Narrative Update • May 10
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Spanish (IBEX) Market Analysis & Valuation
UpdatedMay 14, 2026
DataAggregated Company Financials
Companies249
- 7D-2.5%
- 3M-1.3%
- 1Y24.1%
- YTD0.9%
Over the last 7 days, the market has dropped 2.5%, driven by a loss of 5.1% in the Consumer Discretionary sector. In contrast to the last week, the market is actually up 24% 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?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Fri, 15 May 2026 | €1.1t | €592.7b | €64.5b | 16.1x | 17.2x | 1.9x |
| Sun, 12 Apr 2026 | €1.1t | €589.3b | €62.9b | 17.1x | 18.2x | 1.9x |
| Tue, 10 Mar 2026 | €1.1t | €588.8b | €62.8b | 16.4x | 17x | 1.8x |
| Thu, 05 Feb 2026 | €1.1t | €594.2b | €65.7b | 17x | 17.3x | 1.9x |
| Sat, 03 Jan 2026 | €1.1t | €598.5b | €66.1b | 16.9x | 16.7x | 1.8x |
| Mon, 01 Dec 2025 | €1.0t | €598.3b | €65.9b | 17x | 15.7x | 1.7x |
| Wed, 29 Oct 2025 | €1.0t | €593.4b | €65.4b | 17.7x | 15.7x | 1.7x |
| Fri, 26 Sep 2025 | €972.6b | €595.5b | €65.9b | 18.1x | 14.8x | 1.6x |
| Sun, 24 Aug 2025 | €988.7b | €592.8b | €65.7b | 19x | 15x | 1.7x |
| Tue, 22 Jul 2025 | €902.7b | €589.0b | €64.7b | 19.1x | 14x | 1.5x |
| Thu, 19 Jun 2025 | €906.8b | €589.3b | €64.8b | 19.1x | 14x | 1.5x |
| Sat, 17 May 2025 | €915.0b | €588.6b | €64.8b | 18.4x | 14.1x | 1.6x |
| Mon, 14 Apr 2025 | €817.2b | €582.6b | €62.8b | 18.1x | 13x | 1.4x |
| Wed, 12 Mar 2025 | €850.0b | €580.8b | €63.1b | 18.8x | 13.5x | 1.5x |
| Fri, 07 Feb 2025 | €837.7b | €577.2b | €58.5b | 20.1x | 14.3x | 1.5x |
| Sun, 05 Jan 2025 | €784.3b | €572.7b | €57.2b | 19.3x | 13.7x | 1.4x |
| Tue, 03 Dec 2024 | €792.2b | €572.9b | €57.2b | 19.6x | 13.9x | 1.4x |
| Thu, 31 Oct 2024 | €798.5b | €574.3b | €56.7b | 19.1x | 14.1x | 1.4x |
| Sat, 28 Sep 2024 | €811.6b | €571.7b | €56.0b | 19.8x | 14.5x | 1.4x |
| Mon, 26 Aug 2024 | €772.3b | €570.8b | €56.0b | 19.3x | 13.8x | 1.4x |
| Wed, 24 Jul 2024 | €765.2b | €564.9b | €53.8b | 18.2x | 14.2x | 1.4x |
| Fri, 21 Jun 2024 | €763.6b | €564.7b | €53.5b | 17.7x | 14.3x | 1.4x |
| Sun, 19 May 2024 | €769.0b | €563.3b | €53.6b | 16.3x | 14.4x | 1.4x |
| Tue, 16 Apr 2024 | €713.8b | €559.7b | €50.5b | 15.8x | 14.1x | 1.3x |
| Thu, 14 Mar 2024 | €705.4b | €560.2b | €50.6b | 15.5x | 13.9x | 1.3x |
| Sat, 10 Feb 2024 | €669.1b | €558.4b | €56.1b | 15.4x | 11.9x | 1.2x |
| Mon, 08 Jan 2024 | €691.2b | €557.4b | €53.9b | 15.4x | 12.8x | 1.2x |
| Wed, 06 Dec 2023 | €695.8b | €557.7b | €53.7b | 15.3x | 13x | 1.2x |
| Fri, 03 Nov 2023 | €635.6b | €559.8b | €53.3b | 14.4x | 11.9x | 1.1x |
| Sun, 01 Oct 2023 | €648.0b | €569.4b | €51.1b | 15.1x | 12.7x | 1.1x |
| Tue, 29 Aug 2023 | €652.7b | €569.3b | €51.2b | 15.2x | 12.7x | 1.1x |
| Thu, 27 Jul 2023 | €658.2b | €578.8b | €51.0b | 16.9x | 12.9x | 1.1x |
| Sat, 24 Jun 2023 | €662.8b | €577.3b | €51.0b | 16.6x | 13x | 1.1x |
| Mon, 22 May 2023 | €637.9b | €576.0b | €50.7b | 17.2x | 12.6x | 1.1x |
Price to Earnings Ratio
12.6x
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 8.3% 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 | -2.51% | |
| Energy | 0.93% | |
| Utilities | -0.70% | |
| Materials | -0.89% | |
| Real Estate | -1.25% | |
| Consumer Staples | -1.56% | |
| Telecom | -1.71% | |
| Financials | -2.03% | |
| Industrials | -4.10% | |
| Consumer Discretionary | -5.05% | |
| Healthcare | -5.28% | |
| Tech | -5.57% | |
Sector PE
- Investors favour the Industrials sector the most for future growth, which is trading close to its 3-year average PE ratio of 26.0x.
- Analysts are expecting annual earnings growth of 9.2%, which is lower than the prior year's growth of 14.8% per year.
Forecasted Growth
- Analysts are most optimistic on the Telecom sector, expecting annual earnings growth of 75% 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 4.0% 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 | |
|---|---|---|---|---|---|---|
| TEF Telefónica | €4.04 | 4.3% +€945.9m | -7.5% | PS0.6x | Telecom | |
| NTGY Naturgy Energy Group | €27.44 | 3.1% +€759.6m | 5.9% | PE12.4x | Utilities | |
| REP Repsol | €22.33 | 2.5% +€596.8m | 91.5% | PE10.3x | Energy | |
| CLNX Cellnex Telecom | €28.75 | 2.0% +€377.4m | -13.2% | PS4.7x | Telecom | |
| ANE Corporación Acciona Energías Renovables | €23.82 | 4.5% +€331.1m | 35.8% | PE11.8x | Utilities |
