Apr 12, 2026
3 min read
Three 'less important' Ibex 35 stocks to invest in now.Enagás, Sacyr and ArcelorMittal are three values that the market puts their fair value on the Ibex 35 of the Spanish stock market.
It is one of the big winners of this period, for two important reasons.On the one hand, being the Spanish gas manager in a period of exponential growth in prices in the middle of the Middle East conflict.
On the other hand, there is a moment of 'small squeeze' in the closing of small positions due to the increase in prices due to the transport remuneration method and the decision taken by the CNMC to re-regulate between 2027 and 2032.
But despite having one of the best races of the year, it's true that the technical side of Enagás is second to none right now.According to the Investment Strategies Reward Indicator, it remains at a very strong level in the medium and long term.Levels through which an operation passes an obstacle.
One of the important things that independent analyst Roberto Moro considers buying the Spanish stock market on speculation is not always the opinion.
And, as we have been saying, although some agreements have been canceled due to a significant increase in prices, there are experts who believe that competition for prices will intensify.This is the case of Mediobanca, where with an average view, its target price is 18 euros, which will increase from the previous 16 to the price.
It is a stock with a good corporate yield, close to 6%, though its PER is expensive, reaching 19.14 times due to its strong growth, while its PEG, i.e., PER divided by earnings per share, remains very low at 0.05 times, with an expected PVC of 1.91% this year.
It's a value that has weathered the war shock well while maintaining gains of a whopping 16% so far this year and 6.5% last month.
Ei Basic analyst María Mira told us that the value remains neutral on a fundamental basis as "the company has completed its strategy change to a low-risk asset profile. where the movement of operating cash flow and the significant reduction in financial leverage serve as key value enhancers."
All this consideration discounts the company led by Manuel Manrique as "an option of low importance with a high impact and a medium risk indicator, which is why we repeat the recommendations recommended for long-term investors."
Another thing to note in the recent reports of Sacyr is the reduction of its debt, which is very low in history, which makes the profit 59 million at the end of last year.All the while increasing its operating cash flow by 5% to 1,359 million euros.
On the technical side, it has remained very strong since the beginning of this month, with buying bias and risks of excess savings and bearish statistics warranting caution.
It is a basic brand in the concession industry and its portfolio has not yet grown.That is why it has achieved a turnover of more than 900 million euros.In addition, ACS is the only company chosen by the British government to participate in the New Hospitals Program, a contract worth €42 billion that, together with eight other companies, will be the only one to build and renovate this health infrastructure until the year 2039.
As for analysts, Bernstein gives an overweight recommendation on the stock despite the rise in recent weeks with a price target of 5.30 euros per share and an upside potential of almost 20%.
It is the biggest victim of the war and is the one that has recovered the most ground this week with the initial recovery, but two factors, its European dependence and the impact on industries, especially the steel industry in the case of airlines, have turned it from the major price of the Ibex 35 before February 27, which is highly penalized by investors, because their surplus energy accounts can be affected.
According to experts, if there is a real end to the conflict, it is a value that can gain scope in its increase.In Ei's technical analysis, Alvaro Nieto highlights that "We maintain a positive attitude for ArcelorMittal shares.
In Renta 4 they highlight that “regulatory changes will be one of the most important (positive) impact factors on the sector and on ArcelorMittal in the future”.Its price target, last 56 to 58 euros with advice to overweight its securities.
They have the ability to buy shares in Oddo BHF for up to €60 per share, an increase of 31.5%, which they set as their target price for ArcelorMitttal shares.Meanwhile, Jefferies is also committed to buying value, with a price target of €62 per share and a potential upside of 35.85%.
Furthermore, Premium Investment Strategies indicators mark a very strong technical level for its stock, while it is considered undervalued from a fundamental point of view.
With Jefferies, they see a potential upside of 20% for their shares, as they are included in a list of 15 European stocks, which the American company prefers given what happens after the conflict.
And although the company's analysts do not think that the results of the first quarter published at the end of April are positive, they believe that the best part will come in the second part of the year thanks to the protectionism of Brussels, and that the company will benefit mainly from its high presence in Europe.
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