1t€591.6b€66.7b17x17x1.9x
Fri, 09 Jan 2026€1.1t€593.8b€65.4b17.1x17x1.9x
Sun, 07 Dec 2025€1.1t€598.7b€66.1b16.9x16x1.8x
Tue, 04 Nov 2025€1.0t€595.2b€66.4b16.9x15.3x1.7x
Thu, 02 Oct 2025€995.5b€593.1b€65.7b17.7x15.2x1.7x
Sat, 30 Aug 2025€961.2b€592.8b€65.7b19.1x14.6x1.6x
Mon, 28 Jul 2025€926.1b€588.3b€64.3b18.6x14.4x1.6x
Wed, 25 Jun 2025€912.9b€589.3b€64.8b18.6x14.1x1.5x
Fri, 23 May 2025€928.9b€589.0b€64.6b19.4x14.4x1.6x
Sun, 20 Apr 2025€854.4b€582.7b€62.8b19.1x13.6x1.5x
Tue, 18 Mar 2025€861.3b€581.6b€63.2b18.8x13.6x1.5x
Thu, 13 Feb 2025€851.2b€579.5b€59.6b19.2x14.3x1.5x
Sat, 11 Jan 2025€785.9b€572.8b€57.1b19.4x13.8x1.4x
Mon, 09 Dec 2024€811.3b€572.9b€57.1b19.7x14.2x1.4x
Wed, 06 Nov 2024€801.8b€574.8b€58.4b20.3x13.7x1.4x
Fri, 04 Oct 2024€790.7b€571.9b€56.0b18.8x14.1x1.4x
Sun, 01 Sep 2024€778.7b€570.8b€56.0b19.1x13.9x1.4x
Tue, 30 Jul 2024€758.0b€564.8b€54.9b18.7x13.8x1.3x
Thu, 27 Jun 2024€753.6b€564.7b€53.6b17.6x14.1x1.3x
Sat, 25 May 2024€766.3b€563.5b€53.4b16.4x14.4x1.4x
Mon, 22 Apr 2024€716.0b€559.4b€50.5b15.8x14.2x1.3x
Wed, 20 Mar 2024€714.7b€560.0b€50.6b15.4x14.1x1.3x
Fri, 16 Feb 2024€670.5b€560.5b€55.6b15x12x1.2x
Sun, 14 Jan 2024€688.9b€557.4b€53.9b15.1x12.8x1.2x
Tue, 12 Dec 2023€693.9b€557.5b€53.7b15.4x12.9x1.2x
Thu, 09 Nov 2023€636.6b€559.1b€53.5b14.5x11.9x1.1x
Sat, 07 Oct 2023€635.8b€570.5b€51.4b14.8x12.4x1.1x
Mon, 04 Sep 2023€650.7b€569.4b€51.2b15x12.7x1.1x
Wed, 02 Aug 2023€650.3b€569.0b€51.4b15.9x12.7x1.1x
Fri, 30 Jun 2023€656.7b€577.5b€51.0b17.3x12.9x1.1x
Sun, 28 May 2023€633.8b€575.8b€50.6b16.9x12.5x1.1x
Price to Earnings Ratio

12.5x


Total Market Cap: €633.8bTotal Earnings: €50.6bTotal Revenue: €575.8bTotal Market Cap vs Earnings and Revenue0%0%0%
Spanish Market Price to Earnings3Y Average 14.2x202420252026
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 17.2x which is higher than its 3-year average PE of 14.2x.
Past Earnings Growth
  • The earnings for Spanish listed companies have grown 8.5% 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 Market2.08%
Telecom4.98%
Financials3.68%
Tech3.30%
Consumer Discretionary2.94%
Healthcare2.93%
Consumer Staples1.22%
Materials1.01%
Energy0.18%
Utilities0.14%
Real Estate0.028%
Industrials-0.098%
Sector PE
  • Investors favour the Industrials sector the most for future growth, which is trading close to its 3-year average PE ratio of 25.8x.
    • Analysts are expecting annual earnings growth of 9.3%, 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 71% 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
ITX Industria de Diseño Textil€50.743.4%
+€5.3b		4.5%PE25.4xConsumer Discretionary
SAN Banco Santander€10.623.3%
+€5.0b		51.0%PB1.4xFinancials
BBVA Banco Bilbao Vizcaya Argentaria€19.474.4%
+€4.5b		42.2%PB1.9xFinancials
CABK CaixaBank€11.254.8%
+€3.6b		47.1%PB2.1xFinancials
TEF Telefónica€4.086.8%
+€1.5b		-10.8%PS0.6xTelecom
See more

