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link	country	Universe Stocks
Top Picks	AUSTRALIA	51
Top Picks	BRAZIL	76
Top Picks	BRITAIN	108
Top Picks	CANADA	67
Top Picks	CHILE	22
Top Picks	CHINA	115
Top Picks	COLOMBIA	16
Top Picks	DENMARK	12
Top Picks	FRANCE	57
Top Picks	GERMANY	38
Top Picks	HONG KONG	54
Top Picks	INDIA	98
Top Picks	INDONESIA	30
Top Picks	ITALY	17
Top Picks	JAPAN	110
Top Picks	MALAYSIA	42
Top Picks	MEXICO	29
Top Picks	NETHERLANDS	20
Top Picks	PHILIPPINES	22
Top Picks	RUSSIA	135
Top Picks	SOUTH AFRICA	51
Top Picks	SOUTH KOREA	115
Top Picks	SPAIN	25
Top Picks	SWEDEN	25
Top Picks	SWITZERLAND	36
Top Picks	TAIWAN	119
Top Picks	THAILAND	27
Top Picks	TURKEY	28
Top Picks	UNITED STATES	563

Top SPAIN Long Picks

Ticker	Company	Sector	1m	6m	YTD	1yr	2yr	3yr	4yr	PE RATIO 2019	EV/EBITDA 2019	P/S 2019	P/B 2019	DIVIDEND YIELD 2019	GROSS MARGIN 2019	ROA 2019	ROE 2019	CUR RATIO 2018	QUICK RATIO 2018	INTEREST COVERAGE RATIO 2018	TOT DEBT TO TOT CAP 2018	EBITDA Margin 2019	revenue Growth 2020	Net Income Growth 2020	DPS Growth 2019	EBITDA Growth 2020	BPS Growth 2020	Capex Growth 2020	FCF Growth 2020	PEG Ratio 2019
CAF SM zranks	Construcciones y Auxiliar de Ferrocarriles SA	Industrials	33.21	12.77	-3.76	13.19	2.52	3.40	48.04	56.9	9.5	0.6	1.9	1.9	0.0	0.6	3.3	1.2	0.9	2.3	59.1	7.9	10%	30%	10%	10%	10%	-20%	0%	0.0
ZOT SM zranks	Zardoya Otis SA	Industrials	16.66	1.69	-4.13	16.39	-32.61	34.28	-22.03	23.2	15.7	3.8	8.0	4.6	0.0	19.6	33.7	1.2	0.8	497.7	0.5	25.8	10%	10%	-10%	10%	10%	210%	-10%	0.0
ACS SM zranks	ACS Actividades de Construccion y Servicios SA	Industrials	30.04	20.36	-10.34	8.81	2.76	28.48	13.30	11.7	4.7	0.3	2.5	5.5	0.0	2.6	21.9	1.0	0.9	3.3	61.2	7.1	0%	-30%	70%	0%	-10%	-40%	-80%	0.0
IBE SM zranks	Iberdrola SA	Utilities	9.00	23.14	37.82	34.08	8.64	23.94	-3.21	16.8	10.5	1.3	1.5	3.5	44.6	2.9	9.0	0.8	0.6	4.4	49.0	28.6	10%	20%	10%	10%	10%	80%	0%	1.9
AMS SM zranks	Amadeus IT Group SA	Information Technology	49.07	27.79	-4.72	19.41	-1.90	61.84	5.09	28.2	15.3	5.3	8.3	1.5	0.0	10.8	32.0	0.5	0.4	41.3	55.0	40.4	-60%	0%	0%	-90%	10%	490%	0%	0.0
REE SM zranks	Red Electrica Corp SA	Utilities	6.23	11.57	5.34	-5.11	4.46	24.69	-5.89	13.5	10.3	5.4	2.8	4.8	98.3	6.0	20.9	1.3	0.5	6.9	64.8	79.3	10%	0%	0%	10%	10%	60%	-60%	1.5
REP SM zranks	Repsol SA	Energy	49.46	1.62	-30.02	3.66	-3.64	32.28	35.54	0.0	0.0	0.5	0.9	5.3	0.0	-6.4	-13.7	1.4	0.8	6.0	30.8	-1.7	-30%	-80%	-10%	0%	-0%	-20%	-50%	0.0
