Banco Santander

Banco Santander is a holding company, providing a range of financial products. Co.'s products and services include: retail banking business that covers all customer banking businesses; wholesale banking business; as well as asset management and insurance business. Co.'s principal operations are in Spain, the U.K., Portugal, Germany, Italy and Latin America. As of Dec 31 2014, Co.'s total assets amounted to Euro1,266,296,000,000 and total customer deposits amounted to Euro647,627,000,000.
  • TickerSAN
  • ISINES0113900J37
  • ExchangeMadrid Stock Exchange
  • SectorBanks
  • CountrySpain
Research Department

INFORME DIARIO 08 JULIO (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA: BANKINTER, BBVA, REPSOL, SANTANDER. EUROPA: BAYER, DEUSTCHE POST Esperada toma de beneficios Caídas en las bosas europeas después del rally del día anterior, en el que tampoco ayudaron las peores perspectivas de la CE para el 2020, que espera que la economía española caiga un -10,9% este año, frente a la caída del -9,4% de hace dos meses y que para el conjunto de la U.E. se espera una contracción de la actividad del -8,7% en 2020 (vs -7,7% anterior) seguido de un rebote del 6,1% en 2021 (vs 6,3% anterior). La inflación bordearía terreno negativo ...

Research Department

IBERIAN DAILY 08 JULY (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: BANKINTER, BBVA, REPSOL, SANTANDER. MARKETS YESTERDAY AND TODAY Profit taking on the markets There were losses on European stock markets after the previous day’s rally, with the worse outlook from the EC for 2020 not helping (it expects the Spanish economy to fall -10.9% this year vs. .9.4% two months ago). In the entire EU, the EC expects a -8.7% drop in 2020 (vs. -7.7% previously), followed by a +6.1% rally in 2021 (vs. 6.3% previously). Inflation would be close to negative this year (0.3% in 2020 vs. 0.2% previously), with slight recovery in 2021 to 1.1%. Thus, in the Euro S...

Esther Castro ...
  • Maria Paz Ojeda

BANKING SECTOR: ECB GUIDELINES ON M&A SUPERVISION (ANÁLISIS BANCO SABADELL)

ECB GUIDELINES ON M&A SUPERVISION. MOVING FORWARD IN THE GAME CHANGER. Yesterday the ECB released the draft of its guidelines on supervision and capital requirements in M&A moves. The key aspects are: (i) the business model being sustainable and the macroprudential capital requirements being met. Thus, final Pillar 2 (P2G+P2R) will be the weighted average of the integrated financial institutions, (ii) scant details on the key consolidation aspect: badwill (to date it has not been considered in integrations). The guideline now recognises it as long as the banks ensure its calculation is correct...

Esther Castro ...
  • Maria Paz Ojeda

SECTOR BANCARIO EUROPA: GUÍA DEL BCE SOBRE SUPERVISIÓN EN M&A (ANÁLISIS BANCO SABADELL)

GUIA DEL BCE SOBRE SUPERVISIÓN EN M&A. AVANZANDO EN EL “GAME CHANGER”. Ayer, el BCE publicó el borrador de la guía sobre supervisión y requerimientos de capital en los procesos de M&A. Los aspectos claves son: (i) la sostenibilidad del modelo de negocio y el cumplimiento de los requerimientos macroprudenciales de capital. Así el Pilar 2 (P2G+P2R) final será la media ponderada de las entidades integradas, (ii) escasa concreción en el aspecto clave de la consolidación: el badwill (por ahora no se consideraba en las integraciones). La guía sí lo reconoce ahora siempre que se asegure que su cálcul...

Research Department

IBERIAN DAILY 23 JUNE (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: AMADEUS, APPLUS, BBVA, IBERDROLA, MÁSMÓVIL, SANTANDER, SIEMENS GAMESA, TELEFÓNICA. MARKETS YESTERDAY AND TODAY Fears of Covid-19 and the second wave grow It was a session of losses reaching around -1% in most European stock markets in view of the rise in coronavirus cases. For today, Trump’s comments denying those made by his advisor, P. Navarro, and ensuring that the phase I trade agreement with China remains valid, should generate some alleviation (despite growing trade tensions with Canada regarding aluminium). In the Euro STOXX, all the sectors except Travel & Leisure and A...

