Banco Santander

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.
  • TickerSAN
  • ISINES0113900J37
  • ExchangeMadrid Stock Exchange
  • SectorBanks
  • CountrySpain

Analysts

Jean Sassus ...
  • Steven Gould

ODDO : The rerating no longer depends only on the ECB

>Positive decisions but in line with expectations - The ECB's decisions are broadly in line with expectations as regards the banking sector:Lower deposit rates, consistent with forecasts, with a tiering system to limit the impact of the switch from -0.40% to -0.50% but not much more.Improvement in the terms of the TLTRO, with an extension from 2 to 3 years.But the drop in rates could lead investors to fear further pressure on margins.The sector has...

Jean Sassus ...
  • Steven Gould

ODDO : Le rerating ne peut plus reposer uniquement sur la BCE

>Décisions positives mais conformes aux attentes - Les décisions de la BCE sont proches des attentes concernant le secteur bancaire :Baisse des taux de dépôt conforme aux anticipations avec mise en place d’un système de « tiering » limitant l’impact du passage de -0.40% à -0.50% mais pas nettement plus.Amélioration des conditions du TLTRO avec notamment une extension de 2 à 3 ans.En revanche, la baisse des taux peut faire craindre aux investisseurs une ...

Research Department

IBERIAN DAILY 11 SEPTEMBER (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: BANKING SECTOR, CELLNEX, SANTANDER, TELEFÓNICA MARKETS YESTERDAY AND TODAY Rotation of sectors The strength of the defensive sectors and the profit taking ahead of the ECB meeting continued to bring some rotation on the Euro Stoxx. Thus, the highest gains once again came in cyclical sectors most linked to external trade, such as Basic Materials and Banks, whereas two of the best-performing sectors this year, Consumer Goods and Technology, ended with the biggest losses. On the macro side, in Spain the advocate general of the ECJ left the door open to the judges deciding on the...

Carine Maciol

Santander : Upgrading our recommendation on Tier 2 notes to Buy following 2016 results in line with the strategic plan and the publication of the funding plan.

Friday 17 February 2017 - - Equity data - Reco: Neutral - Target: € 5.10 - Equity analyst: Jean Sassus - [email protected] - +33-1 44 51 83 08 - ESG analyst: XXX - Corporate governance: Opportunity (2) - / - / - - - - - Santander has released 2016 results ahead of forecasts and reiterated the targets of its 2018 strategic plan. Above all, the publication of the funding plan for the next two years finally addresses the bank's relatively large TLAC gap. In all, Santander aims to issue € 28bn-€ 35.5bn of senior non-preferred debt over the next two years. Bear in mind that on 23 November the E...

Carine Maciol

Santander : Suite à des résultats 2016 en ligne avec le plan stratégique et à la publication du plan de funding, nous relevons notre recommandation sur les Tier 2 à l’Achat.

Santander a publié des résultats 2016 supérieurs aux attentes et qui valident les objectifs de la stratégie à horizon 2018 mise en œuvre. Surtout la publication du plan de funding pour les deux années à venir permet (enfin) d’adresser la situation d’un gap de TLAC relativement conséquent. Au total, Santander ambitionne d’émettre 28 à 35.5 mds EUR de dettes Senior Non Preferred dans les deux ans à venir. Rappelons que la Commission Européenne a proposé dans le cadre de la révision de la BRRD le 23 novembre 2016 la création de ces nouvelles dettes (à l’image de ce qui a été créé par la Loi Sapin...

Jean Sassus ...
  • Steven Gould

ODDO : The rerating no longer depends only on the ECB

>Positive decisions but in line with expectations - The ECB's decisions are broadly in line with expectations as regards the banking sector:Lower deposit rates, consistent with forecasts, with a tiering system to limit the impact of the switch from -0.40% to -0.50% but not much more.Improvement in the terms of the TLTRO, with an extension from 2 to 3 years.But the drop in rates could lead investors to fear further pressure on margins.The sector has...

