Shareholder Value Creation of Companies in Spain: 2006

Abstract

We compute the shareholder value creation of the 123 companies that traded in the Spanish market during 2006. Santander was the top shareholder value creator, followed by Endesa, Telefonica, Arcelor, BBVA and Iberdrola. EADS was the top shareholder value destroyer. We also compute the shareholder value creation of the 72 companies that traded in the Spanish market during 1993-2006. As usual, small companies were more profitable.

Keywords: Value creation, shareholder value creation, IBEX, Spain

JEL Classification: G12, G31, M21