Banco Santander SA

SAN-N

NYSE:SAN

2.49
0.02 (0.80%)
The Santander Group is a Spanish banking group centered on Banco Santander, S.A. As its name suggests, the company originated in Santander, Cantabria, Spain.
More at Wikipedia

Analysis and Opinions about SAN-N

Signal
Opinion
Expert
DON'T BUY
DON'T BUY
October 9, 2014

One of the global behemoths in the banking space. It survived the crash relatively well. The issue he has is its domestic market. The regulatory environment in Spain has been very poor. It got to the extent where they did so much financial engineering that they guaranteed the tax assets, so that companies could take revenue tax losses and use that to build equity. To him, that is an extreme form of financial engineering. Thinks the dividend is likely to come down a little. Longer-term you would be better off looking at some of the other markets. US big money centered banks have been thriftily recapitalized. Government is continuing to take cash off of them in terms of social litigation. UK banks are probably in the same shape.

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One of the global behemoths in the banking space. It survived the crash relatively well. The issue he has is its domestic market. The regulatory environment in Spain has been very poor. It got to the extent where they did so much financial engineering that they guaranteed the tax assets, so that companies could take revenue tax losses and use that to build equity. To him, that is an extreme form of financial engineering. Thinks the dividend is likely to come down a little. Longer-term you would be better off looking at some of the other markets. US big money centered banks have been thriftily recapitalized. Government is continuing to take cash off of them in terms of social litigation. UK banks are probably in the same shape.

DON'T BUY
DON'T BUY
October 1, 2014

A pretty complex bank with a host of publically listed securities. As an international investor, don’t settle for this. The good news is in the share price.

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A pretty complex bank with a host of publically listed securities. As an international investor, don’t settle for this. The good news is in the share price.

HOLD
HOLD
September 23, 2014

The Brazilian election will be on Oct 5th. This is quite important as this bank has a 5th of their revenue coming out of Brazil. The stock won’t go up or down simply because of Brazil, but it might soften the debt if the election goes poorly. Yield of 8.4% is safe.

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Banco Santander SA (SAN-N)
September 23, 2014

The Brazilian election will be on Oct 5th. This is quite important as this bank has a 5th of their revenue coming out of Brazil. The stock won’t go up or down simply because of Brazil, but it might soften the debt if the election goes poorly. Yield of 8.4% is safe.

COMMENT
COMMENT
September 16, 2014

Largest bank in Spain. Like most European banks, it has not done particularly well over the last 5 years. This will give you the dividend plus maybe a little bit of growth. Yield is quite high at over 7% and there is a concern that they may have to cut that if the European banking regulations require them to put more capital on.

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Banco Santander SA (SAN-N)
September 16, 2014

Largest bank in Spain. Like most European banks, it has not done particularly well over the last 5 years. This will give you the dividend plus maybe a little bit of growth. Yield is quite high at over 7% and there is a concern that they may have to cut that if the European banking regulations require them to put more capital on.

PAST TOP PICK
PAST TOP PICK
August 8, 2014

(A Top Pick Nov 22/13. Up 16.61%.) Headquartered in Spain, but Spain is only a small part of their business. They’re big in the UK and very big in Brazil. He is hoping that the election in Brazil, in 2 months time, changes things. If the election goes the right way, like it did in India, there could be quite an interesting situation develop. 8.5% dividend yield.

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(A Top Pick Nov 22/13. Up 16.61%.) Headquartered in Spain, but Spain is only a small part of their business. They’re big in the UK and very big in Brazil. He is hoping that the election in Brazil, in 2 months time, changes things. If the election goes the right way, like it did in India, there could be quite an interesting situation develop. 8.5% dividend yield.

DON'T BUY
DON'T BUY
July 25, 2014

Going to buy one of Brazilian’s assets, but questions if it will really go through and if it does what will the combined entity look like. The combination will be a very good powerful entity. If you are going to invest in the emerging markets, now is a pretty good time to do it. Portuguese market is still struggling. He would suggest you wait until it happens.

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Going to buy one of Brazilian’s assets, but questions if it will really go through and if it does what will the combined entity look like. The combination will be a very good powerful entity. If you are going to invest in the emerging markets, now is a pretty good time to do it. Portuguese market is still struggling. He would suggest you wait until it happens.

COMMENT
COMMENT
July 10, 2014

8.2% dividend yield. He always gets nervous when a bank is paying a big dividend. It tells you that the market is concerned that they may have to cut the dividend.

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8.2% dividend yield. He always gets nervous when a bank is paying a big dividend. It tells you that the market is concerned that they may have to cut the dividend.

HOLD
HOLD
July 9, 2014

Pays a great dividend. If he owned, he would continue to collect the dividend. He can see about 33% upside.

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Pays a great dividend. If he owned, he would continue to collect the dividend. He can see about 33% upside.

COMMENT
COMMENT
June 18, 2014

This has a lot of credentials as to why you might want to look at it. It is in Spain, but is actually bigger in Britain than it is in Spain, and bigger in Brazil than it is in Europe. Also, has exposure to Mexico and the US. Has a really nice dividend on it. Thinks it can go $12-$14.

