Deutsche Bank | The Ibex trades at a significant discount to other European indices, with a 12-month PER (Price Earning Ratio) of 14x, compared to 16.2x for the Eurostoxx. The high weight of the financial and electricity sectors also means that the Spanish selective index has a particularly attractive 12-month expected dividend yield of over 5%, against the Eurostoxx’s 3.9%. Until the end of 2023, the selective Ibex index had...

The IASB board, in a close vote and against the opinion of the Spanish government, has rejected the implementation at international level of the straight-line goodwill amortisation method. The rules for the preparation of financial statements do not seem to be the most likely subject to generate major disputes, but the International Accounting Standards Board (IASB) yesterday experienced the closest thing to a drama, according to Expansión newspaper. In a...

Renta 4 | During Q2’22 the stock market indices have had to deal with the consequences of the war in Ukraine, the environment of high inflation, the uptick in IRRs and downward revisions to economic growth. In this context, the IBEX Medium Cap (-1.5% in Q2’22) has offered a relatively better performance out of the three benchmark indices (-4.1% of the IBEX-35 and -6.1% of IBEX Small Caps). Our Selection...

Sabadell revised all the forecasts and objective prices for the companies they cover and highlight their favourite shares in their portfolios (model, 5 value portfolio, high yield and SME portfolio). Although they do not change their recommendations, they significantly revise the valuation of Cellnex (+15%), Sacyr (+15%), Iberdrola (+13%), FCC (-7%), Unicaja (-7%), Caixabank (-8%), Liberbank (-13%), Bankia (-14%) and Arcelor (-22%).

Shareholders approved the payment of a gross dividend of 1.175 euros/share charged to 2018, 3.5% more than the previous year.

Morgan Stanley | ACS (ACS) continues to reduce its risk profile following the purchase of Abertis and its exposure to assets. This is already discounted in the price. in addition it remains without control over the cash flow of its most important assets (Abertis; ACS/Hochtief/Cimic).