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Spanish (IBEX) Market Analysis & Valuation

UpdatedJul 03, 2026
DataAggregated Company Financials
Companies253
  • 7D0.8%
  • 3M10.2%
  • 1Y33.5%
  • YTD10.9%

The Information Technology sector gained 7.3% while the market remained flat over the last week. Meanwhile, the market is actually up 33% over the past year. As for the next few years, earnings are expected to grow by 11% per annum.

Trending IndustriesRenewable Energy

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 03 Jul 2026€1.2t€594.0b€64.6b16.5x18.8x2.1x
Sun, 31 May 2026€1.1t€593.7b€64.7b16.6x17.7x1.9x
Tue, 28 Apr 2026€1.1t€589.9b€63.0b16.7x17.7x1.9x
Thu, 26 Mar 2026€1.1t€589.5b€63.0b16.4x17.2x1.8x
Sat, 21 Feb 2026€1.1t€597.3b€68.1b16.7x16.7x1.9x
Mon, 19 Jan 2026€1.1t€593.8b€65.4b17.2x17x1.9x
Wed, 17 Dec 2025€1.1t€599.1b€66.1b16.4x16.2x1.8x
Fri, 14 Nov 2025€1.1t€596.4b€65.9b17.2x16x1.8x
Sun, 12 Oct 2025€989.8b€593.1b€65.7b17.5x15.1x1.7x
Tue, 09 Sep 2025€963.9b€592.8b€65.8b18.8x14.7x1.6x
Thu, 07 Aug 2025€936.3b€593.2b€65.7b18.2x14.2x1.6x
Sat, 05 Jul 2025€910.5b€589.3b€64.8b19.2x14.1x1.5x
Mon, 02 Jun 2025€922.4b€589.1b€64.7b19.5x14.3x1.6x
Wed, 30 Apr 2025€880.0b€584.3b€63.5b18.2x13.9x1.5x
Fri, 28 Mar 2025€878.6b€581.5b€62.9b19x14x1.5x
Sun, 23 Feb 2025€857.0b€581.8b€58.5b19.5x14.6x1.5x
Tue, 21 Jan 2025€793.4b€573.7b€57.4b19.1x13.8x1.4x
Thu, 19 Dec 2024€780.3b€573.6b€57.2b19.1x13.6x1.4x
Sat, 16 Nov 2024€785.9b€576.9b€58.3b19.5x13.5x1.4x
Mon, 14 Oct 2024€797.1b€571.9b€56.0b18.8x14.2x1.4x
Wed, 11 Sep 2024€761.5b€570.8b€56.0b19.4x13.6x1.3x
Fri, 09 Aug 2024€723.8b€570.8b€56.0b18.8x12.9x1.3x
Sun, 07 Jul 2024€752.1b€564.8b€53.6b17.6x14x1.3x
Tue, 04 Jun 2024€775.4b€564.6b€53.4b17.6x14.5x1.4x
Thu, 02 May 2024€736.9b€563.6b€53.2b16.2x13.8x1.3x
Sat, 30 Mar 2024€736.1b€560.0b€50.6b16.4x14.6x1.3x
Mon, 26 Feb 2024€682.9b€570.3b€51.9b14.9x13.2x1.2x
Wed, 24 Jan 2024€672.6b€557.6b€53.9b14.8x12.5x1.2x
Fri, 22 Dec 2023€690.2b€557.5b€54.0b15.4x12.8x1.2x
Sun, 19 Nov 2023€665.6b€560.1b€53.5b15x12.5x1.2x
Tue, 17 Oct 2023€639.5b€570.5b€51.4b14.9x12.4x1.1x
Thu, 14 Sep 2023€650.0b€569.4b€51.2b14.9x12.7x1.1x
Sat, 12 Aug 2023€644.6b€569.3b€51.3b15.5x12.6x1.1x
Mon, 10 Jul 2023€640.3b€577.5b€50.9b17.1x12.6x1.1x
Price to Earnings Ratio

12.6x


Total Market Cap: €640.3bTotal Earnings: €50.9bTotal Revenue: €577.5bTotal Market Cap vs Earnings and Revenue0%0%0%
Spanish Market Price to Earnings3Y Average 14.4x202420252026
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 18.8x which is higher than its 3-year average PE of 14.4x.
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 Market0.84%
Tech7.32%
Consumer Staples4.35%
Energy3.90%
Financials3.03%
Materials1.43%
Healthcare0.79%
Consumer Discretionary0.086%
Utilities-0.30%
Real Estate-0.66%
Industrials-1.85%
Telecom-5.13%
Sector PE
  • Investors favour the Industrials sector the most for future growth, which is trading above its 3-year average PE ratio of 24.7x.
    • Analysts are expecting annual earnings growth of 9.6%, which is lower than the prior year's growth of 17.8% 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 17% per year.
  • In contrast, the Energy sector is expected to see its earnings grow by 3.9% 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
SAN Banco Santander€12.323.4%
+€5.5b		70.0%PB1.7xFinancials
BBVA Banco Bilbao Vizcaya Argentaria€22.443.5%
+€4.1b		69.3%PB2.2xFinancials
CABK CaixaBank€12.622.0%
+€1.7b		65.8%PB2.4xFinancials
REP Repsol€22.474.8%
+€1.1b		74.9%PE10.4xEnergy
IDR Indra Sistemas€51.709.1%
+€757.1m		41.5%PE20.1xTech
See more

