PDF Report issued on the 23/05/2015

BANCO SANTANDER, S.A.

Company Profile

Mercado Continuo Espanol / SAN / ES0113900J37

Business Summary

Sector

Banco Santander SA engages in the provision of banking services for individuals, companies and institutions.

>> Banks - NEC

It operates through the following business segments: Retail Banking, Global Wholesale Banking, and Asset Management &
Insurance.

Banco Santander, S.A. :

The Retail Banking segment covers all customers banking businesses, including private banking.
The Global Wholesale Banking segment is engaged in the global corporate banking, investment banking and markets
worldwide including all treasuries managed globally, both trading and distribution to customers, as well as equities business.
The Asset Management & Insurance segment includes the company's units that design and management of the investment
fund, pension and insurance businesses of the various units.
The company's operations are carried out through Continental Europe, United Kingdom, and Latin America geographical
segments.
Banco Santander was founded on March 21, 1857 and is headquartered in Madrid, Spain.
Number of employees : 185 405 persons.

Sales per Businesses

2013

2014

EUR (in Million)

Commercial Banking
Global Wholesale Banking
Private Banking, Asset Management & Insurance
Real Estate Operations Discontinued in Spain
Corporate Activities

EUR (in Million)

Delta

34,790

47.2%

36,631

48.2%

+5.03%

5,148

7%

4,997

6.6%

-3.02%

763.00

1%

1,506

2%

+49.34%

6.00

0%

-64.00

-0.1%

-1,030

-1.4%

-458.00

-0.6%

Sales per Regions

2013
EUR (in Million)

2014
%

EUR (in Million)

Delta

Latin America

21,083

28.6%

19,065

25.1%

-10.58%

Continental Europe

12,585

17.1%

12,822

16.9%

+1.85%

United Kingdom

4,880

6.6%

5,541

7.3%

+11.93%

United States

2,158

2.9%

5,642

7.4%

+61.75%

-1,029

-1.4%

-458.00

-0.6%

Intra-Group Eliminations
Global

Upcoming events on BANCO SANTANDER, S.A.

07/30/15

Interim 2015 Earnings Call

07/30/15
10/29/15

Interim 2015 Earnings Release

Q3 2015 Earnings Call

10/29/15

Q3 2015 Earnings Release

Income Statement Evolution

EPS - Rate of surprise

Banco Santander, S.A. :

Managers
Name

Age

Since

55

2002

CEO, Director & Investor

Relations Contact

Ana Patricia Botn

de Sautuola y
53
O'Shea

1989

Executive Chairman

Andreu Plaza

2015

SEVP-Technology &
Operations

Jos Antonio
Garcia Cantera,
MBA

49

2003

Chief Financial Officer

Guillermo de la
Dehesa Romero

74

2002

Vice Chairman

Jos Antonio
lvarez, MBA

Title

Shareholders
Name

Shares

Lyxor International Asset

Management SAS

301,556,902

2.14%

The Vanguard Group, Inc.

225,771,846

1.61%

Capital Research & Management Co.

(World Investors)

222,295,035

1.58%

Norges Bank Investment

Management

217,866,287

1.55%

BlackRock Fund Advisors

183,111,976

1.30%

Company contact info / Stock Exchange Codes

avenida de Cantabria Santader Group City
ES-28660 Boadilla del Monte, Madrid (Spain)
Phone : +34 902 11 22 11
Fax : +34
Internet : http://www.santander.com
- ISIN Code : ES0113900J37 - Bloomberg Code :
- Reuters Code :
- Datastream Code :

Past events on BANCO SANTANDER, S.A.

04/28/15 | 04:00am

Q1 2015 Earnings Call

04/28/15

Q1 2015 Earnings Release

03/27/15 | 03:30am

Annual General Meeting

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Page 1 of 6

PDF Report issued on the 23/05/2015

BANCO SANTANDER, S.A.