Jean Sassus ...
  • Steven Gould

ODDO : Le rerating ne peut plus reposer uniquement sur la BCE

>Décisions positives mais conformes aux attentes - Les décisions de la BCE sont proches des attentes concernant le secteur bancaire :Baisse des taux de dépôt conforme aux anticipations avec mise en place d’un système de « tiering » limitant l’impact du passage de -0.40% à -0.50% mais pas nettement plus.Amélioration des conditions du TLTRO avec notamment une extension de 2 à 3 ans.En revanche, la baisse des taux peut faire craindre aux investisseurs une ...

Research Department

IBERIAN DAILY 11 SEPTEMBER (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: BANKING SECTOR, CELLNEX, SANTANDER, TELEFÓNICA MARKETS YESTERDAY AND TODAY Rotation of sectors The strength of the defensive sectors and the profit taking ahead of the ECB meeting continued to bring some rotation on the Euro Stoxx. Thus, the highest gains once again came in cyclical sectors most linked to external trade, such as Basic Materials and Banks, whereas two of the best-performing sectors this year, Consumer Goods and Technology, ended with the biggest losses. On the macro side, in Spain the advocate general of the ECJ left the door open to the judges deciding on the...

1 director sold

A director at Banco Santander Sa sold 30,000 shares at 3.870EUR and the significance rating of the trade was 59/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of bo...

Alexandre Iatrides ...
  • Benoit Valleaux
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Emira Sagaama
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Harald Eggeling
  • Jean Sassus
  • Johanna Jourdain
  • Louis Boujard
  • Matthias Desmarais
  • Michael Foundoukidis
  • Philippe Ourpatian
  • Rémi Adam
  • Samantha Jeary
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/24/2019

...

Alain William ...
  • Alfred Glaser
  • Delphine Brault
  • Jean Sassus
  • Jerôme Bodin
  • Olfa Taamallah
  • Samantha Jeary
  • Steven Gould
  • Sylvain Goyon
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/16/2019

The outperformance from banks in January was eroded before turning in March (post-ECB capitulation) into an underperformance (1.5% at 12 April). The banking sector’s fundamentals remain complicated but a less worrying macroeconomic environment and especially the recognition by the ECB of the side effects of negative rates argue in favour of a temporary outperformance. The ECB’s new tone opens the door to the "fantasy" of a rebound in the interest margin (negative TLTRO rate?). This id...

Alain William ...
  • Alfred Glaser
  • Aurelien Sivignon
  • Delphine Brault
  • Jean Sassus
  • Jerôme Bodin
  • Olfa Taamallah
  • Samantha Jeary
  • Steven Gould
  • Sylvain Goyon
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 16/04/2019

La surperformance des banques de janvier s’est érodée avant de se transformer en mars (post capitulation BCE), en sous-performance (1.5% au 12/4). Les fondamentaux du secteur bancaire restent compliqués mais une macroéconomie moins inquiétante et surtout la reconnaissance par la BCE des effets secondaires des taux négatifs plaident pour une surperformance transitoire. Le ton nouveau de la BCE ouvre la porte au « fantasme » d’un rebond de la marge d’intérêt (TLTRO taux négatif ?). Cett...

Ahmed Ben Salem ...
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Delphine Brault
  • Florent Laroche-Joubert
  • Jean Sassus
  • Johanna Jourdain
  • Louis Boujard
  • Matthias Desmarais
  • Philippe Ourpatian
  • Pierre Tegner
  • Steven Gould
  • Yan Derocles
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/12/2019

US Congress is currently discussing how best to continue securing, or even raising, funding for the country's infrastructure. Increasing the federal tax on fuel is one of the few options to receive cross-party support. This tax has not been hiked since 1993, but mindsets are changing with 39 states having already ramped up the local component of this levy in recent years. CRH and HeidelbergCement would be the main beneficiaries. - - ...

Ahmed Ben Salem ...
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Delphine Brault
  • Florent Laroche-Joubert
  • Jean Sassus
  • Johanna Jourdain
  • Louis Boujard
  • Matthias Desmarais
  • Philippe Ourpatian
  • Pierre Tegner
  • Steven Gould
  • Yan Derocles
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 12/04/2019

Des discussions au Congrès américain sont actuellement en cours en vue de boucler, voire même d’augmenter, le financement des infrastructures. L’idée d’une hausse de la taxe fédérale sur les carburants reste l’un des rares projets avec un soutien bipartisan. Cette taxe n’a pas été augmentée depuis 1993 mais les mentalités américaines évoluent : 39 Etats ont déjà augmenté la composante locale de cette taxe ces dernières années. CRH et HeidelbergCement seraient les grands gagnants. - - ...

