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Spanish (IBEX) Market Analysis & Valuation

UpdatedJun 27, 2026
DataAggregated Company Financials
Companies251
  • 7D0.2%
  • 3M13.5%
  • 1Y33.7%
  • YTD9.6%

Over the last 7 days, the market has remained flat, although notably the Information Technology sector declined by 10%. More promisingly, the market is up 36% over the past year. 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
Sat, 27 Jun 2026€1.2t€594.3b€64.7b16.6x18.6x2x
Mon, 25 May 2026€1.1t€593.8b€64.7b16.5x17.4x1.9x
Wed, 22 Apr 2026€1.1t€589.9b€62.9b17x18.1x1.9x
Fri, 20 Mar 2026€1.1t€589.5b€63.0b15.9x16.9x1.8x
Sun, 15 Feb 2026€1.1t€584.7b€66.7b17.2x16.7x1.9x
Tue, 13 Jan 2026€1.1t€593.8b€65.4b17.1x17x1.9x
Thu, 11 Dec 2025€1.1t€598.7b€66.1b17x16.1x1.8x
Sat, 08 Nov 2025€1.0t€595.4b€65.8b16.3x15.4x1.7x
Mon, 06 Oct 2025€999.0b€593.1b€65.7b18.3x15.2x1.7x
Wed, 03 Sep 2025€946.9b€592.8b€65.7b18.9x14.4x1.6x
Fri, 01 Aug 2025€930.5b€588.7b€65.2b18.1x14.3x1.6x
Sun, 29 Jun 2025€908.9b€589.3b€64.8b19.1x14x1.5x
Tue, 27 May 2025€924.6b€589.1b€64.6b19.1x14.3x1.6x
Thu, 24 Apr 2025€871.1b€582.7b€62.8b19.3x13.9x1.5x
Sat, 22 Mar 2025€874.8b€581.6b€63.2b18.8x13.8x1.5x
Mon, 17 Feb 2025€862.2b€575.2b€59.7b19.6x14.5x1.5x
Wed, 15 Jan 2025€782.8b€572.8b€57.1b18.9x13.7x1.4x
Fri, 13 Dec 2024€786.6b€573.0b€57.1b19.2x13.8x1.4x
Sun, 10 Nov 2024€781.3b€575.1b€57.9b19.5x13.5x1.4x
Tue, 08 Oct 2024€796.5b€571.9b€56.0b18.8x14.2x1.4x
Thu, 05 Sep 2024€765.9b€570.8b€56.0b19x13.7x1.3x
Sat, 03 Aug 2024€732.0b€571.2b€55.9b19.3x13.1x1.3x
Mon, 01 Jul 2024€747.0b€564.8b€53.6b17.9x13.9x1.3x
Wed, 29 May 2024€767.6b€563.5b€53.3b17.2x14.4x1.4x
Fri, 26 Apr 2024€731.0b€556.5b€51.7b15.6x14.1x1.3x
Sun, 24 Mar 2024€727.6b€560.0b€50.6b15.6x14.4x1.3x
Tue, 20 Feb 2024€671.7b€569.7b€55.7b14.8x12.1x1.2x
Thu, 18 Jan 2024€673.6b€557.4b€53.9b14.8x12.5x1.2x
Sat, 16 Dec 2023€689.4b€557.0b€53.7b15.4x12.8x1.2x
Mon, 13 Nov 2023€641.7b€559.7b€53.4b14.7x12x1.1x
Wed, 11 Oct 2023€643.6b€570.5b€51.4b15x12.5x1.1x
Fri, 08 Sep 2023€642.7b€569.4b€51.2b14.9x12.6x1.1x
Sun, 06 Aug 2023€641.8b€569.3b€51.3b15.6x12.5x1.1x
Tue, 04 Jul 2023€664.4b€577.4b€50.9b17.6x13.1x1.2x
Price to Earnings Ratio

13.1x


Total Market Cap: €664.4bTotal Earnings: €50.9bTotal Revenue: €577.4bTotal 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 18.7x 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 Market0.24%
Utilities2.49%
Healthcare0.93%
Industrials0.47%
Consumer Discretionary0.31%
Real Estate-0.032%
Consumer Staples-0.27%
Financials-0.42%
Telecom-1.38%
Materials-1.91%
Energy-2.19%
Tech-12.50%
Sector PE
  • Investors favour the Industrials sector the most for future growth, which is trading above its 3-year average PE ratio of 24.9x.
    • Analysts are expecting annual earnings growth of 9.1%, which is lower than the prior year's growth of 16.6% 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 growth rate of 37% per year.
  • In contrast, the Energy sector is expected to see its earnings grow by 4.1% 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€21.694.1%
+€5.7b		32.9%PE26.4xUtilities
ELE Endesa€39.624.2%
+€1.7b		49.5%PE17.7xUtilities
AENA Aena S.M.E€27.302.2%
+€900.0m		21.3%PE18.9xIndustrials
ITX Industria de Diseño Textil€56.000.5%
+€809.8m		27.1%PE27.7xConsumer Discretionary
BBVA Banco Bilbao Vizcaya Argentaria€21.470.6%
+€669.1m		65.0%PB2.1xFinancials
See more

