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Opinions Lorne Steinberg
Banco Santander SASANHOLDOct 02, 2018
$4.92
Stock price when the opinion was issued
$13.50
As of Jun 18, 2026. Market Open.
banks
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WEAK BUY
A unique franchise--a Spanish bank with a strong presence in Latin America as well as Europe and UK. It's a retail bank. Look at their growth in emerging markets, which is the key to the story. This can be volatile given the economies of those countries, especially during Covid. That said, they execute well. You buy this for the growth in Latin America.
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PAST TOP PICK
(A Top Pick Oct 17/18, Down 1%) Tailwind went when Fed slowed on interest hikes. Dissatisfied holding it. Wouldn't panic sell it, but it depends if he finds a better place to park capital.
Chris StuchberryOwned
banks
COMMENT
Low book value. The premise was that it was cheap and with the dividend you would do well and with interest rates going higher in Europe you would get your growth. That never happened.
Chris StuchberryOwned
banks
BUY
He's long owned this. European banks are cheap like American ones in 2015-6 before they took off. SAN does 25% business in Brazil, and their recent election brings clarity. So, their economy is ready to go. SAN is a well-managed bank. The problem with Europe is getting their central bank to normalize the yield curve, and until then it'll be tough slogging.
Rick StuchberryOwned
banks
TOP PICK
Interest 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 StuchberryOwned
banks
HOLD
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 StuchberryOwned
banks
He 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.