WSE:SPL

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Santander Bank Polska

Executive Summary

Santander Bank Polska S.A., together with its subsidiaries, provides various banking products and services for individuals, small or medium-sized enterprises, and corporate clients.


Snowflake Analysis

Adequate balance sheet average dividend payer.


Similar Companies

Share Price & News

How has Santander Bank Polska's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: SPL's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

6.8%

SPL

6.4%

PL Banks

4.6%

PL Market


1 Year Return

-55.1%

SPL

-45.4%

PL Banks

-18.6%

PL Market

Return vs Industry: SPL underperformed the Polish Banks industry which returned -45.6% over the past year.

Return vs Market: SPL underperformed the Polish Market which returned -19.4% over the past year.


Shareholder returns

SPLIndustryMarket
7 Day6.8%6.4%4.6%
30 Day-0.1%1.3%5.6%
90 Day-40.2%-34.1%-6.7%
1 Year-55.1%-55.1%-44.3%-45.4%-16.6%-18.6%
3 Year-49.0%-52.1%-43.8%-47.5%-21.6%-27.0%
5 Year-43.0%-49.7%-43.9%-50.8%-18.2%-28.1%

Price Volatility Vs. Market

How volatile is Santander Bank Polska's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Santander Bank Polska undervalued compared to its fair value and its price relative to the market?

8.43x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: SPL (PLN162.8) is trading above our estimate of fair value (PLN122.84)

Significantly Below Fair Value: SPL is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: SPL is poor value based on its PE Ratio (8.4x) compared to the Banks industry average (8.4x).

PE vs Market: SPL is good value based on its PE Ratio (8.4x) compared to the Polish market (10.7x).


Price to Earnings Growth Ratio

PEG Ratio: SPL is good value based on its PEG Ratio (0.5x)


Price to Book Ratio

PB vs Industry: SPL is overvalued based on its PB Ratio (0.6x) compared to the PL Banks industry average (0.6x).


Next Steps

Future Growth

How is Santander Bank Polska forecast to perform in the next 1 to 3 years based on estimates from 13 analysts?

18.0%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: SPL's forecast earnings growth (18% per year) is above the savings rate (2.9%).

Earnings vs Market: SPL's earnings (18% per year) are forecast to grow faster than the Polish market (11.7% per year).

High Growth Earnings: SPL's earnings are forecast to grow, but not significantly.

Revenue vs Market: SPL's revenue (2.5% per year) is forecast to grow faster than the Polish market (2.3% per year).

High Growth Revenue: SPL's revenue (2.5% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: SPL's Return on Equity is forecast to be low in 3 years time (7.6%).


Next Steps

Past Performance

How has Santander Bank Polska performed over the past 5 years?

-1.3%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: SPL has a high level of non-cash earnings.

Growing Profit Margin: SPL's current net profit margins (24.6%) are lower than last year (30.8%).


Past Earnings Growth Analysis

Earnings Trend: SPL's earnings have declined by -1.3% per year over the past 5 years.

Accelerating Growth: SPL's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: SPL had negative earnings growth (-12.9%) over the past year, making it difficult to compare to the Banks industry average (-8.4%).


Return on Equity

High ROE: SPL's Return on Equity (8.3%) is considered low.


Next Steps

Financial Health

How is Santander Bank Polska's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet


Financial Institutions Analysis

Asset Level: SPL's Assets to Equity ratio (7.9x) is low.

Allowance for Bad Loans: SPL has a low allowance for bad loans (69%).

Low Risk Liabilities: 83% of SPL's liabilities are made up of primarily low risk sources of funding.

Loan Level: SPL has an appropriate level of Loans to Assets ratio (71%).

Low Risk Deposits: SPL's Loans to Deposits ratio (98%) is appropriate.

Level of Bad Loans: SPL has a high level of bad loans (5%).


Next Steps

Dividend

What is Santander Bank Polska's current dividend yield, its reliability and sustainability?

12.11%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: SPL's dividend (12.11%) is higher than the bottom 25% of dividend payers in the Polish market (2.24%).

High Dividend: SPL's dividend (12.11%) is in the top 25% of dividend payers in the Polish market (6.95%)


Stability and Growth of Payments

Stable Dividend: SPL's dividend payments have been volatile in the past 10 years.

Growing Dividend: SPL's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its high payout ratio (102.2%), SPL's dividend payments are not well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: SPL's dividends in 3 years are forecast to be well covered by earnings (36% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

3.3yrs

Average management tenure


CEO

Michal Gajewski

3.58yrs

Tenure

zł2,261,000

Compensation

Mr. Michal Gajewski has been the President of Management Board and Chief Executive Officer at Santander Bank Polska SA (formerly Bank Zachodni WBK S.A.) since November 29, 2016. Mr. Gajewski serves as Head ...


