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Opinions David Driscoll
Banco Santander SASANDON'T BUYNov 01, 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
Effects of Catalonia on this bank? 42% of revenues are from Latin America with the other 41% in Europe, mostly Spain and Britain. Valuations are up 20% this year. PE multiple is 13.4. Cheap on a Price to Book and Price to Sales method, but Catalonia is a little wart that is on their backside right now. He is not interested in this, because dividend growth for him has to be over 10%. Dividend yield of 3.5%.