BME SM zranks	Bolsas y Mercados Espanoles SHMSF SA	Financials	#N/A N/A	#N/A N/A	#N/A N/A	46.95	-7.00	14.83	-6.39	23.2	15.4	6.6	7.4	3.4	0.0	0.9	31.4	1.0	1.0	16.0	97.2	58.4	10%	0%	-10%	10%	20%	-100%	0%	0.0
GAS SM zranks	Gas Natural SDG SA	Utilities	#N/A N/A	#N/A N/A	#N/A N/A	#N/A N/A	#N/A N/A	#N/A N/A	#N/A N/A	0.0	8.9	0.0	0.0	0.0	29.2	3.4	13.0	1.2	0.9	-3.9	51.3	19.6	-10%	-20%	0%	-10%	0%	-20%	0%	0.0
TLGO SM zranks	Talgo SA	Industrials	48.25	1.82	-22.66	11.41	19.88	8.94	-23.00	20.3	10.7	2.3	2.6	0.0	0.0	4.3	12.4	2.7	2.3	3.7	47.9	16.6	30%	-80%	0%	-40%	10%	350%	0%	0.0
EDRVF US zranks	EDP Renovaveis SA	Utilities	8.56	50.86	82.42	#N/A N/A	8.04	26.17	-17.79	0.0	8.7	0.0	0.0	0.0	0.0	2.7	7.1	0.6	0.4	4.4	31.0	88.6	10%	10%	0%	10%	0%	20%	0%	0.0
GRF SM zranks	Grifols SA	Health Care	1.18	-6.22	-17.00	36.27	-9.25	49.39	-12.55	34.5	20.9	3.5	4.5	0.5	45.9	4.5	13.8	2.8	1.1	3.4	57.6	28.1	10%	30%	-50%	0%	20%	40%	160%	1.9
TEF SM zranks	Telefonica SA	Telecommunication Services	33.70	-14.20	-32.57	-11.96	-9.28	9.71	-9.02	36.6	6.6	0.8	3.6	2.6	0.0	1.0	7.9	0.8	0.5	3.8	66.2	31.2	-0%	300%	-50%	-0%	80%	-10%	-50%	0.0
CABK SM zranks	CaixaBank SA	Financials	47.73	19.00	-8.72	-10.24	-19.34	45.89	0.59	10.6	0.0	1.8	0.7	2.0	0.0	0.4	6.4	0.0	0.0	0.0	75.4	0.0	-20%	-50%	-60%	0%	10%	-100%	0%	0.0
ABE SM zranks	Abertis Infraestructuras SA	Industrials	#N/A N/A	#N/A N/A	#N/A N/A	#N/A N/A	#N/A N/A	66.45	-1.03	0.0	0.0	0.0	0.0	0.0	0.0	1.0	7.0	1.7	1.0	3.1	74.3	70.1	-20%	0%	10%	-30%	0%	-40%	0%	0.0
ENG SM zranks	Enagas SA	Energy	8.91	1.57	-0.91	1.05	0.04	19.53	-5.21	12.9	12.6	5.2	1.9	5.7	0.0	4.6	14.5	2.8	2.1	4.2	64.3	71.3	10%	10%	-0%	30%	10%	970%	-60%	0.0
SAN SM zranks	Banco Santander SA	Financials	67.99	22.45	-16.57	-2.62	-27.87	32.90	10.89	9.4	0.0	0.9	0.6	5.0	0.0	0.4	6.6	0.0	0.0	0.0	81.5	0.0	-40%	-40%	-0%	0%	-10%	-100%	0%	0.0
ITX SM zranks	Industria de Diseno Textil SA	Consumer Discretionary	26.69	12.25	-3.34	42.47	-24.50	4.18	1.32	26.0	12.3	2.9	6.3	2.9	55.9	14.5	24.6	2.0	1.4	290.5	0.6	26.9	-20%	-60%	30%	-30%	10%	0%	-50%	17.3
BBVA SM zranks	Banco Bilbao Vizcaya Argentaria SA	Financials	73.52	25.34	-5.93	10.87	-35.23	32.00	-1.17	9.4	0.0	0.8	0.7	4.2	0.0	0.5	7.3	0.0	0.0	0.0	77.6	0.0	-40%	-50%	-10%	0%	-0%	-100%	0%	0.0
SAB SM zranks	Banco de Sabadell SA	Financials	44.34	12.34	-59.09	4.55	-39.47	47.02	-16.69	7.6	0.0	0.9	0.5	1.6	0.0	0.3	6.2	0.0	0.0	0.0	84.7	0.0	-20%	0%	-40%	0%	10%	-100%	0%	0.0

Portfolio Longs Average Return 1m 27.7%, 6m 11.2%, YTD -4.7%, 2017 11.0%, 2016 -8.2%, 2015 28.3%, 2014 -0.5%

