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Opinions Paul Harris, CFA
Banco Santander SASANSELLSep 12, 2012
Stock price when the opinion was issued
As of Jun 18, 2026. Market Open.
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Chris StuchberryChris Stuchberry
Rick StuchberryInterest rates will go up after the ECB changes chairs in June 2019. Each quarter they put up $2 billion+ of net income and are trading a hair above book value now, plus negative sentiment to Euro banks now. (3.3% dividend yield, Analysts' price target: $106.76)
Chris StuchberryHe doesn’t own this, but he owns comparable banks. The whole global banking sector is trading at very cheap multiples. They are all under pressure from the flattening yield curve, and they all pay hefty dividends. The bank’s poor performance is sector-driven more than driven by the political issues in the countries where it does business.
He owns this as a European bank holding in the portfolio. The flat yield curve is holding them back. He will continue to hold it for when the yield curve normalizes.
Rick Stuchberry
Very large Spanish bank. Spain has been in great distress in the last little while and has been promised money from the EU to support their banks. Spain has gone through a massive real estate bubble where lending standards fell apart and a lot of these people are under water so that is going to take a long process. Better places to be that are further along the curve on restructuring the banks. If you own, he would sell because you certainly have a chance to buy it back.