Trades at 7x PE, 5 years of double-digit growth, almost no non-performing loans as its loan book is growing nicely. There are lots of opportunities outside the U.S.
Spanish bank. A very good bank and have been a very good performer over a long period of time. Trade at slightly higher multiples then some other European banks but it is warranted because of a higher growth rate.
He is looking at a UK based bank. This one probably yields more because it is more risky. From a quality point of view you are better off in Barkley’s, but he is looking at another he can’t talk about this show.
All the European banks have an issue with BREXIT. It exposes a capital issue for them. He is concerned also about any of the Spanish banks. Rates have fallen and as old loans mature they are renewed at much lower rates. Spain needs to do some rationalization in their banking system.
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Trades at 7x PE, 5 years of double-digit growth, almost no non-performing loans as its loan book is growing nicely. There are lots of opportunities outside the U.S.