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Opinions Charles Lannon
Banco Santander SASANDON'T BUYApr 02, 2013
Charles LannonStock 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
Largest private sector bank in Spain. Have had their challenges in recent years, particularly in having to repossess huge buildings of euro’s worth of real estate and bring it onto their books. Dividend yield looks very attractive but that will get cut at some point as the payout ratio is not sustainable. There is still significant risk in the private banking business in Spain. Not particularly cheap.