Top SPAIN Short Picks

Ticker	Company	Sector	1m	6m	YTD	1yr	2yr	3yr	4yr	PE RATIO 2019	EV/EBITDA 2019	P/S 2019	P/B 2019	DIVIDEND YIELD 2019	GROSS MARGIN 2019	ROA 2019	ROE 2019	CUR RATIO 2018	QUICK RATIO 2018	INTEREST COVERAGE RATIO 2018	TOT DEBT TO TOT CAP 2018	EBITDA Margin 2019	revenue Growth 2020	Net Income Growth 2020	DPS Growth 2019	EBITDA Growth 2020	BPS Growth 2020	Capex Growth 2020	FCF Growth 2020	PEG Ratio 2019
POP SM zranks	Banco Popular Espanol SA	Financials	#N/A N/A	#N/A N/A	#N/A N/A	#N/A N/A	#N/A N/A	#N/A N/A	-66.81	0.0	0.0	0.8	0.0	0.0	0.0	-10.4	-161.2	0.0	0.0	0.0	82.6	0.0	20%	0%	0%	0%	0%	-100%	0%	0.0
FER SM zranks	Ferrovial SA	Industrials	23.54	-1.50	-3.23	54.09	-7.20	31.80	-17.75	42.6	42.4	2.3	4.6	2.2	0.0	1.1	6.1	1.5	0.7	1.9	60.4	9.6	10%	0%	-0%	-30%	-20%	40%	-80%	0.0
DIA SM zranks	Distribuidora Internacional de Alimentacion SA	Consumer Staples	6.69	14.81	30.49	-25.95	-88.95	9.34	-13.75	0.0	0.0	0.0	0.0	0.0	0.0	-24.0	0.0	0.5	0.2	-2.8	109.8	-0.9	0%	0%	0%	0%	0%	-30%	0%	0.0
BKIA SM zranks	Bankia SA	Financials	48.27	70.80	-2.46	-23.49	-36.96	20.04	-9.47	10.7	0.0	2.1	0.4	4.9	0.0	0.3	4.1	0.0	0.0	0.0	80.9	0.0	-10%	-80%	-0%	0%	10%	-100%	0%	0.0
GAM SM zranks	Siemens Gamesa Renewable Energy SA	Industrials	#N/A N/A	#N/A N/A	#N/A N/A	#N/A N/A	#N/A N/A	#N/A N/A	#N/A N/A	0.0	0.0	0.0	0.0	0.0	-1.2	-5.6	-16.4	1.0	0.4	9.3	13.3	-1.2	20%	0%	0%	0%	0%	20%	0%	0.0
SAB SM zranks	Banco de Sabadell SA	Financials	44.34	12.34	-59.09	4.55	-39.47	47.02	-16.69	7.6	0.0	0.9	0.5	1.6	0.0	0.3	6.2	0.0	0.0	0.0	84.7	0.0	-20%	0%	-40%	0%	10%	-100%	0%	0.0
BBVA SM zranks	Banco Bilbao Vizcaya Argentaria SA	Financials	73.52	25.34	-5.93	10.87	-35.23	32.00	-1.17	9.4	0.0	0.8	0.7	4.2	0.0	0.5	7.3	0.0	0.0	0.0	77.6	0.0	-40%	-50%	-10%	0%	-0%	-100%	0%	0.0
ITX SM zranks	Industria de Diseno Textil SA	Consumer Discretionary	26.69	12.25	-3.34	42.47	-24.50	4.18	1.32	26.0	12.3	2.9	6.3	2.9	55.9	14.5	24.6	2.0	1.4	290.5	0.6	26.9	-20%	-60%	30%	-30%	10%	0%	-50%	17.3
SAN SM zranks	Banco Santander SA	Financials	67.99	22.45	-16.57	-2.62	-27.87	32.90	10.89	9.4	0.0	0.9	0.6	5.0	0.0	0.4	6.6	0.0	0.0	0.0	81.5	0.0	-40%	-40%	-0%	0%	-10%	-100%	0%	0.0
ENG SM zranks	Enagas SA	Energy	8.91	1.57	-0.91	1.05	0.04	19.53	-5.21	12.9	12.6	5.2	1.9	5.7	0.0	4.6	14.5	2.8	2.1	4.2	64.3	71.3	10%	10%	-0%	30%	10%	970%	-60%	0.0
