Banking and Insurance

Company Target EUR Risk Comment Rating
Alba 47.80 3 Better than expected results Hold
Banesto 13.60 2 No surprises in 2007 results Hold
Bankinter 8.00 3 Crédit Agricole to acquire 29.9% Hold
BBVA 18.32 2 Good dividend yield Buy
Catalana O. 28.40 3 Impressive results Hold
Mapfre 3.50 3 Still offers some value Hold
Pastor 11.20 1 Justified price correction Sell
Popular 9.40 3 Suffering the economic slowdown Sell
Sabadell 6.40 4 Difficult times for business model Sell
Santander 15.88 2 25% increase in dividend yield Buy

 

Consumer Goods and Food

Company Target EUR Risk Comment Rating
Adolfo Dom. 20.00 4 Opening many new shops Sell
Campofrío 10.40 4 Meat prices increasing Hold
Ebro Puleva 16.10 3 Effective cost reductions Buy
Inditex 38.50 3 Internation expansion as priority Hold
Sos Cuétara 10.50 3 World rice prices skyrocketing Sell

 

Energy and Public Services

Company Target EUR Risk Comment Rating
Abertis 24.10 1 Keeps on diversifying Hold
Aguas Bcn. 27.65 1 Price above perspectives Sell
Cepsa 55.40 1 Disappointing 2007 results Sell
Cintra 10.50 1 Gloomy perspectives Hold
Enagas 18.75 2 Slightly overpriced Sell
Endesa 32.00 2 Profited from asset disposal Sell
Gas Natural 41.50 1 Well positioned for sector moves Hold
Iberdrola 10.70 2 Earnings increase 160% in 1Q Hold
I. Renovables 5.25 3 170% earnings increase in 1Q Hold
Red Eléctrica 41.50 1 Earnings increase 15.7% in 1Q Sell
Repsol 28.00 3 Oil discovery in Brazil Hold
Unión fenosa 43.00 1 Earnings fall 39% in 1Q Hold

 

Industrial and Services

Company Target EUR Risk Comment Rating
Abengoa 19.00 2 Price above perspectives Sell
Azkoyen 6.60 3 Tougher times ahead Hold
CAF 300 3 Earnings keep on growing Hold
DuroFelguera 7.00 3 No surprise in the results Sell
EADS 17.00 4 Disappointing operative results Hold
Ence 5.80 2 EUR streght is hurting Sell
Gamesa 31.50 2 Price reflects great perspectives Sell
Iberia 2.10 4 Oil prices penalize the sector Sell
Prosegur 26.90 3 Benefitial change in legislation Sell
ServicePoint 2.20 3 Unconvincing expansion plan Sell
Tubacex 6.40 3 Good perspectives but expensive Sell
Zardoya-Otis 17.30 1 Still slightly overpriced Sell

 

Leisure

Company Target EUR Risk Comment Rating
Antena 3 7.70 3 Losing quota against competition Sell
NH Hoteles 9.00 3 Italian expansion boosts profits Sell
Prisa 11.20 3 Facing important financial costs Sell
Sogecable 28.00 3 To be acquired by Prisa at 28eur. Sell B
Sol Meliá 8.70 2 Targetting first class tourism Hold
Telecinco 11.60 3 Breaking earnings records Sell

 

Pharmaceutical and Chemical

Company Target EUR Risk Comment Rating
Ercros 0.27 2 Price above perspectives Sell
Zeltia 4.05 5 Disappointing: no benefits until 2010 Sell

 

Real State Operation and Construction

Company Target EUR Risk Comment Rating
Acciona 190 2 Selling it’s stake in Endesa Hold
ACS 40.60 1 Profit in 1Q soars (+62%) Hold
C. Portland 60.00 3 Preparing for the slowdown Sell
FCC 47.00 1 Looking for alliances Hold
Ferrovial 55.00 2 Solving the problems in BAA Hold
Reyal Urbis 7.80 3 Price reflects perspectives Sell
Sacyr-Valle. 22.71 3 Selling participation in Eiffage Sell
Uralita 6.04 2 Expensive after the recent climb Sell

 

Telecommunications and Technology

Company Target EUR Risk Comment Rating
Amper 10.70 4 Strong order book Sell
Indra Sist. 19.00 2 Results in line with expectations Hold
Telefónica 23.50 3 CEO Alierta buys options again Buy