The Spanish stock market selling grease their cash registers face the final stretch of the year. The season starts the third quarter results in October and investors make their accounts.

After a dismal 2009, 22 of the 35 Dow companies increase their profit in 2010 and 24 fatten sales. In the General Index of Madrid Stock Exchange (IGBM) 44 and 28 companies will gain more benefits or loss will reduce the red. The income of 68 companies improve and fall only 35, according to estimates by consultancy Factset.

Experts say that the improvement experienced in 2010 is reasonable because of very low figures, after the drubbing suffered in recent years of crisis. The increase in profits also affect "active policy of cost control and the effect of exchange rates, which in many cases it is beneficial," says Alberto Roldan, director Inverseguros analysis.

Investors are pending if there is a real improvement and thermometer sales is a clue to the health of companies. The most striking are the following:

Incomes rise
In the Ibex, nine companies increase their sales from 10% to 50% this year. The growths are most striking for Acerinox, Arcelor and Telecinco, up from 30% (see illustration). In all three cases involve companies with cyclical businesses, to which the recovery in 2010 will sit well in the accounts. "They are cyclical companies, which lived its worst in 2009 and benefit from the best environment. This is further reflected in the companies with international presence and less related to the evolution of the Spanish economy, "says David Ardura of Gesconsult.

The stainless steel company Acerinox close this year with sales of 4,463 million euros, 49% more than in 2009 and will grow in 2011, according to forecasts by Factset. We will move from losses to profits.
Same with ArcelorMittal, which will improve its revenues by 42.68% to 64.381 million in 2010 and exceed the 73,000 million next year. In exchange, Acerinox ArcelorMittal is less penalized. The first falls by 9.3% so far this year, compared to 11.3% which cuts the Dow, while the European low 22%. Although ArcelorMittal forecasts are encouraging, the warning made in July on its third quarter results, which could be affected by the slowdown in China, has stirred up some distrust.

In the case of Telecinco, which has lost in the stock market by 14.5% of its value in 2010, forecasts suggest that sales will grow 34% this year to 882 million euros. "The improvement in the advertising market and support achieved in broadcasting the World Cup in South Africa have helped the company. Will have to see if it is sustainable, "warns one analyst.

Other companies that will increase between 10% and 20% sales and, according to estimates, will continue to rise in 2011 are: Iberdrola, Abengoa, Natural Gas, Electrical, Inditex and Enagas. For the first two, "by increasing energy production," notes Ardura. In the Market, the most striking jump gives Unipapel, whose sales will increase by 92% and net profit improved 45% (see text for benefits). The momentum of the paper industry is also reflected in Ence, which will increase your bills by 45%, allowing you to move from losses to profits. Investors have rewarded this improvement and so far this year is revalued Ence and Unipapel 1.59% yields a slight 2.5%.

These values ​​are among those recommended by analysts. Banesto Bolsa, Sabadell and Savings Corporation, which are firms that are small values, you can still believe Unipapel up between 22% and 54%. Also proliferate buying advice on Ence, which also joined firms such as Caja Madrid Bolsa, Santander and La Caixa.

Solaria and Fersa also will step forward, with increases of 81% and 38% respectively. However, its effect on profit, Solaria patent this year, will spend 2 to 7 million euros in Fersa have to wait for 2011 to see a marked improvement (from 1 to 6 million). In his case is due to the implementation of more megawatts.

They fall in sales
In the caboose of the race are placed Vallehermoso, Gamesa and Ebro Foods. The developer and manufacturer of wind turbines are also penalized the two values ​​of the Dow in 2010 and lost over half its value. Experts wary of their business and expect their sales to fall more than 20% this year but for 2011 there will be a slight recovery.

For Ebro, analysts explained that the fall is attributed to "the sale and deconsolidation of the dairy business, the remainder in 2010 and generated sales gains that affect the profit", says Ignacio Romero, Banco Sabadell. Benefit is expected to increase 75%. Puleva sold in March.

Results with gasoline
Enterprises that meet the benefit trigger one of these requirements: or are in cyclical industries that have benefited from the improving economy in some countries, or it is small businesses that are based on very low profit figures. On the first point, the clearest case is that of ArcelorMittal, which will gain 82 to 2,856,000 by rising steel demand and increased prices.

The rising price of oil, the Brent, the European benchmark, is revalued by almost 10% from the minimum in May-plays marked for Gathered Tube. The company benefits from the momentum of the sector as its main customers are oil companies that increase their orders when the price of crude rises. Benefit will rise from one million to exceed 11 million by 2010 and 48 in 2011. This year yields traded 12.4%, but all tips are purchasing.

The trampoline also been placed Cie Automotive, Campofrío, Solaria and Clinic Bavaria, that will improve your result by 185% and 300% (see illustration). In all cases of very small. These values, which are supported by analysts are Cie Automotive and Campofrío with tips to buy. By contrast, in Clinica Baviera recommend just keeping and selling Solaria is clear, just in case regulators.

Loss of benefits
Forecasts indicate that no company in the Dow will end 2010 in the red. Ferrovial, and Iberia will move from losses to profits, but will be among the last in the race for profits. Acerinox also leaves the pothole. The building has an overweight recommendation by the consensus of analysts, which recognize efforts to diversify and reduce its debt. Ferrovial, which fell by 13.80% in the year, still has potential to reach the 9.4 euros in value than the average of analysts. In Iberia the upward trend is 14%, despite a 49.24% rise in 2010.

In the red
The real estate continue to experience the greatest losses, as expected. However, the amount is considerably reduced compared to black 2009. Metrovacesa is the head, with red numbers expected in 2010 to 238 million euros, down from 800 the previous year. It also happens to Reyal Urbis, Colonial and Quabit, but experts still show no appetite for the sector. So far this year, many are among the hardest hit in stock market values, with falls of up to 50% of its capitalization.

The sale of assets in Mexico and London has enabled NH Hoteles reduce your bill now negative and experts believe it will reduce its losses to 44 million euros and will enter into profit in 2011, with the help of economic recovery.

The great values
As every year, Santander, Telefónica and BBVA benefit will rise to the podium in the Spanish market. The bank chaired by Emilio Botin could earn 9.044 million, implying an increase of 1% over 2009.

Meanwhile, Telefónica could achieve an increase of 7% and exceed the 8,400 million, an increase in sales of 3.72%. Surprising improvement, 16%, scheduled for BBVA. "In 2009 at the end made a larger than expected provisions, which benefits you in the comparative 2010", explains Roland. The operator is the best hold on the floor, down 8%, while banks exceed 16%.

Experts stress the improvement experience Repsol YFP, with an expected rise in profit of 49%, underpinned by improved margins. Your quote yields 0.75% in 2010 and analysts are optimistic.

Also Inditex, which traded up 32.7%, its profit soar 22% this year. Where applicable, a part is about the pace of store openings. Estimates suggest that sales will total more than 12%. The price is near maximum, but there is confidence that will continue to create value.