Low-Interest-Rate Environment Obscures Santander's Competitive Advantages
We are reinitiating coverage on Banco Santander with a fair value estimate of EUR 5.40 for the Madrid-listed shares, along with a narrow moat rating. The shares currently look fully valued.We base our narrow moat rating on cost advantages and switching costs. Santander attracts cheap deposit funding and has a good record of managing operational costs, and its presence in uncorrelated geographies creates a diversification benefit that reduces the volatility of credit costs. We believe that the c...
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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
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