10-Dec

I.- BANCOS Y FINANCIERAS

53% del negocio fuera de España.
BBVA 10-Dec 2010 ? 2009 2008 2007 2006 2005
Highest 8.200 13.270 13.275 16.820 20.280 20.260 15.220
Average PRICE 8.09 10.27 8.86 11.93 17.84 17.52 13.55
Lowest 7.971 7.275 4.450 7.040 15.400 14.780 11.870
Highest 6.78 10.97 9.48 11.52 13.52 14.58 13.59
Average P.E.R. 6.68 8.49 6.33 8.17 11.89 12.60 12.09
Lowest 6.59 6.01 3.18 4.82 10.27 10.63 10.60
Highest 5.27% 5.77% 9.44% 8.66% 4.76% 4.31% 4.47%
(%) Average D.P.A. 5.19% 4.09% 4.74% 5.11% 4.11% 3.64% 3.92%
Lowest 5.12% 3.17% 3.16% 3.63% 3.61% 3.14% 3.49%
P-OUT/09 B.P.A. 1.21 1.21 1.40 1.46 1.50 1.39 1.12
30% D.P.A. 0.42 0.42 0.42 0.61 0.73 0.64 0.53
bullish 2.87% 82.41% 198.31% 138.92% 31.69% 37.08% 28.22%
Volatility
bearish -2.79% -45.18% -66.48% -58.15% -24.06% -27.05% -22.01%
72% del negocio fuera de España.
SANTANDER 10-Dec 2010 ? 2009 2008 2007 2006 2005
Highest 8.520 12.135 11.965 13.762 14.200 13.454 10.424
Average PRICE 8.38 9.68 7.94 9.33 12.87 11.59 9.37
Lowest 8.233 7.215 3.920 4.900 11.533 9.734 8.317
Highest 8.19 11.67 11.50 11.34 11.09 12.81 12.56
Average P.E.R. 8.05 9.30 7.64 7.69 10.05 11.04 11.29
Lowest 7.92 6.94 3.77 4.04 9.01 9.27 10.02
Highest 5.83% 6.65% 12.24% 13.28% 5.64% 5.35% 5.01%
(%) Average D.P.A. 5.73% 4.96% 6.04% 6.97% 5.06% 4.49% 4.44%
Lowest 5.63% 3.96% 4.01% 4.73% 4.58% 3.87% 4.00%
P-OUT/09 B.P.A. 1.04 1.04 1.04 1.21 1.28 1.05 0.83
46% D.P.A. 0.48 0.48 0.48 0.65 0.65 0.52 0.42
bullish 3.49% 68.19% 205.23% 180.86% 23.12% 38.22% 25.33%
Volatility
bearish -3.37% -40.54% -67.24% -64.39% -18.78% -27.65% -20.21%

BANESTO 10-Dec 2010 ? 2009 2008 2007 2006 2005

Highest 6.526 9.302 9.650 13.380 19.220 19.220 12.670
Average PRICE 6.45 7.56 7.22 10.64 15.74 15.74 11.61
Lowest 6.382 5.810 4.790 7.900 12.250 12.250 10.550
Highest 9.19 13.10 11.91 11.84 17.46 19.83 15.42
Average P.E.R. 9.09 10.64 8.91 9.42 14.29 16.24 14.13
Lowest 8.99 8.18 5.91 6.99 11.13 12.64 12.84
Highest 5.48% 6.02% 9.60% 7.09% 4.57% 3.67% 3.51%
(%) Average D.P.A. 5.42% 4.63% 6.37% 5.26% 3.56% 2.86% 3.19%
Lowest 5.36% 3.76% 4.77% 4.19% 2.91% 2.34% 2.92%
P-OUT/09 B.P.A. 0.71 0.71 0.81 1.13 1.10 0.97 0.82
57% D.P.A. 0.35 0.35 0.46 0.56 0.56 0.45 0.37
bullish 2.26% 60.10% 101.46% 69.37% 56.90% 56.90% 20.09%
Volatility
bearish -2.21% -37.54% -50.36% -40.96% -36.26% -36.26% -16.73%

SABADELL 10-Dec 2010 ? 2009 2008 2007 2006 2005

Highest 3.325 4.403 5.300 7.390 9.500 8.543 5.737
Average PRICE 3.28 3.70 4.12 6.00 7.94 7.03 5.00
Lowest 3.231 3.000 2.940 4.600 6.380 5.513 4.253
Highest 10.08 13.34 12.93 13.20 14.86 18.37 15.50
Average P.E.R. 9.93 11.22 10.05 10.71 12.42 15.11 13.49
 Lowest 9.79 9.09 7.17 8.21 9.98 11.86 11.49
Highest 4.95% 5.33% 7.48% 6.09% 4.39% 3.76% 3.94%
(%) Average D.P.A. 4.88% 4.32% 5.34% 4.67% 3.53% 2.95% 3.35%
Lowest 4.81% 3.63% 4.15% 3.79% 2.95% 2.43% 2.92%
P-OUT/09 B.P.A. 0.33 0.33 0.41 0.56 0.64 0.47 0.37
54% D.P.A. 0.16 0.16 0.22 0.28 0.28 0.21 0.17
bullish 2.91% 46.77% 80.27% 60.65% 48.90% 54.96% 34.89%
Volatility
bearish -2.83% -31.86% -44.53% -37.75% -32.84% -35.47% -25.87%

POPULAR 10-Dec 2010 ? 2009 2008 2007 2006 2005

Highest 4.329 6.000 7.620 12.210 16.070 13.830 10.750
Average PRICE 4.27 4.88 5.42 8.91 13.67 11.91 10.08
Lowest 4.210 3.757 3.210 5.600 11.270 9.990 9.402
Highest 8.33 11.54 12.49 14.08 15.50 16.39 14.69
Average P.E.R. 8.21 9.38 8.88 10.27 13.18 14.11 13.77
Lowest 8.10 7.23 5.26 6.46 10.87 11.84 12.84
Highest 5.94% 6.65% 7.01% 5.96% 4.36% 4.16% 3.87%
(%) Average D.P.A. 5.86% 5.12% 4.16% 3.75% 3.60% 3.49% 3.61%
Lowest 5.78% 4.17% 2.95% 2.73% 3.06% 3.01% 3.38%
P-OUT/09 B.P.A. 0.52 0.52 0.61 0.87 1.04 0.84 0.73
37% D.P.A. 0.25 0.25 0.23 0.33 0.49 0.42 0.36
bullish 2.83% 59.70% 137.38% 118.04% 42.59% 38.44% 14.34%
Volatility
bearish -2.75% -37.38% -57.87% -54.14% -29.87% -27.77% -12.54%
Peligro de ampliación de capital
BANKINTER 10-Dec 2010 ? 2009 2008 2007 2006 2005
Highest 4.485 7.475 9.810 12.960 14.940 12.360 9.700
Average PRICE 4.41 5.74 7.82 9.30 12.25 10.80 8.53
Lowest 4.332 4.010 5.820 5.640 9.550 9.246 7.360
Highest 9.75 16.25 17.21 20.57 21.78 22.89 20.13
Average P.E.R. 9.58 12.48 13.71 14.76 17.86 20.01 17.70
Lowest 9.42 8.72 10.21 8.95 13.93 17.12 15.28
Highest 4.85% 5.24% 4.62% 5.30% 3.13% 2.81% 3.27%
(%) Average D.P.A. 4.76% 3.66% 3.44% 3.21% 2.44% 2.40% 2.82%
Lowest 4.68% 2.81% 2.74% 2.31% 2.00% 2.10% 2.48%
P-OUT/09 B.P.A. 0.46 0.46 0.57 0.63 0.69 0.54 0.48
47% D.P.A. 0.21 0.21 0.27 0.30 0.30 0.26 0.24
bullish 3.53% 86.41% 68.56% 129.79% 56.44% 33.68% 31.79%
Volatility
bearish -3.41% -46.35% -40.67% -56.48% -36.08% -25.19% -24.12%