Market Insights

Header cover image
Markets are supposed to reprice risk when it changes. This time they've repriced the promise, but left the threat largely untouched. Whether that's an oversight or a fair call is worth thinking through.
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Latest News

TEF
€3.55
Telefónica
7D
-3.4%
1Y
-21.9%
REP
€22.47
Repsol
7D
4.8%
1Y
74.9%
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.
FER
€59.74
Ferrovial
7D
-3.0%
1Y
32.5%
Narrative Update • Jul 01

FER: Future U.S. Infrastructure Wins Will Not Offset Rich Pricing

Analysts have raised their fair value estimate for Ferrovial to about €43.62 from €41.05, citing high asset quality but also noting limited upside on the current asset base at prevailing share levels. This is reflected in a recent downgrade to Neutral and a €70 price target.
AMS
€51.36
Amadeus IT Group
7D
-1.5%
1Y
-27.7%
ENG
€16.96
Enagás
7D
-5.1%
1Y
24.2%
Narrative Update • Jul 01

ENG: Upgraded Rating And Higher Fair Value May Support Rebound Potential

Enagás has seen its analyst fair value estimate increased from €18.75 to €19.80 as analysts incorporate updated Street price targets and refine their views on the company's discount rate, revenue trajectory, profit margins and forward P/E assumptions. Analyst Commentary Recent Street research on Enagás points to a cluster of upward price target revisions and a fresh upgrade, which many readers will see as a constructive signal around the company’s valuation and execution outlook.
SAN
€12.32
Banco Santander
7D
3.4%
1Y
70.0%
BKT
€15.02
Bankinter
7D
3.7%
1Y
31.3%
IDR
€51.70
Indra Sistemas
7D
9.1%
1Y
41.5%
SLR
€19.66
Solaria Energía y Medio Ambiente
7D
-9.6%
1Y
88.2%
Narrative Update • Jun 30

SLR: AI Power Demand Enthusiasm Will Struggle To Support Current Price

Analysts have raised their price target for Solaria Energía y Medio Ambiente from about €9.00 to approximately €17.27, citing updated fair value assumptions that reflect higher estimated revenue growth, a new P/E framework, and supportive Street targets around €24.50 to €30.00. Analyst Commentary Street research on Solaria Energía y Medio Ambiente reflects a mix of optimism about long term potential and caution around execution and valuation.
ACS
€122.90
ACS Actividades de Construcción y Servicios
7D
-4.8%
1Y
116.2%
BBVA
€22.44
Banco Bilbao Vizcaya Argentaria
7D
3.5%
1Y
69.3%
PUIG
€16.74
Puig Brands
7D
5.5%
1Y
-2.2%
Narrative Update • Jun 26

PUIG: Fragrance Mix And Standalone Plan Will Drive Future Repricing

Analysts have nudged their average price target for Puig Brands higher to about €19.70, reflecting updated views on the company’s fragrance mix, its stand alone plan after the end of merger talks with Estée Lauder, and recent research that highlights its exposure to women’s and men’s fragrance as well as its make up presence via Charlotte Tilbury. Analyst Commentary Recent Street commentary on Puig Brands highlights a mix of optimism and caution as the stock shifts back to a stand alone plan after the end of merger talks with Estée Lauder and as analysts fine tune their price targets and assumptions.
CABK
€12.62
CaixaBank
7D
2.0%
1Y
65.8%
Narrative Update • Jun 18

CABK: Share Capital Reduction And Tighter Assumptions Will Support Steady Profitability

CaixaBank’s analyst price target edges higher by roughly €0.07, with analysts pointing to updated fair value estimates, as well as slightly revised assumptions around revenue growth, profit margins and future P/E as key supports for the move. Analyst Commentary Recent research on CaixaBank gives you a mix of optimism and caution, with several banks revisiting their fair value estimates and tweaking price targets by relatively small amounts.
ITX
€56.68
Industria de Diseño Textil
7D
0.3%
1Y
27.4%
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.
AENA
€27.14
Aena S.M.E
7D
-1.3%
1Y
19.6%
Narrative Update • Jun 14

AENA: Clearing Regulatory Risk Will Likely Restrain Future Repricing Potential

Aena S.M.E.'s updated analyst price target edges higher to €20.54 from €20.11, as analysts point to firmer fair value assumptions, slightly stronger revenue growth expectations and broad support from recent rating upgrades that highlight traffic resilience despite geopolitical risks. Analyst Commentary Recent research on Aena S.M.E. presents a mixed picture, with several firms lifting ratings or targets while others trim expectations or step back on their stance.
CLNX
€26.17
Cellnex Telecom
7D
-7.6%
1Y
-21.5%