David Driscoll Banco Bilbao BFR-N BUY Sep 16, 2008

The 2 Spanish banks, Banco Santander SA (STD-N) and Banco Bilboa (BFR-N) were up today compared to most European banks. Latin American assets are still providing growth. Likes either of these banks. Yields are little over 6%. Trading at 6X earnings. Price to cash flow at around 3.5 to 4 times. Very good entry point.

David Driscoll

Owned

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$4.570

Stock price when the opinion was issued

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TOP PICK

A good way to access an emerging-market growth through a first world stock.

PAST TOP PICK

(A Top Pick Jan 9/07. Up 1.4%.) Half of its profits are from Spain and the rest is from Mexico. Trades at only 11 X estimated earnings. Still a Buy.

PAST TOP PICK

Then $24.15 A very well run bank. They bought a large bank in the states which has lowered their shares a bit. They continue to hold it.

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David Driscoll Banco Bilbao BFR-N BUY Sep 16, 2008

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