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Spanish (IBEX) Market Analysis & Valuation

UpdatedAug 04, 2026
DataAggregated Company Financials
Companies258
  • 7D1.2%
  • 3M8.6%
  • 1Y34.6%
  • YTD12.5%

Over the last 7 days, the market has risen 1.2%, driven by gains of 1.9% in the Financials sector. As for the past 12 months, the market is up 35%. 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
Tue, 04 Aug 2026€1.2t€610.7b€66.0b16.5x18.6x2x
Thu, 02 Jul 2026€1.2t€594.0b€64.6b16.3x18.6x2x
Sat, 30 May 2026€1.1t€593.7b€64.7b16.6x17.7x1.9x
Mon, 27 Apr 2026€1.1t€589.9b€63.0b16.6x17.7x1.9x
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
Price to Earnings Ratio

12.7x


Total Market Cap: €649.4bTotal Earnings: €51.3bTotal Revenue: €569.3bTotal Market Cap vs Earnings and Revenue0%0%0%
Spanish Market Price to Earnings3Y Average 14.6x202420252026
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 14.6x.
Past Earnings Growth
  • The earnings for Spanish listed companies have grown 8.8% per year over the last three years.
  • Revenues for these companies have grown 2.4% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Sector Trends

Which sectors have driven the changes within the Spanish Market?

ES Market1.15%
Energy2.91%
Tech2.15%
Industrials2.01%
Financials1.86%
Consumer Discretionary1.84%
Consumer Staples0.032%
Real Estate-0.35%
Utilities-0.46%
Materials-0.76%
Healthcare-0.92%
Telecom-1.76%
Sector PE
  • Investors favour the Industrials sector the most for future growth, which is trading above its 3-year average PE ratio of 24.0x.
    • Analysts are expecting annual earnings growth of 12.1%, which is lower than the prior year's growth of 17.3% per year.
Forecasted Growth
  • Analysts are most optimistic on the Telecom sector, expecting annual earnings growth of 70% over the next 5 years.
  • This is better than its past earnings decline of 34% per year.
  • In contrast, the Energy sector is expected to see its earnings decline by 4.6% 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
BBVA Banco Bilbao Vizcaya Argentaria€24.686.2%
+€7.9b		65.3%PB2.3xFinancials
SAN Banco Santander€12.572.7%
+€3.9b		67.7%PB1.6xFinancials
ITX Industria de Diseño Textil€57.761.7%
+€2.9b		39.9%PE28.6xConsumer Discretionary
FER Ferrovial€57.285.6%
+€2.2b		28.1%PE69.8xIndustrials
ELE Endesa€42.194.8%
+€1.0b		64.9%PE16.4xUtilities
See more

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Latest News

ANA
€231.20
Acciona
7D
-2.8%
1Y
37.9%
AMS
€55.32
Amadeus IT Group
7D
4.3%
1Y
-21.1%
AENA
€26.82
Aena S.M.E
7D
-0.6%
1Y
10.8%
Analysis Article • Aug 02

Aena S.M.E., S.A. (BME:AENA) Just Released Its Half-Year Earnings: Here's What Analysts Think

The half-year results for Aena S.M.E., S.A. ( BME:AENA ) were released last week, making it a good time to revisit its...
ACS
€110.20
ACS Actividades de Construcción y Servicios
7D
2.5%
1Y
85.5%
Analysis Article • Aug 02

ACS, Actividades de Construcción y Servicios, S.A. (BME:ACS) Interim Results: Here's What Analysts Are Forecasting For This Year

ACS, Actividades de Construcción y Servicios, S.A. ( BME:ACS ) shareholders are probably feeling a little disappointed...
BBVA
€24.68
Banco Bilbao Vizcaya Argentaria
7D
6.2%
1Y
65.3%
ELE
€42.19
Endesa
7D
4.8%
1Y
64.9%
Analysis Article • Aug 01

Endesa, S.A. Just Beat Analyst Forecasts, And Analysts Have Been Updating Their Predictions

A week ago, Endesa, S.A. ( BME:ELE ) came out with a strong set of interim numbers that could potentially lead to a...
REP
€26.04
Repsol
7D
3.0%
1Y
99.2%
CLNX
€26.60
Cellnex Telecom
7D
-2.2%
1Y
-13.7%
FER
€57.28
Ferrovial
7D
5.6%
1Y
28.1%
Narrative Update • Jul 30

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

Analysts have modestly lifted their fair value estimate for Ferrovial from about €61.00 to around €62.20, reflecting tweaks to assumptions on revenue growth, margins and future P/E. A recent downgrade to Neutral highlighted limited upside at current share levels.
CABK
€12.53
CaixaBank
7D
-5.0%
1Y
49.3%
Narrative Update • Jul 30

CABK: Future Returns Will Hinge On Sustaining Elevated Profit Margins

CaixaBank's analyst price target has been raised from €8.91 to €9.13, following a series of recent target increases from major banks as analysts incorporate updated assumptions on fair value, revenue growth, profit margin and future P/E. Analyst Commentary Recent Street research on CaixaBank highlights a wide range of price targets, which points to different views on what investors should be willing to pay for the stock.
NTGY
€28.74
Naturgy Energy Group
7D
-2.6%
1Y
11.0%
Narrative Update • Jul 28

NTGY: Balance Sheet Flexibility And Capex Shift Support Balanced Future Returns

Analysts have lifted their price target for Naturgy Energy Group to about €30.39 from €29.68, reflecting recent target upgrades toward €32 that focus on balance sheet flexibility, potential cost efficiencies, and increased capex plans. Analyst Commentary Recent research on Naturgy Energy Group clusters around a €32 price target, with several bullish analysts pointing to balance sheet flexibility, ongoing shareholder changes, and plans for higher capex as key elements in the current equity story.
ALM
€10.96
Almirall
7D
-6.0%
1Y
6.0%
Narrative Update • Jul 28

ALM: Dermatology Pipeline Progress Will Drive Future Upside Repricing

Analysts have adjusted the Almirall price target to about €17.50 from about €16.57, reflecting updated assumptions around fair value, discount rate, revenue growth, profit margins and future P/E expectations. Analyst Commentary Analysts covering Almirall are using a range of sector signals to frame their updated views, even when those signals come from different parts of the market.
SAN
€12.57
Banco Santander
7D
2.7%
1Y
67.7%
TEF
€3.66
Telefónica
7D
-1.7%
1Y
-19.9%
Narrative Update • Jul 26

TEF: Updated Market And Currency Assumptions Will Support Future Repricing Potential

Analysts have reduced the Telefónica fair value estimate from €5.40 to €5.00, citing recent price target cuts to €3.50 and €3.80 from €4.00, which reflect updated models for market trends and currency effects. Analyst Commentary Recent Telefónica research points to a more cautious stance on the stock price, but the revisions also highlight areas where bullish analysts still see room for Telefónica to execute against updated expectations on market trends and currency.
FCC
€11.24
Fomento de Construcciones y Contratas
7D
-4.4%
1Y
5.2%
ITX
€57.76
Industria de Diseño Textil
7D
1.7%
1Y
39.9%
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.