Financials and Forecast

Mercado Continuo Espanol / SAN / ES0113900J37

Income Statement Evolution : Past and Forecast

Financial Ratios

Banco Santander, S.A. :

Size

Annual Income Statement Data : Past and Forecast

Actuals in M
Fiscal Period December

2012

2013

Estimates in M
2014

2015

2016

2017

Sales

43 675

39 753

42 612

45 515

47 456

49 723

Operating income (EBITDA)

25 748

Operating profit (EBIT)

2015e

2016e

97 110 M

Entreprise Value (EV)

97 110 M

Valuation

2015e

2016e

PER (Price / EPS)

12,7x

11,4x

Capitalization / Revenue

2,13x

2,05x

EV / Revenue

EV / EBITDA

3,00%

3,41%

1,02x

0,97x

Capitalization

23 559

19 909

22 574

23 858

25 418

26 018

Pre-Tax Profit (EBT)

8 447

7 262

9 720

12 362

13 868

15 408

Net income

2 205

4 370

5 816

7 455

8 481

9 503

0,20

0,36

0,47

0,53

0,60

0,67

Operating Margin (EBIT / Sales)

operating Leverage (Delta EBIT / Delta Sales)

Yield (DPS / Price)

Price to book (Price / BVPS)
Profitability

EPS ( )
Dividend per Share ( )
Yield
Announcement Date

0,38

0,55

0,59

0,20

0,23

0,25

5,67%

8,07%

8,69%

3,00%

3,41%

3,71%

01/31/2013
10:04am

Finances - Leverage : Past and Forecast

Banco Santander, S.A. :

01/30/2014
12:40pm

02/03/2015
04:02pm

2015e

2016e

52,4% 53,6%
0,83x

1,53x

Net Margin (Net Profit / Revenue)

16,4% 17,9%

ROA (Net Profit / Asset)

0,53% 0,61%

ROE (Net Profit / Equities)

8,83% 9,17%

Rate of Dividend

38,2% 38,9%

Balance Sheet Analysis

2015e

2016e

CAPEX / Sales

0,04%

0,02%

Cash Flow / Sales (Taux d'autofinancement)

54,9%

54,9%

31,2x

29,1x

Capital Intensity (Assets / Sales)

Financial Leverage (Net Debt / EBITDA)

Revenue Revisions
Banco Santander, S.A. :

EPS Revisions
Banco Santander, S.A. :

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Page 2 of 6

PDF Report issued on the 23/05/2015

BANCO SANTANDER, S.A.

Analysts' Consensus

Mercado Continuo Espanol / SAN / ES0113900J37

Evolution of the average consensus target price

Banco Santander, S.A. :

Target Price consensus revisions : last 18 months

Banco Santander, S.A. :

Consensus

Sell

Mean consensus

Buy
HOLD

Number of Analysts

34

Average target price

6,82

Last Close Price

6,78
77%

Spread / Highest target

Spread / Average Target

0,53%

Spread / Lowest Target

-18%

Consensus detail
Banco Santander, S.A. :

Consensus revision (last 18 months)

Banco Santander, S.A. :

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Page 3 of 6

PDF Report issued on the 23/05/2015

BANCO SANTANDER, S.A.

Sector and Competitors

Mercado Continuo Espanol / SAN / ES0113900J37

Chart Sector
Banco Santander, S.A. :

Subsector Banks - NEC

1st jan.

Capitalisation (M$)

Growth (Revenue)

Profitability

Finances

Valuation

-3.39%

108 238

INDUSTRIAL AND COML BANK OF..

9.45%

301 003

WELLS FARGO & CO

2.17%

288 407

JPMORGAN CHASE & CO.

6.50%

247 344

CHINA CONSTRUCTION BANK COR..

-0.89%

245 441

BANK OF CHINA LIMITED

10.12%

206 504

BANK OF AMERICA CORP

-6.48%

175 700

1.35%

166 392

-2.97%

107 765

MITSUBISHI UFJ FINANCIAL GR..

36.54%

106 333

LLOYDS BANKING GROUP PLC

15.85%

97 655

ROYAL BANK OF CANADA

0.12%

95 137

TORONTO-DOMINION BANK

1.87%

85 184

WESTPAC BANKING CORP

-1.81%

80 723

BNP PARIBAS

16.54%

78 422

U.S. BANCORP

-2.42%

77 765

1.32%

76 397

CHINA MERCHANTS BANK CO., L..

