Mariano Colmenar & team Santander Investment Bolsa
The buy side says: “They are the premier firm onthe Iberian peninsula.”
Mariano Colmenar, 49, and his team of 30 at Santander Investment Bolsa repeat in first place. The Madrid-based analysts are “very solid, very seasoned, and do a good job of framing their overall arguments with an industry view,” observes one longtime client. In February 2010 the analysts highlighted their buy recommendation on Obrascón Huarte Lain, at €16.18, citing strong growth in the Madrid-based construction company’s Latin American operations. In October the company reported that ebitda had surged 34 percent and net profit had risen 19.9 percent in the first nine months of 2010, compared with the same period one year earlier, and that 67.3 percent of its sales had come from outside Spain. By the end of the year, the stock had surged 40.1 percent, to €22.67. During the same period, Spain’s broad market dropped by 5.7 percent.
