The average recommendation stands at 1.94 points, slightly more bullish than at the end of 2025 (a score of between 1 and 2 points is considered a ‘clear buy’ and between 3.5 and 5 a ‘clear sell’).
Patrivalor Analysis
The market capitalisation of the Spanish companies analysed stood at €1,262,174.69 million at the end of July 2026, representing a rise of 13.6% compared with the end of 2025.
The weighted average target price is €10.84, down by 11.07% compared with the previous year, whilst the weighted average market price is €10.93 (down by 9.44% compared with the previous year). Therefore, the weighted average between the market price and the target price is 0.8%.
The weighted average price-to-earnings ratio stands at 19.25 times earnings (up 3.7 per cent compared with the end of the financial year); the inverse of this ratio gives a dividend yield of 5.2 per cent (representing a fall of 3.5 per cent compared with last year).
The average recommendation stands at 1.94 points, slightly more bullish than at the end of 2025 (a score between 1 and 2 points is considered a “clear buy” and between 3.5 and 5 a “clear sell”).
Stocks rated ‘buy’
There are now 44 stocks rated between 1 and 2 points; at the close of 2025, there were 44:
Inditex, Aena, Amadeus, IAG, Cellnex, Logista, Almirall, Puig Brands, Cirsa, Neinor, Faes, Pharmamar, DIA, Atresmedia, Aedas, Arcelor, Repsol, Acerinox, Cie Automotive, Vidrala, Indra, Técnicas Reunidas, Ence, Tubacex, Ferrovial, ACS, Merlin Properties, FCC, Inmobiliaria Colonial, Sacyr, OHLA, Iberdrola, Endesa, Naturgy, REDEIA, Enagas, Fluidra, Global Dominion, Santander, BBVA, Caixabank, Mapfre, Unicaja and Indexa Capital.
Stocks on sale
There are now 4 stocks between 3.5 and 5 points; at the close of 2025 there were 7:
Viscofan, Melia, Gestamp Automoción and Talgo.
| Stocks | Target Price | EPS | Recommendation |
|---|---|---|---|
| ACCIONA | 242,37 | 10,93 | 2,67 |
| ACCIONA ENERGIA | 24,03 | 1,14 | 2,75 |
| ACERINOX | 12,20 | 1,03 | 1,00 |
| ACS | 112,15 | 3,20 | 2,00 |
| AEDAS HOMES | 24,00 | 3,36 | 1,00 |
| AENA | 26,55 | 1,56 | 2,00 |
| ALMIRALL | 14,25 | 0,37 | 2,00 |
| AMADEUS | 65,05 | 3,14 | 1,00 |
| ARCELORMITTAL | 54,70 | 5,09 | 1,00 |
| ATRESMEDIA | 5,61 | 0,58 | 2,00 |
| BANCO DE SABADELL | 3,75 | 0,35 | 3,00 |
| BANCO SANTANDER | 12,45 | 1,06 | 1,00 |
| BANKINTER | 13,96 | 0,95 | 3,00 |
| BBVA | 23,83 | 2,12 | 2,00 |
| CAF | 55,40 | 3,97 | 3,00 |
| CAIXABANK | 12,85 | 0,92 | 1,00 |
| CELLNEX TELECOM | 42,10 | -0,44 | 1,50 |
| CIE AUTOMOTIVE | 38,10 | 3,19 | 1,00 |
| CIRSA | 23,00 | 0,58 | 2,00 |
| COLONIAL SFL | 7,79 | 0,38 | 1,33 |
| DIA | 52,10 | 1,44 | 2,00 |
| EBRO FOODS | 20,00 | 1,32 | 3,00 |
| ENAGAS | 18,58 | 0,90 | 2,00 |
| ENCE | 3,70 | -0,14 | 1,00 |
| ENDESA | 39,80 | 2,00 | 1,00 |
| FAES | 6,00 | 1,16 | 2,00 |
| FCC | 15,00 | 0,61 | 1,00 |
| FERROVIAL | 56,00 | 0,86 | 2,00 |
| FLUIDRA | 27,50 | 1,08 | 1,00 |
| GESTAMP AUTOMOCION | 3,30 | 0,27 | 5,00 |
| GLOBAL DOMINION | 5,25 | 0,14 | 2,00 |
| GRIFOLS | 15,15 | 0,77 | 3,00 |
| IAG | 5,65 | 0,62 | 1,00 |
| IBERDROLA | 21,80 | 0,97 | 1,00 |
| INDEXA CAPITAL | 18,20 | 0,05 | 2,00 |
| INDITEX | 57,00 | 2,17 | 1,00 |
| INDRA | 58,00 | 1,93 | 1,50 |
| LOGISTA | 32,10 | 2,14 | 1,00 |
| MAPFRE SA | 4,21 | 0,23 | 1,00 |
| MELIA HOTELS | 8,60 | 0,71 | 5,00 |
| MERLIN PROPERTIES | 17,30 | 0,53 | 1,00 |
| NATURGY | 29,80 | 2,15 | 1,00 |
| NEINOR HOMES | 21,10 | 1,78 | 1,00 |
| OHLA | 0,70 | -0,04 | 1,50 |
| PHARMA MAR | 100,00 | 4,10 | 1,00 |
| PRISA (Promotora Informa) | 0,40 | -0,01 | 3,00 |
| PROSEGUR | 4,00 | 0,12 | 3,00 |
| PROSEGUR CASH (CASH) | 0,88 | 0,07 | 3,00 |
| PUIG BRANDS | 20,80 | 1,02 | 2,00 |
| RED ELECTRICA (REDEIA) | 16,50 | 0,93 | 1,00 |
| REPSOL | 26,00 | 2,64 | 1,50 |
| ROVI | 71,50 | 2,67 | 2,50 |
| SACYR | 4,53 | 0,18 | 1,00 |
| SOLARIA | 20,00 | 1,04 | 3,00 |
| TALGO | 3,10 | 0,04 | 3,67 |
| TÉCNICAS REUNIDAS | 37,95 | 1,61 | 1,50 |
| TELEFONICA | 4,23 | 0,18 | 2,67 |
| TUBACEX | 4,10 | 0,14 | 2,00 |
| UNICAJA | 2,88 | 0,24 | 1,00 |
| VIDRALA | 107,51 | 10,81 | 2,00 |
| VISCOFAN | 45,70 | 3,47 | 5,00 |