BME 10-Dec 2010 ? 2009 2008 2007 2006 2005

Highest 19.175 21.250 27.590 46.890 52.000 31.600
Average PRICE 19.06 19.28 20.24 32.20 41.55 29.14
Lowest 18.950 17.310 12.890 17.500 31.100 26.680
Highest 11.02 12.21 15.33 20.57 21.62 20.26
Average P.E.R. 10.96 11.08 11.24 14.12 17.28 18.68
Lowest 10.89 9.95 7.16 7.68 12.93 17.10
Highest 7.60% 8.32% 12.41% 11.27% 6.34% 4.48%
(%) Average D.P.A. 7.55% 7.47% 7.91% 6.13% 4.75% 4.10%
Lowest 7.51% 6.78% 5.80% 4.21% 3.79% 3.78%
P-OUT/09 B.P.A. 1.74 1.74 1.80 2.28 2.41 1.56 1.12
89% D.P.A. 1.44 1.44 1.60 1.97 1.97 1.20 0.62
bullish 1.19% 22.76% 114.04% 167.94% 67.20% 18.44%
Volatility
bearish -1.17% -18.54% -53.28% -62.68% -40.19% -15.57%
45% del negocio fuera de España. No paga dividendo, sino acciones liberadas. En noviembre/2010 parece que deja de hacer ampliaciones.
MAPFRE 10-Dec 2010 ? 2009 2008 2007 2006 2005
Highest 2.120 3.117 3.980 3.510 4.036 3.615 2.982
Average PRICE 2.10 2.56 2.68 2.72 3.43 3.16 2.53
Lowest 2.081 2.005 1.370 1.921 2.818 2.695 2.077
Highest 6.84 10.05 12.44 10.32 12.61 12.91 14.20
Average P.E.R. 6.78 8.26 8.36 7.99 10.71 11.27 12.05
Lowest 6.71 6.47 4.28 5.65 8.81 9.63 9.89
Highest 6.73% 6.98% 0.00% 0.00% 4.61% 3.34% 3.08%
(%) Average D.P.A. 6.67% 5.47% 0.00% 0.00% 3.79% 2.85% 2.53%
Lowest 6.60% 4.49% 0.00% 0.00% 3.22% 2.49% 2.15%
P-OUT/09 B.P.A. 0.31 0.31 0.32 0.34 0.32 0.28 0.21
0% D.P.A. 0.14 0.14 0.00 0.00 0.13 0.09 0.06
bullish 1.87% 55.46% 190.51% 82.72% 43.22% 34.14% 43.57%
Volatility
bearish -1.84% -35.68% -65.58% -45.27% -30.18% -25.45% -30.35%

CATALANA OCC. 10-Dec 2010 ? 2009 2008 2007 2006 2005

Highest 12.790 17.300 18.450 25.630 35.390 28.200 15.590
Average PRICE 12.60 14.00 12.73 18.33 28.70 21.47 12.21
Lowest 12.400 10.700 7.000 11.020 22.000 14.740 8.820
Highest 8.36 11.31 21.45 29.46 18.06 17.68 13.60
Average P.E.R. 8.23 9.15 14.80 21.06 14.64 13.46 10.64
Lowest 8.10 6.99 8.14 12.67 11.22 9.24 7.69
Highest 4.35% 5.05% 7.25% 4.60% 2.18% 2.71% 3.31%
(%) Average D.P.A. 4.29% 3.86% 3.99% 2.77% 1.67% 1.86% 2.39%
Lowest 4.22% 3.12% 2.75% 1.98% 1.36% 1.42% 1.87%
P-OUT/09 B.P.A. 1.53 1.53 0.86 0.87 1.96 1.59 1.15
59% D.P.A. 0.54 0.54 0.51 0.51 0.48 0.40 0.29
bullish 3.15% 61.68% 163.57% 132.58% 60.86% 91.32% 76.76%
Volatility
bearish -3.05% -38.15% -62.06% -57.00% -37.84% -47.73% -43.43%

II.- ELÉCTRICAS Y SERVICIOS

57% del negocio fuera de España. Paga una parte en dividendo y otra en acciones liberadas desde 2010. Se compromete a comprar los derechos a 0,14
IBERDROLA 10-Dec 2010 ? 2009 2008 2007 2006 2005
Highest 5.570 6.779 6.910 10.840 12.030 9.668 5.947
Average PRICE 5.53 5.84 5.64 7.85 9.96 7.63 5.26
Lowest 5.486 4.905 4.360 4.850 7.897 5.585 4.565
Highest 10.13 12.33 12.80 19.02 23.13 21.02 15.65
Average P.E.R. 10.05 10.62 10.44 13.76 19.16 16.58 13.83
Lowest 9.97 8.92 8.07 8.51 15.19 12.14 12.01
Highest 6.02% 6.73% 7.57% 6.74% 3.43% 4.67% 4.85%
(%) Average D.P.A. 5.97% 5.65% 5.86% 4.17% 2.72% 3.42% 4.21%
Lowest 5.92% 4.87% 4.78% 3.02% 2.25% 2.70% 3.72%
P-OUT/09 B.P.A. 0.55 0.55 0.54 0.57 0.52 0.46 0.38
61% D.P.A. 0.33 0.33 0.33 0.33 0.27 0.26 0.22
bullish 1.53% 38.21% 58.49% 123.51% 52.34% 73.11% 30.27%
Volatility
bearish -1.51% -27.64% -36.90% -55.26% -34.36% -42.23% -23.24%
NO COMPRAR. 40% del negocio fuera de España. El 92 % de Endesa es de un único accionista: Enel. NO ES ACONSEJABLE COMPRAR SEGÚN AC
ENDESA 10-Dec 2010 ? 2009 2008 2007 2006 2005
Highest 18.520 24.200 30.000 37.820 41.000 36.440 22.830
Average PRICE 18.35 20.91 21.90 27.92 37.79 29.06 19.57
Lowest 18.180 17.620 13.800 18.010 34.570 21.680 16.300
Highest 9.40 12.28 14.56 16.88 16.27 14.98 13.12
Average P.E.R. 9.31 10.61 10.63 12.46 14.99 11.94 11.24
Lowest 9.23 8.94 6.70 8.04 13.72 8.91 9.37
 Highest 5.67% 5.85% 7.45% 8.85% 4.43% 5.86% 6.95%
(%) Average D.P.A. 5.61% 4.93% 4.69% 5.71% 4.05% 4.37% 5.79%
Lowest 5.56% 4.26% 3.43% 4.21% 3.73% 3.49% 4.96%
P-OUT/09 B.P.A. 1.97 1.97 2.06 2.24 2.52 2.43 1.74
50% D.P.A. 1.03 1.03 1.03 1.59 1.53 1.27 1.13
bullish 1.87% 37.34% 117.39% 109.99% 18.60% 68.08% 40.06%
Volatility
bearish -1.84% -27.19% -54.00% -52.38% -15.68% -40.50% -28.60%
37% del negocio fuera de España.
GAS NATURAL 10-Dec 2010 ? 2009 2008 2007 2006 2005
Highest 11.545 15.670 22.280 42.450 45.760 32.880 24.880
Average PRICE 11.43 12.87 15.34 30.48 37.38 27.31 23.11
Lowest 11.320 10.065 8.390 18.510 29.000 21.740 21.330
Highest 7.75 10.52 15.05 17.99 21.38 17.23 14.87
Average P.E.R. 7.67 8.64 10.36 12.92 17.47 14.31 13.81
Lowest 7.60 6.76 5.67 7.84 13.55 11.39 12.75
Highest 7.69% 8.64% 9.44% 5.29% 3.93% 4.51% 3.94%
(%) Average D.P.A. 7.61% 6.76% 5.16% 3.22% 3.05% 3.59% 3.64%
Lowest 7.54% 5.55% 3.55% 2.31% 2.49% 2.98% 3.38%
P-OUT/09 B.P.A. 1.49 1.49 1.48 2.36 2.14 1.91 1.67
54% D.P.A. 0.87 0.87 0.79 0.98 1.14 0.98 0.84
bullish 1.99% 55.69% 165.55% 129.34% 57.79% 51.24% 16.64%
Volatility
bearish -1.95% -35.77% -62.34% -56.40% -36.63% -33.88% -14.27%
El SEPI va a sacar a la venta un 10% de acciones en 2011, por lo que el título podría bajar por la oferta de muchas acciones..
REE 10-Dec 2010 ? 2009 2008 2007 2006 2005
Highest 36.225 40.755 39.800 46.000 45.140 37.090 26.400
Average PRICE 35.99 34.34 33.33 36.40 36.48 30.90 21.18
Lowest 35.755 27.930 26.850 26.800 27.810 24.700 15.950
Highest 12.89 14.50 16.30 21.75 25.13 25.06 21.99
Average P.E.R. 12.81 12.22 13.65 17.21 20.31 20.88 17.64
Lowest 12.72 9.94 11.00 12.67 15.48 16.69 13.28
Highest 4.75% 6.09% 5.51% 4.78% 3.91% 3.64% 4.58%
(%) Average D.P.A. 4.72% 4.95% 4.44% 3.52% 2.98% 2.91% 3.45%
Lowest 4.69% 4.17% 3.71% 2.78% 2.41% 2.42% 2.77%
P-OUT/09 B.P.A. 2.81 2.81 2.44 2.12 1.80 1.48 1.20
61% D.P.A. 1.70 1.70 1.48 1.28 1.09 0.90 0.73
bullish 1.31% 45.92% 48.23% 71.64% 62.32% 50.16% 65.52%
Volatility
bearish -1.30% -31.47% -32.54% -41.74% -38.39% -33.41% -39.58%

