According to EL Economista“Just saying the word “Lehman” causes chills on everyone… but it’s hard not to feel the exact same way when we see the Spanish stock market approaching its lowest levels in years. The 2.9% hit suffered by the Ibex 35 this week has again reminded us about the market panic after the U.S. giant’s bankruptcy, but has also exposed a potential upside of more than 30% in the index. The Ibex 35 is only 5% away of the 6,700 points lows of 2009 after which the market picked up again… and the stock market deterioration is such that eight of the top ten heavyweights are trading below their book value, or in other words, the market is pricing the stocks for less than the companies’ assets worth. 

Apparently, only Telefónica e Inditex (out of the ten largest Spanish public companies) are trading above book value.

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