With the recent collapse of the stock market in Spain (now officially as bad as March 2009, yippee!), it looks like there’s some opportunities for buying into South American growth at Spanish prices.
For example, Telefonica has been tracking the overall market in Spain, despite the fact that the majority of its growth and revenue is actually overseas. From its last annual report, only 27% of revenue was from Spain, vs 24% from the rest of Europe and 46% from Latin America. From an operating income perspective, 59% of income was from Latin America.
Santander is another example, which is extremely well diversified, but gets treated like other Spanish banks, despite the fact that it only makes 9% of its profits from operations in Spain (Latin America accounting for 51%) according to its last annual report.
Other parts of the IBEX 35 that are probably worth 0 in the long term, such as construction (Sacyr Vallehermoso and friends) and the remaining Spain-only banks.Update: lucky that I didn't mention Repsol :)