III.- CONSTRUCCIÓN
44% del negocio fuera de España.
FCC 10-Dec 2010 ? 2009 2008 2007 2006 2005
Highest 18.785 32.000 33.450 52.000 84.300 83.000 50.500
Average PRICE 18.57 24.77 25.83 37.25 67.18 65.38 43.93
Lowest 18.350 17.540 18.210 22.500 50.050 47.750 37.360
Highest 8.03 13.68 13.65 19.62 14.92 20.24 15.63
Average P.E.R. 7.93 10.59 10.54 14.06 11.89 15.95 13.60
Lowest 7.84 7.50 7.43 8.49 8.86 11.65 11.57
Highest 7.63% 7.98% 7.91% 6.98% 4.26% 4.29% 4.32%
(%) Average D.P.A. 7.54% 5.65% 5.57% 4.21% 3.17% 3.14% 3.67%
Lowest 7.45% 4.38% 4.30% 3.02% 2.53% 2.47% 3.20%
P-OUT/09 B.P.A. 2.34 2.34 2.45 2.65 5.65 4.10 3.23
59% D.P.A. 1.40 1.40 1.44 1.57 2.13 2.05 1.61
bullish 2.37% 82.44% 83.69% 131.11% 68.43% 73.82% 35.17%
Volatility
 Volatility
bearish -2.32% -45.19% -45.56% -56.73% -40.63% -42.47% -26.02%
65% del negocio fuera de España.
FERROVIAL 10-Dec 2010 ? 2009 ? 2008 2007 2006 2005
Highest 8.090 8.950 8.777 13.738 20.738 19.587 17.863
Average PRICE 8.02 6.92 6.30 9.08 16.36 16.19 13.82
Lowest 7.950 4.880 3.822 4.412 11.975 12.800 9.768
Highest 80.90 8.95 -73.14 -9.22 15.83 7.71 24.14
Average P.E.R. 80.20 6.92 -52.50 -6.09 12.49 6.38 18.67
Lowest 79.50 4.88 -31.85 -2.96 9.14 5.04 13.20
Highest 5.03% 8.20% 10.47% 11.33% 2.40% 1.95% 2.30%
(%) Average D.P.A. 4.99% 5.78% 6.35% 5.51% 1.76% 1.54% 1.63%
Lowest 4.94% 4.47% 4.56% 3.64% 1.39% 1.28% 1.26%
P-OUT/09 B.P.A. 0.10 1.00 -0.12 -1.49 1.31 2.54 0.74
-333% D.P.A. 0.40 0.40 0.40 0.50 0.29 0.25 0.23
bullish 1.76% 83.40% 129.64% 211.38% 73.18% 53.02% 82.87%
Volatility
bearish -1.73% -45.47% -56.45% -67.88% -42.26% -34.65% -45.32%
26% del negocio fuera de España.
ACS 10-Dec 2010 ? 2009 2008 2007 2006 2005
Highest 36.090 38.800 38.750 40.990 50.950 43.700 27.300
Average PRICE 35.87 33.70 33.21 32.51 41.53 35.11 22.05
Lowest 35.650 28.590 27.670 24.030 32.100 26.520 16.800
Highest 7.44 8.00 14.46 11.61 11.30 18.36 15.69
Average P.E.R. 7.40 6.95 12.39 9.21 9.21 14.75 12.67
Lowest 7.35 5.89 10.32 6.81 7.12 11.14 9.66
Highest 5.19% 6.47% 7.41% 8.53% 5.45% 4.71% 3.57%
(%) Average D.P.A. 5.16% 5.49% 6.17% 6.31% 4.21% 3.56% 2.72%
Lowest 5.13% 4.77% 5.29% 5.00% 3.43% 2.86% 2.20%
P-OUT/09 B.P.A. 4.85 4.85 2.68 3.53 4.51 2.38 1.74
76% D.P.A. 1.85 1.85 2.05 2.05 1.75 1.25 0.60
bullish 1.23% 35.71% 40.04% 70.58% 58.72% 64.78% 62.50%
Volatility
bearish -1.22% -26.31% -28.59% -41.38% -37.00% -39.31% -38.46%
24% del negocio fuera de España
ACCIONA 10-Dec 2010 ? 2009 2008 2007 2006 2005
Highest 55.500 97.490 101.000 218.900 249.000 149.750 100.500
Average PRICE 55.18 78.48 86.83 136.43 191.95 121.58 82.10
Lowest 54.850 59.460 72.650 53.950 134.900 93.400 63.700
Highest 18.32 32.17 44.49 29.99 16.23 6.95 19.69
Average P.E.R. 18.21 25.90 38.25 18.69 12.51 5.64 16.08
Lowest 18.10 19.62 32.00 7.39 8.79 4.33 12.48
Highest 5.87% 5.42% 4.14% 5.41% 2.71% 3.09% 3.64%
(%) Average D.P.A. 5.84% 4.10% 3.47% 2.14% 1.90% 2.38% 2.83%
Lowest 5.80% 3.30% 2.98% 1.33% 1.47% 1.93% 2.31%
P-OUT/09 B.P.A. 3.03 3.03 2.27 7.30 15.34 21.56 5.10
106% D.P.A. 3.22 3.22 3.01 2.92 3.65 2.89 2.32
bullish 1.19% 63.96% 39.02% 305.75% 84.58% 60.33% 57.77%
Volatility
bearish -1.17% -39.01% -28.07% -75.35% -45.82% -37.63% -36.62%

CAF 10-Dec 2010 ? 2009 2008 2007 2006 2005

Highest 379.550 450.000 377.950 305.000 308.500 142.000 98.300
Average PRICE 373.28 380.08 289.70 242.53 221.25 115.30 79.50
Lowest 367.000 310.150 201.450 180.050 134.000 88.600 60.700
Highest 9.50 11.26 10.42 9.89
Average P.E.R. 9.34 9.51 7.99 7.86
Lowest 9.18 7.76 5.55 5.84
 Highest 2.86% 3.39% 5.21% 5.28% 6.34% 3.61% 2.64%
(%) Average D.P.A. 2.81% 2.76% 3.62% 3.92% 3.84% 2.78% 2.01%
Lowest 2.77% 2.33% 2.78% 3.11% 2.76% 2.25% 1.63%
P-OUT/09 B.P.A. 39.97 39.97 36.27 30.85
29% D.P.A. 10.50 10.50 10.50 9.50 8.50 3.20 1.60
bullish 3.42% 45.09% 87.61% 69.40% 130.22% 60.27% 61.94%
Volatility
bearish -3.31% -31.08% -46.70% -40.97% -56.56% -37.61% -38.25%
78% del negocio fuera de España.
TECNICAS RDAS. 10-Dec 2010 ? 2009 2008 2007 2006 2005
Highest 45.990 48.400 41.210 57.900 65.000 30.830
Average PRICE 45.64 41.91 29.46 36.23 46.02 23.92
Lowest 45.280 35.420 17.710 14.560 27.040 17.000
Highest 16.08 16.92 15.85 23.07 33.68 24.13
Average P.E.R. 15.96 14.65 11.33 14.43 23.84 18.72
Lowest 15.83 12.38 6.81 5.80 14.01 13.31
Highest 3.09% 3.95% 7.57% 8.86% 3.59% 3.76%
(%) Average D.P.A. 3.07% 3.34% 4.55% 3.56% 2.11% 2.68%
Lowest 3.04% 2.89% 3.25% 2.23% 1.49% 2.08%
P-OUT/09 B.P.A. 2.86 2.86 2.60 2.51 1.93 1.28 0.74
52% D.P.A. 1.40 1.40 1.34 1.29 0.97 0.64 0.42
bullish 1.57% 36.65% 132.69% 297.66% 140.38% 81.35%
Volatility
bearish -1.54% -26.82% -57.02% -74.85% -58.40% -44.86%
59% del negocio fuera de España.
OHL 10-Dec 2010 ? 2009 2008 2007 2006 2005
Highest 21.950 24.390 20.437 27.168 35.436 23.624 12.928
Average PRICE 21.69 19.71 13.12 17.10 28.04 17.65 9.40
Lowest 21.425 15.020 5.812 7.040 20.643 11.672 5.878
Highest 13.22 14.69 12.31 15.61 22.07 19.67 11.31
Average P.E.R. 13.06 11.87 7.91 9.83 17.46 14.69 8.23
Lowest 12.91 9.05 3.50 4.05 12.86 9.72 5.14
Highest 2.01% 2.86% 7.40% 6.43% 1.94% 2.57% 4.90%
(%) Average D.P.A. 1.98% 2.18% 3.28% 2.65% 1.43% 1.70% 3.06%
Lowest 1.96% 1.76% 2.10% 1.67% 1.13% 1.27% 2.23%
P-OUT/09 B.P.A. 1.66 1.66 1.66 1.74 1.61 1.20 1.14
26% D.P.A. 0.43 0.43 43.00% 45.26% 40.13% 30.03% 28.81%
bullish 2.45% 62.38% 251.63% 285.91% 71.66% 102.40% 119.94%
Volatility
bearish -2.39% -38.42% -71.56% -74.09% -41.75% -50.59% -54.53%