Research Department

BANCO SABADELL RECOMMENDED PORTFOLIO WEEK 23 TO 30 OCTOBER 2019 (ANÁLISIS BANCO SABADELL)

European Portfolio We lower Volkswagen’s weight and raise that of Airbus. European High Yield Portfolio Air Liquide, Allianz, Daimler, SAP & Vivendi No changes this week. Spanish Recommended Portfolio No changes this week. 5-Stock Recommended Portfolio ACS, Caixabank, Cellnex, Ferrovial & Telefónica No changes this week. 5 High-Yield Stock Portfolio Iberdrola, Merlin, Repsol, Santander & Telefónica No changes this week. Mid&Small Recommended Portfolio Applus, CAF, Dominion, Enagás, Ence, Indra, Logista, Másmóvil, Sacyr & Unicaja No changes this week.

Research Department

BANCO SABADELL RECOMMENDED PORTFOLIO WEEK 06 TO 13 MARCH 2019 (ANÁLISIS BANCO SABADELL)

BANCO SABADELL RECOMMENDED PORTFOLIO WEEK 06 TO 13 MARCH 2019 (ANÁLISIS BANCO SABADELL)

Research Department

CAMBIO DE CARTERAS BANCO SABADELL SEMANA 06 A 13 MARZO 2019 (ANÁLISIS BANCO SABADELL)

CAMBIO DE CARTERAS BANCO SABADELL SEMANA 06 A 13 MARZO 2019 (ANÁLISIS BANCO SABADELL)

Research Department

BANCO SABADELL RECOMMENDED PORTFOLIO WEEK 27 FEBRUARY TO 06 MARCH 2019 (ANÁLISIS BANCO SABADELL)

BANCO SABADELL RECOMMENDED PORTFOLIO WEEK 27 FEBRUARY TO 06 MARCH 2019 (ANÁLISIS BANCO SABADELL)

Research Department

CAMBIO DE CARTERAS BANCO SABADELL SEMANA 27 FEBRERO A 06 MARZO 2019 (ANÁLISIS BANCO SABADELL)

CAMBIO DE CARTERAS BANCO SABADELL SEMANA 27 FEBRERO A 06 MARZO 2019 (ANÁLISIS BANCO SABADELL)

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

EU and UK Financials remain actionable Our outlook on global equities (both the MSCI ACWI and ACWI ex-US) remains positive and we continue to expect higher equity prices going forward. Below we highlight several new developments which give us additional confidence in our outlook, including but not limited to continued price and RS improvements for UK/European Financials. • Actionable Sector: Financials. Today's stock recommendations go beyond UK and European Financials, however these regions are the primary focus due to a plethora of attractive setups. In today's report we reiterate our 3/21...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Europe & the UK remain in focus The MSCI ACWI ex-U.S. is breaking topside its nearly 14-month downtrend and above key resistance. The move is being fueled by improvements throughout most of Europe and the UK, along with strength in China over the past 2-3 months. We believe these positive developments are supportive of higher equity prices moving forward. As a result of these and several other observations highlighted below, our outlook on global equities is positive. • Europe & the UK. As has been the case over the last several weeks, a major focus of ours within global equities (ex-U.S.) h...

Matthieu DRIOL

Analyse court terme - BANCO SANTANDER : La reprise est une consolidation.

La tendance de fond est clairement orientée à la baisse. Le MACD est négatif, il confirme cette tendance. La reprise est une consolidation qui va buter sur 4,3936 € prochainement. Le prochain objectif est à 3,8016 €, puis 3,3657 €. Le franchissement de 4,7928 € remettrait en cause la suite de la baisse.

Matthieu DRIOL

Short term view - BANCO SANTANDER : Rising consolidation.

The background trend is clearly bearish. The negative MACD confirms the trend. The rise is a consolidation that will soon bump against the level at €4.3936. The next target is at €3.8016, then €3.3657. Passing €4.7928 would question the continuation of the fall.

Matthieu DRIOL

Analyse court terme - BANCO SANTANDER : La tendance de fond est clairement orientée à la baisse.

La tendance de fond est clairement orientée à la baisse. Le MACD est négatif, il confirme cette tendance. La reprise est une consolidation qui va buter sur 4,3936 € prochainement. Le prochain objectif est à 3,8016 €, puis 3,3657 €. Le franchissement de 4,7928 € remettrait en cause la suite de la baisse.

