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Jim Cramer - Mad Money Banco Santander SA SAN-N BUY Oct 21, 2024

A huge Spanish bank whose presence is rapidly growing in the US. They just launched Openbank in the U.S.

Jim Cramer - Mad Money

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$5.030

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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.

BUY

Banco Santander has a massive franchise and good potential to do well.

BUY

A great CEO, though he's never had the nerve to buy it. The best European bank.

DON'T BUY

European bank stocks have been hammered worse then North American ones because of the Russian war. Valuations now look cheap, like 6x PE with SAN. However, ING is better-run and trades at a similar PE, and pays a 6% dividend, so he prefers it.

BUY

If Ukraine gets settled soon, it's a great buy, as it's very cheap. Politics is getting in the way. A worldwide bank, but the bulk is in Europe. He'd prefer ING.

BUY

The stock is breaking out. They are crushing it in Mexico.

BUY

He likes European and US financials. SAN is solid and well-run, managing risks well.

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.

WAIT

One of the larger banks in Europe, with an international footprint. In 6 months, there's been a sea change in sentiment on investing in Europe. Banks will reap the rewards of increased spending when we come out of this tumultuous time.

It's not that the gains aren't valid, but it's come a long way in a very short time. Will probably see a bit of a pullback, a bit rich now.

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