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Opinions David Dietze
Banco Santander SASANHOLDMar 21, 2017
David DietzeStock 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 frustrating holding, but over the long haul, it is worth hanging in. Stocks based overseas, as a general proposition, have a lower valuation. Although Spanish based, it operates worldwide. Has a lot of operations in Mexico, US, Latin America and elsewhere in Europe. Valuation is very, very cheap. If you feel Europe can get out of its malaise and not disintegrate and people will gravitate back outside of the US for investment opportunities, then you are going to enjoy some dividends in the meantime, and this bank is a great way to play that trend. Dividend yield of 3.9%.