Banco Santander SA (SAN) Buy, Sell or Hold

Banco Santander SA (SAN)

13.50

-0.00 (0.00%)

as of Jun 18, 2026, 11:24:54 pm Market Open.

25 watching

DON'T BUY

Largest private sector bank in Spain. Have had their challenges in recent years, particularly in having to repossess huge buildings of euro’s worth of real estate and bring it onto their books. Dividend yield looks very attractive but that will get cut at some point as the payout ratio is not sustainable. There is still significant risk in the private banking business in Spain. Not particularly cheap.

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DON'T BUY

Has had a nice relief bounce off its lows, like many of the European banks. Spanish economy is still facing many, many challenges and he expects they will ask for a bailout. This is a short-term trading stock as opposed to a stock for investment.

DON'T BUY

(Market Call Minute) Stay away from Spanish banks.

SELL

Very large Spanish bank. Spain has been in great distress in the last little while and has been promised money from the EU to support their banks. Spain has gone through a massive real estate bubble where lending standards fell apart and a lot of these people are under water so that is going to take a long process. Better places to be that are further along the curve on restructuring the banks. If you own, he would sell because you certainly have a chance to buy it back.

DON'T BUY

(Market Call Minute) Touch outlook. Too much dud real estate assets on balance sheet.

DON'T BUY

The last place he would put money right now would be a bank stock in Europe, just because of the uncertainty with what is happening to financial stocks in Europe. This would be a gamble.

DON'T BUY

The largest Spanish bank with significant holdings in Britain and Brazil. Have a lot of real estate on the books that they cannot dispose off that was confiscated from developers. BV is probably overstated. Have not fully marked down their Spanish government debt holdings.

PAST TOP PICK

(A Top Pick Oct 21/10. Down 33.94%.) Got stopped out and broke even.

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DON'T BUY

The bank will survive if Spain defaults on its debt. Largest bank in Spain. They are carrying their real estate assets at a high price.

DON'T BUY

One of the best of the European continental banks. The problem is, it’s a Spanish home based, which offsets the Latin American growth and its strong position in the UK. 5.6%. If Spain where to leave the Euro or there was restructuring of Spanish debt, It would not have a good affect on the share price. (See Top Picks.)

HOLD

Has been a disappointment. He continues to hold it because Brazil is one of his favourite countries in the emerging markets. This one has been a laggard, partly because the parent company in Europe has been sideways too. Should do better over time.

COMMENT

Has handled the financial crisis fairly well. Loan loss of provisions of about 4% versus 2% so write offs are about twice as high as Cdn banks. Risk/reward is probably 20% on the downside but if growth outside of Spain improves and starts to improve in 5 years, you could double your money. The crux of the issue is how long are they going to take. (Owns Banco Bilbao Vizcaya (BBVE-N).)

DON'T BUY

Problem with any Spanish bank is with the outlook on their economy the prospects are low. Many European banks would have to re-finance through private parties if interest rates increase, unlike Canadian banks.

BUY

Anything to do with Spain is going down in value. Looking at the valuation metrics, you are paying 3 to 5 times cash flow, which is unheard of. Earnings are yielding around 5%. More than 50% of their business is outside of Spain.

BUY ON WEAKNESS

International Spanish bank with assets in the UK, big franchise growing southern US and Central and South America. Stock has come off because of fears of the crisis in Europe. You’ll be able to get it cheaper in the next little while during the current European problems. Great franchise and well managed.

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