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Opinions Craig Millar
Banco Santander SASANDON'T BUYAug 28, 2013
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
The Spanish economy has bottomed and is unlikely to get much worse. A Spanish headquartered bank but has businesses across Europe as well as in the US and a significant exposure to Latin America. The problem is its emerging-market exposure. Also, the dividend of about 11% is too high and it will have to be cut. Would rather focus on other banks in Europe. (See Top Picks.)