Santander has covered in the table of world power

With more than half of the income from America, the Spanish bank does not measure the market as such, as a intercontinental hybrid which touches from investment banking to commercial and consumer finance, and whose asset is listed at a 40% discount. | All about the fund advised by the Economist, Tressis Wallet Eco30.

Nothing attracts the brain more than what is hidden, something they understood not so long ago at the Bilderberg Club. From the absolute secrecy that fueled the conspiracy, they went on to publish the name and surname of the guests to this conclave of world power.

In May, in the last of these selected meetings, Ana Botín, president of Banco Santander, again took a seat, sole representative of the Spanish banking before the Club and the few figures of the world bank present – together with the directors of Credit Suisse and Goldman Sachs.

The influence of Ana Botín, which Medici of the 21st century, and the presiding bank, extends as a vine through the Old and the New World. However, although the bank of Cantabrian origin is valued as European, from the entity they believe that their American miscegenation should be taken into account.

“We have approximately 50% of the profit capacity in America, you could have another multiplier,” he argued Sergio Gámez, director of Investor Relations at Santander in an interview with this newspaper in December.

The market estimates that the bank's PER (times that profit is included in the current share price) of 2020 is of 8.1 times, compared to the average of 9.5 times of the largest European entities in the stock market, such as Société Générale, Unicredit, BBVA or HSBC.

On the other hand, the average multiplier of the large US banks is closer to the 12 times, from 12.6 times of JP Morgan to 9.2 times of Citigroup.

Santander Bank is in a hand to hand with BNP Paribas for the position of the largest bank in Europe in terms of stock market value, and it is also the second most important company in the Ibex 35.

However, last year he got almost a third of its income from Brazil, about 15% of the US, 8% of Mexico and 5% of Chile – 55% of sales -, compared to the other third of continental Europe; 9.3% of the United Kingdom apart.

The entity was the most solvent of the four Spanish companies analyzed in 2018 in the European banking stress tests, also above Deustche Bank. However, the maximum solvency capital ratio was below, for example, Crédit Agricole, ABN Amro or ING. The results of the new tests will be published next July.

Santander leads commercial banks in Spain as well as in the United Kingdom and Brazil, the latter country in which the return on capital will continue at around 21%, according to the bank's forecasts.

Investment banking accounts for around 25% of the business for Santander, and with all this its book value price offers a 40% discount, a trend – that of being undervalued by the market – that is common among European banks, but not in the US.

The largest banks in the country – Citigroup, Goldman Sachs, Wells Fargo, Bank of America, JP Morgan, Goldman Sachs and US Bancorp- listed with a premium of 30% on average On that side of the Atlantic, assets are somewhat more overvalued.

Sergio Gámez (Santander): We are cataloged as a European bank, but we should have another multiple

Santander earns 6,515 million euros in 2019, 17% less, impacted by the United Kingdom coup