Kepler Cheuvreux’s stock selection for 2026 is based on a basic principle: identifying companies with the capacity to generate solid results throughout the cycle, even in less favorable macroeconomic environments. This approach is particularly relevant as investors once again distinguish between real growth and overly optimistic expectations.
The analysis is based on financial data, strategic positioning and sector exposure, with particular attention to sectors benefiting from structural support. Organizations such as the National Securities Market Commission have emphasized the importance of assessing risks and profit sustainability in a context of greater volatility, a premise that corresponds to this selection.
Industry, energy and defense: the pillars of analysis
The six companies highlighted by Kepler Cheuvreux, as reported by Investing, belong to very different sectors, but share a common denominator: they have competitive advantages that are difficult to replicate and commercial visibility beyond the short term.
Acerinox and the normalization of the industrial cycle
Acerinox appears to be one of the main industrial bets for 2026. After several years marked by cost pressure and low demand, the group is building on its position as one of the world’s largest producers of stainless steel and special alloys.
The integration of VDM Metals and Haynes International strengthens its profile in higher value-added products. Kepler Cheuvreux estimates that the company can achieve recurring EBITDA close to €800 million over the entire cycle, with the United States being the main margin generator thanks to its cost structure and trade protection.
EDP Renováveis and the rotation towards more disciplined growth
EDP Renováveis faces a new stage after adjusting its expansion strategy. After a period of heavy investments, the company opted for a more balanced model, based on asset rotation and leverage control.
With almost half of its enterprise value tied to assets in the United States, the group benefits from a deep energy market with stable regulatory frameworks. Kepler Cheuvreux believes that value creation through selective divestments will gain weight again from 2026.
Defense, health and infrastructure: structural growth
Beyond industrials and energy, the report focuses on sectors with institutional support and sustained demand, regardless of the economic cycle.
Indra and the largest defense cycle in Spain
Indra consolidates itself as a central player in the Spanish defense modernization process. The company participates in virtually all major national programs and leads more than half of them, with direct exposure to contracts worth billions of euros.
Kepler Cheuvreux forecasts sustained growth in its turnover to around 10 billion euros in 2030, driven by defense, air traffic and the development of artificial intelligence solutions within the IndraMind division.
Rovi and the hidden value of the CDMO profession
Pharmaceutical group Rovi has endured a period of stock market disappointment, but the investment bank identifies significant potential in its contract manufacturing division. The company combines an efficient cost structure with the ability to grow without significant investments.
Long-term agreements, including the one signed with Roche, allow us to anticipate significant growth in turnover and a high return on capital employed towards the end of the decade.
Concessions and defensive consumption complete the list
Sacyr and the consolidation of the concessional model
Sacyr reduced legacy risks and strengthened its balance sheet through asset rotations. The current focus is on international concessions, particularly in Anglo-Saxon markets, where transport infrastructure has predictable cash flows.
Kepler Cheuvreux highlights the group’s high success rate in calls for tenders and its ability to crystallize value through partial sales of mature assets.
Vidrala and the return of cash flow
Vidrala completes the selection as a defensive value linked to basic consumption. After the acquisition of Vidroporto in Brazil, the group strengthens its international presence and regains margins close to 30%.
The visibility of cash generation and the forecast of net cash in 2026 places Vidrala as one of the most stable bets in the Iberian universe.
Together, Kepler Cheuvreux identifies a clear pattern within these six companies: companies with specific scale, financial discipline and catalysts that could be more clearly reflected in prices from 2026 onwards, when the market will once again prioritize results over expectations.
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