Santander : The Cantabrian 'bison' is making a strong comeback!
We think that the current discount of almost 20% on Santander vs the sector (P/BV, P/E) should continue to narrow given the improvement in fundamentals and the outlook for profitability (+4 pts on ROE for 2025-2027e vs 2022 )/shareholder returns (payout ratio >60% for 2025-2027e vs 40% in 2022). We expect a further re-rating (+11%) and reiterate our Outperform rating with our target price raised to € 8.4, including the recent operations.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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