IV.- TELECOMUNICACIONES
65% del negocio fuera de España.
TELEFONICA 10-Dec 2010 ? 2009 2008 2007 2006 2005
Highest 17.440 19.850 19.825 22.950 23.480 16.500 14.610
Average PRICE 17.31 17.26 16.82 17.63 19.34 14.19 13.43
Lowest 17.180 14.670 13.820 12.310 15.190 11.880 12.250
Highest 8.30 9.45 11.59 14.08 12.56 12.69 16.05
Average P.E.R. 8.24 8.22 9.84 10.82 10.34 10.92 14.76
Lowest 8.18 6.99 8.08 7.55 8.12 9.14 13.46
Highest 8.15% 9.54% 8.32% 8.12% 4.94% 5.05% 4.08%
(%) Average D.P.A. 8.09% 8.11% 6.84% 5.67% 3.88% 4.23% 3.72%
Lowest 8.03% 7.05% 5.80% 4.36% 3.19% 3.64% 3.42%
P-OUT/09 B.P.A. 2.10 2.10 1.71 1.63 1.87 1.30 0.91
67% D.P.A. 1.40 1.40 1.15 1.00 0.75 0.60 0.50
bullish 1.51% 35.31% 43.45% 86.43% 54.58% 38.89% 19.27%
Volatility
bearish -1.49% -26.10% -30.29% -46.36% -35.31% -28.00% -16.15%
V.- AUTOPISTAS
50% del negocio fuera de España.
ABERTIS 10-Dec 2010 ? 2009 2008 2007 2006 2005
Highest 13.080 16.145 16.145 22.600 25.320 23.200 25.690
Average PRICE 12.95 13.37 13.02 16.97 22.72 20.25 20.92
Lowest 12.815 10.585 9.900 11.340 20.120 17.300 16.140
Highest 14.22 17.55 17.36 24.57 23.89 26.67 29.19
Average P.E.R. 14.07 14.53 14.00 18.45 21.43 23.28 23.77
Lowest 13.93 11.51 10.65 12.33 18.98 19.89 18.34
Highest 4.76% 5.76% 6.06% 5.29% 2.78% 2.89% 3.10%
(%) Average D.P.A. 4.71% 4.56% 4.61% 3.54% 2.46% 2.47% 2.39%
Lowest 4.66% 3.78% 3.72% 2.65% 2.21% 2.16% 1.95%
P-OUT/09 B.P.A. 0.92 0.92 0.93 0.92 1.06 0.87 0.88
65% D.P.A. 0.61 0.61 0.60 0.60 0.56 0.50 0.50
bullish 2.07% 52.53% 63.08% 99.29% 25.84% 34.10% 59.17%
Volatility
bearish -2.03% -34.44% -38.68% -49.82% -20.54% -25.43% -37.17%

VI.- HOLDINGS

CRITERIA 10-Dec 2010 ? 2009 2008 2007 2006 2005

Highest 4.060 4.050 3.560 5.210 5.440
Average PRICE 4.02 3.55 2.87 3.69 5.20
Lowest 3.971 3.050 2.180 2.170 4.950
Highest 15.62 15.58 13.69 21.71 24.73
Average P.E.R. 15.44 13.65 11.04 15.38 23.61
Lowest 15.27 11.73 8.38 9.04 22.50
Highest 6.30% 8.20% 10.60% 9.68%
(%) Average D.P.A. 6.23% 7.04% 8.05% 5.69%
Lowest 6.16% 6.17% 6.49% 4.03%
P-OUT/09 B.P.A. 0.26 0.26 0.26 0.24 0.22
89% D.P.A. 0.25 0.25 0.23 0.21
bullish 2.24% 32.79% 63.30% 140.09% 9.90%
Volatility
bearish -2.19% -24.69% -38.76% -58.35% -9.01%

VII.- ENERGÍA

ENAGAS 10-Dec 2010 ? 2009 2008 2007 2006 2005

Highest 15.390 16.720 15.900 21.250 21.670 21.140 16.170
Average PRICE 15.32 14.55 13.20 15.79 18.77 18.15 13.79
Lowest 15.250 12.385 10.500 10.320 15.860 15.160 11.400
Highest 11.23 12.20 12.74 19.68 21.71 23.23 20.22
Average P.E.R. 11.18 10.62 10.58 14.62 18.80 19.95 17.24
Lowest 11.13 9.04 8.41 9.56 15.89 16.66 14.25
Highest 5.38% 6.62% 7.14% 6.30% 3.78% 3.11% 3.51%
(%) Average D.P.A. 5.35% 5.63% 5.68% 4.12% 3.19% 2.60% 2.90%
Lowest 5.33% 4.90% 4.72% 3.06% 2.76% 2.23% 2.47%
P-OUT/09 B.P.A. 1.37 1.37 1.25 1.08 1.00 0.91 0.80
60% D.P.A. 0.82 0.82 0.75 0.65 0.60 0.47 0.40
bullish 0.92% 35.00% 51.43% 105.91% 36.63% 39.45% 41.84%
Volatility
bearish -0.91% -25.93% -33.96% -51.44% -26.81% -28.29% -29.50%
Poco free-float: peligro de OPA DE EXLCUSIÓN
CEPSA 10-Dec 2010 ? 2009 2008 2007 2006 2005
Highest 20.000 25.820 69.100 71.100 72.600 62.350 46.750
Average PRICE 19.86 21.42 45.30 69.35 62.70 53.43 38.03
Lowest 19.710 17.020 21.500 67.600 52.800 44.500 29.310
Highest 14.29 18.44 49.36 69.03 26.02 20.58 12.38
Average P.E.R. 14.18 15.30 32.36 67.33 22.47 17.63 10.07
Lowest 14.08 12.16 15.36 65.63 18.92 14.69 7.76
Highest 4.06% 4.70% 3.72% 1.48% 2.37% 2.81% 4.26%
(%) Average D.P.A. 4.03% 3.73% 1.77% 1.44% 1.99% 2.34% 3.29%
Lowest 4.00% 3.10% 1.16% 1.41% 1.72% 2.00% 2.67%
P-OUT/09 B.P.A. 1.40 1.40 1.40 1.03 2.79 3.03 3.78
57% D.P.A. 0.80 0.80 0.80 1.00 1.25 1.25 1.25
bullish 1.47% 51.70% 221.40% 5.18% 37.50% 40.11% 59.50%
Volatility
bearish -1.45% -34.08% -68.89% -4.92% -27.27% -28.63% -37.30%
49% del negocio fuera de España.
REPSOL 10-Dec 2010 ? 2009 2008 2007 2006 2005
Highest 21.120 20.530 19.265 27.910 30.590 28.550 28.810
Average PRICE 21.02 18.42 15.25 20.24 26.75 24.28 23.67
Lowest 20.925 16.305 11.240 12.560 22.900 20.000 18.520
Highest 12.00 11.66 14.93 12.52 11.72 11.16 11.27
Average P.E.R. 11.94 10.46 11.82 9.07 10.25 9.49 9.26
Lowest 11.89 9.26 8.71 5.63 8.77 7.82 7.25
Highest 4.21% 5.40% 7.56% 8.36% 4.37% 3.60% 3.24%
(%) Average D.P.A. 4.19% 4.78% 5.57% 5.19% 3.74% 2.97% 2.54%
Lowest 4.17% 4.29% 4.41% 3.76% 3.27% 2.52% 2.08%
P-OUT/09 B.P.A. 1.76 1.76 1.29 2.23 2.61 2.56 2.56
66% D.P.A. 0.88 0.88 0.85 1.05 1.00 0.72 0.60
bullish 0.93% 25.91% 71.40% 122.21% 33.58% 42.75% 55.56%
Volatility
bearish -0.92% -20.58% -41.66% -55.00% -25.14% -29.95% -35.72%

