Independent equity research
Is Bankinter, S.A. (BKT) a Buy, Hold or Sell?
Bankinter, S.A. — our independent, AI-built valuation and rating, in brief.
BUY (accumulate)
12-mo fair value
€20.41
To fair value
+24%
By · report dated 2026-09-19 · fair value derived independently of the market price.
The thesis, in brief
Bankinter can hold ROTCE near 20% through 2028 as the 2026 ECB hikes and wealth fees outrun deposit-cost pressure, which a 2.34x tangible-book price capitalises as only ~16.9% in perpetuity; we are wrong if quarterly NII has not reached EUR 600m by Q4 2026 or the customer spread slips below 2.65%
How we value it
We value Bankinter, S.A. using Excess-return model at 8.92% COE; 7-yr ROTCE fade to 17%, g 3.0%. The 12-month fair value is set from that intrinsic estimate first, then compared to the market to read the upside or downside — never anchored to the current price.
What the full report covers
- Business & moat + industry cycle
- Earnings quality & normalization
- ROTCE vs cost of equity
- Balance-sheet safety & capital (CET1)
- P/TBV + excess-return / residual-income
- Bear / base / bull fair values
- Earnings-call analysis
- Insider activity & positioning
- Technicals (RSI / ADX)
- A falsifiable thesis
Read the full Bankinter, S.A. report
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