Banco Santander Remains Materially Undervalued [Seeking Alpha]
Banco Bradesco Sa American Depositary Shares (each representing one Common Share) (BBDO)
US:NYSE Investor Relations:
bradescori.com.br/sitebradescori/default-en.aspx
Company Research
Source: Seeking Alpha
Q4 results were a bit so-so, while management's 2024 profitability target looks very ambitious. These shares still trade at a clear discount to tangible book value, which continues to undervalue the bank's through-the-cycle earnings power. Shares of Banco Santander ( NYSE: SAN ) have underwhelmed since I last covered the Spanish multinational banking giant in October. The ADSs have delivered a circa 9% total return in that time, roughly matching domestic-oriented peer CaixaBank ( OTCPK:CAIXY OTCPK:CIXPF ) but trailing similarly Spanish/LatAm-focused BBVA ( BBVA ) as well as European financials ( EUFN ) more generally. I have by-and-large been a firm supporter of Santander's vast geographic diversity. Banks being banks, local regulations and ring-fencing mean that scale-related competitive advantages typically don't apply. Instead, the main bullish argument is that Santander's operating geographies are often at different points in the business cycle, ultimately acting to smooth
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