Repsol and Ibex 35 companies face divergent valuation outlooks

Analysis of the Ibex 35 market shows Repsol, CIE Automotive, and Mapfre as the most undervalued companies based on their projected 2026 price-to-earnings (PER) ratios. According to calculations by GVC Gaesco, CLERHP holds the lowest estimated PER for 2026 at 4.3 times, followed by Repsol at 5.8 times and IAG at 7.4 times.

When evaluating the 2027 PER, Repsol and CIE Automotive remain among the most undervalued, with IAG also joining the top tier. The ranking highlights a concentration of low-multiple companies within the energy, industrial, tourism, insurance, and media sectors.

In contrast to the low valuation multiples, Morgan Stanley has issued a cautious outlook for Repsol. While other investment firms have recently set price targets between 31 and 38 euros, Morgan Stanley set a 12-month target of 26.50 euros. This represents a potential downside of 6.5% from recent trading levels, suggesting limited room for further growth in the company's current rally.