Banco Santander SA

SAN: XMAD (ESP)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€3.10	Dsjhgk	Pmkd

Santander Earnings: Solid Underlying Results Drive Improved Guidance

Johann Scholtz

Jul 25, 2024

Narrow-moat Banco Santander reported an attributable profit of EUR 3.2 billion for the second quarter, 20% higher than the EUR 2.7 billion it reported a year earlier and in line with the consensus expectations of analysts polled by the bank. However, a EUR 687 million (noncash) hyperinflation adjustment for the Argentinian operations hurt results. Santander increased its 2024 guidance slightly and now expects upper-single-digit revenue growth for 2024 compared with midsingle digits previously. We will incorporate the results in our model and may change our EUR 5.80 fair value estimate.

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