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Opinions David Driscoll
Banco Santander SASANHOLDDec 15, 2016
David DriscollStock 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
Since they have a ton of branches in both Spain and Britain, they have BREXIT going for them. He likes what they are trying to do on the retail side, but they are highly leveraged, about 50% higher than Canadian banks. There isn’t any real catalyst that is going to get the stock price to move, unless they really start to see net interest margins start to run. They are running around 3% right now, which is not too bad, but compared to the US banks it isn’t there yet.Since they have a ton of branches in both Spain and Britain, they have BREXIT going for them. He likes what they are trying to do on the retail side, but they are highly leveraged, about 50% higher than Canadian banks. There isn’t any real catalyst that is going to get the stock price to move, unless they really start to see net interest margins start to run. They are running around 3% right now, which is not too bad, but compared to the US banks it isn’t there yet.