Banco Santander Valuation Debate Heats Up Amid Strong Earnings

Banco Santander (BME:SAN) reported strong half-year 2026 earnings, with net income reaching €8,973 million. This comes after a significant run-up in its stock price, which has returned 18.67% over the past 90 days and a staggering 341.90% over five years.

The bank's recent disclosure of cryptocurrency exchange traded funds (ETFs) holdings adds to the excitement surrounding the company. These investments include shares in leading Bitcoin and Ethereum ETFs.

Analysts have been debating Banco Santander's valuation, with some considering it slightly overvalued at €12.21, while others point out that it trades at a 34% discount to an estimated fair value of €18.71 using the SWS DCF model.