Morningstar Rating

Stock Research and Analysis

by Stephen Ellis

Bulls Say

Santander is a well-diversified financial institution, whose wide reach has helped it stay profitable during this downturn.
The bank has proved to be a good acquisitor, capable of controlling costs and maintaining an acceptable efficiency ratio.
Santander has top positions in several promising Latin American markets, which should help profitability. Read more 

Bears Say

Although Santander seems to have avoided problems in Spain and the U.K. somewhat better than its peers so far, these countries' recessions could catch up with Santander, prompting additional credit losses.
The bank's nonperforming loan balances may not show the full picture, hiding potentially bad loans.
Although Santander's business is diversified well beyond Spain, its home country's creditworthiness could have an adverse indirect impact through elevated costs of debt and equity, in our view. Read more 

Management

We think Santander's top brass has done a good job of expanding the bank's reach and controlling operating and credit costs, and thus has put shareowner capital to good use. Santander has withstood several crises from which it has learned the indispensability   Read more 

Profile

With over $1.0 trillion in assets and close to 14,000 branches worldwide, Banco Santander is one of the planet's largest financial institutions. Its main focus is retail   Read more 

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