olivLaw · European equity research
Banco Santander S.A. BNC.L
United Kingdom · London Stock Exchange · Vertical: Listed companies from United Kingdom
At the close of 05 Nov 2026, Banco Santander S.A. (BNC.L) stock was 9.02 GBP (+1.35% on the day), with beta 1.31, 52-week range 7.72–11.06 GBP.
Data as of · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 39.3
- weak (30–45)
- Bollinger (20, 2)
- 8.23 – 10.79
- in the lower half of the band · %B 0.31 · band width 27.0%
- SMA 50 / 200
- 10.24 / 9.64
- mixed trend
- MACD (12, 26, 9)
- -0.46 / -0.41
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −14.7% | −0.6% | −14.1 pp | — |
| 3 months | −18.0% | −4.2% | −13.8 pp | — |
| 6 months | −1.0% | +4.3% | −5.3 pp | — |
| Year to date | +2.4% | +7.5% | −5.1 pp | — |
| 1 year | +17.1% | +9.9% | +7.2 pp | +6.7% |
| 3 years | +190.5% | +49.8% | +140.7 pp | +24.8% |
| 5 years | +222.4% | +42.8% | +179.6 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 11.1 bn | 12.6 bn | 14.1 bn |
| Net income YoY | unavailable | +13.5% | +12.1% |
| Diluted EPS | 0.65 | 0.77 | 0.90 |
| Diluted EPS YoY | unavailable | +18.0% | +17.2% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | -6.4 bn | -32.6 bn | -20.7 bn |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 152.3 bn EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 112.7 bn EUR
- Total assets
- 1,867.5 bn EUR
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 12.8%
- ROA
- 0.8%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Gross profit | 54.3 bn | 58.4 bn | 58.7 bn | esef· 04 Mar 2026verified |
| Depreciation & amortisation | 3.1 bn | 3.2 bn | 3.2 bn | esef· 04 Mar 2026verified |
| Pre-tax income | 15.0 bn | 17.3 bn | 18.7 bn | esef· 04 Mar 2026verified |
| Income tax | 3.9 bn | 4.8 bn | 4.7 bn | esef· 04 Mar 2026verified |
| Net income | 11.1 bn | 12.6 bn | 14.1 bn | esef· 04 Mar 2026verified |
| Diluted EPS | 0.65 | 0.77 | 0.90 | esef· 04 Mar 2026verified |
| Dividend per share | 0.13 | 0.19 | 0.21 | esef· 20 Oct 2026derived |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 220.3 bn | 192.2 bn | 152.3 bn | esef· 04 Mar 2026verified |
| Inventories | 7.0 m | 6.0 m | 7.0 m | esef· 04 Mar 2026verified |
| Goodwill | 14.0 bn | 13.4 bn | 12.0 bn | esef· 04 Mar 2026verified |
| Intangibles (excl. goodwill) | 5.9 bn | 5.8 bn | 5.4 bn | esef· 04 Mar 2026verified |
| Total assets | 1,797.1 bn | 1,837.1 bn | 1,867.5 bn | esef· 04 Mar 2026verified |
| Total liabilities | 1,692.8 bn | 1,729.8 bn | 1,754.8 bn | esef· 04 Mar 2026verified |
| Equity | 104.2 bn | 107.3 bn | 112.7 bn | esef· 04 Mar 2026verified |
| Shares outstanding at year end | 16.9 bn | 16.3 bn | 15.6 bn | esef· 20 Oct 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 5.0 bn | -24.2 bn | -14.8 bn | esef· 04 Mar 2026verified |
| Capex | 11.4 bn | 8.5 bn | 5.9 bn | esef· 04 Mar 2026verified |
| Free cash flow | -6.4 bn ≈ | -32.6 bn ≈ | -20.7 bn ≈ | esef· 04 Mar 2026derived |
| Investing cash flow | -5.4 bn | -3.7 bn | 534.0 m | esef· 04 Mar 2026verified |
| Financing cash flow | -2.1 bn | -5.5 bn | -14.2 bn | esef· 04 Mar 2026verified |
| Dividends paid | 2.3 bn | 3.0 bn | 3.3 bn | esef· 04 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 1 of at least 6
- score weight coverage: 6.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
6% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 10.66 – 19.30 EUR.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E10.66 – 19.30 (Mid 13.81)18 companies used · median multiple 15.3x · quartiles 11.8x – 21.4x0EV1.L, ABDN.L, ABF.L, AIRE.L, AJB.L, ALFA.L, AMIF.L, APN.L, APTD.L, ASHM.L, AUTO.L, BAB.L, BAG.L, BATS.L, BBY.L, BCG.L, BKG.L, BME.L
- Dividend discount (DDM)outside the aggregate2.92 – 3.98 (Mid 3.36)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 1 of at least 6; score weight coverage: 6.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | -146.7% | 0 (on a fixed band) | 100% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial0/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
BANCO SANTANDER S.A. (BNC.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 12.8%.
The estimated value range is 10.66–19.30 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 1 of at least 6; score weight coverage: 6.2% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- FCF conversion: -146.7%
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| BMS.LBraemar PLC | 78.3 m | 39.2 | 2.7% | 1.7% | −4.4% | +13% / −11% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
1- and 3-year price returns: for BNC.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
The qualitative analysis has not been written for this company yet.
Products, market & competition
The qualitative analysis has not been written for this company yet.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202520 Oct 2026
- Annual report 202520 Oct 2026
- Annual report 202504 Mar 2026
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.