Narrative Update • Aug 21
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Spanish (IBEX) Market Analysis & Valuation
UpdatedAug 23, 2026
DataAggregated Company Financials
Companies256
- 7D-0.6%
- 3M7.4%
- 1Y26.8%
- YTD12.5%
The Energy sector gained 3.9% while the market remained flat over the last week. As for the longer term, the market has risen 27% in the past 12 months. Looking forward, 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?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Sun, 23 Aug 2026 | €1.2t | €610.8b | €66.0b | 16.4x | 18.7x | 2x |
| Tue, 21 Jul 2026 | €1.2t | €595.3b | €64.7b | 15.9x | 18.3x | 2x |
| Thu, 18 Jun 2026 | €1.2t | €593.8b | €64.7b | 16.7x | 18.6x | 2x |
| Sat, 16 May 2026 | €1.1t | €593.2b | €64.8b | 16.1x | 17.1x | 1.9x |
| Mon, 13 Apr 2026 | €1.1t | €589.4b | €62.9b | 17.1x | 18.2x | 1.9x |
| Wed, 11 Mar 2026 | €1.1t | €588.7b | €62.8b | 16.3x | 17.4x | 1.9x |
| Fri, 06 Feb 2026 | €1.1t | €594.2b | €65.7b | 16.8x | 17x | 1.9x |
| Sun, 04 Jan 2026 | €1.1t | €598.5b | €66.1b | 16.9x | 16.7x | 1.8x |
| Tue, 02 Dec 2025 | €1.0t | €598.2b | €65.9b | 17x | 15.8x | 1.7x |
| Thu, 30 Oct 2025 | €1.0t | €594.0b | €65.7b | 17.2x | 15.7x | 1.7x |
| Sat, 27 Sep 2025 | €984.8b | €595.6b | €66.0b | 18.1x | 14.9x | 1.7x |
| Mon, 25 Aug 2025 | €988.7b | €592.8b | €65.7b | 19x | 15x | 1.7x |
| Wed, 23 Jul 2025 | €907.0b | €589.0b | €64.7b | 19.1x | 14x | 1.5x |
| Fri, 20 Jun 2025 | €897.0b | €589.3b | €64.8b | 18.7x | 13.8x | 1.5x |
| Sun, 18 May 2025 | €915.0b | €588.7b | €64.8b | 18.4x | 14.1x | 1.6x |
| Tue, 15 Apr 2025 | €836.1b | €582.6b | €62.8b | 18.5x | 13.3x | 1.4x |
| Thu, 13 Mar 2025 | €842.4b | €580.7b | €63.1b | 18.8x | 13.4x | 1.5x |
| Sat, 08 Feb 2025 | €835.2b | €579.3b | €59.3b | 19.2x | 14.1x | 1.4x |
| Mon, 06 Jan 2025 | €784.3b | €572.7b | €57.2b | 19.3x | 13.7x | 1.4x |
| Wed, 04 Dec 2024 | €800.8b | €572.9b | €57.2b | 19.4x | 14x | 1.4x |
| Fri, 01 Nov 2024 | €798.5b | €575.2b | €58.3b | 18.7x | 13.7x | 1.4x |
| Sun, 29 Sep 2024 | €811.5b | €571.7b | €56.0b | 19.8x | 14.5x | 1.4x |
| Tue, 27 Aug 2024 | €771.4b | €570.8b | €56.0b | 19.1x | 13.8x | 1.4x |
| Thu, 25 Jul 2024 | €764.9b | €565.0b | €53.5b | 18.6x | 14.3x | 1.4x |
| Sat, 22 Jun 2024 | €755.7b | €564.7b | €53.5b | 17.7x | 14.1x | 1.3x |
| Mon, 20 May 2024 | €769.0b | €563.2b | €53.5b | 16.3x | 14.4x | 1.4x |
| Wed, 17 Apr 2024 | €713.8b | €559.7b | €50.5b | 15.8x | 14.1x | 1.3x |
| Fri, 15 Mar 2024 | €702.4b | €561.0b | €50.9b | 15.4x | 13.8x | 1.3x |
| Sun, 11 Feb 2024 | €669.1b | €558.4b | €56.1b | 15.4x | 11.9x | 1.2x |
| Tue, 09 Jan 2024 | €694.1b | €557.4b | €53.9b | 15.5x | 12.9x | 1.2x |
| Thu, 07 Dec 2023 | €696.7b | €557.7b | €53.7b | 15.3x | 13x | 1.2x |
| Sat, 04 Nov 2023 | €637.2b | €559.8b | €53.3b | 14.4x | 12x | 1.1x |
| Mon, 02 Oct 2023 | €648.0b | €569.4b | €51.1b | 15.1x | 12.7x | 1.1x |
| Wed, 30 Aug 2023 | €658.7b | €569.3b | €51.2b | 15x | 12.9x | 1.2x |
Price to Earnings Ratio
12.9x
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 18.7x which is higher than its 3-year average PE of 14.7x.
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 Market | -0.64% | |
| Energy | 3.89% | |
| Consumer Staples | 0.96% | |
| Consumer Discretionary | 0.79% | |
| Healthcare | 0.54% | |
| Utilities | -0.32% | |
| Real Estate | -1.02% | |
| Financials | -1.26% | |
| Materials | -1.36% | |
| Industrials | -1.47% | |
| Telecom | -2.78% | |
| Tech | -4.09% | |
Sector PE
- Investors favour the Tech sector the most for future growth, which is trading above its 3-year average PE ratio of 20.7x.
- The market's confidence is likely because analysts are expecting annual earnings growth of 19.2%, which is higher than its past year's earnings growth of 13.4% per year.
Forecasted Growth
- Analysts are most optimistic on the Telecom sector, expecting annual earnings growth of 69% over the next 5 years.
- This is better than its past earnings decline of 17% per year.
- In contrast, the Energy sector is expected to see its earnings decline by 4.7% per year over the next few years.
Top Stock Gainers and Losers
Which companies have driven the market over the last 7 days?
| Company | Last Price | 7D | 1Y | Valuation | Sector | |
|---|---|---|---|---|---|---|
| ITX Industria de Diseño Textil | €58.22 | 1.1% +€1.9b | 32.3% | PE28.8x | Consumer Discretionary | |
| REP Repsol | €27.99 | 4.5% +€867.6m | 101.3% | PE8.8x | Energy | |
| AENA Aena S.M.E | €26.92 | 2.0% +€810.0m | 5.6% | PE18x | Industrials | |
| NTGY Naturgy Energy Group | €29.44 | 1.4% +€370.7m | 7.7% | PE13x | Utilities | |
| SAB Banco de Sabadell | €3.68 | 1.0% +€176.0m | 7.6% | PB1.5x | Financials |