Morningstar Rating

Stock Research and Analysis

by Timothy Puls

Bulls Say

Santander’s geographic diversification is a source of strength that allows the bank to absorb difficult economic conditions in any one country and maintain profitability.
Past acquisitions have proved the bank’s ability to transform its targets into efficient, profitable extensions of the Santander brand.
Santander holds the top position in several promising Latin American markets where the bank earns hefty returns. Read more 

Bears Say

Santander’s home market, Spain, will continue to be a drag on overall performance in the near term and may prevent the bank from outearning its cost of equity.
Santander’s exposure to Latin America has been a source of strength in recent years; however, if these markets become overheated, credit losses could spike.
Management’s zeal for expansion may lead the bank to overpay for future acquisitions and could damage shareholder value. Read more 


We think that management at Banco Santander has been a standard steward of shareholder capital. The bank has had a successful run of acquisition-fueled growth over the past decade, expanding the Santander brand into several Latin American markets and   Read more 


Banco Santander is one of the largest banks in the world, with over EUR 1.2 trillion in assets and 14,000 branches. Its focus is retail banking, which generates 75% of profits.  Read more 

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