Western European Countries – Iberia: Third

Marta Llano’snine-strong squad at Fidentiis Equities falls from second place to third. Even so, the Madrid-based researchers retain an enthusiastic following. “There are plenty of analysts who are very good at understanding companies but do a poor job of relating that to what happens to share prices,” says one client. “What I like about Fidentiis is that its people are good at integrating both of those tasks.” The team tracks 74 stocks, the same number as last year, and is bullish on Bolsas y Mercados Españoles, the Madrid-based operator of Spain’s stock exchanges. Recommended on expectations of a rebound in equity volumes, expanding yields on trades and continued deleveraging of Spanish corporates, BME is also flush with €300 million ($403 million) in cash on its balance sheet — some 20 percent of its market cap — that’s available for dividend payments to investors, Llano points out. The stock was trading at €18.45 in late December, and the analysts expect it to soar nearly 40 percent, to €25.30.
—Paul Sweeney