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This has a lot of credentials as to why you might want to look at it. It is in Spain, but is actually bigger in Britain than it is in Spain, and bigger in Brazil than it is in Europe. Also, has exposure to Mexico and the US. Has a really nice dividend on it. Thinks it can go $12-$14.

HOLD
HOLD
June 3, 2014

A Spanish-based bank. Has 13% market share in Spain, and over 4000 branches there. Some people buy this as a way to play a recovery in Spain. However, they have more exposure to the UK from a profit perspective. If looking to invest in Spain, there are local banks that would be a much better way to play an improving Spanish economy. The outlook is that they are consolidating their business in Brazil and spinning off the UK business. Hopefully, Spain and all the Latin American countries they are exposed to, have bottomed from here, and you get better ROEs. (See Top Picks.)

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A Spanish-based bank. Has 13% market share in Spain, and over 4000 branches there. Some people buy this as a way to play a recovery in Spain. However, they have more exposure to the UK from a profit perspective. If looking to invest in Spain, there are local banks that would be a much better way to play an improving Spanish economy. The outlook is that they are consolidating their business in Brazil and spinning off the UK business. Hopefully, Spain and all the Latin American countries they are exposed to, have bottomed from here, and you get better ROEs. (See Top Picks.)

COMMENT
COMMENT
May 20, 2014

The difficulty with many of the European banks is simply that business in Europe is really bad. This bank has been using some of their capital to buy back the ownership of some of the regional banks that they spun off a while back, so that they can start to enhance some of their earnings again. This is a good retail operation. It is just the environment that they are working in right now is not the place to be. Until Europe recovers, European banks are probably just going to sit there, struggle and go sideways.

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The difficulty with many of the European banks is simply that business in Europe is really bad. This bank has been using some of their capital to buy back the ownership of some of the regional banks that they spun off a while back, so that they can start to enhance some of their earnings again. This is a good retail operation. It is just the environment that they are working in right now is not the place to be. Until Europe recovers, European banks are probably just going to sit there, struggle and go sideways.

COMMENT
COMMENT
May 15, 2014

The issue he has is the regulatory rule that was put in place by the Spanish government which basically said they would guarantee the deferred tax asset. (When you make a loss, you get to carry the loss forward and shield your profits.) A lot of Spanish banks are not paying dividends. If you are not paying dividends or tax, you can build up your capital reserves. It is an artificial financial engineering structure that has enabled the banks to move higher. It has cured the balance sheets and stops the requirement of issued capital but hasn’t cured the credit issues that got in the way that caused the problems. If you want global banks, HSBC Holdings (HSBC-N) is better.

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The issue he has is the regulatory rule that was put in place by the Spanish government which basically said they would guarantee the deferred tax asset. (When you make a loss, you get to carry the loss forward and shield your profits.) A lot of Spanish banks are not paying dividends. If you are not paying dividends or tax, you can build up your capital reserves. It is an artificial financial engineering structure that has enabled the banks to move higher. It has cured the balance sheets and stops the requirement of issued capital but hasn’t cured the credit issues that got in the way that caused the problems. If you want global banks, HSBC Holdings (HSBC-N) is better.

COMMENT
COMMENT
April 23, 2014

Largest bank in Europe, but their major exposure is Spain as well as Latin America including Brazil and Argentina. High dividend yield which is supporting the share price. Not a cheap stock. Not that well situated compared to other banks that he is looking at. A rock solid bank and the dividend looks solid as well. 8.4% dividend yield.

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Largest bank in Europe, but their major exposure is Spain as well as Latin America including Brazil and Argentina. High dividend yield which is supporting the share price. Not a cheap stock. Not that well situated compared to other banks that he is looking at. A rock solid bank and the dividend looks solid as well. 8.4% dividend yield.

TOP PICK
TOP PICK
April 16, 2014

This bank did not take any government money through all the bailout in Europe. In the last 5 years, it has been a buyer of other banks. Positioned in Europe at about 40%, 10% in the US, but very big in Brazil and Mexico. Likes the mix between developed and emerging-market exposure. Growth should come as Latin America turns around. Yield of 8.48%.

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This bank did not take any government money through all the bailout in Europe. In the last 5 years, it has been a buyer of other banks. Positioned in Europe at about 40%, 10% in the US, but very big in Brazil and Mexico. Likes the mix between developed and emerging-market exposure. Growth should come as Latin America turns around. Yield of 8.48%.

DON'T BUY
DON'T BUY
April 9, 2014

The banks in the peripheral regions have recovered fairly well over the last 18 months. The general feeling is that things are improving in the peripheral regions of Europe. This bank has a lot of exposure, not just in Europe, but in Latin America. Not sure that this is not already reflected in the price of the stock and he would worry that the expectations may have gotten ahead of reality.

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The banks in the peripheral regions have recovered fairly well over the last 18 months. The general feeling is that things are improving in the peripheral regions of Europe. This bank has a lot of exposure, not just in Europe, but in Latin America. Not sure that this is not already reflected in the price of the stock and he would worry that the expectations may have gotten ahead of reality.

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