SAN - Banco Santander Remains Materially Undervalued
2024-02-17 05:39:56 ET
Summary
- Shares of Banco Santander have been fairly quiet since previous coverage in October, trailing the broader European financial universe as well as certain peers like BBVA.
- Q4 results were a bit so-so, while management's 2024 profitability target looks very ambitious.
- These shares still trade at a clear discount to tangible book value, which continues to undervalue the bank's through-the-cycle earnings power.
Shares of Banco Santander ( SAN ) have underwhelmed since I last covered the Spanish multinational banking giant in October. The ADSs have delivered a circa 9% total return in that time, roughly matching domestic-oriented peer CaixaBank ( CAIXY )( CIXPF ) but trailing similarly Spanish/LatAm-focused BBVA ( BBVA ) as well as European financials ( EUFN ) more generally....
Banco Santander Remains Materially Undervalued