Spanish Banks Undervalued over 20% based on DCF

Banco Santander

Market Cap: €111.5b

Provides various financial products and services to individuals, small and medium-sized enterprises, large corporations, and public entities worldwide.

Banco Bilbao Vizcaya Argentaria

Market Cap: €85.9b

Provides retail banking, wholesale banking, and asset management services primarily in Spain, Mexico, Turkey, South America, rest of Europe, the United States, and Asia.

Banco de Sabadell

Market Cap: €16.7b

Provides banking products and services to personal, business, and private customers in Spain and internationally.