Non-financial Ibex trading at 20x PE of the current year

Ibex 35

“We find quite significant that nonfinancial Ibex firms are trading above 20x earnings from this year, although about 50% of the index is made of electrical companies, telecoms and oil firms,” analysts at Mirabaud commented on Tuesday.

“In our view, this shows that the valuations of the Spanish companies are much more stressed than it seems at first glance.”

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