Banco Santander Sa: 2 directors bought

Two Directors at Banco Santander Sa bought 200,000 shares at between 2.690EUR and 2.713EUR. The significance rating of the trade was 78/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing ...

Research Department

INFORME DIARIO 08 JULIO (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA: BANKINTER, BBVA, REPSOL, SANTANDER. EUROPA: BAYER, DEUSTCHE POST Esperada toma de beneficios Caídas en las bosas europeas después del rally del día anterior, en el que tampoco ayudaron las peores perspectivas de la CE para el 2020, que espera que la economía española caiga un -10,9% este año, frente a la caída del -9,4% de hace dos meses y que para el conjunto de la U.E. se espera una contracción de la actividad del -8,7% en 2020 (vs -7,7% anterior) seguido de un rebote del 6,1% en 2021 (vs 6,3% anterior). La inflación bordearía terreno negativo ...

Research Department

IBERIAN DAILY 08 JULY (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: BANKINTER, BBVA, REPSOL, SANTANDER. MARKETS YESTERDAY AND TODAY Profit taking on the markets There were losses on European stock markets after the previous day’s rally, with the worse outlook from the EC for 2020 not helping (it expects the Spanish economy to fall -10.9% this year vs. .9.4% two months ago). In the entire EU, the EC expects a -8.7% drop in 2020 (vs. -7.7% previously), followed by a +6.1% rally in 2021 (vs. 6.3% previously). Inflation would be close to negative this year (0.3% in 2020 vs. 0.2% previously), with slight recovery in 2021 to 1.1%. Thus, in the Euro S...

Esther Castro ...
  • Maria Paz Ojeda

BANKING SECTOR: ECB GUIDELINES ON M&A SUPERVISION (ANÁLISIS BANCO SABADELL)

ECB GUIDELINES ON M&A SUPERVISION. MOVING FORWARD IN THE GAME CHANGER. Yesterday the ECB released the draft of its guidelines on supervision and capital requirements in M&A moves. The key aspects are: (i) the business model being sustainable and the macroprudential capital requirements being met. Thus, final Pillar 2 (P2G+P2R) will be the weighted average of the integrated financial institutions, (ii) scant details on the key consolidation aspect: badwill (to date it has not been considered in integrations). The guideline now recognises it as long as the banks ensure its calculation is correct...

Esther Castro ...
  • Maria Paz Ojeda

SECTOR BANCARIO EUROPA: GUÍA DEL BCE SOBRE SUPERVISIÓN EN M&A (ANÁLISIS BANCO SABADELL)

GUIA DEL BCE SOBRE SUPERVISIÓN EN M&A. AVANZANDO EN EL “GAME CHANGER”. Ayer, el BCE publicó el borrador de la guía sobre supervisión y requerimientos de capital en los procesos de M&A. Los aspectos claves son: (i) la sostenibilidad del modelo de negocio y el cumplimiento de los requerimientos macroprudenciales de capital. Así el Pilar 2 (P2G+P2R) final será la media ponderada de las entidades integradas, (ii) escasa concreción en el aspecto clave de la consolidación: el badwill (por ahora no se consideraba en las integraciones). La guía sí lo reconoce ahora siempre que se asegure que su cálcul...

Research Department

IBERIAN DAILY 23 JUNE (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: AMADEUS, APPLUS, BBVA, IBERDROLA, MÁSMÓVIL, SANTANDER, SIEMENS GAMESA, TELEFÓNICA. MARKETS YESTERDAY AND TODAY Fears of Covid-19 and the second wave grow It was a session of losses reaching around -1% in most European stock markets in view of the rise in coronavirus cases. For today, Trump’s comments denying those made by his advisor, P. Navarro, and ensuring that the phase I trade agreement with China remains valid, should generate some alleviation (despite growing trade tensions with Canada regarding aluminium). In the Euro STOXX, all the sectors except Travel & Leisure and A...

Elisabeth Rudman ...
  • Pablo Manzano

DBRS Morningstar Revises Trend on Santander’s COR Ratings to Stable after Sovereign Rating Action

Please refer to PDF document for more detail about our research: DBRS Morningstar Revises Trend on Santander’s COR Ratings to Stable after Sovereign Rating Action

Philippe Lamaud

Santander : Good credit profile not immune to COVID-19 crisis; credit opinion lowered to Negative and recommendations to Neutral

Our credit opinion reflects our assessment of the trend of an issuer credit quality over the next 12-18 months; over this timeframe and as for most peers, the economic fallout of the COVID-19 crisis will inevitably impact Santander’s asset quality, profitability and but also create downside risk for it barely adequate capital position. These expected adverse developments underpin the revision of our opinion to Negative from Stable. - Santander’s highly diversified franchise by geo...

