Skip to Content

Banco Santander SA BNC

Rating as of

Morningstar’s Analysis

Currency in GBX
Is it the right time to buy or sell?
Find out with Morningstar Premium
Is it the right time to buy or sell?
Find out with Morningstar Premium

1-Star Price


5-Star Price


Economic Moat


Capital Allocation


Santander Capital Allocation Rating: Standard

Johann Scholtz, CFA Equity Analyst

Analyst Note

| Johann Scholtz, CFA |

We give Santander a Standard capital allocation rating. We do not believe that Santander has any competitive advantages in its U.S. retail banking operation or in its U.K. retail banking business. Both businesses also earn returns materially below their cost of capital. Santander, however, views these businesses as core to its operations. We believe Santander should exit these businesses. It could potentially free up capital to strengthen Santander’s weak balance sheet. In our view, Santander’s shareholder distribution policy is appropriate. We maintain our narrow economic moat rating and our EUR 4 per share fair value estimate.

Read Full Analysis

Company Profile

Business Description

Santander's focus is on retail and commercial banking. Latin America is geographically the largest operation, with Brazil by far the largest. Its continental European business is still mainly Iberian. Santander’s U.K. presence is the result of the acquisition of building society Abbey. In the U.S., Santander operates a vehicle finance business and a regional bank focused on the Northeastern states.

Avda. de Cantabria s/n, Boadilla del Monte
Madrid, 28660, Spain
T +34 912596520
Sector Financial Services
Industry Banks - Diversified
Most Recent Earnings Sep 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type
Employees 190,751