August 2016: assisted recovery

The average weighted PER ratio is 18,2x (up 11.8% from end-2015)

The value of the 60 Spanish companies listed on the stock market stood at 536.499 billion euros at end-July 2016, down 9.0% from end-2015, Patrivalor says.

The average weighted target price of these stocks is 20,9€ (an increase of 13.6% so far this year), while the average weighted share price is 18,8€ (up 16.6%).  So the average weighted discount between the share price and the target price is 10.3%.

The average weighted PER ratio is 18,2x (up 11.8% from end-2015), Patrivalor notes.

The average recommendation is 2,76 points, which implies a slight bias on the buy side compared with end-2015. (Between 1 and 2 points implies a “definite buy” and between 3.5 and 5 points a “definite sell”).

There are currently 19 stocks with a buy recommendation (between 1 and 2 points), compared with 22 at end-2015. These are: Inditex, Amadeus, IAG, Viscofan, Melia Hotels, Faes, Pharma Mar, Acerinox, Ence, Tubacex, Acciona, Merlin Properties, Inmobiliaria Colonial, Iberdrola, Red Eléctrica, Enagas, Solaria, Catalana Occidente and Bolsas y Mercados.

There are 10 stocks with a sell recommendation (between 3.5 and 5 points) compared with 15 at end-2015. These are: Prisa, Arcelor, Zardoya, Elecnor, Cementos Portland, Uralita/Coemac, Abengoa, OHL, Banco Sabadell and Banco Popular.

 

 

Stocks

Target Price

EPS

Recommendation

TELEFONICA

11,31

1,07

3,00

BANCO SANTANDER

4,93

0,51

3,00

BBVA

6,50

0,68

3,00

INDITEX

33,34

1,02

2,00

IBERDROLA

6,95

0,41

1,50

AMADEUS

45,00

1,91

1,50

IAG

9,79

1,04

2,00

GRIFOLS

23,40

2,13

3,00

MEDIASET – TELECINCO

12,00

0,52

3,00

CELLNEX TELECOM

13,60

0,34

3,00

DIA

6,50

0,43

2,50

PROSEGUR

4,60

0,31

3,00

EBRO FOODS

19,60

1,11

3,00

ALMIRALL

17,35

0,64

3,00

VISCOFAN

62,20

1,00

2,00

MELIA HOTELS

12,58

0,40

1,00

ATRESMEDIA

14,70

0,67

3,00

NH HOTELES

5,97

0,10

3,00

FAES

3,00

0,12

2,00

PHARMAMAR (ZELTIA)

3,85

0,08

2,00

PRISA

1,70

0,55

5,00

DEOLEO / GRUPO SOS

0,36

0,02

3,00

ARCELOR

4,40

0,21

4,00

REPSOL

14,03

0,84

2,67

GAMESA

19,30

0,79

2,33

ZARDOYA OTIS

8,60

0,35

4,00

ACERINOX

11,45

0,17

2,00

INDRA

10,86

0,37

3,00

TECNICAS REUNIDAS

26,60

2,21

3,00

VIDRALA

49,60

2,74

3,00

ELECNOR

11,40

1,30

5,00

GRUPO ENCE

10,66

0,35

2,00

CEMENTOS PORTLAND

4,95

0,01

5,00

TUBACEX

3,44

0,08

2,00

URALITA/COEMAC

0,89

0,06

5,00

ABENGOA

1,15

0,03

4,00

ABERTIS

15,55

1,07

3,00

FERROVIAL

20,95

0,96

2,67

ACS

34,50

2,89

2,50

ACCIONA

88,40

4,00

1,00

MERLIN PROPERTIES

11,80

0,51

1,00

FCC

8,35

0,21

3,33

INMOBILIARIA COLONIAL

6,00

0,30

2,00

OHL

8,00

0,59

3,50

SACYR VALLEHERMOSO

2,75

0,18

2,67

REALIA

0,63

0,04

3,00

ENDESA

19,60

1,12

3,00

GAS NATURAL

18,25

1,44

3,00

RED ELECTRICA

84,40

4,92

1,00

ENAGAS

29,15

2,36

2,00

SOLARIA

1,00

0,07

2,00

CAIXABANK / CRITERIA

2,50

0,05

3,00

BANKIA

0,88

0,02

2,50

MAPFRE

2,40

0,26

3,00

BANCO DE SABADELL

1,60

0,04

3,50

BANKINTER

6,35

0,35

2,50

BANCO POPULAR

1,70

0,13

3,67

G. CAT. OCCIDENTE

33,00

2,23

2,00

BME

32,42

1,93

2,00

CORPORACIÓN ALBA

48,70

1,13

3,00