Santander : Le retour en force du ‘bison’ de Cantabrie se confirme !
L’actuelle décote de près de 20% du titre Santander vs secteur (P/BV, P/E) devrait continuer à se réduire compte tenu de l’amélioration des fondamentaux et des perspectives de rentabilité (+4 pt sur le ROE 2025-27e vs 2022) ainsi que du retour à l’actionnaire (P/O >60% sur 2025-27e vs 40% en 2022). Nous tablons sur une poursuite du rerating (+11%) et réitérons notre opinion Surperformance avec un OC porté à 8.4 € intégrant les opérations récentes.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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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