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    Banco Santander (BME:SAN) Following Strong Nine Month Results Is The Pullback A Buying Opportunity

    Simply Wall St·11/06/2026 23:45:58
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    Banco Santander (BME:SAN) is back in focus after reporting nine month 2026 results, with net interest income of €35,304 million and net income of €12,405 million, along with higher earnings per share.

    The latest nine month figures arrive after a mixed price stretch, with Banco Santander’s share price slipping 12.76% over the past 30 days and 16.81% over 90 days, yet still delivering a 4.33% year to date share price gain and a 23.24% 1 year total shareholder return.

    See how Banco Santander’s latest earnings compare with peers by reviewing our hand picked list of 227 high quality undervalued stocks.

    After a strong 1 year return but a sharp pullback in recent months, Banco Santander now sits at a crossroads. Is the bigger opportunity still ahead, or was most of the upside already captured?

    Most Popular Narrative: 26% Undervalued

    Banco Santander last closed at €10.70, while the most followed valuation narrative pegs fair value at €14.37. That gap has pushed many investors to focus less on the recent share price pullback and more on how the underlying earnings story could justify a higher valuation.

    Envolée des provisions et risques sur les prêts• Hausse du coût du risque : Le coût du risque (qui mesure les pertes potentielles sur les crédits) a bondi de 11 points de base par rapport au trimestre précédent pour s'établir à 4,25 %.• Craintes sur la qualité du crédit : L'augmentation de ces provisions signale aux marchés financiers que la banque anticipe une hausse des défauts de paiement de la part de ses emprunteurs.

    See why 1 investors see Banco Santander as 26% undervalued.

    On this view, Banco Santander trades at roughly a 26% discount to the fair value estimate of €14.37. This suggests that the current price embeds cautious expectations on credit quality and regional risks, despite earnings growth and high quality profits flagged in the data provided.

    Result: Fair Value of €14.37 (UNDERVALUED)

    Still, the narrative depends on credit costs stabilising and on Brazil avoiding further operational or political shocks that could pressure Banco Santander’s earnings story.

    Find out about the key risks to this Banco Santander narrative.

    Next Steps

    Sentiment on Banco Santander is split, with investors flagging both potential problems and meaningful upside. Act while the data is fresh and weigh both sides for yourself by reviewing the 5 key rewards and 5 important warning signs.

    Looking for more investment ideas beyond Banco Santander?

    If Banco Santander has sharpened your thinking, do not stop here. Use the screener to quickly spot other opportunities that match the way you like to invest.