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| WAIT | 10.870 | David Driscoll | 50% of revenues are coming from outside of Spain. Although stock price is down 40% (the same as Spanish index) you have to understand it is not where they are domiciled but where they are doing business. Doing very well in Mexico and South America. Wait to see what credit quality will look like among all the banks over the next couple of quarters. | 2010-06-24 | |
| WATCH | 10.830 | Paul Harris, CFA | Spain is one of the more difficult countries in Europe right now with almost 20% unemployment. Well run bank with some great assets. Situation in Spain will probably get worse so you will be able to get this at a lower price. It will bounce back and do well. | 2010-05-19 | |
| SELL | 16.300 | Paul Harris, CFA | Has been a very funny stock simply because Spain has had one of the most disastrous economies in Europe and over the long-term will have to feel some effects from this. Has done a good job of diversifying globally. At these levels he would Sell. | 2009-10-08 | |
| Comment | 16.150 | Charles Lannon | This and Banco Bilbao (BBVA-SM) are well run Spanish banks. He prefers and owns Banco Bilbao because their M & A track record is a bit better. Surprised how well they have held up with the poor Spanish economy. Worst is still to come and the next 12 months can be choppy. Had a bounce back over 50% since its March lows. If you own, consider taking some off the table. | 2009-09-30 | |
| DON'T BUY | 14.160 | Mark Grammer | Spanish banks have been able to hold in and he thinks it's because of their exposure to Latin America. If they didn't have this along with their help from the Spanish government they would be in terrible shape. He would worry that at some point there will be something that may come home to roost. | 2009-07-27 | |
| BUY | 10.710 | Paul Harris, CFA | Spanish bank with a large presence in Latin America. Has been hurt because he emerging markets have been hurt. Had pretty good earnings numbers. Non-performing loans went up 22% in the quarter. Stayed away from the subprime issue. Three quarters of their business is retail, which is very good. Good long-term growth. 6% yield. | 2008-11-05 | |
| BUY | 15.190 | David Driscoll | The 2 Spanish banks, Banco Santander SA (STD-N) and Banco Bilboa (BFR-N) were up today compared to most European banks. Latin American assets are still providing growth. Likes either of these banks. Yields are little over 6%. Trading at 6X earnings. Price to cash flow at around 3.5 to 4 times. Very good entry point. | 2008-09-16 | |
| BUY | 19.220 | Bruce Cooper | Based in Spain but very strong franchise in Latin America. Spain is a bit more problematic because of their housing bubble. Earnings per share were up double digits. Strong balance sheet. Yield of around 4%. | 2008-07-29 | |
| BUY | 18.600 | David Driscoll | Trading at 5X cash flow. Spanish banks are down 20% because the Spanish economy is expected to slow. | 2008-07-04 | |
| Comment | 21.670 | Cameron Webster | Their housing market/mortgages went quite high and hasn't rolled over quite as much as the US, but the risk is there. The great thing about them is that they have Latin American exposure and Brazil is a better market to be exposed to. | 2007-11-14 | |
| HOLD | 20.950 | David Driscoll | Like south America/ Mexico in a big way. Largest bank in Spain, also has exposure through Latin America. Efficiency is much lower than many of the banks in the world. | 2007-10-25 |
