The Spanish stock market faces a historic end to the year. Ibex surpassed the record that had stood for 18 years and exceeded 16,000 points for the first time. It has left behind the milestone of nearly two decades ago thanks to the momentum of the banking sector, the same sector that continues to dominate the index years later and now holds the selective index. The Ibex stands out by far in a year of widespread gains globally and despite the enormous uncertainties that Donald Trump’s policies have instilled.
With the price almost over, the Ibex jumped by 37% and is about to close its best year since 1997. This progress was supported by the banks, which in any case achieved revaluations of more than 70%. But the end-of-year party doesn’t seem to be over. “The majority of companies remain at significantly low levels. The same happens in valuation multiples, where size differences continue to be very relevant. This dispersion has meant that, after the record stock markets, there are good investment ideas. The episodes of volatility that can occur only increase the number of opportunities available to patient and long-term investors like us”, comments Mark Giacopazzi, investment director of Bestinver in his latest quarterly letter to investors.
In the Ibex there are a handful of values with potential above 15% according to the objective consensus prices collected by Bloomberg, and which belong to different sectors: construction, real estate, telecommunications, energy technologies, healthcare and steel.
Cellnex
It is the company that can revalue itself the most in the eyes of analysts: 56%. Its evolution has been downward in recent months, despite having one of the highest consensuses from experts with 76% buy recommendations, including that of Bank of America. “This telecom tower company is well positioned to capitalize on the needs of mobile network operators to deploy next-generation networks and monetize their infrastructure.” Furthermore, “its industrial approach in creating long-term alliances with clients represents a key differentiator compared to purely financial investors. As the tower market in Europe is close to maturity, the shift in focus towards other verticals (active equipment, fiber and data centers) offers more options,” notes the bank.
Morgan Stanley expects the company to continue reducing its leverage, which it sees as a “key catalyst for the stock.” Cellnex has just announced an ambitious shareholder remuneration plan of 1,000 million euros in 2026, although it also showed a slower pace of organic growth in its third quarter accounts. The stock, very sensitive to interest rates due to its significant volume of debt, responded in Friday’s session with a decline of close to 4%.
Colonial
It is another of the selective companies with the greatest upside potential (28%) and the majority advice is buy (65% of the total); The profit for the year is close to 5%. On November 13th it will present its third quarter results and Intermoney expects an increase in revenues of 2%, compared to 4% the previous year, “again thanks to the entry into force of the capital reform in Paris”. Net profit would amount to over 249 million, with an increase of 60%. “Colonial offers great potential, which we believe will more than offset the uncertainties related to the bad times for office stock in the United States, where office vacancies in Manhattan and San Francisco have reached an all-time high, primarily due to telecommuting.” According to Intermoney analysis, “the stock is trading at a discount to NAV (net asset value) of more than 45%, compared to virtually zero before the pandemic.”
This discount is also important for GVC Gaesco, who chose Colonial among his favorite titles of the last month. “We believe that after three years of declines in Colonial’s net asset value due to the increase gives inin 2025 the NAV will stabilize and in 2026 it will record some growth”.
Rovi laboratories
It was a rollercoaster year, where moments of strong enthusiasm alternated with others of pessimism. The balance of business in September was revealed this week, resulting in a decline in revenues and profits. “The weakness of contract manufacturing (CDMO) will continue to weigh until the international situation of the vaccine market changes and new deals with greater profitability are concluded. However, Rovi’s ability to invest in research and development and enter into strategic alliances allows us to partially mitigate the impact, opening up options for a future growth cycle,” underlines Adrián Hostaled, of XTB.
In the previous days the price had skyrocketed after an agreement with Roche for the production of drugs. “It’s great news,” says Álvaro Arístegui, of Renta 4. This fact adds to the recent acquisition of a CDMO plant in the United States. “We expect the CDMO business, which has seen two consecutive years of declining activity due to its high ties to Moderna and the Covid vaccine, will now recover strong growth starting in 2026, in which we estimate it will be 40% higher than the current year as the second large outsourcing contract begins,” adds Arístegui. In 2022, the laboratory extended the contract with Moderna – until then focused on anti-Covid vaccines – for the production of medicines with the American company’s messenger RNA technology for 10 years. It has no sell recommendations, with buy recommendations accounting for 82% of the total. The consensus gives it a 45% potential.