Market Insights

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Latest News

ACS
€127.90
ACS Actividades de Construcción y Servicios
7D
-2.0%
1Y
116.8%
BBVA
€21.47
Banco Bilbao Vizcaya Argentaria
7D
0.6%
1Y
65.0%
NTGY
€27.92
Naturgy Energy Group
7D
-2.2%
1Y
4.1%
Narrative Update • Jun 25

NTGY: Balance Sheet Flexibility And Capex Plans Will Shape Fairly Valued Shares

Analysts have nudged their fair value estimate for Naturgy Energy Group slightly higher, with the price target moving from about €29.46 to roughly €29.68. This adjustment is supported by a series of recent rating upgrades and €32 target revisions that highlight expectations for balance sheet flexibility, cost efficiencies and increased capex to lift the equity story.
FER
€60.74
Ferrovial
7D
0.7%
1Y
34.0%
BKT
€14.60
Bankinter
7D
-3.2%
1Y
32.0%
Narrative Update • Jun 24

BKT: Fine Tuned P E Assumptions Will Balance Mortgage Risks And Expansion

Bankinter's updated analyst price target is now set slightly higher at €15.40, with the modest change supported by mixed recent Street revisions and small tweaks to discount rate, growth, and margin assumptions. Analyst Commentary Recent Street research on Bankinter points to a mixed but generally constructive tone, with several firms adjusting price targets in relatively small increments.
AMS
€52.14
Amadeus IT Group
7D
1.1%
1Y
-25.7%
SAN
€11.83
Banco Santander
7D
0.2%
1Y
68.1%
Narrative Update • Jun 24

SAN: Webster Deal And Groupwide AI Rollout Will Shape Future Returns

Analysts have nudged their price target for Banco Santander slightly higher to €12.21 from €12.15, reflecting updated inputs on revenue growth, profit margins and assumed future P/E multiples in their valuation models. What’s in the News Banco Santander received approval from the Office of the Comptroller of the Currency for its acquisition of Webster Bank, with additional clearance still awaited from the Federal Reserve and the European Central Bank, as reported in recent coverage of the deal.
ELE
€39.62
Endesa
7D
4.2%
1Y
49.5%
Narrative Update • Jun 23

ELE: Future Returns Will Depend On New CEO Execution Risks

Endesa's analyst price target has been lifted by €0.32 to €33.93. Analysts point to updated assumptions on revenue growth, profit margin and recent target increases from several firms as the key drivers of this revision.
CABK
€12.31
CaixaBank
7D
-2.6%
1Y
67.4%
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.
IBE
€21.69
Iberdrola
7D
4.1%
1Y
32.9%
ITX
€56.00
Industria de Diseño Textil
7D
0.5%
1Y
27.1%
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.
REP
€21.24
Repsol
7D
-1.4%
1Y
69.2%
Narrative Update • Jun 17

REP: Venezuela And Libya Upstream Deals Will Drive Future Repricing

The updated Repsol analyst price target of €31.40, compared with the prior €20.00 level, reflects analysts' recent series of target increases and upgrades, including moves by several major banks who point to revised assumptions on revenue growth, profit margins and future P/E multiples. Analyst Commentary Recent research on Repsol has been mixed, but the pattern of upgrades and higher price objectives from several large banks helps explain why the current analyst price target sits well above earlier levels.
ANA
€269.40
Acciona
7D
-4.2%
1Y
74.8%
Narrative Update • Jun 16

ANA: Higher Street Pessimism On Shares Will Test Fair Value Conviction

The analyst price target for Acciona has been revised from about €225 to roughly €262. Analysts attribute the change to updated assumptions on revenue growth, profit margins and future P/E, as well as recent Street research that raised cited price targets to €170 and €184.
AENA
€27.30
Aena S.M.E
7D
2.2%
1Y
21.3%
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.
IDR
€46.92
Indra Sistemas
7D
-14.8%
1Y
33.8%
Narrative Update • Jun 14

IDR: Sovereign AI And Index Inclusion Will Drive Future Upside

Analysts have adjusted their price target on Indra Sistemas to €66.16 from €65.56, citing updated assumptions around revenue growth, profit margins, and a lower projected future P/E multiple. What's in the News Indra Sistemas is scheduled to hold a board meeting on May 26, 2026 to review the report of the Appointments, Remuneration and Corporate Governance Committee.
ACX
€15.63
Acerinox
7D
-6.8%
1Y
44.2%