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Opinions Paul Harris, CFA
Banco Santander SASANCOMMENTJul 13, 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
A very unique global franchise. A Spanish bank, but is all over South and Latin America, with a big franchise in the UK and Europe. Not very expensive, trading at slightly below BV. Spain and Europe are coming back. Banks are a proxy for the economies. The value of the franchise in Latin America over the next 10-20 years is fantastic. A premier retail bank in these areas.