STOCKCHASE

The largest Spanish bank with significant holdings in Britain and Brazil. Have a lot of real estate on the books that they cannot dispose off that was confiscated from developers. BV is probably overstated. Have not fully marked down their Spanish government debt holdings.

2011-11-17

PAST TOP PICK

8.160

Rick Stuchberry

(A Top Pick Oct 21/10. Down 33.94%.) Got stopped out and broke even.

2011-11-03

DON'T BUY

7.380

The bank will survive if Spain defaults on its debt. Largest bank in Spain. They are carrying their real estate assets at a high price.

2011-09-22

DON'T BUY

11.100

Gavin Graham

One of the best of the European continental banks. The problem is, it’s a Spanish home based, which offsets the Latin American growth and its strong position in the UK. 5.6%. If Spain where to leave the Euro or there was restructuring of Spanish debt, It would not have a good affect on the share price. (See Top Picks.)

2011-05-20

HOLD

11.910

Rick Stuchberry

Has been a disappointment. He continues to hold it because Brazil is one of his favourite countries in the emerging markets. This one has been a laggard, partly because the parent company in Europe has been sideways too. Should do better over time.

2011-04-21

Comment

11.710

Has handled the financial crisis fairly well. Loan loss of provisions of about 4% versus 2% so write offs are about twice as high as Cdn banks. Risk/reward is probably 20% on the downside but if growth outside of Spain improves and starts to improve in 5 years, you could double your money. The crux of the issue is how long are they going to take. (Owns Banco Bilbao Vizcaya (BBVE-N).)

2011-03-31

DON'T BUY

10.130

Problem with any Spanish bank is with the outlook on their economy the prospects are low. Many European banks would have to re-finance through private parties if interest rates increase, unlike Canadian banks.

2011-01-06

BUY

9.740

Anything to do with Spain is going down in value. Looking at the valuation metrics, you are paying 3 to 5 times cash flow, which is unheard of. Earnings are yielding around 5%. More than 50% of their business is outside of Spain.

2010-11-29

BUY on WEAKNESS

10.490

International Spanish bank with assets in the UK, big franchise growing southern US and Central and South America. Stock has come off because of fears of the crisis in Europe. You’ll be able to get it cheaper in the next little while during the current European problems. Great franchise and well managed.

2010-11-25

TOP PICK

13.250

Rick Stuchberry

Like BNS in Canada. Didn’t get into derivatives. Just a basic lender. A third is in South America. Has a nice 5% yield.

2010-10-21

BUY on WEAKNESS

13.250

Great franchise around the world and concentrates on retail banking and private banking. They were able to buy some decent banks during the recession. They diversified out of Spain into US and Latin America. You never know what is going to happen to the economy in Spain short term.

2010-10-21

HOLD

13.000

Gavin Graham

Multinational bank that didn't blow itself up. About 5.4% yield. Selling at about 8X earnings. The real attraction is its Latin American businesses. Exposed to 2 Western European markets with bad housing, Spain and UK. Leave up for 18-24 months before buying.

2010-09-16

Comment

11.890

Karl Berger

One of the more resilient Spanish banks. Has South American exposure as well. The challenges with the Spanish banks make them difficult to evaluate. Doesn't think all of the bad news is out in terms of the European banking system. 6% yield.

2010-08-27

BUY

11.630

Don Reed

Good, solid Spanish bank and is looking at this one very closely.

2010-08-24

Comment

12.770

Jeff Parent B. Eng. FCSI

Looks like it is going into a consolidation phase. Big dip to $8.70 in June. Expecting it to go into a trading range. If it breaks above $14 it might continue to $16. If you own consider selling but if you Hold you say Stop/Loss of $12.40.

2010-07-30

WAIT

10.870

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

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

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

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

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

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

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