Report
Benoit Valleaux ...
  • Steven Gould

Santander : T4 2023 & guidance 2024 rassurants …encore du potentiel de re-rating

>Opinion Surperformance confortée – OC porté à 5.3 € (vs 4.8 €) - Les résultats T4/annuels 2023 viennent conforter notre opinion Surperformance et nous amènent à rehausser nos estimations de RN (+8% en moyenne sur la période 2024-26e), en raison d’un biais un peu plus favorable sur l’évolution de l’opérationnel underlying (topline, coûts, CdR). Notre OC est en conséquence porté à 5.3 € (vs 4.8 €). L’évolution des performances opérationnelles du groupe reste globalemen...
Underlying
Banco Santander S.A.

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.

Provider
Oddo BHF
Oddo BHF

​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.

Analysts
Benoit Valleaux

Steven Gould

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