Stockchase Opinions

Amy Raskin, CIO, Chevy Chase Trust Santander Bancorp SBP-N BUY Mar 14, 2025

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.

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Stock price when the opinion was issued

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BUY
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.
DON'T BUY

Prefers KKR-N or C-N.

WEAK BUY

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.

DON'T BUY

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.