Only CaixaBank, Iberdrola, Naturgy and BBVA avoid falls of more than 20% from their annual highs

Even though he IBEX 35 stands out compared to its continental counterparts in the current year, with losses that are up to 10 percentage points from those of the main European reference, of a 9.6% vs. 19.4% for the EuroStoxx, 50% of their stocks have already recorded drops of more than 20% from their respective highs for the year. In this sense, among the ten heavyweights, only CaixaBank, Iberdrola and Naturgy escaped these declines, with losses of 1.5%, 9.2% and 13%, respectively. BBVA, For his part, he is at the gates, with a 19% drop from the peak that it touched on January 10, when it closed at around 5.79 euros.

Among these 10 largest values ​​by market capitalization of the national selective, Cellnex is the one that loses the most from its annual sky, down more than 35%, and is also among the most bearish of 2022 in the index. Thus, the deterioration in the stock market in recent months can be attributed mainly to the environment of rising interest rates since it is a highly leveraged company. “Large investors, especially international ones, are rotating their portfolios for this reason; in the end, in the next six years the cash flows are going to be negative due to the heavy investments that they have to carry out, but we believe that they are not valuing adequately structure its balance”, they explain from Renta 4.

ArcelorMittal is next among the heavyweights with the biggest drop from the highs it reached on the first day of the year, with 34%. The companies dedicated to steel on the Ibex 35 have been dragged down by market corrections, with the company chaired by Adirya Mittal and Acerinox, the other company in the index’s metallurgical sector, with losses of more than 24% in the computation of the year due to the fear that the economy will contract and that will be reflected in a drop in demand and the consequent deterioration in raw material prices. However, these lurches are not seen in their profits, since the market discounts that the operating profits of both companies will register record figures in 2022.

Santander Bank, which also brings together losses of more than 20% from its annual sky, is the Ibex 35 bank that loses the most in 2022, with more than 10%, despite the push that its shares have experienced since last September 8, the day that the European Central Bank (ECB) announced the rise in interest rates by 75 basis points. From that date, the banking sector, which rises more than 8%, It has been in charge of throwing itself behind the 35 index, since, in theory, the banking entities are the great beneficiaries of this rise.

Telefonica and Inditex they are the next ones that fall the most from their maximums. Despite all the negative context that surrounds the economy and the markets in recent months, the Spanish teleco in particular is not doing badly and manages to stay in the table throughout the year. Some data that is reflected in the forecast of profits that collects the consensus of FactSet, which gives the firm a profit of 1,977 million for this 2022.

The textile company, for its part, is also one of the hardest hit on the floor due to the current macroeconomic situation. However, the company chaired by Marta Ortega has shown its strength to counteract the blow of prices in the business and the closure of its stores in Russia with successful profits and a forecast of reaching a net box of more than 10,000 million euros at the end of the year.

Amadeus it also falls by 20% in this interval, since the travel industry, despite the good expectations it had for this year, has been affected by the different setbacks of the year. For Iván San Félix, an analyst at Renta 4, there is hope: “The recovery is continuing at a good pace and we believe that the lifting of lockdowns and restrictions in China / Asia should give an additional boost,” he concludes.

BBVA, as anticipated, is close to registering a fall of 20% from its maximum, with 18.9%. A) Yes, Naturgy, Iberdrola and CaixaBank they are the great stocks that are spared from entering what is known in stock market jargon as a bear market. In fact, the entity chaired by Gonzalo Gortázar, in addition to positioning itself as the most bullish on the Ibex 35, with an annual rise of 47%, is the company that adds the most, in proportion, to the calculation of the selective in the year.

The ones that fall the least

After CaixaBank, if we open the fan at 35 on the Ibex, Bankinter, Acciona, Acciona Energy and Iberdrola They are the firms that yield the least from their respective annual skies. All of them see their profit forecast for 2022 fattened by the consensus of FactSet with respect to what they granted at the beginning of the year. In addition, except for the company led by Ignacio Galán, with a multiplier of 16 times, all offer peres (times that the benefit is collected in the price of the share) less than 10 times, with the Acciona subsidiary as the cheapest.

The Ibex falls 11.8% from its 2022 peak

Tuesday’s session also colored the main continental markets and those on the other side of the ‘pond’ in red, with falls of close to 20% in the S&P in 2022, with data at the European close. The EuroStoxx also closed the session with a decline that left it at the gates of the bearish environment, with 19.34%.

And it is that, the tension continues invading the markets while waiting for the meetings of the central banks this week. Regarding the Ibex, it fell 11.8% from the annual maximum reached on May 27, at 8,933 points. Thus, from the lows of the year, the Spanish reference manages to rebound 3%. The French Cac has already lost more than 16% and the German Dax and the Italian FTSE more than 20%.


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J. A. Allen

Author, blogger, freelance writer. Hater of spiders. Drinker of wine. Mother of hellions.

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