Independent equity research
Is Banco Santander (SAN) a Buy, Hold or Sell?
Banco Santander — our independent, AI-built valuation and rating, in brief.
HOLD
12-mo fair value
€11.00
To fair value
−8%
Report dated 2026-07-23 · fair value derived independently of the market price.
The thesis, in brief
Best-ever half; ~+61% re-rating to 1.84x TNAV (top decile) prepays the plan; Jul-23 −3.9% fade brings the €11.0-11.3 add zone close. Trim €12.5-13. Q3 Oct 28
How we value it
We value Banco Santander using Excess-return on TNAV (COE 11.1%) + P/TNAV. 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 Banco Santander report
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