Value Investing Contest - Banco Santander (SAN)

Sep 10, 2012

AFTER REVISION OF MY ANALYSIS, I DEDICED NOT TO PURSUE AN INVESTMENT IN BANCO SANTANDER, FOR WHICH I BELIEVE MY INITIAL THESIS WAS FLAWED.

The stock is expensive and the risk are high. Based on a long historic review of comparable banks exposed to the same similar market environment in the past, I believe Banco Santander stock downside potential more than offset the upside scenario.

First article post: September 10 2012 at price 7.69$ per share

Recognition of analysis mistake on September 25 2012 at 8.01$ per share

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