Spain has a few overlooked companies that could surprise investors over the next few years. Two that have caught my attention are OHL and Nextil. They operate in completely different industries, but both are interesting turnaround stories with asymmetric risk/reward profiles.

$OHLA (-1,46 %) has spent the last few years restructuring its business, reducing debt and focusing on its core engineering and construction activities. While it is still far from being considered a market favorite, the company has a solid international presence and could benefit from increasing infrastructure investment across Europe and Latin America. If management continues to improve profitability and execution, the current valuation may not fully reflect its long-term potential.

$NXT (-0,34 %) , on the other hand, is a much smaller and riskier company, but also one with significant upside if its transformation succeeds. The company is shifting towards higher-value, sustainable textile products while streamlining operations and improving margins. With sustainability becoming an increasingly important theme in the textile industry, Nextil could become an interesting niche player if it continues to execute its strategy. It's definitely a higher-risk investment, but one that could offer substantial returns if the turnaround gains momentum.

Both companies require patience and carry execution risk, but I believe they are worth following for investors looking beyond the large-cap Spanish names.

What do you think? Anyone else following OHL or Nextil?