Banco Santander, S.A.

WSE:SAN Stock Report

Market Cap: zł284.5b

Banco Santander Valuation

Is SAN undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

6/6

Valuation Score 6/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of SAN when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: SAN (PLN18.72) is trading below our estimate of fair value (PLN31.87)

Significantly Below Fair Value: SAN is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for SAN?

Key metric: As SAN is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for SAN. This is calculated by dividing SAN's market cap by their current earnings.
What is SAN's PE Ratio?
PE Ratio5.7x
Earnings€11.75b
Market Cap€66.67b

Price to Earnings Ratio vs Peers

How does SAN's PE Ratio compare to its peers?

The above table shows the PE ratio for SAN vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average8x
PKO Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna
9.8x8.6%zł74.1b
SPL Santander Bank Polska
8.9x5.1%zł47.1b
ING ING Bank Slaski
7.3x-1.6%zł31.7b
PEO Bank Polska Kasa Opieki
5.8x-5.3%zł36.5b
SAN Banco Santander
5.7x-0.02%zł66.7b

Price-To-Earnings vs Peers: SAN is good value based on its Price-To-Earnings Ratio (5.7x) compared to the peer average (8x).

Price to Earnings Ratio vs Industry

How does SAN's PE Ratio compare vs other companies in the European Banks Industry?

2 CompaniesPrice / EarningsEstimated GrowthMarket Cap
SAN 5.7xIndustry Avg. 7.8xNo. of Companies42PE0612182430+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: SAN is good value based on its Price-To-Earnings Ratio (5.7x) compared to the European Banks industry average (7.8x).

Price to Earnings Ratio vs Fair Ratio

What is SAN's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

SAN PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio5.7x
Fair PE Ratio10x

Price-To-Earnings vs Fair Ratio: SAN is good value based on its Price-To-Earnings Ratio (5.7x) compared to the estimated Fair Price-To-Earnings Ratio (10x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst SAN forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Currentzł18.72
zł24.37
+30.2%
7.1%zł26.89zł20.00n/a21
Dec ’25zł18.78
zł24.69
+31.5%
7.4%zł27.23zł20.25n/a21
Nov ’25zł19.70
zł24.89
+26.3%
7.3%zł27.52zł20.46n/a21
Oct ’25zł18.91
zł24.04
+27.1%
7.6%zł27.00zł20.14n/a22
Sep ’25zł19.38
zł24.07
+24.2%
7.5%zł27.03zł20.17n/a22
Aug ’25zł18.17
zł24.05
+32.3%
7.4%zł27.04zł20.17n/a22
Jul ’25zł19.09
zł24.05
+26.0%
8.6%zł27.30zł18.63n/a22
Jun ’25zł20.50
zł23.49
+14.6%
8.8%zł26.95zł18.40n/a22
May ’25zł20.01
zł22.86
+14.3%
7.6%zł25.74zł18.60n/a22
Apr ’25zł19.55
zł22.00
+12.5%
9.1%zł24.99zł16.37n/a22
Mar ’25zł16.78
zł21.57
+28.6%
9.2%zł23.92zł16.38n/a23
Feb ’25zł16.30
zł21.41
+31.3%
10.0%zł23.95zł15.54n/a23
Jan ’25zł16.64
zł21.41
+28.7%
10.3%zł24.13zł15.65zł18.7722
Dec ’24zł16.40
zł21.40
+30.5%
10.3%zł24.17zł15.68zł18.7822
Nov ’24zł15.37
zł21.91
+42.6%
11.2%zł26.28zł16.04zł19.7023
Oct ’24zł17.00
zł22.45
+32.1%
10.0%zł26.44zł17.63zł18.9123
Sep ’24zł15.80
zł21.59
+36.7%
9.8%zł25.44zł16.96zł19.3824
Aug ’24zł15.84
zł21.35
+34.8%
10.2%zł25.35zł16.90zł18.1724
Jul ’24zł15.01
zł20.58
+37.1%
10.0%zł24.64zł16.90zł19.0921
Jun ’24zł14.20
zł20.79
+46.4%
12.4%zł25.13zł13.65zł20.5020
May ’24zł14.75
zł21.27
+44.2%
12.9%zł25.68zł13.81zł20.0120
Apr ’24zł16.05
zł21.69
+35.1%
12.0%zł25.93zł14.09zł19.5520
Mar ’24zł17.20
zł20.89
+21.5%
13.2%zł27.19zł14.07zł16.7820
Feb ’24zł15.45
zł19.07
+23.4%
14.6%zł24.48zł14.17zł16.3020
Jan ’24zł13.20
zł18.79
+42.4%
15.1%zł23.77zł14.03zł16.6419

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/01/02 05:01
End of Day Share Price 2025/01/02 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Banco Santander, S.A. is covered by 58 analysts. 16 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
José Valle CarrascalAhorro Corporación
David GrinsztajnAlphaValue
Carlos PeixotoBanco BPI, S.A.