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Spanish (IBEX) Market Analysis & Valuation

UpdatedJul 17, 2026
DataAggregated Company Financials
Companies253
  • 7D-0.2%
  • 3M3.2%
  • 1Y33.0%
  • YTD8.8%

In the last week, the market has stayed flat, however the Materials sector stood out, gaining 4.9%. As for the longer term, the market has risen 33% in the past 12 months. 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
Fri, 17 Jul 2026€1.2t€595.1b€64.6b16x18.4x2x
Sun, 14 Jun 2026€1.2t€594.2b€64.7b16.6x18.1x2x
Tue, 12 May 2026€1.1t€591.7b€64.5b16.5x17.4x1.9x
Thu, 09 Apr 2026€1.1t€589.4b€62.9b17.2x18.1x1.9x
Sat, 07 Mar 2026€1.1t€589.0b€62.7b16.7x17.2x1.8x
Mon, 02 Feb 2026€1.1t€594.2b€65.7b17.2x17x1.9x
Wed, 31 Dec 2025€1.1t€598.5b€66.1b16.5x16.6x1.8x
Fri, 28 Nov 2025€1.0t€598.2b€65.9b16.9x15.7x1.7x
Sun, 26 Oct 2025€1.0t€593.3b€65.3b17.6x15.5x1.7x
Tue, 23 Sep 2025€970.2b€595.5b€65.9b18.3x14.7x1.6x
Thu, 21 Aug 2025€982.9b€592.8b€65.7b19.1x15x1.7x
Sat, 19 Jul 2025€902.7b€588.8b€64.7b19.1x13.9x1.5x
Mon, 16 Jun 2025€908.7b€589.3b€64.8b19x14x1.5x
Wed, 14 May 2025€896.6b€584.7b€63.8b18.5x14x1.5x
Fri, 11 Apr 2025€817.0b€582.6b€62.8b17.9x13x1.4x
Sun, 09 Mar 2025€871.2b€580.8b€63.1b18.5x13.8x1.5x
Tue, 04 Feb 2025€820.5b€573.9b€57.5b20.1x14.3x1.4x
Thu, 02 Jan 2025€778.7b€572.8b€57.2b19.2x13.6x1.4x
Sat, 30 Nov 2024€785.5b€572.9b€57.2b20x13.7x1.4x
Mon, 28 Oct 2024€803.5b€571.6b€56.7b19.8x14.2x1.4x
Wed, 25 Sep 2024€803.8b€571.7b€56.0b19.8x14.4x1.4x
Fri, 23 Aug 2024€764.7b€570.8b€56.0b19.2x13.7x1.3x
Sun, 21 Jul 2024€756.7b€564.9b€53.6b17.5x14.1x1.3x
Tue, 18 Jun 2024€751.8b€564.7b€53.5b17.6x14.1x1.3x
Thu, 16 May 2024€771.1b€562.8b€53.5b16.5x14.4x1.4x
Sat, 13 Apr 2024€713.3b€559.8b€50.5b15.9x14.1x1.3x
Mon, 11 Mar 2024€688.7b€560.2b€50.6b15.5x13.6x1.2x
Wed, 07 Feb 2024€676.8b€558.1b€56.1b15.3x12.1x1.2x
Fri, 05 Jan 2024€692.8b€557.4b€53.9b15.4x12.8x1.2x
Sun, 03 Dec 2023€690.3b€557.7b€53.7b15.4x12.9x1.2x
Tue, 31 Oct 2023€620.8b€563.7b€53.3b14.5x11.6x1.1x
Thu, 28 Sep 2023€642.0b€569.3b€51.1b14.9x12.6x1.1x
Sat, 26 Aug 2023€644.4b€569.3b€51.2b15.2x12.6x1.1x
Mon, 24 Jul 2023€661.1b€577.9b€51.0b17.4x13x1.1x
Price to Earnings Ratio

13x


Total Market Cap: €661.1bTotal Earnings: €51.0bTotal Revenue: €577.9bTotal 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 18.4x which is higher than its 3-year average PE of 14.5x.
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-0.25%
Materials4.89%
Energy3.47%
Telecom1.90%
Financials0.30%
Real Estate0.19%
Utilities0.062%
Consumer Staples-0.88%
Tech-1.41%
Consumer Discretionary-1.59%
Industrials-1.98%
Healthcare-2.42%
Sector PE
  • Investors favour the Industrials sector the most for future growth, which is trading close to its 3-year average PE ratio of 24.4x.
    • Analysts are expecting annual earnings growth of 9.7%, which is lower than the prior year's growth of 21.7% 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 33% per year.
  • In contrast, the Energy sector is expected to see its earnings grow by 3.2% 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
IBE Iberdrola€21.251.7%
+€2.3b		36.3%PE25.1xUtilities
REP Repsol€24.506.0%
+€1.5b		87.2%PE11.3xEnergy
ELE Endesa€40.273.3%
+€1.3b		55.4%PE18xUtilities
NTGY Naturgy Energy Group€28.842.9%
+€741.1m		6.7%PE13.1xUtilities
TEF Telefónica€3.622.6%
+€518.0m		-19.7%PS0.6xTelecom
See more

