Opinions
Charles Lannon
Banco Santander SA
SAN-N
DON'T BUY
Jun 24, 2015
$7.460
Stock price when the opinion was issued
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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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WEAK BUY
The large Spanish banks are up 40-50% this year due to more tourism spending there, plus the bank's diversification across Latin American. They may leave the UK and its high taxes and laws. But the Spanish banks are 3x riskier than European ones, because the Spanish one's non-performing assets are 3% vs. the 1% average. Take this with a grain of salt. SAN is having a great year, but is coming off previous lows.
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A very large Spanish based bank. Have big franchises throughout Latin America as well as a British bank. Had to do a large and unexpected capital raise this year. There had been a bit of a relief rally in the Spanish market in 2013 and this did well, but still has too many dead assets on the balance sheet.