Ibrahim Firdaus

Banco Santander

BANCO SANTANDER SA sees a downgrade to Slightly Negative on account of less fundamental stars

The independent financial analyst theScreener just lowered the general evaluation of BANCO SANTANDER SA (ES), active in the Money Center Banks industry. As regards its fundamental valuation, the title now shows 1 out of 4 stars while market behaviour can be considered risky. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Slightly Negative. As of the analysis date May 7, 2019, the closing price was EUR 4.25 and its target price was estimated at EUR 3.81.

Ibrahim Firdaus

Banco Santander

Ibrahim Firdaus

Banco Santander

Ibrahim Firdaus

Banco Santander

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Nadège Tillier
  • Suvi Platerink Kosonen

Coffee, Croissants & Credit/Danone, Handelsbanken and Banco Santander

Danone (BNFP) updated on 1Q19 sales this morning. Revenue came in at €6,138m, a touch ahead of consensus of €6.11bn. LFL sales growth was +0.8%, which was in line with expectations. LFL growth continues to be dragged down by the consumer boycott in Mexico, excluding which LFL growth would have been +1.5%. LFL sales growth was positive for all reporting entities, with Waters showing the strongest growth of +3.9%, driven by strong Evian sales in the US and solid growth in LatAm. Specialized Nutrition was in focus after the slowdown in Early Life Nutrition in China, which started in the third qua...

ING
Suvi Platerink Kosonen

Banco Santander/Santander and its economic call policy

Banco Santander indicated that it has decided to call its US$1.5bn AT1 bond on 19 May 2019. The decision is irrevocable. The USD denominated AT1 note was issued in May 2014 with a coupon of 6.375% and it would have reset c.80bp higher if it was not called. This contrasts with the EUR bond that was not called earlier this year and saw its coupon fixing c.80bp lower due to lower swap rates. Santander has indicated to make its call decisions on an economic basis and the two call decisions this year confirm that investors should remain wary on the call prospects. We see value in Santander's Tier 2...

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Nadège Tillier
  • Suvi Platerink Kosonen

Coffee, Croissants & Credit/Corporate supply, UniCredit, Santander, and German TSOs

Our target corporate supply was at €240bn (down 10% on last year). The fast start to the year would indicate that last year's supply number at €270bn would be more of a reachable low-end to expect the full year number to target. However, we feel that pre-financing has been prevalent to avoid external shocks, European corporates have low funding needs, Easter periods and renewed earnings season will slow the current volumes and lastly the pace of US issuer EUR supply (reverse Yankees) will falter. Nevertheless the combination of those resurgent reverse Yankees and the low funding level environm...

Philippe Lamaud

Santander : Call me maybe. ‘Buy’ recommendations broadly maintained with call expectations for AT1 PNC19 in coming quarters

No refinancing (yet) of AT1 PNC19; probability of call at first call dates (much) reduced - >Santander has until 12 February to announce the call at first call date of its EUR AT1 6.25% PNC19. The deadline for the announcement of the call of the AT1 USD 6.375% PNC19 is 19 April.As Santander's capital position is broadly just acceptable and specifically its AT1 capital bucket barely meets the 1.5% requirement, the bank would have to replace the called bonds to m...

Philippe Lamaud

Santander : Call me maybe. ‘Buy’ recommendations broadly maintained with call expectations for AT1 PNC19 in coming quarters

No refinancing (yet) of AT1 PNC19; probability of call at first call dates (much) reduced - >Santander has until 12 February to announce the call at first call date of its EUR AT1 6.25% PNC19. The deadline for the announcement of the call of the AT1 USD 6.375% PNC19 is 19 April.As Santander's capital position is broadly just acceptable and specifically its AT1 capital bucket just meets the 1.5% requirement, the bank would have to replace the bonds to maintain i...

