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Opinions Darren Sissons
Banco Santander SASANCOMMENTMay 05, 2017
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 largest Spanish bank, roughly equivalent in size to the Royal Bank (RY-T). It held up quite well during the global financial crisis, despite the fact that it had Latin American operations as well as significant exposure to the Spanish market. Quite an interesting story if you want to take European financial risks, in the context of perhaps a 2-year timeframe for rising rates. If you take that view, you could probably get a relatively cheaper American bank. However, this is an interesting opportunity. He is positively disposed to this at these levels.