12.72%

74 098

BARCLAYS PLC

10.94%

71 193

0.28%

69 161

18.33%

65 492

BANCO SANTANDER, S.A.

CITIGROUP INC
COMMONWEALTH BANK OF
AUSTRA..

BANK OF COMMUNICATIONS CO L..

NATIONAL AUSTRALIA BANK LTD..

BANCO BILBAO VIZCAYA ARGENT..

Best Growth (Revenue) : China Merchants Bank Co

Best Profitability : Industrial and Coml Ban
Best Situation Fi. :
Best EPS revision 4m. : Citigroup Inc
Best Valuation :
Best Investor Rating : China Merchants Bank Co

PER

EPS revision 4m.

Worst Growth (Revenue) : Barclays PLC

Worst Profitability : Barclays PLC
Worst Situation Fi. : Industrial and Coml Ban
Worst EPS revision 4m. : Barclays PLC
Worst Valuation : Industrial and Coml Ban
Worst Investor Rating : Barclays PLC

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investment adviser. You understand that this web site and its content is furnished for your personal, noncommercial, informational purposes only, and that no mention
of a particular security in this website constitutes a recommendation to buy, sell, or hold any other security, nor that any particular security, portfolio of securities,
transaction or investment strategy is suitable for any specific person.

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Page 4 of 6

PDF Report issued on the 23/05/2015

BANCO SANTANDER, S.A.

Technical Analysis

Mercado Continuo Espanol / SAN / ES0113900J37

Daily chart

Technical analysis trends

Short Term

Mid-Term

Long Term

Bearish

Neutral

Neutral

6,85

7,38

7,90

Spread/Res.

-1,3%

-8,4%

-14%

Spread/Supp.

3,7%

15%

15%

Support

6,52

5,89

5,89

Trend
Resistance

Indicators
STIM
RSI 14 days
MA20
MA50
MA100
MA20 / Price
MA50 / Price
MA100 / Price

53.75
6.70
6.74
6.53
0.87%
0.28%
3.39%

Volumes
Session volume
Avg. Volume 20 sessions
Volume ratio
Session exchange
Avg. Exchange 20 sessions
Number of securities
Swapped fund session

57 813 546
58 304 345
0.99
390 761 757
394 079 068
13 798 007 013
0.42%

Changes at 05/22 market close

Weekly chart

5-day price change

Change as of January 1
1-year price change
10-year price change

+1.75%
-3.39%
-7.69%
-20.03%

Extremes
10-year High (11/09/2007)
10-year Low (03/09/2009)

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investment adviser. You understand that this web site and its content is furnished for your personal, noncommercial, informational purposes only, and that no mention
of a particular security in this website constitutes a recommendation to buy, sell, or hold any other security, nor that any particular security, portfolio of securities,
transaction or investment strategy is suitable for any specific person.

13.92
3.84

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Page 5 of 6

PDF Report issued on the 23/05/2015

BANCO SANTANDER, S.A.

Summary

Mercado Continuo Espanol / SAN / ES0113900J37

Strengths

Surperformance ratings of Banco Santander, S.A.

Overall rating

The group's activity appears highly profitable thanks to its outperforming net margins.

Trading Rating

The group enjoys attractive earnings multiples. Its P/E ratio at 12.72 for 2015 asserts its
qualification for any potential investment.

Investor Rating
Growth (Revenue)

The company is one of the best yield companies with high dividend expectations.
Analysts have consistently raised their revenue expectations for the company, which provides
good prospects for the current and next years in terms of revenue growth.

Valuation

Finances

Profitability

Over the last twelve months, the sales forecast has been frequently revised upwards.

Earnings quality
Business Predictability

Weaknesses

PER
Potential

In view of fundamental criteria, the company is among low performers as far as mid or long-term
investment strategy is concerned.

Yield
Consensus
7 days EPS revision
4 months EPS revision
1 year EPS revision
4 months Revenue revision
1 year Revenue revision

Surperformance rating of Banco Santander, S.A.

Overall rating
Short Term Timing
Middle Term Timing
Long Term Timing
RSI
Bollinger Spread
Unusual Volumes
STIM

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Page 6 of 6