Sabadell - Banco Santander S.A. (SAN) SANTANDER: WILLING TO OVERCOME THE COR-ONAVIRUS (ANÃLISIS BANCO SABADELL)

Report

Sabadell

Esther Castro

EUR 400.00 For Business Accounts Only

SANTANDER: WILLING TO OVERCOME THE COR-ONAVIRUS (ANÃLISIS BANCO SABADELL)

Willing to overcome the CoR-onavirus. Nuevo P.O. 3 euros/acc. (potencial c.+50%). COMPRAR
En un escenario totalmente incierto en cuanto al incremento de la morosidad del sistema bancario (por mÃ¡xima incertidumbre en el calado final de la recesiÃ³n), intentamos analizar el incremento de sus provisiones. SegÃºn nuestros cÃ¡lculos, el dÃ©ficit ascenderÃa a unos -15.000 M euros (que supone un BDIâ€™20-21e de c. -50%) que puede absorber con su PPP del periodo y todavÃa tendrÃa buffer de capital por otros c. 250 p.b. sobre el MDA (que le darÃa para otros +15.000 M euros mÃ¡s de provisiones). Esperamos un CET1 Phase Inâ€™20 de 12,02% BS(e) y no consideramos reparto de dividendoâ€™20. En la actualidad cotiza a un CoR implÃcito>400 p.b. vs c. 150 p.b.BS(e) que serÃa exagerado. Un decoupling de recuperaciÃ³n por regiones serÃa una ventaja vs sector para SAN.

14/05/2020 27 ES

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.

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ES0113900J37 Madrid Stock Exchange Spain

Provider

Sabadell

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Analysts

Esther Castro

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SANTANDER: WILLING TO OVERCOME THE COR-ONAVIRUS (ANÃLISIS BANCO SABADELL)

Bank Capital/It's getting hot in here

IBERIAN DAILY 12 MAY + 1Q’25 RESULTS. HIGHLIGHTS AND REST OF PREVIEWS (ANÁLISIS BANCO SABADELL)

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IBERIAN DAILY 27 JUNE (ANÁLISIS BANCO SABADELL)

SEMANAL MERCADOS: DEFENSA - TODAVÍA MÁS CARA PERO RESPALDADA POR FUNDAMENTALES (ANÁLISIS BANCO SABADELL)

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SANTANDER: WILLING TO OVERCOME THE COR-ONAVIRUS (ANÃLISIS BANCO SABADELL)