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Opinions Paul Harris, CFA
Banco Santander SASANBUYSep 22, 2017
Paul Harris, CFAStock 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
What to buy in Europe? He likes that we are seeing “return to growth” in a lot of the European economies. Unemployment is coming down. The kind of business you want to buy would be the banks. They are based on the economy of the country. Something like this is a great story. It is a global bank, but has a very strong presence in the UK and Europe. It is in all of South America and in the southern part of the US.