Rankings Financial data & insurance broking Santander
Santander
96
15070100
A view of the same findings, not a new score. How it works
In the 70+ zone: a score above 70 with more than 20% upside to the median analyst target.
Biggest deductions
- Multiples vs own history−8
- Capital allocation−3
- Earnings quality−2
Strengths
- Dividend and buybacks+3
- Cost discipline+2
How the score is built
From 100 to 96, 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
- 10.22 EUR
- Median analyst target
- 14.00 EUR
- Upside to median
- +37.0%
- Analysts
- 21
- Target range
- 11.30 – 15.30 EUR
- 52-week change
- +15%
- P/E (trailing)
- 9.6
- Forward P/E
- 8.7
- PEG
- 0.53
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−5 of −30
- −3Capital allocationTwo large acquisitions in mature markets in under a year: TSB (closed 30 April 2026) and Webster Bank for USD 12.2bn (14% premium, 2.05 Santander shares per Webster share on top of cash). Together they cost up to 210 bp of CET1, and the share component offsets part of the buybacks.
- −2Earnings qualityCost of credit of 1.15% of loans and NPL of 2.93% are high for a large European bank; a large part of the high interest margin from consumer loans and Latin America is eaten by losses. RoTE of 15.6% is far from the target of over 20% in 2028.
Price
Today's multiples against the company's own history and its peers. · 1 finding−8 of −35
- −8Multiples vs own historyP/B 1.56 vs 0.48–1.31 in 2021–2025 and trailing P/E 14.2 vs 5.1–11.0; the share price has almost quintupled since 2022 (2.53 → 12.51 EUR), while EPS has roughly doubled. The re-rating from deep value to full price has been taken.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−6 of −35
- −2Latin AmericaSantander Brasil: recurring income fell in the second quarter of 2026 to 3 bn BRL with ROE of only 12.5%, because credit costs rose and income growth weakened.
- −2Regulation and litigationUK car finance: the provision has been raised three times to GBP 640m, and the FCA's redress scheme is partly suspended by lawsuits. The final amount is uncertain, and it weighed on Openbank's result in H1.
- −2Credit qualityNPL coverage is only 64%, so a credit slowdown in Brazil or among US consumer-loan customers hits earnings quickly.
Plus
Only documented strengths. · 2 findings+5 of +15
- +3Dividend and buybacksShare count −3.5% over a year and about 18% bought back since 2021; 462.7m shares cancelled on 1 Sep 2026. Dividend (payout ratio 18%) plus buybacks is below net profit, and at least EUR 10bn of buybacks is promised for 2025–2026.
- +2Cost disciplineCosts fell 2% at constant exchange rates (excluding TSB), and cost/income fell 2.9 points to 42.8%; underlying profit +15% and underlying EPS +20% in H1 2026.
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. Reported H1 result (EUR 8.97bn) is lifted by a one-off gain of 1.9bn from the sale of Santander Bank Polska; underlying 7.33bn. Stockanalysis' trailing P/E (14.2) and EPS (1.07) mix reported and adjusted; forward P/E 10.8 is on adjusted EPS. The Webster purchase (about 35% in shares) has not yet closed and will dilute the share count at closing. The share count −3.5% is consistent with the buybacks (462.7m shares cancelled Sep 2026).
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