Santander : Q3 2021: confirmation of the good operating momentum
>Estimates and target price increased – Outperform rating reiterated - Following the solid Q3 2021 earnings release, our more positive stance (rating upgraded to Outperform in mid-September) is supported by the operating outlook for Santander in the short to medium term. We upgrade our net income forecasts by 5% on average for 2021-2023e, with a more favourable stance on the CoR trend (-4% revision for 2021-2023e), while we leave our estimates for NBI, already slightl...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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