VIII.- INDUSTRIALES

ZARDOYA OTIS 10-Dec 2010 ? 2009 2008 2007 2006 2005

Highest 11.390 13.960 16.960 19.870 36.150 26.450 25.350
Average PRICE 11.30 11.99 14.54 16.19 27.59 23.68 22.08
Lowest 11.210 10.010 12.110 12.500 19.030 20.900 18.810
Highest 19.31 23.66 27.80 32.57 59.26 44.91 42.01
Average P.E.R. 19.15 20.31 23.83 26.53 45.23 40.20 36.59
Lowest 19.00 16.97 19.85 20.49 31.20 35.48 31.17
Highest 5.44% 6.09% 5.04% 4.88% 3.36% 2.99% 3.22%
(%) Average D.P.A. 5.40% 5.09% 4.20% 3.77% 2.32% 2.64% 2.74%
Lowest 5.36% 4.37% 3.60% 3.07% 1.77% 2.36% 2.39%
P-OUT/09 B.P.A. 0.59 0.59 0.61 0.61 0.61 0.59 0.60
100% D.P.A. 0.61 0.61 0.61 0.61 0.64 0.63 0.61
bullish 1.61% 39.46% 40.05% 58.96% 89.96% 26.56% 34.77%
Volatility
bearish -1.58% -28.30% -28.60% -37.09% -47.36% -20.98% -25.80%

IX.- ALIMENTACION
75% del negocio fuera de España.
EBRO FOODS 10-Dec 2010 ? 2009 2008 2007 2006 2005
Highest 16.545 15.850 14.750 14.150 19.470 19.860 15.770
Average PRICE 16.39 14.57 11.50 11.73 15.94 16.84 13.11
 Lowest 16.225 13.280 8.250 9.300 12.400 13.820 10.440
Highest 16.06 15.39 12.94 16.67 33.00 16.94 15.59
Average P.E.R. 15.91 14.14 10.09 13.81 27.01 14.37 12.96
Lowest 15.75 12.89 7.24 10.95 21.02 11.79 10.32
Highest 2.77% 3.39% 4.85% 3.87% 2.90% 2.60% 3.26%
(%) Average D.P.A. 2.75% 3.09% 3.48% 3.07% 2.26% 2.14% 2.59%
Lowest 2.72% 2.84% 2.71% 2.54% 1.85% 1.81% 2.16%
P-OUT/09 B.P.A. 1.03 1.03 1.14 0.85 0.59 1.17 1.01
35% D.P.A. 0.45 0.45 0.40 0.36 0.36 0.36 0.34
bullish 1.97% 19.35% 78.79% 52.15% 57.02% 43.70% 51.05%
Volatility
bearish -1.93% -16.21% -44.07% -34.28% -36.31% -30.41% -33.80%

VISCOFAN 10-Dec 2010 ? 2009 2008 2007 2006 2005

Highest 27.500 24.410 18.200 15.940 18.400 14.710 9.970
Average PRICE 27.26 21.03 15.51 12.90 15.96 11.95 8.59
Lowest 27.020 17.640 12.810 9.850 13.520 9.180 7.200
Highest 15.90 14.11 13.19 14.49 18.78 22.63 24.32
Average P.E.R. 15.76 12.15 11.24 11.72 16.29 18.38 20.94
Lowest 15.62 10.20 9.28 8.95 13.80 14.12 17.56
Highest 2.92% 4.48% 4.82% 5.08% 3.29% 3.32% 2.61%
(%) Average D.P.A. 2.90% 3.76% 3.98% 3.88% 2.79% 2.55% 2.19%
Lowest 2.87% 3.24% 3.39% 3.14% 2.42% 2.07% 1.89%
P-OUT/09 B.P.A. 1.73 1.73 1.38 1.10 0.98 0.65 0.41
45% D.P.A. 0.79 0.79 0.62 0.50 0.45 0.31 0.19
bullish 1.78% 38.38% 42.08% 61.83% 36.09% 60.24% 38.47%
Volatility
bearish -1.75% -27.73% -29.62% -38.21% -26.52% -37.59% -27.78%
X.- DISTRIBUCION

INDITEX 10-Dec 2010 ? 2009 2008 2007 2006 2005

Highest 63.000 60.100 45.000 42.810 53.900 42.700 27.640
Average PRICE 62.74 50.65 34.33 33.05 47.05 34.63 24.08
Lowest 62.470 41.200 23.650 23.290 40.190 26.550 20.510
Highest 27.04 25.79 21.33 21.19 26.82 26.58 21.45
Average P.E.R. 26.92 21.74 16.27 16.36 23.41 21.55 18.68
Lowest 26.81 17.68 11.21 11.53 20.00 16.52 15.92
Highest 1.92% 2.91% 4.65% 4.51% 2.61% 3.16% 3.27%
(%) Average D.P.A. 1.91% 2.37% 3.20% 3.18% 2.23% 2.43% 2.78%
Lowest 1.90% 2.00% 2.44% 2.45% 1.95% 1.97% 2.42%
P-OUT/09 B.P.A. 2.33 2.33 2.11 2.02 2.01 1.61 1.29
52% D.P.A. 1.20 1.20 1.10 1.05 1.05 0.84 0.67
bullish 0.85% 45.87% 90.27% 83.81% 34.11% 60.83% 34.76%
Volatility
bearish -0.84% -31.45% -47.44% -45.60% -25.44% -37.82% -25.80%

XI.- TECNOLOGÍA
36% del negocio fuera de España.
INDRA 10-Dec 2010 ? 2009 2008 2007 2006 2005
Highest 12.965 17.300 18.200 17.500 20.850 19.190 18.470
Average PRICE 12.87 14.74 16.61 15.20 18.78 16.56 15.80
Lowest 12.775 12.180 15.020 12.900 16.700 13.920 13.130
Highest 10.80 14.42 14.92 15.35 22.77 24.14 25.95
Average P.E.R. 10.73 12.28 13.61 13.33 20.51 20.83 22.20
Lowest 10.65 10.15 12.31 11.32 18.24 17.51 18.45
Highest 5.17% 5.42% 4.39% 4.73% 2.99% 3.09% 2.97%
(%) Average D.P.A. 5.13% 4.48% 3.97% 4.01% 2.66% 2.60% 2.47%
Lowest 5.09% 3.82% 3.63% 3.49% 2.40% 2.24% 2.11%
P-OUT/09 B.P.A. 1.20 1.20 1.22 1.14 0.92 0.79 0.71
54% D.P.A. 0.66 0.66 0.66 0.61 0.50 0.43 0.39
bullish 1.49% 42.04% 21.17% 35.66% 24.85% 37.86% 40.67%
Volatility
bearish -1.47% -29.60% -17.47% -26.29% -19.90% -27.46% -28.91%
 2004 2003 2002 2001 2000 Average
13.110 10.990 14.210 17.300 17.460
11.63 8.91 10.64 13.24 15.65 12.98
10.150 6.830 7.060 9.180 13.840
15.80 15.70 26.31 23.38 24.59
14.01 12.73 19.69 17.89 22.04 13.75
12.23 9.76 13.07 12.41 19.49
4.35% 5.62% 4.93% 4.17% 2.62%
3.80% 4.31% 3.27% 2.89% 2.32% 3.81%
3.37% 3.49% 2.45% 2.21% 2.08%
0.83 0.70 0.54 0.74 0.71 97.18%
0.44 0.38 0.35 0.38 0.36 15.70%
29.16% 60.91% 101.27% 88.45% 26.16% 74.02%
-22.58% -37.85% -50.32% -46.94% -20.73% -37.62%