Acerinox
It is another of the Ibex companies – this summer it celebrated a decade since its incorporation into the index – which has just published its results in September; Profit plummeted 96% due to a significant drop in demand and a slower-than-expected recovery. “In this context of uncertainty, Acerinox must focus on continuously improving working capital and solid cash generation. Although demand remains weak, the situation in the US is significantly better than in Europe thanks to the trade defense measures that have been instituted (Trump imposed 25% tariffs on cars and steel imports) and which have led to less pressure on imports,” explains Link Securities.
Deutsche Bank’s own thesis is to recommend the purchase of Acerinox and place it among its “chosen ones” in the steel sector “due to its presence in the attractive US market and its solid cash returns”. “While demand is weak, Brussels’ recent proposal for a significant increase in trade protection in the sector has generated optimism. Even if the final outcome remains uncertain and awaiting the decision of the Council and the EU Parliament, this could lead to a substantial rebound in European prices and margins,” explains the bank.
Acerinox earns 19% over the year and in the eyes of experts has a revaluation potential of 22%. It does not present any sales advice; 78% are purchases.
Priest
It has followed a fair evolution on the stock market, but between the low of last April and the current moment it has appreciated by 36%, and still has a potential of 21%; 87% of analysts recommend buying. The infrastructure company has just received a corporate rating of BBB (low) in the long term and R-2 (low) in the short term from Morningstar DBRS, both with a stable outlook. This rating corresponds to the investment grade category. The company positively highlights “the strategic transformation carried out by Sacyr in recent years, which is reflected in its financial and operational strength, with a clear focus on concessions and a successful financial deleveraging process”. For Sacyr, this result, in addition to being the first time it has obtained a rating from a global rating agency, means “progress in achieving one of its objectives in the 2024-2027 strategic plan”.
Bestinver Securities has selected Sacyr in its latest list of favorite stocks, considering it offers “an attractive risk-reward balance with strong fundamentals, visible growth in grants, a disciplined financial strategy and multiple catalysts to drive revaluation.” These catalysts concern three focuses: asset rotation, where “new divestitures could generate further value and strengthen financial discipline; the launch of Voreantis (platform for the concessions of abandoned industrial land), which although late, could crystallize hidden value once market conditions stabilize, and highways managed in the United States. Competition there is strong and the possible awards (I-285, I-24, I-77 South) represent great progress for international growth. The news is expected in the second half of 2026.”
Amedeo
The year was rather smooth for the tourism booking company, reflecting slight losses in the cumulation. However, it is among those with the greatest increase (15%) compared to the target price (76.89 euros). Most analysts are divided between buy (44%) and hold (44%). The activity was affected by “the cooling of growth compared to 2024, motivated by the mediocre moment of the United States and the Middle East, as well as the relative depreciation of the dollar”, explains Intermoney. The horizon is not entirely clear, but the company adds that “its market leading position should offer support to the stock,” it adds.
Jefferies agrees on the strength of the price, considering that “Amadeus’s valuation is not challenging”, and highlights its position as a market leader and its ability to grow at high single-digit revenue rates. “Ultimately, we continue to believe that the valuation is attractive for a market leader,” he emphasizes.
Meanwhile, Bankinter observes “in a positive way that the guidelines for the year 2025 are confirmed in a context of geostrategic uncertainty like the current one (which affects international tourism)”. The company’s forecast for constant currency revenue growth for the year ranges between 7.4% and 11.4%, while for EBITDA it would be between 5.7% and 11%. Up to September it earned 10% more, albeit with signs of slowing growth.
Redeia
It is trading at its lowest level of the year, the lowest level since March 2024, in a race to the bottom marked by the late April blackout and regulatory uncertainty. Even so, the consensus gives it 15.4% upside potential. Morgan Stanley notes that the stock is poised to begin a recovery after factoring in regulatory and disruption risks. “Its poor performance was partly due to negative earnings per share revisions following a disappointing regulatory proposal, which now places a ceiling on expectations,” he says. The possibility that the cost of the blackout will affect their accounts also weighs on the price.
Jefferies therefore reiterates that “the main catalyst continues to be the definition of the new regulatory framework for the period 2026-2031”. In any case, Redeia maintains its claim to be one of the Ibex listed companies that offers the highest dividend yield, above 5%.