CEO Compensation Analysis

Compensation vs Market: Michal's total compensation ($USD564.81K) is about average for companies of similar size in the Polish market ($USD749.42K).

Compensation vs Earnings: Michal's compensation has been consistent with company performance over the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Michal Gajewski
President of the Management Board & CEO3.58yrszł2.26mno data
Andrzej Burliga
Vice President of the Management Board3.25yrszł1.40mno data
Michael McCarthy
Vice President of the Management Board3.25yrszł1.41mno data
Juan de Porras Aguirre
Vice President of the Management Board3.25yrszł1.41mno data
Arkadiusz Przybyl
Vice President of the Management Board2.08yrszł1.42mno data
Maciej Reluga
CFO, Chief Economist & Member of Management Board3.33yrszł1.06mno data
Carlos Polaino-Izquierdo
Member of Management Board and In Charge of the General Intervention & Management Control Division5.17yrszł1.89mno data
Dorota Strojkowska
Member of Management Board3.17yrszł1.17mno data
Patryk Nowakowski
Member of Management Board1yrzł1.02mno data
Wojciech Skalski
Director of Financial Accounting Areano datano datano data

3.3yrs

Average Tenure

Experienced Management: SPL's management team is considered experienced (3.3 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
José Antonio García Cantera
Member of Supervisory Board5.17yrsno datano data
Gerald Byrne
Supervisory Board Chairman9.17yrsno datano data
John Power
Supervisory Board Member18.17yrsno datano data
Jose Luis De Mora Gil-Gallardo
Deputy Chairman of the Supervisory Board4.42yrsno datano data
David Hexter
Independent Member of Supervisory Boardno datano datano data
Jerzy Surma
Independent Member of Supervisory Board8.08yrsno datano data
Danuta Dabrowska
Independent Member of Supervisory Board6.17yrsno datano data
Marynika Woroszylska-Sapieha
Independent Member of Supervisory Board6.17yrsno datano data
Isabel Guerreiro
Member of the Supervisory Board0.75yrno datano data

6.2yrs

Average Tenure

55yo

Average Age

Experienced Board: SPL's board of directors are considered experienced (6.2 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Santander Bank Polska S.A.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Santander Bank Polska S.A.
  • Ticker: SPL
  • Exchange: WSE
  • Founded: 1989
  • Industry: Diversified Banks
  • Sector: Banks
  • Market Cap: zł16.620b
  • Shares outstanding: 102.09m
  • Website: https://www.santander.pl

Number of Employees


Location

  • Santander Bank Polska S.A.
  • Aleja Jana Pawla II 17
  • Warsaw
  • 00-854
  • Poland

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
SPLWSE (Warsaw Stock Exchange)YesCommon Bearer SharesPLPLNJun 2001
0DVRLSE (London Stock Exchange)YesCommon Bearer SharesGBPLNJun 2001
BZIDB (Deutsche Boerse AG)YesCommon Bearer SharesDEEURJun 2001

Biography

Santander Bank Polska S.A., together with its subsidiaries, provides various banking products and services for individuals, small or medium-sized enterprises, and corporate clients. It offers saving, escrow, foreign currency, company, agribusiness, and systematic accounts; cash, housing, mortgage, investment, revolving, business vehicle, and technology loans, as well as agro investment, construction, bridging, production, disaster, and land loans; debit, credit, and business cards; and payment terminals, overdraft facility, and electronic and internet banking services. The company also provides term, structured, short term, and currency deposits; insurance products; and personal finances, investment advisory services, investment funds, brokerage, and global banking services. In addition, it offers foreign trade services, including bank guarantees, payments, documentary and financial collection, and foreign and own letter of credit; forfaiting and currency exchange; and leasing of machines and devices, passenger cars, auto, and truck. Further, the company provides transaction support and liquidity management services; arable land, ongoing, and investment financing; export, import, foreign trade guarantees, working capital financing, and debt capital and capital market services; and correspondence banking, trade financing, and fiduciary services, as well as global transaction services for bank. It has approximately 1,000 branches and partner outlets in Poland. The company was formerly known as Bank Zachodni WBK S.A. and changed its name to Santander Bank Polska S.A. in September 2018. The company was founded in 1989 and is headquartered in Warsaw, Poland. Santander Bank Polska S.A. is a subsidiary of Banco Santander S.A. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/06/01 07:50
End of Day Share Price2020/05/29 00:00
Earnings2020/03/31
Annual Earnings2019/12/31


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.