2004 2003 2002 2001 2000 Average

9.109 8.801 9.762 11.620 11.830
8.14 6.73 7.09 8.95 10.50 9.25
7.179 4.662 4.419 6.270 9.160
12.51 16.07 20.72 21.92 23.89
11.18 12.29 15.05 16.88 21.20 12.43
9.86 8.52 9.38 11.83 18.50
4.64% 6.50% 6.53% 4.60% 2.98%
4.09% 4.50% 4.07% 3.22% 2.61% 4.55%
3.66% 3.44% 2.95% 2.48% 2.31%
0.73 0.55 0.47 0.53 0.50 110.06%
0.33 0.30 0.29 0.29 0.27 75.57%
26.88% 88.78% 120.91% 85.33% 29.15% 82.38%
-21.19% -47.03% -54.73% -46.04% -22.57% -38.98%

2004 2003 2002 2001 2000 Average

10.570 9.590 15.050 15.500 16.000
9.70 7.74 11.05 14.00 15.00 11.84
8.830 5.890 7.050 12.500 14.000
13.91 15.06 21.50 22.52 25.82
12.76 12.16 15.79 20.34 24.21 14.82
11.62 9.25 10.07 18.16 22.60
3.62% 4.92% 3.69% 1.20% 0.86%
3.30% 3.75% 2.35% 1.07% 0.80% 3.25%
3.03% 3.02% 1.73% 0.97% 0.75%
0.76 0.64 0.70 0.69 0.62 30.73%
0.32 0.29 0.26 0.15 0.12 283.33%
19.71% 62.82% 113.48% 24.00% 14.29% 53.90%
-16.46% -38.58% -53.16% -19.35% -12.50% -32.06%

2004 2003 2002 2001 2000 Average

4.763 4.532 4.218 5.210
4.28 3.78 3.73 4.89 5.19
3.800 3.025 3.240 4.560
15.88 15.76 15.62 19.66
14.27 13.14 13.81 18.43 13.49
 12.67 10.52 12.00 17.21
3.29% 4.13% 3.86% 2.74%
2.92% 3.31% 3.35% 2.56% 3.55%
2.62% 2.76% 2.96% 2.40%
0.30 0.29 0.27 0.27 0.29 42.61%
0.13 0.13 0.13 0.13 0.11 105.61%
25.34% 49.82% 30.19% 14.25% 44.36%
-20.22% -33.25% -23.19% -12.48% -29.51%

2004 2003 2002 2001 2000 Average

10.220 9.280 9.590 8.500
9.37 8.25 8.40 7.32 9.26
8.510 7.210 7.200 6.130
14.51 14.77 16.44 16.33
13.30 13.12 14.39 14.05 12.79
12.08 11.48 12.34 11.77
4.14% 4.47% 4.17% 4.44%
3.76% 3.91% 3.57% 3.72% 3.73%
3.44% 3.47% 3.13% 3.20%
0.70 0.63 0.58 0.52 0.44 38.01%
0.35 0.32 0.30 0.27 0.24 -5.86%
20.09% 28.71% 33.19% 38.66% 52.38%
-16.73% -22.31% -24.92% -27.88% -30.45%

2004 2003 2002 2001 2000 Average

7.990 6.650 7.286 9.020 11.000
6.85 5.49 5.83 7.14 9.12 8.31
5.700 4.324 4.378 5.260 7.240
18.83 18.98 25.27 34.43 45.83
16.13 15.66 20.23 27.25 38.00 20.13
13.43 12.34 15.19 20.08 30.17
3.77% 4.46% 4.17% 3.31% 2.40%
3.14% 3.52% 3.13% 2.44% 1.91% 2.84%
2.69% 2.90% 2.51% 1.93% 1.58%
0.42 0.35 0.29 0.26 0.24 137.50%
0.21 0.19 0.18 0.17 0.17 54.51%
40.18% 53.79% 66.42% 71.48% 51.93% 60.41%
-28.66% -34.98% -39.91% -41.69% -34.18% -36.20%

2004 2003 2002 2001 2000 Average

30.78

15.33

5.72%

0.83 0.70 157.14%

0.45 0.39 310.26%
91.91%
-42.93%
e deja de hacer ampliaciones.
 2004 2003 2002 2001 2000 Average
2.418 2.270 1.593 1.750 1.430
2.07 1.83 1.32 1.37 1.14 2.22
1.720 1.396 1.049 0.980 0.840
16.12 14.19 13.28 15.91 14.30
13.79 11.46 11.01 12.41 11.35 11.04
11.47 8.73 8.74 8.91 8.40
3.14% 3.01% 3.62% 3.88% 4.52%
2.61% 2.29% 2.88% 2.78% 3.35% 2.31%
2.23% 1.85% 2.39% 2.17% 2.66%
0.15 0.16 0.12 0.11 0.10 220.00%
0.05 0.04 0.04 0.04 0.04 -100.00%
40.58% 62.61% 51.86% 78.57% 70.24% 69.80%
-28.87% -38.50% -34.15% -44.00% -41.26% -38.36%

2004 2003 2002 2001 2000 Average

9.400 4.980 4.620 4.360 3.880
7.13 4.36 4.08 3.82 3.50 19.38
4.860 3.740 3.530 3.280 3.120
12.45
9.44 14.01
6.44
4.61%
3.14% 2.64%
2.38%
0.76 0.42 1.69 104.76%
0.22 126.47%
93.42% 33.16% 30.88% 32.93% 24.36% 73.98%
-48.30% -24.90% -23.59% -24.77% -19.59% -38.92%

ompromete a comprar los derechos a 0,143.

2004 2003 2002 2001 2000 Average
4.707 3.995 3.910 4.330 4.030
4.25 3.61 3.38 3.79 3.56 5.49
3.788 3.215 2.853 3.250 3.090
13.84 13.78 14.48 17.32 16.79
12.49 12.43 12.52 15.16 14.83 14.12
11.14 11.09 10.57 13.00 12.88
5.07% 5.23% 5.25% 4.45% 4.37%
4.52% 4.66% 4.43% 3.81% 3.79% 4.16%
4.08% 4.21% 3.83% 3.34% 3.35%
0.34 0.29 0.27 0.25 0.24 125.00%
0.19 0.17 0.15 0.14 0.14 144.44%
24.26% 24.26% 37.05% 33.23% 30.42% 48.69%
-19.52% -19.52% -27.03% -24.94% -23.33% -30.63%
S ACONSEJABLE COMPRAR SEGÚN ACF.
2004 2003 2002 2001 2000 Average
17.350 15.500 18.030 20.450 24.220
15.67 12.75 13.37 17.98 20.73 21.67
13.980 10.000 8.700 15.510 17.230
13.35 12.50 15.03 14.61 18.21
12.05 10.28 11.14 12.84 15.58 12.32
10.75 8.06 7.25 11.08 12.95
 5.28% 7.03% 7.84% 4.40% 3.77%
4.71% 5.51% 5.11% 3.80% 3.14% 4.69%
4.25% 4.54% 3.79% 3.34% 2.68%
1.30 1.24 1.20 1.40 1.33 54.89%
0.74 0.70 0.68 0.68 0.65 58.15%
24.11% 55.00% 107.24% 31.85% 40.57% 61.29%
-19.42% -35.48% -51.75% -24.16% -28.86% -35.08%

