José A. Santos (Patrivalor) || The stock valuation of the analysed Spanish companies amounts to 1,087,034.96 million euros at the end of March 2026, which represents a decrease of -2.2% compared to the end of 2025.
The weighted average target price is €11.89, which has decreased by -2.4% compared to the previous year, while the weighted average market quotation is €10.70 (which has decreased by -11.3% compared to the previous year). Therefore, the weighted average discount between the quotation and the target price is -9.9%.
The weighted average Price/Earnings ratio is 17.83 times earnings (which has decreased by -3.9% compared to the end of the financial year); the inverse of this ratio gives a return on earnings of 5.61% (which represents an increase of +4% compared to last year).
The average recommendation is 2.01 points, slightly less buy-oriented than at the end of 2025 (it is considered that between 1 and 2 points is “clear buy” and between 3.5 and 5 is “clear sell”).
Buy-rated stocks
There are now 42 stocks rated between 1 and 2 points, compared to 44 at the end of 2025:
Inditex, Aena, Amadeus, IAG, Cellnex, Logista, Almirall, Puig Brands, Cirsa, Neinor, Pharmamar, DIA, Atresmedia, Aedas, Arcelor, Repsol, Acerinox, Cie Automotive, Vidrala, Técnicas Reunidas, Ence, Tubacex, Tubos Reunidos, Ferrovial, ACS, Merlin Properties, FCC, Inmobiliaria Colonial, Sacyr, OHLA, Iberdrola, Endesa, REDEIA, Enagas, Fluidra, Solaria, Santander, BBVA, Caixabank, Mapfre, Unicaja, and Indexa Capital.
Sell-rated stocks
There are now 6 stocks rated between 3.5 and 5 points, compared to 7 at the end of 2025:
Grifols, Viscofan, Melia, Faes, Gestamp Automocion, and Talgo.
| Stocks | Target Price | EPS | Recommendation |
| INDITEX | 57.00 | 2.15 | 1.50 |
| BANCO SANTANDER | 12.35 | 1.06 | 1.00 |
| TELEFONICA | 4.00 | 0.18 | 3.00 |
| BBVA | 24.30 | 1.72 | 1.00 |
| IBERDROLA | 22.00 | 0.97 | 1.50 |
| ACCIONA | 228.00 | 10.93 | 3.00 |
| ACCIONA ENERGIA | 22.00 | 1.14 | 3.00 |
| ACERINOX | 12.20 | 1.03 | 1.00 |
| ACS | 110.00 | 3.20 | 1.00 |
| AEDAS HOMES | 24.00 | 3.36 | 1.00 |
| AENA | 30.00 | 1.56 | 1.00 |
| ALMIRALL | 14.25 | 0.37 | 2.00 |
| AMADEUS | 65.05 | 3.14 | 1.00 |
| ARCELORMITTAL | 54.70 | 5.09 | 1.00 |
| ATRESMEDIA | 5.98 | 0.58 | 2.00 |
| BANCO DE SABADELL | 3.75 | 0.31 | 3.00 |
| BANKINTER | 13.60 | 0.95 | 3.00 |
| CAF | 55.40 | 3.97 | 3.00 |
| CAIXABANK | 12.70 | 0.69 | 1.00 |
| CELLNEX TELECOM | 41.80 | -0.44 | 1.00 |
| CIE AUTOMOTIVE | 38.10 | 3.19 | 1.00 |
| CIRSA | 24.30 | 0.58 | 2.00 |
| COLONIAL SFL | 7.00 | 0.38 | 1.00 |
| DIA | 40.50 | 1.44 | 2.00 |
| EBRO FOODS | 20.00 | 1.32 | 3.00 |
| ENAGAS | 17.16 | 0.90 | 1.50 |
| ENCE | 4.00 | -0.14 | 1.00 |
| ENDESA | 34.70 | 2.00 | 1.50 |
| FAES | 3.70 | 1.16 | 5.00 |
| FCC | 15.00 | 0.73 | 1.00 |
| FERROVIAL | 57.00 | 0.79 | 1.00 |
| FLUIDRA | 27.50 | 1.08 | 1.00 |
| GESTAMP AUTOMOCION | 3.30 | 0.27 | 5.00 |
| GRIFOLS | 15.75 | 0.77 | 3.50 |
| IAG | 5.30 | 0.75 | 1.50 |
| INDEXA CAPITAL | 18.20 | 0.05 | 2.00 |
| INDRA | 63.40 | 1.93 | 2.50 |
| LOGISTA | 32.10 | 2.14 | 1.00 |
| MAPFRE SA | 4.21 | 0.23 | 1.00 |
| MELIA HOTELS | 7.60 | 0.71 | 5.00 |
| MERLIN PROPERTIES | 16.80 | 0.56 | 1.50 |
| NATURGY | 27.88 | 2.15 | 2.67 |
| NEINOR HOMES | 21.10 | 1.78 | 1.00 |
| OHLA | 0.47 | -0.04 | 2.00 |
| 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 | 22.90 | 1.02 | 2.00 |
| RED ELECTRICA (REDEIA) | 17.50 | 0.93 | 2.00 |
| REPSOL | 26.00 | 2.64 | 1.50 |
| ROVI | 63.00 | 2.67 | 3.00 |
| SACYR | 4.25 | 0.18 | 1.00 |
| SOLARIA | 14.25 | 0.84 | 2.00 |
| TALGO | 3.00 | 0.04 | 5.00 |
| TÉCNICAS REUNIDAS | 36.90 | 1.61 | 1.00 |
| TUBACEX | 4.80 | 0.14 | 2.00 |
| TUBOS REUNIDOS | 0.74 | 0.26 | 2.00 |
| UNICAJA | 2.66 | 0.24 | 1.00 |
| VIDRALA | 107.51 | 10.81 | 2.00 |
| VISCOFAN | 59.20 | 3.47 | 3.50 |