EWP: Spanish Equities Appear To Be Fairly Valued The iShares MSCI Spain ETF offers U.S. investors c...

EWP: Spanish Equities Appear To Be Fairly Valued The iShares MSCI Spain ETF offers U.S. investors concentrated exposure to Spanish equities at a discounted 16x P/E and a 2.7% yield. EWP is heavily weighted in financials and utilities, with Santander, BBVA, and Iberdrola comprising nearly half of assets. Despite attractive valuation and yield, most top EWP holdings are rated 'Hold,' limiting near-term upside; I rate EWP as 'Hold.'