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Most undervalued Spanish stocks — per our blended fair value

Spanish names ranked by how far the market price sits below our base-case DCF fair value. Educational estimate, not a recommendation.

AMS.MCAmadeus IT Group, S.A.+25.0% to fair valueACS.MCACS, Actividades de Construcción y Servicios, S.A.+23.8% to fair value

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Educational DCF estimates from public filings and market data — not investment advice.