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Latest News

ACS
€126.30
ACS Actividades de Construcción y Servicios
7D
-4.6%
1Y
110.3%
GEST
€3.17
Gestamp Automoción
7D
-6.5%
1Y
10.0%
Narrative Update • May 19

GEST: Lower Discount Rate Will Support A Higher Future P/E

Analysts have raised their price target on Gestamp Automoción from €4.17 to €4.47, citing updated assumptions for discount rate, revenue growth, profit margin and future P/E, which they view as better reflecting the stock's current risk and return profile. Valuation Changes Fair Value: updated from €4.17 to €4.47, a rise of about 7.2% in the analysts' estimate of the stock's worth.
CABK
€11.25
CaixaBank
7D
4.8%
1Y
47.1%
Narrative Update • May 18

CABK: Asset Quality And Capital Strength Will Support Steady Profitability Expectations

The analyst fair value estimate for CaixaBank has moved from €11.49 to €11.75, with analysts pointing to updated price targets from several banks and support from views around asset quality, capital generation, and expected profitability metrics. Analyst Commentary Recent research on CaixaBank shows a mix of optimism and caution as analysts reassess price targets and ratings around updated views on asset quality, capital generation, and profitability.
CIE
€28.55
CIE Automotive
7D
-8.6%
1Y
18.5%
Narrative Update • May 18

CIE: Higher Fair Value And Stable Margins Will Support Future Upside

Analysts have raised their price target for CIE Automotive from €33.76 to €35.23, citing updated assumptions for discount rates, revenue growth, profit margins and future P/E multiples. What's in the News CIE Automotive has scheduled a Board Meeting for April 8, 2026, to consider and approve calling its Annual General Shareholders Meeting (Key Developments).
BBVA
€19.47
Banco Bilbao Vizcaya Argentaria
7D
4.4%
1Y
42.2%
Narrative Update • May 17

BBVA: Elevated Discount Rate And Execution Risks Will Likely Cap Share Price

Analysts have made a slight adjustment to the fair value estimate for Banco Bilbao Vizcaya Argentaria to €15.31. This reflects modest changes to the discount rate and earnings expectations, while recent price target moves, including JPMorgan's trim to €23.40 and RBC's lift to €20.50, show a mix of cautious and more neutral views on the stock.
CLNX
€29.05
Cellnex Telecom
7D
3.3%
1Y
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ANA
€249.60
Acciona
7D
-3.3%
1Y
84.1%
Narrative Update • May 15

ANA: Recent Downgrade Will Test Confidence In Stable Fair Value Assumptions

Analysts have kept Acciona's fair value estimate steady at €225.0, with the latest price target update framed by a modestly adjusted discount rate and slightly revised growth and margin assumptions following a recent downgrade to Reduce by the Street. Analyst Commentary The recent downgrade to Reduce has sharpened the focus on Acciona's risk or reward profile, but it has not altered the central fair value anchor of €225.0. With the discount rate and growth and margin assumptions only modestly adjusted, the debate for investors is less about a radical change in fundamentals and more about how much of the story is already reflected in the current share price.
MVC
€10.68
Metrovacesa
7D
-11.0%
1Y
-4.2%
SAN
€10.62
Banco Santander
7D
3.3%
1Y
51.0%
TEF
€4.08
Telefónica
7D
6.8%
1Y
-10.8%
AMS
€52.78
Amadeus IT Group
7D
3.7%
1Y
-28.4%
Narrative Update • May 12

Amadeus IT Group's AI Evolution Will Strengthen Its Travel Tech Dominance

Amadeus: Updating the AI Narrative and Intrinsic Value Following the company’s latest quarterly results, our investment thesis on Amadeus remains intact and, if anything, has strengthened. The market continues to underestimate the structural resilience of the company’s business model while overestimating the disruptive threat posed by artificial intelligence across the travel technology ecosystem.
ANE
€23.60
Corporación Acciona Energías Renovables
7D
-1.3%
1Y
31.7%
Narrative Update • May 10

ANE: Rich P E And Weaker Margins Will Restrain Future Returns

Analysts have slightly reduced their price target for Corporación Acciona Energías Renovables from €18.00 to about €17.80, citing minor revisions to fair value, discount rate, revenue growth expectations, profit margins and future P/E assumptions. What's in the News Corporación Acciona Energías Renovables, S.A. announced an annual dividend of €0.0243 per share, scheduled to be paid on June 18, 2026 (Key Developments).
AENA
€23.88
Aena S.M.E
7D
3.3%
1Y
-1.7%
ELE
€36.34
Endesa
7D
-1.0%
1Y
33.3%
ITX
€50.74
Industria de Diseño Textil
7D
3.4%
1Y
4.5%
SCYR
€4.56
Sacyr
7D
-2.1%
1Y
29.3%