ABE SM zranks	Abertis Infraestructuras SA	Industrials	#N/A N/A	#N/A N/A	#N/A N/A	#N/A N/A	#N/A N/A	66.45	-1.03	0.0	0.0	0.0	0.0	0.0	0.0	1.0	7.0	1.7	1.0	3.1	74.3	70.1	-20%	0%	10%	-30%	0%	-40%	0%	0.0
CABK SM zranks	CaixaBank SA	Financials	47.73	19.00	-8.72	-10.24	-19.34	45.89	0.59	10.6	0.0	1.8	0.7	2.0	0.0	0.4	6.4	0.0	0.0	0.0	75.4	0.0	-20%	-50%	-60%	0%	10%	-100%	0%	0.0
TEF SM zranks	Telefonica SA	Telecommunication Services	33.70	-14.20	-32.57	-11.96	-9.28	9.71	-9.02	36.6	6.6	0.8	3.6	2.6	0.0	1.0	7.9	0.8	0.5	3.8	66.2	31.2	-0%	300%	-50%	-0%	80%	-10%	-50%	0.0
GRF SM zranks	Grifols SA	Health Care	1.18	-6.22	-17.00	36.27	-9.25	49.39	-12.55	34.5	20.9	3.5	4.5	0.5	45.9	4.5	13.8	2.8	1.1	3.4	57.6	28.1	10%	30%	-50%	0%	20%	40%	160%	1.9
EDRVF US zranks	EDP Renovaveis SA	Utilities	8.56	50.86	82.42	#N/A N/A	8.04	26.17	-17.79	0.0	8.7	0.0	0.0	0.0	0.0	2.7	7.1	0.6	0.4	4.4	31.0	88.6	10%	10%	0%	10%	0%	20%	0%	0.0
TLGO SM zranks	Talgo SA	Industrials	48.25	1.82	-22.66	11.41	19.88	8.94	-23.00	20.3	10.7	2.3	2.6	0.0	0.0	4.3	12.4	2.7	2.3	3.7	47.9	16.6	30%	-80%	0%	-40%	10%	350%	0%	0.0
GAS SM zranks	Gas Natural SDG SA	Utilities	#N/A N/A	#N/A N/A	#N/A N/A	#N/A N/A	#N/A N/A	#N/A N/A	#N/A N/A	0.0	8.9	0.0	0.0	0.0	29.2	3.4	13.0	1.2	0.9	-3.9	51.3	19.6	-10%	-20%	0%	-10%	0%	-20%	0%	0.0
BME SM zranks	Bolsas y Mercados Espanoles SHMSF SA	Financials	#N/A N/A	#N/A N/A	#N/A N/A	46.95	-7.00	14.83	-6.39	23.2	15.4	6.6	7.4	3.4	0.0	0.9	31.4	1.0	1.0	16.0	97.2	58.4	10%	0%	-10%	10%	20%	-100%	0%	0.0
REP SM zranks	Repsol SA	Energy	49.46	1.62	-30.02	3.66	-3.64	32.28	35.54	0.0	0.0	0.5	0.9	5.3	0.0	-6.4	-13.7	1.4	0.8	6.0	30.8	-1.7	-30%	-80%	-10%	0%	-0%	-20%	-50%	0.0
REE SM zranks	Red Electrica Corp SA	Utilities	6.23	11.57	5.34	-5.11	4.46	24.69	-5.89	13.5	10.3	5.4	2.8	4.8	98.3	6.0	20.9	1.3	0.5	6.9	64.8	79.3	10%	0%	0%	10%	10%	60%	-60%	1.5

Portfolio Longs Average Return 1m 27.7%, 6m 11.2%, YTD -4.7%, 2017 11.0%, 2016 -8.2%, 2015 28.3%, 2014 -0.5%

Portfolio Shorts Average Return 1m 24.8%, 6m 11.1%, YTD -4.2%, 2017 6.6%, 2016 -13.8%, 2015 23.8%, 2014 -7.9%

tick	totrank
CAF SM	20.02
ZOT SM	12.48
ACS SM	10.25
IBE SM	4.48
AMS SM	4.12
REE SM	3.38
REP SM	1.84
BME SM	-1.60
GAS SM	-1.76
TLGO SM	-2.33
EDRVF US	-2.45
GRF SM	-3.29
TEF SM	-4.67
CABK SM	-4.90
ABE SM	-5.75
ENG SM	-6.18
SAN SM	-6.86
ITX SM	-7.63
BBVA SM	-11.10
SAB SM	-13.15
GAM SM	-14.27
BKIA SM	-20.73
DIA SM	-26.88
FER SM	-31.61
POP SM	-35.89