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Opinions Darren Sissons
Banco Santander SASANDON'T BUYOct 24, 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 challenge you have with the Spanish banking sector is that they are not selling down their troubled assets. The real estate is staying on the books. This is a direct analogy to the Japanese banks when they went into their 20 year hole. If you don’t clean up the balance sheet, you can’t lend and consumers can’t be reset to a new level. Very, very tough situation.