NAS10029,447+1.73%S&P7,638+1.14%GOLD$4,412+0.27%BTC$77,965+2.04%VIX15.48+0.26%live tape · as of 13:00 UTC
The Screen · Financials · Banks - Diversified
Banco Santander SA ADR
SAN · the NYSE · USD · Market cap $215.8B · 186,370 employees
Banco Santander, S.A.
FAIL · Does not pass the screen
14.86 USD
At the last full screen 2026-09-08
Screened 2026-09-08 · the tape above runs as of 13:00 UTC · two dates, stated on purpose · verdict and workings shown in full · never trimmed
The Label · The Season, Not the Day
This name holds its accumulation label.
Banco Santander SA ADR holds its Accumulation at $14.86. Consolidating, no directional conviction, held for 1 days.
As held on the ledger · 2026-09-08
Phase
Accumulation
Quantitative state
Consolidating, no directional conviction, held for 1 days
Price at the screen
$14.86
Valuation
14.57 trailing · 10.38 forward price to earnings
Values screen
FAIL· score 30.0
Beta
0.93
The Workings
Five Screens, Shown in Full
Does not pass. Excluded industry: Banks - Diversified
Test
Figure
Limit
What it means
Status
Business activity
Excluded
Core business clean
Excluded industry: Banks - Diversified
Fail
Debt load
Excluded
Below 33%
Interest-bearing debt is of its assets, above the one-third ceiling the screen allows.
Fail
Interest-bearing cash
Excluded
Below 33%
Interest-bearing cash and securities are of assets, above the one-third limit.
Fail
Receivables
Excluded
Below 49%
Money owed to the company is of assets, above the 49% limit.
Fail
Revenue purity
Excluded
Below 5%
of revenue comes from non-compliant sources, over the 5% line.
Fail
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
Fair value range in USD, drawn from the 2026-09-08 screen. The gold marker is the market price at the same screen. A 6.2% margin of safety to the base estimate.
Third-party analyst targets: 3 covering, consensus Hold. The average target sits +5% from the screen price.
Reading the gap · Our model sees value the Street hasn't fully caught up to yet.
Price History & Projections
Where it has been, where the models see it going. History from market close data; projection points are our fair-value estimates and third-party analyst targets, dated to the 2026-09-08 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Santander - A Bank that Fails Ethical Standards
Banco Santander SA stands as a global bank, offering a wide array of financial services to individuals, small businesses, and large corporations. However, the company operates in an industry - Banks - Diversified - that fails our ethical screen, which is a significant factor in our evaluation of investment opportunities.
Why it stands out, or in this case, why we pass, is that despite having a forward P/E of 9.9x, which might appear cheap at first glance, and a respectable revenue growth of 10%, the ethical failings of operating in an industry we deem unsustainable overshadow any potential investment considerations. The market consensus rating of hold and a median target price of $16 may also indicate a cautious market stance.
The risk here is twofold: firstly, the ethical considerations which lead us to avoid investment in this sector, and secondly, the inherent risks associated with the banking industry, such as economic cycles and regulatory changes. The numbers may look tempting, but the ethical and industry risks are too significant to ignore.
The risks · The things to watch: its business and earnings are exposed to Spain and to currency swings.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
SAN trades on the NYSE (the company is based in Spain). As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-08-23Markup$14.21+4.9%Entry 10
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 4.9% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 12% above its long-term trend line with momentum reading bullish. Over the past year the shares are up 52%. Our forward projection puts the odds of a 10% gain over the next month near 35%. The street (3 analysts) rates it none, with a mean price target of $12.
2026-07-22Markup$13.55+0.0%Entry 9
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 12% above its long-term trend line with momentum reading bullish. Over the past year the shares are up 52%. Our forward projection puts the odds of a 10% gain over the next month near 35%. The street (3 analysts) rates it none, with a mean price target of $12. It reported earnings in this window, a natural checkpoint for the thesis.
2026-07-21Markup$13.55+0.0%Entry 8
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 12% above its long-term trend line with momentum reading bullish. Over the past year the shares are up 52%. Our forward projection puts the odds of a 10% gain over the next month near 35%. The street (3 analysts) rates it none, with a mean price target of $12. It reported earnings in this window, a natural checkpoint for the thesis.
2026-07-20Markup$13.55+0.0%Entry 7
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 12% above its long-term trend line with momentum reading bullish. Over the past year the shares are up 52%. Our forward projection puts the odds of a 10% gain over the next month near 35%. The street (3 analysts) rates it none, with a mean price target of $12. It reported earnings in this window, a natural checkpoint for the thesis.
2026-07-19Markup$13.55+5.3%Entry 6
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 5.3% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 12% above its long-term trend line with momentum reading bullish. Over the past year the shares are up 52%. Our forward projection puts the odds of a 10% gain over the next month near 35%. The street (3 analysts) rates it none, with a mean price target of $12. It reported earnings in this window, a natural checkpoint for the thesis.
2026-07-18Markup$12.87+0.0%Entry 5
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 12% above its long-term trend line with momentum reading bullish. Over the past year the shares are up 52%. Our forward projection puts the odds of a 10% gain over the next month near 35%. The street (3 analysts) rates it none, with a mean price target of $12. It reported earnings in this window, a natural checkpoint for the thesis.
2026-07-17Markup$12.87+0.0%Entry 4
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 12% above its long-term trend line with momentum reading bullish. Over the past year the shares are up 52%. Our forward projection puts the odds of a 10% gain over the next month near 35%. The street (3 analysts) rates it none, with a mean price target of $12. It reported earnings in this window, a natural checkpoint for the thesis.
2026-07-16Markup$12.87+0.0%Entry 3
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 12% above its long-term trend line with momentum reading bullish. Over the past year the shares are up 52%. Our forward projection puts the odds of a 10% gain over the next month near 35%. The street (3 analysts) rates it none, with a mean price target of $12. It reported earnings in this window, a natural checkpoint for the thesis.
2026-07-03Markup$12.87+0.0%Entry 2
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns.
2026-07-02Markup$12.87Entry 1
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
