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Opinions Craig Millar
Banco Santander SASANHOLDJun 03, 2014
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
A Spanish-based bank. Has 13% market share in Spain, and over 4000 branches there. Some people buy this as a way to play a recovery in Spain. However, they have more exposure to the UK from a profit perspective. If looking to invest in Spain, there are local banks that would be a much better way to play an improving Spanish economy. The outlook is that they are consolidating their business in Brazil and spinning off the UK business. Hopefully, Spain and all the Latin American countries they are exposed to, have bottomed from here, and you get better ROEs. (See Top Picks.)