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Opinions Rick Stuchberry
Banco Santander SASANHOLDOct 23, 2017
Rick StuchberryStock 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 politics is what is holding this one back because of the potential separation of the Caledonian region. The company itself was looking great until the last months’ political matters. You have to hold your nose until the politics gets out of the way and then you are good to go. 2/3rds of the bank’s business is not in Spain. It is simply tarnished with the brush of Spain.