BNP sees slowdown in Spanish mid-caps in 2026 after outperforming year
20/01/2026 14:32
** BNP Paribas expects Spanish Mid-Cap stocks to quiet down on 2026 after they outperformed European peers by around 30% in 2025 and growth rates have slowed down ** Following a strong 2025 driven by financial, defense and utility stocks, the broker sees the outlook likely linked to earnings revisions, focus on consumption trends, currency and macro economic volatility ** It upgrades pool equipment maker Fluidra FLUI.MC to "Outperform" on new build mid-term opportunity, the investment in robotic cleaner maker Aiper and its 20% discount to peers, which UBS sees as too harsh ** It cuts to "Neutral" on valuation both pharmaceutical group Almirall ALM.MC and food producer Ebro EBRO.MC, while downgrading hotel chain Melia MEL.MC on lower revenue per available room (RevPar) estimates ** BNP also downgrades real estate firm Colonial COL.MC to "Underperform" from "Neutral" citing weaker performance in its Paris portfolio and lower pipeline contribution
| COMPANY | RATING | OLD RATING | PT (EUR) | % TO OLD PT |
|---|---|---|---|---|
| Almirall ALM.MC | Neutral | Outperform | 14.0 | - |
| CIE Automotive CIEA.MC | Neutral | - | 27.5 | - |
| Colonial COL.MC | Underperform | Neutral | 5.0 | -14% |
| Ebro Foods EBRO.MC | Neutral | Outperform | 19.5 | -7% |
| Fluidra FLUI.MC | Outperform | Neutral | 28.5 | +24% |
| Grenergy Renovables GREG.MC | Outperform | - | 95.0 | +19% |
| Indra IDR.MC | Neutral | - | 51.0 | +11% |
| Logista LOG.MC | Neutral | - | 29.0 | - |
| Melia Hotels MEL.MC | Neutral | Outperform | 8.5 | -12% |
| Merlin Properties MRL.MC | Outperform | - | 15.0 | +6% |
| Rovi ROVI.MC | Outperform | - | 83.0 | +6% |
| Sacyr SCYR.MC | Neutral | - | 3.9 | - |
| Tecnicas Reunidas TRE.MC | Underperform | - | 23.0 | - |
| Vidrala VID.MC | Outperform | - | 110.0 | -5% |
| Viscofan VIS.MC | Outperform | - | 70.0 | - |
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