Philippe Lamaud

Santander : Good credit profile not immune to COVID-19 crisis; credit opinion lowered to Negative and recommendations to Neutral

Our credit opinion reflects our assessment of the trend of an issuer credit quality over the next 12-18 months; over this timeframe and as for most peers, the economic fallout of the COVID-19 crisis will inevitably impact Santander’s asset quality, profitability and but also create downside risk for it barely adequate capital position. These expected adverse developments underpin the revision of our opinion to Negative from Stable. - Santander’s highly diversified franchise by geo...

Elisabeth Rudman ...
  • Pablo Manzano

ECJ Decision on Spanish Mortgages Positive for Banks

This commentary focuses on the ECJ’s ruling on IRPH indexed mortgages, alongside the potential impacts for the Spanish banking sector.

Elisabeth Rudman ...
  • Pablo Manzano

DBRS Morningstar: ECJ Decision on Spanish Mortgages Positive for Banks

Please refer to PDF document for more detail about our research: DBRS Morningstar: ECJ Decision on Spanish Mortgages Positive for Banks

Ahmed Ben Salem ...
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Charles Lepetitpas
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • Geoffroy Michalet
  • Jean Sassus
  • Laurence Hofmann
  • Martial Descoutures
  • Matthias Desmarais
  • Nicolas David
  • Olfa Taamallah
  • Samantha Jeary
  • Sebastien Malafosse
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Sylvain Goyon, CFA
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/29/2020

With the support of our economists, we have drawn up growth profiles for four types of recovery: v, V, U and L/W. We note that: 1/ the market has eliminated the weakest scenarios (U and L) to focus on the most dynamic ones (v, V). Only the v profile results in 2021e earnings that are higher than in 2019 (Stoxx 600 at 406 points in December 2020). Without going as far as a v scenario, the market is easily playing a V-recovery. This is consistent with a drop of 3% in global growth in 2...

Ahmed Ben Salem ...
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Charles Lepetitpas
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • Geoffroy Michalet
  • Jean Sassus
  • Laurence Hofmann
  • Martial Descoutures
  • Matthias Desmarais
  • Nicolas David
  • Olfa Taamallah
  • Samantha Jeary
  • Sebastien Malafosse
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Sylvain Goyon, CFA
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 29/04/2020

Nous nous sommes appuyés sur nos économistes pour dessiner les profils de croissance pour 4 types de reprise: v, V, U, L/W. Nous constatons que 1/ le marché a éliminé les scénarios faibles (U et L) pour se concentrer sur les plus dynamiques (v, V). Seul le profil en v se traduit par des résultats 2021e supérieurs à ceux de 2019 (Stoxx 600 à 406 pt en décembre 2020). Ainsi, sans acter un scénario en v le marché fait plus que jouer une reprise en V. Ce pari est compatible avec celui d’u...

Alain William ...
  • Alfred Glaser
  • Baptiste Lebacq
  • Bruno Cavalier
  • Delphine Brault
  • Fatma Agnès Hamdani
  • Jean Danjou
  • Jean Sassus
  • Jean-François Granjon
  • Samantha Jeary
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/30/2020

While the direct impact of COVID-19 is likely to be relatively limited, the consequences of the financial crisis will be more significant (lower equity markets, losses on fixed-income products). But solvency margins are set to remain robust. The sell-off in the sector (-29% YTD) looks overdone and we have upgraded our ratings on Allianz and Scor. We have cut our rating to Reduce vs Neutral on Hannover Re on valuation grounds (sizeable premium to the rest of the sector). AXA remains ou...

Alain William ...
  • Alfred Glaser
  • Baptiste Lebacq
  • Bruno Cavalier
  • Delphine Brault
  • Fatma Agnès Hamdani
  • Jean Danjou
  • Jean Sassus
  • Jean-François Granjon
  • Samantha Jeary
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 30/03/2020

Si l’impact direct du COVID-19 devrait rester relativement limité, les conséquences de la crise financière seront plus importantes (baisse des actions, pertes sur les produits de taux). Les marges de solvabilité restent toutefois solides. La forte baisse du secteur (-29% YTD) apparaît exagérée et nous relevons à l’Achat notre opinion sur Allianz et Scor. Nous réduisons à Alléger vs Neutre celle sur Hannover Re pour des raisons de valorisation (prime importante vs reste du secteur. AXA...