2004 2003 2002 2001 2000 Average

22.990 19.850 22.870 21.400
20.59 17.39 19.12 19.60 23.37
18.180 14.920 15.370 17.800
16.08 15.63 12.71 16.85
14.40 13.69 10.62 15.43 13.67
12.71 11.75 8.54 14.02
3.91% 4.02% 2.60% 1.85%
3.45% 3.45% 2.09% 1.68% 0.03
3.09% 3.02% 1.75% 1.54%
1.43 1.27 1.80 1.27 16.54%
0.71 0.60 0.40 0.33 140.00%
26.46% 33.04% 48.80% 20.22% 61.01%
-20.92% -24.84% -32.79% -16.82% -33.21%
chas acciones..
2004 2003 2002 2001 2000 Average
16.750 13.340 11.950 11.320 11.750
14.75 11.44 9.93 10.16 10.64 21.52
12.750 9.540 7.910 9.000 9.520
17.11 15.59 16.19 16.82 19.12
15.07 13.37 13.45 15.09 17.31 16.40
13.03 11.15 10.72 13.37 15.49
4.81% 5.74% 6.07% 5.06% 4.36%
4.16% 4.79% 4.83% 4.48% 3.90% 3.95%
3.66% 4.11% 4.02% 4.02% 3.53%
0.98 0.86 0.74 0.67 0.61 297.40%
0.61 0.55 0.48 0.46 0.42 256.17%
31.37% 39.83% 51.07% 25.78% 23.42% 46.93%
-23.88% -28.49% -33.81% -20.49% -18.98% -31.13%

2004 2003 2002 2001 2000 Average

35.520 29.770 29.000 25.880 24.490
31.40 25.31 23.86 22.29 20.57 36.30
27.280 20.850 18.710 18.700 16.650
11.96 12.61 14.15 12.88 13.61
10.57 10.72 11.64 11.09 11.43 12.15
9.19 8.83 9.13 9.30 9.25
4.99% 5.13% 2.94% 2.78% 2.82%
4.33% 4.23% 2.31% 2.33% 2.28% 3.52%
3.83% 3.59% 1.90% 2.01% 1.91%
2.97 2.36 2.05 2.01 1.80 36.11%
1.36 1.07 0.55 0.52 0.47 207.23%
30.21% 42.78% 55.00% 38.40% 47.09% 60.57%
-23.20% -29.96% -35.48% -27.74% -32.01% -35.98%

2004 2003 2002 2001 2000 Average

9.950 7.072 7.237 5.500 3.850
8.43 6.28 6.08 4.63 3.46 9.06
6.900 5.478 4.920 3.750 3.060
10.05 11.59 8.93 14.10 13.75
8.51 10.29 7.50 11.86 12.34 2.94
6.97 8.98 6.07 9.62 10.93
2.97% 2.74% 2.27% 2.73% 2.29%
2.43% 2.39% 1.83% 2.22% 2.03% 2.77%
2.06% 2.12% 1.54% 1.86% 1.82%
0.99 0.61 0.81 0.39 0.28 -142.86%
0.21 0.15 0.11 0.10 0.07 471.43%
44.20% 29.10% 47.09% 46.67% 25.82% 74.30%
-30.65% -22.54% -32.02% -31.82% -20.52% -38.41%

2004 2003 2002 2001 2000 Average

17.130 13.300 12.333 10.230 10.730
14.84 11.56 10.59 8.63 9.37 21.94
12.547 9.820 8.840 7.020 8.000
13.13 11.14 13.07 13.17 17.08
11.37 9.68 11.22 11.11 14.91 11.65
9.62 8.22 9.37 9.04 12.73
3.11% 2.78% 2.71% 2.85% 2.08%
2.63% 2.36% 2.27% 2.32% 1.78% 3.43%
2.28% 2.05% 1.95% 1.96% 1.55%
1.30 1.19 0.94 0.78 0.63 326.55%
0.39 0.27 0.24 0.20 0.17 1130.49%
36.53% 35.44% 39.51% 45.73% 34.13% 48.80%
-26.75% -26.17% -28.32% -31.38% -25.44% -32.28%

2004 2003 2002 2001 2000 Average

65.900 48.810 47.650 45.950 43.000
56.93 43.91 42.58 40.48 38.50 84.13
47.950 39.000 37.500 35.000 34.000
18.56 1.59 18.97 21.23 24.86
16.03 1.43 16.95 18.70 22.26 16.65
13.50 1.27 14.93 16.17 19.66
3.48% 3.54% 3.20% 2.00% 1.75%
2.93% 3.14% 2.82% 1.73% 1.54% 2.49%
2.53% 2.83% 2.52% 1.52% 1.38%
3.55 30.64 2.51 2.16 1.73 31.24%
1.67 1.38 1.20 0.70 0.59 406.90%
37.43% 25.15% 27.07% 31.29% 26.47% 69.49%
-27.24% -20.10% -21.30% -23.83% -20.93% -33.69%

2004 2003 2002 2001 2000 Average

70.000 50.600 39.950 35.500 23.970
62.05 43.56 34.93 27.78 21.50 113.81
54.100 36.510 29.900 20.050 19.030

7.92
2.53% 2.99% 3.65% 5.44% 5.73%
2.21% 2.50% 3.12% 3.92% 5.07% 3.30%
1.96% 2.15% 2.73% 3.07% 4.55%
17.57%
1.37 1.09 1.09 1.09 1.09 863.30%
29.39% 38.59% 33.61% 77.06% 25.96% 61.41%
-22.71% -27.85% -25.16% -43.52% -20.61% -35.99%

2004 2003 2002 2001 2000 Average

27.13

13.67

2.58%

253.02%
0.23 218.29%
130.42%
-47.03%

2004 2003 2002 2001 2000 Average

6.469 5.550 6.990 6.220 5.150
5.95 4.54 5.37 5.10 4.55 11.08
5.437 3.525 3.750 3.980 3.940

11.62

2.95% 3.84% 3.21% 3.27% 0.00%

2.69% 2.99% 2.24% 2.55% 0.00% 2.26%
2.48% 2.44% 1.72% 2.09% 0.00%
45.26%
16.02% 13.55% 12.04% 13.00% 230.77%
18.98% 57.45% 86.40% 56.28% 30.71% 108.14%
-15.95% -36.49% -46.35% -36.01% -23.50% -45.08%

2004 2003 2002 2001 2000 Average

14.080 11.900 15.340 20.500 23.970
12.60 9.86 11.25 14.96 19.84 14.99
11.110 7.820 7.157 9.420 15.710
22.71 27.05 -13.34 45.56 41.33
20.31 22.41 -9.78 33.24 34.21 15.71
17.92 17.77 -6.22 20.93 27.09
4.50% 5.12% 3.49% 0.00% 0.00%
3.97% 4.06% 2.22% 0.00% 0.00% 3.46%
3.55% 3.36% 1.63% 0.00% 0.00%
0.62 0.44 -1.15 0.45 0.58 288.64%
0.50 0.40 0.25 0.00 0.00 187.50%
26.73% 52.17% 114.34% 117.62% 52.58% 60.61%
-21.09% -34.29% -53.34% -54.05% -34.46% -35.33%
 2004 2003 2002 2001 2000 Average
15.490 12.950 12.030 11.890 10.680
13.73 11.83 11.15 10.53 9.53 15.06
11.960 10.710 10.260 9.160 8.380
18.22 17.74 19.10 20.15 18.41
16.15 16.21 17.69 17.84 16.43 18.52
14.07 14.67 16.29 15.53 14.45
4.01% 4.22% 4.51% 4.92% 5.38%
3.49% 3.82% 4.15% 4.28% 4.73% 3.59%
3.09% 3.49% 3.85% 3.79% 4.22%
0.85 0.73 0.63 0.59 0.58 60.34%
0.48 0.45 0.46 0.45 0.45 33.10%
29.52% 20.92% 17.25% 29.80% 27.45% 40.64%
-22.79% -17.30% -14.71% -22.96% -21.54% -27.09%

2004 2003 2002 2001 2000 Average

3.92

16.68

6.87%

71.10%
-35.37%

2004 2003 2002 2001 2000 Average

12.200 8.680 6.490
10.20 7.24 5.80 12.86
8.190 5.790 5.110
18.42 14.59 14.08
15.39 12.16 12.58 15.16
12.37 9.73 11.08
4.03% 5.18% 4.50%
3.24% 4.15% 3.97% 3.73%
2.70% 3.46% 3.54%
0.66 0.59 0.46 0.49 170.72%
0.33 0.30 0.23 226.09%
48.96% 49.91% 27.01% 50.14%
-32.87% -33.29% -21.26% -32.18%
 2004 2003 2002 2001 2000 Average
30.900 29.680 19.140 14.580 9.800
28.20 24.34 15.79 11.82 9.23 35.82
25.500 19.000 12.430 9.060 8.650
12.07 12.97 11.11 8.97 7.54
11.02 10.64 9.17 7.27 7.10 19.51
9.96 8.30 7.22 5.57 6.65
3.92% 5.00% 5.55% 6.62% 5.35%
3.55% 3.90% 4.37% 5.08% 5.02% 3.27%
3.24% 3.20% 3.61% 4.12% 4.72%
2.56 2.29 1.72 1.63 1.30 7.69%
1.00 0.95 0.69 0.60 0.46 72.90%
21.18% 56.21% 53.98% 60.93% 13.29% 56.93%
-17.48% -35.98% -35.06% -37.86% -11.73% -30.51%

