This article is authored by Alirio Sendrea, head of research at Invexcel, based in Madrid. Alirio focuses on bottom-up analysis of European small and mid-caps.

When I travel abroad I find the views from overseas on Spain are rather interesting. For many, Spain means fun, sun, paella, tapas, Rioja wines, and La Liga; while others focus on the more sober side, and ask about our odd politicians, unstable legal framework, longstanding economic crisis, high unemployment… and everybody, without exception, thinks that an essential part of our daily life is the siesta.

Let’s agree that there’s a little bit of truth in both views. However, there are some caveats here and there. Sun-chasers should bear in mind that some regions can be freezing in the winter (don’t laugh, but some tourists have ended up in the hospital with pneumonia); and in very touristic spots, some Rioja wines and paellas are not that great… Essentially, while some sleep their siesta, the owners and managers of great companies are wide awake.

Invexcel has chosen to invest in those great companies, from the Spanish small- & mid-cap landscape, that are delivering great value to their shareholders. So, let’s get down to business, and share a few snapshots on compelling investment ideas.

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