Merlin Properties occupies the top spot in the Ibex 35 recommendations ranking, followed by Sacyr and IAG. The digital tool incorporates individual profiles and a historical comparator.
The REIT Merlin Properties has become the favourite among analysts of the Ibex 35, according to the latest update of La Liga Ibex, the ranking that combines market consensus from FactSet and Bloomberg. The real estate company, which has focused its strategy on building data centres, has held the top position since April 2025, its best historical position. So far this year, its shares have appreciated by 22% on the stock market, driven by the rise of artificial intelligence.
The tool, which has just transitioned to the digital realm, now allows users to consult the individual profile of each listed company in the Ibex 35 with data dating back to 2016. It includes historical positions, the best and worst ranking along with the week they were achieved, and the historical average. Merlin Properties reached its best position in April 2025, while its worst position was in September 2020, when it ranked 16th. Its historical average places it in sixth position over the last ten years.
The Rise of Data Centres Boosts Merlin
UBS experts highlight the potential of Merlin Properties thanks to the rise of data centres in Spain. According to the Swiss bank,
“the Iberian Peninsula has gained prominence in recent years due to its good international connectivity through submarine cables, an attractive profile for renewable energy generation, and greater land availability.”Although the construction costs of these infrastructures have increased, profitability remains very attractive for the company.
In second place is Sacyr, a construction company that historically occupies this position. Analysts at Renta 4 view the stock positively, partly due to
“the contribution of new concessions won and those coming into operation, which will allow for a growth trajectory in the income statement.”
The third position goes to IAG, the Hispano-British airline group, which remains on the podium despite the impact of the closure of the Strait of Hormuz on fuel prices, due to the ongoing conflict in the Middle East.
The Banking Sector Weighed Down in the Ranking
The new tool also includes a historical comparator that allows for the analysis of companies by sectors: banking, energy, renewables, real estate, and infrastructure. The banking sector, the most relevant in the Ibex 35 with a weight of nearly 30% of the total capitalisation, fails to break into the top positions of the ranking. Only Banco Santander has managed to enter the top 3, a milestone it achieved in 2019 but has not repeated since.
Currently, Santander occupies the fifth position and is the entity with the best recommendation in the sector. At the opposite end, Unicaja is the worst positioned, sitting at number 34 since February. The best dividend yield is offered by Banco Sabadell, but none of the six entities in the index manage to place themselves among the top three positions.
La Liga Ibex celebrates its tenth anniversary, although elEconomista.es has been tracking the evolution of market consensus recommendations for large Spanish companies since 2008 with the Thermometers. The goal since its inception has been to facilitate investors in searching for stocks to include in their portfolio or deciding what to do with those they already own. In the first edition, the podium was occupied by ACS, Meliá Hotels (replaced by Puig in 2024), and Inditex.
For investors, this tool offers a clear view of the evolution of analysts' recommendations, allowing them to identify trends and opportunities. With just a glance, one can see which listed company is the favourite and how expert opinions have evolved over time.
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