The Research Department at GVC Gaesco Valores offers institutional and retail clients a complete coverage of stocks.


  • 7 analysts.
  • Over 50 Spanish stocks covered.
  • Integrated in ESN.
  • 100 analysts and 8 European countries.
  • 600 stocks covered throughout Europe.
  • 500 Road Shows per year.
  • Sectors covered: Financials, Telcos, Utilities, Energy, Construction, Food & Retail, IT, Luxury Goods, Pharmaceuticals, Industrial, Tourism, Renewables, Real Estate, Small Caps.
  • Research assistance both to institutional and retail customers.

Research Products (Spain & Europe)

  • Daily equity and fixed income report: added value on the daily performance of the Spanish market and its stocks.
  • Analyser: European daily report.
  • Guides on Spanish and EU stocks (SM Caps and Blue Chips).
  • Company and Sector reports: approx. 200-240 per year.
  • Fixed income company notes.
  • Updates on market strategy and macro context.
  • Reports on IPOs and other M&A operations.
  • Top Picks lists.
  • On-line contents.

Services Provided

  • Organise meetings with listed companies and investors.
  • Analyst presentations to institutional and private investors.
  • Road shows in Europe with institutional investors, company visits.
  • Continuous support.
  • Seminars in London, Paris and Frankfurt.
  • Inverse road shows with European institutional clients in Spain; one-to-one with listed companies.

Founding Partner of ESN

  • ESN (European Securities Network) is a European network founded in 1998 and currently formed by 8 members (one per country), contributing local expertise and in-depth knowledge in their respective areas:
    • GVC Gaesco Valores (Spain).
    • Banca Akros (Italy).
    • Caixa Banco de Investimento (Portugal).
    • CM-CIC Securities (France).
    • Investment Bank of Greece (Greece).
    • Op Corporate Bank (Finland).
  • ESN provides services to approximately 1,000 institutional clients in Europe, creating one of the largest client bases in Europe.
  • ESN analyses local companies with a sectorial pan-European outlook.



  • According to Thomson Reuters rankings GVC Gaesco Valores (ESN Partnership) ranks Nº 2 among the Top Award-Winning Brokers for Iberia, based on the number of analysts nominated for Top Earnings Estimators and Top Stock Pickers. Our analysts ranked highly in the following sectors: Fuel & Utilities; Consumer Products & Services; Real Estate; Metals, Materials & Supplies; Industrial Products & Services. May 2017.


  • Our Energy & Utilities and Pharmaceutical analysts ranked 1st in Iberia, according to the rankings elaborated by Thomson Reuters (previous Starmine). May 2016.
  • The Research Team’s Model Portfolio ranked among 3rd out of 50 in “El Economista”, accumulating +10.65% revaluation (at 2016). Published in “El Economista” December 2016.


  • ESN ranked by Cfi.Co (Capital Finance International) as the best European Equity Research entity in 2015. This award was also obtained in 2013. August 2015.
  • In the recent rankings released by Starmine (now Thomson Reuters) for Europe, a number or our analysts have been ranked among the top positions in their respective sectors: 1st in Banks; 1st in Pharmacy & Healthcare; 3rd in Basic Resources. Published in “Expansión” May 2015.
  • Our Research Team’s Model Portfolio ranked among the top 10 of 54 in “El Economista”, accumulating +19.7% revaluation at 1Q 2015. Published in “El Economista” April 2015.


  • Our Construction analyst ranked 2nd within the sector for Europe in 2014 by Starmine. 7 ESN analysts ranked among the leading positions in the following sectors: machinery, media, automobiles, consumer, insurance, pharmaceuticals and financials. September 2014.
  • Our Research Team ranked 3rd among the best Equities Research Team in Spain and Portugal in 2013 according to Starmine. Among the rankings per analysts, some were among the top positions. Among the best earnings estimates were our Energy and Basic Resources analysts. Published “Expansion” June 2014.
  • The Head of the Research Department was chosen as one of the experts with which an investor would have earned most according to a list elaborated by Bloomberg. Published “El Economista” May 2014.




  • Starmine Awards: Research Team ranked 3rd in Iberia. Technology Analyst ranked 2nd; Energy Analyst 6th. Basic Resource analyst ranked 2nd in best earnings estimates. Published “Expansión”. July 2013. Fourth best Research firm in the Spanish market according to Starmine from May 2011 to April 2112. Published “Expansión” July 2012.
  • Our Model Portfolio participating in “Expansión” closed 2012 with +19.8% revaluation vs. the Ibex 35 -4.7%; ranking 6th out of 23 model portfolios participating.
  • The Model Portfolio participating in “El Economist” ended 2012 +7.4% vs. the Ibex’ -6.1% (12 months ending November 2012). Ranked 14th out of 52 model portfolios.


  • Starmine: Among the 3 best Research firms in estimates earnings for the Spanish bourse. In addition 3 analysts among the top 6 in earnings estimates. Published “Expansión”. July 2011. ESN ranked 3rd among the “Top Brokers” for Europe. Published Financial Times May 2011.


  • Starmine: Best Research firm in 2010 in earnings estimates on listed companies. 2nd in earnings estimates for Ibex-35 companies. Published “Expansión” December 2010.


  • Starmine: Best Research firm in earnings estimates. In sector earnings estimates: 3rd Financials, 3rd Utilities and 3rd Healthcare. Pubished “Expansión” July 2009. 3rd Best Research firm in recommendations. 2 analysts among the top 6 in recommendations also. Published “Expansión” December 2009. ESN ranked 3rd in recommendations in the “FTSE EUROFIRST 300” elaborated by Starmine.
  • ESN Ranked Nº 1 in Europe in “Hit Rates” and 2nd in best relative recommendation performances, within the report “European Large Cap Indices Research Year Book 2010”. These two rankings were elaborated by AQ Research, analysing European companies forming part of the largest European indices (FTSE100, CAC 40, DAX, MIB, Ibex y SMI), up to 430 companies covered by 70 research firms. Data at July 2010.


  • Starmine: Our Research team ranked 3rd in earnings forecasts for the Spanish market. Data at October.
  • The Research team’s model portfolio was ranked the Best Model Portfolio 2008 by Expansión.
  • Our model portfolio was ranked 2nd by “El Economista” Model Portfolio ranking.


  • 2nd Best Research Firm Iberia (Spain and Portugal), according to AQ Research’s “IBERIA Research Yearbook 2007”.
  • 2 of our analysts – and the only Spanish analysts - ranked among the top 10 in Europe according to a survey realised by Financial Times and Starmine. These were the only two Spanish analysts among the top 10.


  • In “Starmine 2006 Annual Book” ESN ranked Nº1 in recommendations and earnings forecasts for the FTSE Eurotop 100.
  • Leading Research Team in Spain during 6 consecutive quarters (2005-2006) in terms of reliable estimates on Spanish stocks according to AQ Research.


  • Best analysts in reliable estimates in the financial and real estate sectors according to the French “La Tribune”.
  • Best Model Portfolio according to “Expansión”.


  • Best Research Team in Spain according to “La Gaceta de los Negocios”.