Market Insights

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Latest News

FER
€55.76
Ferrovial
7D
-1.8%
1Y
22.4%
CABK
€12.47
CaixaBank
7D
-0.4%
1Y
67.3%
Narrative Update • Jul 16

CABK: Future Upside Will Depend On Execution After Recent Price Hikes

Analysts have raised the fair value estimate for CaixaBank from €7.54 to €8.91, citing a series of higher price targets from Citi, Morgan Stanley, Deutsche Bank, JPMorgan and RBC. These revised targets reflect updated views on the bank's growth, profitability and valuation multiples.
MAP
€4.48
Mapfre
7D
1.4%
1Y
29.8%
Narrative Update • Jul 15

MAP: Margin Outlook And Revenue Assumptions Will Steadily Guide Future Performance

The analyst price target for Mapfre has been adjusted from €3.98 to €4.12. Analysts attribute this change to slightly firmer revenue expectations, a modestly higher profit margin outlook, and a broadly unchanged future P/E assumption as the key drivers.
CMO
€42.00
Cementos Molins
7D
7.7%
1Y
31.3%
IBE
€21.25
Iberdrola
7D
1.7%
1Y
36.3%
AENA
€26.16
Aena S.M.E
7D
-2.9%
1Y
11.7%
Narrative Update • Jul 12

AENA: Traffic Recovery And Regulation Compromise Will Frame Balanced Risk Profile

The analyst price target for Aena S.M.E. has moved higher, with the new fair value estimate rising from about €25.94 to €26.54. Analysts cite improving visibility on airport traffic, solid flight bookings despite geopolitical risks, and the view that Aena is a structurally attractive infrastructure platform with low leverage.
BBVA
€22.07
Banco Bilbao Vizcaya Argentaria
7D
-1.8%
1Y
73.0%
IDR
€48.99
Indra Sistemas
7D
3.2%
1Y
26.1%
ACS
€117.70
ACS Actividades de Construcción y Servicios
7D
-1.9%
1Y
100.2%
Narrative Update • Jul 09

ACS: Rich Morgan Stanley Upgrade Will Likely Expose Overvaluation Risk

The analyst price target for ACS Actividades de Construcción y Servicios has been revised from €54.82 to €78.10. Analysts attribute the change to updated assumptions on fair value, discount rate, revenue growth, profit margin and future P/E, as reflected in recent Street research such as the Morgan Stanley upgrade.
SAN
€11.81
Banco Santander
7D
-2.7%
1Y
62.9%
Narrative Update • Jul 08

SAN: Webster Acquisition And AI Spending Will Pressure Future Returns

Analysts have raised their price target for Banco Santander to €9.73 from €7.10, citing updated assumptions for higher revenue growth, stronger profit margins and a slightly lower future P/E multiple, which together indicate a higher estimated fair value under a reduced discount rate. What's in the News for Banco Santander Regulators have approved Banco Santander's acquisition of Webster Bank at the Office of the Comptroller of the Currency level, while final sign off from the Federal Reserve and European Central Bank is still pending.
FCC
€11.84
Fomento de Construcciones y Contratas
7D
-8.8%
1Y
3.0%
ELE
€40.27
Endesa
7D
3.3%
1Y
55.4%
Narrative Update • Jul 07

ELE: Fair Value Recast Highlights CEO Transition And Updated Earnings Expectations

Endesa's analyst fair value estimate has shifted from €37.0 to €41.5 as analysts factor in updated expectations for revenue growth, profit margins and future P/E, alongside a series of recent price target increases on the stock. Analyst Commentary Recent Street research on Endesa shows a cluster of price target revisions that give a clearer sense of how bullish analysts are framing the stock, even when their official ratings remain cautious.
NTGY
€28.84
Naturgy Energy Group
7D
2.9%
1Y
6.7%
TEF
€3.62
Telefónica
7D
2.6%
1Y
-19.7%
REP
€24.50
Repsol
7D
6.0%
1Y
87.2%
Narrative Update • Jul 01

REP: Venezuela Production Push Will Strain Future Cash Flow And Margins

Repsol's analyst fair value estimate has been raised from €16.91 to €19.50, as analysts factor in updated price targets from several banks and adjust assumptions on discount rate, revenue growth, profit margins and future P/E multiples. Analyst Commentary Recent research on Repsol points to a mixed backdrop, with some large banks lifting ratings and price targets, while others flag valuation and execution risks.
ITX
€53.74
Industria de Diseño Textil
7D
-2.2%
1Y
27.7%
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.