Esther Castro ...
  • Maria Paz Ojeda

BANKING SECTOR REPORT: 2Q19 ESTIMATES - IN LINE WITH THE 2019 GUIDANCE (ANÁLISIS BANCO SABADELL)

BANKING SECTOR REPORT: 2Q19 ESTIMATES - IN LINE WITH THE 2019 GUIDANCE (ANÁLISIS BANCO SABADELL)

MarketLine Department

Itau Unibanco Holding SA - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's Itau Unibanco Holding SA Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Itau Unibanco Holding SA since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive a...

MarketLine Department

Bankinter, S.A. - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's Bankinter, S.A. Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Bankinter, S.A. since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive advantage. Key Hig...

MarketLine Department

BNP Paribas SA - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's BNP Paribas SA Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by BNP Paribas SA since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive advantage. Key Highl...

MarketLine Department

BBVA - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's BBVA Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by BBVA since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive advantage. Key Highlights This report i...

Expert Corporate Governance Service (ECGS)

Banco Santander, 23 July 2019

The EGM is called to authorize the Board of Directors to increase the share capital to acquire all the shares of Santander México not held by the Santander Group (equal to 25% of the share capital) in an exchange offer. Santander México's shares are traded on the Bolsa Mexicana de Valores ("BMV"), and, by means of American Depositary Shares ("ADS") each representing 5 shares, on the New York Stock Exchange ("NYSE").The shareholders of Santander México will receive (a) 0.337 Banco Santander shares for each share held, or (b) 1.685 Banco Santander ADSs for each ADS. After the transaction, new Ba...

Expert Corporate Governance Service (ECGS)

Banco Santander April 11th, 2019

In item 3. E, the Board proposes the re-election of the Lead Independent Director Mr. Bruce Carnegie-Brown. Even though he is deemed independent, we have serious concerns over his annual compensation from the Bank, above € 700'000 for the past 4 years, an amount which may undermine his independent judgement as Director. Therefore, we recommend opposition. In item 9, shareholders are called to a binding vote on the bank's remuneration policy, unchanged from last year's, which will extend until 2021. The quality of disclosure is at the highest levels in Spain, as all performance conditions are ...

Banco Santander – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

EU and UK Financials remain actionable Our outlook on global equities (both the MSCI ACWI and ACWI ex-US) remains positive and we continue to expect higher equity prices going forward. Below we highlight several new developments which give us additional confidence in our outlook, including but not limited to continued price and RS improvements for UK/European Financials. • Actionable Sector: Financials. Today's stock recommendations go beyond UK and European Financials, however these regions are the primary focus due to a plethora of attractive setups. In today's report we reiterate our 3/21...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Europe & the UK remain in focus The MSCI ACWI ex-U.S. is breaking topside its nearly 14-month downtrend and above key resistance. The move is being fueled by improvements throughout most of Europe and the UK, along with strength in China over the past 2-3 months. We believe these positive developments are supportive of higher equity prices moving forward. As a result of these and several other observations highlighted below, our outlook on global equities is positive. • Europe & the UK. As has been the case over the last several weeks, a major focus of ours within global equities (ex-U.S.) h...

Research Department

CAMBIO DE CARTERAS BANCO SABADELL SEMANA 27 FEBRERO A 06 MARZO 2019 (ANÁLISIS BANCO SABADELL)

CAMBIO DE CARTERAS BANCO SABADELL SEMANA 27 FEBRERO A 06 MARZO 2019 (ANÁLISIS BANCO SABADELL)

Matthieu DRIOL

Analyse court terme - BANCO SANTANDER : La reprise est une consolidation.

La tendance de fond est clairement orientée à la baisse. Le MACD est négatif, il confirme cette tendance. La reprise est une consolidation qui va buter sur 4,3936 € prochainement. Le prochain objectif est à 3,8016 €, puis 3,3657 €. Le franchissement de 4,7928 € remettrait en cause la suite de la baisse.

Matthieu DRIOL

Short term view - BANCO SANTANDER : Rising consolidation.

The background trend is clearly bearish. The negative MACD confirms the trend. The rise is a consolidation that will soon bump against the level at €4.3936. The next target is at €3.8016, then €3.3657. Passing €4.7928 would question the continuation of the fall.

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