The economy in Spain has been looking a little better and that has led Spanish banking shares to do quite a lot better, with Bankia up close to 120%, CaixaBank up about 90% and the big boys BBVA (BBVA) and Santander (SAN)
up around 60%. Credit recovery can be a powerful factor in bank stock
appreciation and incoming bad credits in Spain are getting better for
Santander. On the other hand, Santander Mexico (BSMX) hasn't been doing as well as I'd hoped, Santander Brasil (BSBR)
is losing share, and the company's credit position is still quite weak
relative to other large banks. These shares already seem to reflect a
lot of optimism about improving interest spreads and loan growth and I
don't see much value at these levels.
Read more here:
Santander Looks Pricey Relative To Its Capital And Growth Prospects
No comments:
Post a Comment