Santander, ACS e Iberdrola: disparadas en la ‘era Trump’

Six Spanish stocks with significant exposure to the United States have seen notable gains since Donald Trump became president of the United States on January 20th of last year. Banco Santander rose 113.19%, ACS increased 91.49%, and Iberdrola climbed 66.02% during this period. These major Spanish companies, which have at least 20% of their revenues tied to the United States, have traded comfortably in the stock market with Trump in the White House.

The revaluation of the dollar, which has surged nearly 10% against the euro over this time, has helped companies that charge significant amounts in the US. Banco Santander has been aggressive in its expansion into the US, most recently acquiring Webster Bank for $12.2 billion, and its dependence on US revenues levels between 20 and 25% for the group.

Similarly, ACS gets about 60% of its revenues from North America, with two key subsidiaries, Turner Construction and Flatiron, reporting record volumes of civil and technological infrastructure work at the end of Q3. Turner, controlled by ACS's German subsidiary Hochtief, has surged 183.2% in the stock market over this period and is the largest data center builder in the US, as well as the leading non-residential construction firm in the country.

Trump has been vocal about supporting artificial intelligence development and has praised leading AI entrepreneurs. For Iberdrola, wind and offshore wind projects account for 25% to 30% of its revenues through its US affiliate Avangrid. Experts suggest this is a value to watch closely in the US due to Trump's fluctuating stance on energy regulation, with a focus on curbing the growth of renewable energy.

Acerinox, heavily dependent on US revenues at 70% to 75% of its total earnings, has risen 60.12% since Trump took office. Its North American subsidiary is responsible for the majority of its billings. Experts consider it the crown jewel of the company due to its production of the largest and most efficient stainless steel in the United States and its dominant market share in the country.

Ferrovial, which trades almost half of its volume on the US stock exchange, also generates around 50% of its revenue from the country and has seen a 28.56% increase in the Spanish market since Trump's presidency. The company's road concessions, particularly in Texas, and the progress on Terminal 1 of JFK Airport in New York are highlighted by analysts as key drivers.

Grifols, with 60% to 65% of its revenue coming from the US, is its main driver due to its location of most plasma production centers and major hospital clients in the country. The stock has increased 26.32% since Trump retook the White House at the end of January last year.