Banco Santander SA

BNC: XLON (GBR)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	LOCK\|RH	LOCK\|&FZ%?	LOCK\|SP!XtJy

Santander: Fairly Valued, With Upside Depending on Beating Its Plan

Johann Scholtz

Aug 28, 2026

We rebase our Santander model for the Poland disposal, TSB consolidation, the approved Webster acquisition, and the restated reporting basis. We credit most of the 2026-28 plan but assume roughly half the cost program, leaving 2028 returns just short of management's target.

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Banco Santander SA

Santander: Fairly Valued, With Upside Depending on Beating Its Plan

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