2004 2003 2002 2001 2000 Average

19.280 15.880 16.200 21.970 24.010
17.33 13.84 13.18 17.86 20.11 19.25
15.380 11.790 10.150 13.750 16.200
12.07 9.60 10.13 26.15 12.07
10.85 8.36 8.24 21.26 10.11 10.87
9.63 7.13 6.35 16.37 8.14
3.25% 3.39% 3.05% 1.53% 3.09%
2.89% 2.89% 2.35% 1.18% 2.49% 3.18%
2.59% 2.52% 1.91% 0.96% 2.08%
1.60 1.65 1.60 0.84 1.99 -35.16%
0.50 0.40 0.31 0.21 0.50 70.00%
25.36% 34.69% 59.61% 59.78% 48.21% 55.31%
-20.23% -25.76% -37.35% -37.41% -32.53% -34.07%

2004 2003 2002 2001 2000 Average

19.890 16.810 14.210 10.990 9.950
17.41 14.18 12.36 10.02 9.23 16.73
14.920 11.550 10.500 9.050 8.500
32.94 28.49 28.48 26.23 27.49
28.82 24.03 24.76 23.91 25.48 29.94
24.71 19.58 21.04 21.60 23.48
3.89% 4.76% 5.00% 5.30% 5.65%
3.33% 3.88% 4.25% 4.79% 5.20% 3.71%
2.92% 3.27% 3.69% 4.37% 4.82%
0.60 0.59 0.50 0.42 0.36 68.51%
0.58 0.55 0.53 0.48 0.48 27.08%
33.31% 45.54% 35.33% 21.44% 17.06% 40.30%
-24.99% -31.29% -26.11% -17.65% -14.57% -27.44%

2004 2003 2002 2001 2000 Average

10.590 9.240 10.320 9.470
9.78 8.08 8.78 8.23 11.55
 8.960 6.920 7.240 6.980
13.48 14.11 13.40 12.26
12.45 12.34 11.40 10.64 13.90
11.41 10.57 9.40 9.03
3.68% 4.34% 3.31% 3.44%
3.38% 3.71% 2.73% 2.92% 2.92%
3.12% 3.25% 2.33% 2.53%
0.79 0.65 0.77 0.77 47.53%
0.33 0.30 0.24 0.24 66.67%
18.19% 33.53% 42.54% 35.67% 45.85%
-15.39% -25.11% -29.84% -26.29% -30.61%

2004 2003 2002 2001 2000 Average

8.290 7.350 9.440 6.550 7.910
7.66 6.58 7.07 5.28 6.21 9.77
7.030 5.800 4.700 4.000 4.510

15.71

2.56% 3.10% 3.83%

2.35% 2.74% 2.55% 2.88%
2.17% 2.45% 1.91%
236.59%
0.18 0.18 0.18 242.78%
17.92% 26.72% 100.85% 63.75% 75.39% 52.33%
-15.20% -21.09% -50.21% -38.93% -42.98% -32.81%

2004 2003 2002 2001 2000 Average

22.200 24.000 25.220 23.950
18.70 19.74 21.16 19.55 28.03
15.200 15.470 17.100 15.150
22.03 33.51 35.89 43.86
18.56 27.56 30.11 35.80 23.14
15.08 21.60 24.33 27.74
3.16% 2.26% 0.82% 0.73%
2.57% 1.77% 0.66% 0.56% 2.15%
2.16% 1.46% 0.56% 0.46%
1.01 0.72 0.70 0.55 286.38%
0.48 0.35 0.14 0.11 900.00%
46.05% 55.14% 47.49% 58.09% 56.73%
-31.53% -35.54% -32.20% -36.74% -35.35%

2004 2003 2002 2001 2000 Average

12.880 11.380 10.750 11.920 13.750
11.37 8.75 8.17 8.84 11.03 13.11
9.850 6.120 5.580 5.750 8.300
23.31 24.53 28.36 37.60 53.09
20.57 18.86 21.54 27.87 42.57 22.19
17.82 13.19 14.72 18.14 32.05
1.98% 2.66% 1.95% 1.48% 0.81%
1.72% 1.86% 1.33% 0.96% 0.61% 2.22%
1.51% 1.43% 1.01% 0.71% 0.49%
0.55 0.46 0.38 0.32 0.26 371.04%
0.20 0.16 0.11 0.09 0.07 885.07%
30.76% 85.95% 92.65% 107.30% 65.66% 54.25%
-23.52% -46.22% -48.09% -51.76% -39.64% -32.93%
 10-dic-2010 DPA ? PER P. M. AÑO. %PAY OUT A pay-out 50 OCT NOV
TELEFONICA 8.09% 8.24 17.26 67% 6.07% 19.400 16.390
GAS NATURAL 7.61% 7.67 12.87 54% 6.52% 10.520 10.410
BME 7.55% 10.96 19.28 89% 4.56% 19.600 17.885
FCC 7.54% 7.93 24.77 59% 6.30% 19.380 17.525
MAPFRE 6.67% 6.78 2.56 0% 7.38% 2.384 1.957
CRITERIA 6.23% 15.44 3.55 89% 3.24% 4.057 3.783
IBERDROLA 5.97% 10.05 5.84 61% 4.97% 6.060 5.295
POPULAR 5.86% 8.21 4.88 37% 6.09% 4.647 3.931
ACCIONA 5.84% 18.21 78.48 106% 2.75% 63.200 49.930
SANTANDER 5.73% 8.05 9.68 46% 6.21% 9.231 7.300
ENDESA 5.61% 9.31 20.91 50% 5.37% 19.910 17.305
BANESTO 5.42% 9.09 7.56 57% 5.50% 7.205 6.113
ZARDOYA OTIS 5.40% 19.15 11.99 100% 2.61% 11.970 10.890
ENAGAS 5.35% 11.18 14.55 60% 4.47% 15.835 14.235
BBVA 5.19% 6.68 10.27 30% 7.48% 9.450 7.077
ACS 5.16% 7.40 33.70 76% 6.76% 37.710 33.825
INDRA 5.13% 10.73 14.74 54% 4.66% 14.065 12.330
FERROVIAL 4.99% ??? 6.92 8.192 7.310
SABADELL 4.88% 9.93 3.70 54% 5.03% 3.495 2.991
BANKINTER 4.76% 9.58 5.74 47% 5.22% 4.788 3.895
REE 4.72% 12.81 34.34 61% 3.90% 36.095 33.685
ABERTIS 4.71% 14.07 13.37 65% 3.55% 14.190 12.265
CATALANA OCC. 4.29% 8.23 14.00 59% 6.07% 14.980 11.140
REPSOL 4.19% 11.94 18.42 66% 4.19% 19.925 18.580
CEPSA 4.03% 14.18 21.42 57% 3.53% 17.100 18.660
TECNICAS RDAS. 3.07% 15.96 41.91 52% 3.13% 44.715 41.745
VISCOFAN 2.90% 15.76 21.03 45% 3.17% 25.030 26.610
CAF 2.81% 9.34 380.08 29% 5.35% 404.900 359.650
EBRO FOODS 2.75% 15.91 14.57 35% 3.14% 15.795 15.160
OHL 1.98% 13.06 19.71 26% 3.83% 23.510 20.055
INDITEX 1.91% 26.92 50.65 52% 1.86% 60.010 58.060
VARIAC. MEDIA:
967.349 865.987
VARIAC.
-15.52%
-1.05%
-8.75%
-9.57%
-17.91%
-6.75%
-12.62%
-15.41%
-21.00%
-20.92%
-13.08%
-15.16%
-9.02%
-10.10%
-25.11%
-10.30%
-12.34%
-10.77%
-14.42%
-18.65%
-6.68%
-13.57%
-25.63%
-6.75%
9.12%
-6.64%
6.31%
-11.18%
-4.02%
-14.70%
-3.25%
-10.48%