Banco Santander: I Am Cautious As The Long-Term Risk-Reward Proposition Is Not Great

2026-01-28 12:52:26 ET

As I've covered back in October, I wasn't particularly bullish on Banco Santander, S.A. ( SAN ) as the bank’s premium valuation compared to historical values and its relatively weak earnings momentum were two major factors making me cautious. Despite that, its shares have performed quite well since then and have maintained their bull run, being up by close to 28% when including dividends since then and beating the S&P 500 Index (SP500) by a wide margin during the same period. ...

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