Benoit Valleaux ...
  • Jean Sassus
  • Johanna Jourdain
  • Louis Boujard, CFA
  • Matthias Desmarais
  • Philippe Ourpatian
  • Roland Pfaender,MBA,CFA,CCRA
  • Steven Gould
  • Sven Edelfelt
  • Sylvain Goyon, CFA
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/12/2020

Investors are desperately trying to determine a floor for the valuation of indices. Until this is achieved the risk/opportunity ratio cannot be calculated and volatility will persist. We therefore understand that the winning “Buy the Dip” mantra since March 2009 is no longer a magic utterance. We propose four scenarios (weak shock, moderate shock, strong shock, and crisis) and five methods to calculate the Stoxx 600 target. In short, if you believe the epidemic will be rapidly brought...

An increasingly favourable environment allows BANCO SANTANDER SA to improve to Neutral

The independent financial analyst theScreener just upgraded the general evaluation of BANCO SANTANDER SA (ES), a company active in the Money Center Banks industry. As regards its fundamental valuation, the title confirms its rating of 3 out of 4 stars while its market behaviour remains as risky. theScreener believes, however, that a more enabling environment allows the title to increase its general evaluation to Neutral. As of the analysis date June 16, 2020, the closing price was EUR 2.25 and its expected value was estimated at EUR 2.12.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Ford Equity US Rating and Forecast Report

Ford Equity Research covers more than 4,000 stocks using a proprietary quantitative model that evaluates a company’s earnings strength, its relative valuation and recent price movement. Ford’s five recommendation ratings include strong buy, buy, hold, sell, strong sell. For all stocks in our coverage universe, ratings are generated each week and reflect the fundamental and price data as of the last trading day of the week.

Expert Corporate Governance Service (ECGS)

Banco Santander – AGM 2 April 2020

We have serious concerns over the concentration of powers on the Board of Banco Santander, as the Chairwoman is primarily responsible for the management of the Bank. Despite there being enough independent representation on the Board (53% as per ECGS guidelines), concerns may arise over the high remuneration of the Lead Independent Director (€700'000 in 2019), which may undermine his independent judgement. For these reasons, we recommend opposing the re-appointment of the executive Chairwoman in item 3.E, as well as the disproportionate fees paid by Banco Santander to non-executive Directors, i...

Expert Corporate Governance Service (ECGS)

Banco Santander - AGM 2 April 2020

We have serious concerns over the concentration of powers on the Board of Banco Santander, as the Chairwoman is primarily responsible for the management of the Bank. Despite there being enough independent representation on the Board (53% as per ECGS guidelines), concerns may arise over the high remuneration of the Lead Independent Director (€700'000 in 2019), which may undermine his independent judgement. For these reasons, we recommend opposing the re-appointment of the executive Chairwoman in item 3.E, as well as the disproportionate fees paid by Banco Santander to non-executive Directors, i...

Expert Corporate Governance Service (ECGS)

Banco Santander, 23 July 2019

The EGM is called to authorize the Board of Directors to increase the share capital to acquire all the shares of Santander México not held by the Santander Group (equal to 25% of the share capital) in an exchange offer. Santander México's shares are traded on the Bolsa Mexicana de Valores ("BMV"), and, by means of American Depositary Shares ("ADS") each representing 5 shares, on the New York Stock Exchange ("NYSE").The shareholders of Santander México will receive (a) 0.337 Banco Santander shares for each share held, or (b) 1.685 Banco Santander ADSs for each ADS. After the transaction, new Ba...

Expert Corporate Governance Service (ECGS)

Banco Santander April 11th, 2019

In item 3. E, the Board proposes the re-election of the Lead Independent Director Mr. Bruce Carnegie-Brown. Even though he is deemed independent, we have serious concerns over his annual compensation from the Bank, above € 700'000 for the past 4 years, an amount which may undermine his independent judgement as Director. Therefore, we recommend opposition. In item 9, shareholders are called to a binding vote on the bank's remuneration policy, unchanged from last year's, which will extend until 2021. The quality of disclosure is at the highest levels in Spain, as all performance conditions are ...

Banco Santander – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

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