Rankings Financial data & insurance broking Banco Sabadell
Banco Sabadell
67
15070100
A view of the same findings, not a new score. How it works
A good business with a real question mark: the price, a crack, or both.
Biggest deductions
- Multiples vs own history−9
- Quality of growth−5
- Returns and scale−3
Strengths
- Distribution of TSB proceeds+2
How the score is built
From 100 to 67, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 3.47 EUR
- Median analyst target
- 3.70 EUR
- Upside to median
- +6.6%
- Analysts
- 20
- Target range
- 2.30 – 4.50 EUR
- 52-week change
- +7%
- P/E (trailing)
- 10.1
- Forward P/E
- 11.0
- PEG
- 1.99
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 2 findings−8 of −30
- −5Quality of growthExcluding TSB, recurring profit fell 14.1% to EUR 691m in H1 2026; net interest income fell 2.0% and fees 0.9%. Analysts expect EPS −10% in 2026, and EPS has been flat at 0.32 since 2024.
- −3Returns and scaleRecurring RoTE of 13.6% and ROE of 8.1% are the lowest among the large Spanish banks (BBVA ROE 18.9%, CaixaBank 16.2%). After the TSB sale, Sabadell is a pure Spanish mid-sized bank with about 8% of the lending market.
Price
Today's multiples against the company's own history and its peers. · 2 findings−11 of −35
- −9Multiples vs own historyP/B 1.47 vs 0.25–1.19 in 2021–2025 and trailing P/E 20.0 vs 5.0–10.3. The share price has multiplied since 2021 (0.42 → 3.67 EUR, dividend-adjusted), while EPS has been flat since 2024 and is expected to fall.
- −2PeersP/TBV 1.84 for a recurring RoTE of 13.6% and falling earnings, vs Santander 1.99 with RoTE 15.6% and growing earnings. No discount for the lower return.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−4 of −35
- −2M&A riskAccording to Citi, Sabadell has sounded out Unicaja's investors about a merger that would lift its loan share from 8% to 12%, but would lift earnings by only about 1%. Unicaja's CEO sees 'no catalysts'. Management is chasing size over returns.
- −1Credit qualityNPL ratio 2.47% and stage 3 coverage only 68.7%, weaker than CaixaBank (NPL below 1.8%, coverage 81%).
- −1
Plus
Only documented strengths. · 1 finding+2 of +15
- +2Distribution of TSB proceedsExtra dividend of EUR 0.50 per share (about EUR 2.5bn) in May 2026 and a new buyback of EUR 331m (2.1% of shares), while CET1 is 13.11%. The distribution is funded by the TSB sale, not by ongoing earnings, and is therefore only partly credited.
Caveats
What the score does not capture, or where the data is weak.
Bank: EV, ROIC and FCF are not meaningful; valuation on P/B, P/TBV and P/E. TSB was sold to Santander (closed April 2026), so reported figures through Q1 2026 include TSB; the H1 result (EUR 971m) includes four months of TSB and one-off items, while the recurring result excluding TSB is 691m. Trailing P/E 20 is on reported EPS, forward 11.9 on adjusted. The dividend yield of 7.2% includes the extra dividend of EUR 0.50 from the TSB sale and will not be repeated. The share count −6.9% is not reconciled against the cash flow. The share price was affected by BBVA's failed bid (Oct 2025) and by merger rumours with Unicaja (Sep 2026); this has not been counted as fundamental. Only partly investigated: 2026 guidance and bank tax.
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