Retour au classement

Banco de Sabadell, S.A. (BNDSF)

Sous-évalué
Financial ServicesBanks - DiversifiedSpain

Fondamental

37

Prix

$3.65

Capitalisation boursière

$17.50B

Partie 1 · Ce que vaut l'entreprise

Vue d'ensemble

Banco de Sabadell is a Spanish bank that takes deposits and lends to households and businesses, mainly in Spain, through its own branch network and, until a 2025 sale to Santander, its TSB subsidiary in the United Kingdom. It also runs a smaller banking business in Mexico. In 2025 it fought off a hostile takeover bid from larger rival BBVA, which failed to win enough shareholder support, leaving Sabadell an independent, standalone bank.

Comment l'entreprise gagne de l'argent

A bank like Sabadell earns most of its revenue from the spread between what it pays depositors and what it charges borrowers on mortgages, business loans and credit lines — net interest income. It adds fee income from payments, asset management and insurance products sold to its customers. Because loans and deposits sit on its balance sheet for years, revenue depends heavily on interest rates set by the European Central Bank and on how much of its loan book turns bad.

Avantage concurrentiel

Aucun avantage identifié · Aucun

Retail and business banking in Spain is a competitive, largely commoditized service: current accounts, mortgages and business loans are broadly similar across large banks, and customers can and do switch when a rival offers a better rate. Sabadell's scale and branch network help it compete but do not lock customers in the way a patent or a network effect would.

Ce qui stimule la demande

Cyclique

Bank profitability moves with the interest-rate and credit cycle: higher rates widen the margin between deposits and loans, while a weaker economy raises loan losses and slows new lending. Demand for mortgages and business credit tracks consumer confidence and investment activity, so results can swing meaningfully between a strong and a weak year even without any change in Sabadell's own strategy.

Les arguments en faveur

Buyers argue that the failed BBVA bid removed years of strategic uncertainty, that the sale of TSB simplifies the group and funds a large buyback, and that a Spanish-focused bank benefits from a resilient domestic economy and rising loan volumes.

Les arguments contre

Sellers worry that profits driven by high interest rates fade as rates come down, that a smaller, standalone bank after the TSB sale has less scale to compete with larger domestic rivals, and that Spanish banking remains a low-differentiation business where pricing power is limited.

Written by the editors, published on 18 août 2026

Direct competitors

Who this company fights with for the same customers

Compare

Generated on 18 septembre 2026 with claude-haiku-4-5 — shared with all users

P/E: 8.5Score: 72Market cap: $14.82B

A mid-sized Spanish bank targeting the same affluent retail and corporate-SME segment that is the core of Sabadell's franchise.

CaixaBank, S.A.CABK

Spain's largest domestic retail bank competes with Sabadell branch by branch for the same current accounts, mortgages and SME lending across the Spanish market, including Catalonia where both have deep roots.

Banco Bilbao Vizcaya Argentaria, S.A.BBVA

Spain's second-largest bank and Sabadell's most direct rival in domestic retail and corporate banking — so directly that it spent eighteen months trying to buy Sabadell before shareholders rejected the bid in October 2025.

Banco Santander, S.A.SAN

Competes with Sabadell for the same Spanish retail and SME customers, and has strengthened that position by acquiring Sabadell's UK arm TSB.

Unicaja Banco, S.A.UNI

Competes for retail deposits and mortgage lending in the Spanish regional markets where Sabadell also draws much of its branch-based business.

Abanca Corporación Bancaria, S.A.Not tracked

An unlisted Spanish bank expanding by acquisition in retail and SME banking, overlapping with Sabadell in northern and eastern Spain.

Bilan & Liquidités

Chiffre d'affaires

$5.33B

12 derniers mois (au 30/06/2026)

Résultat net

$1.77B

12 derniers mois (au 30/06/2026)

Flux de trésorerie libre

-

Capitaux propres totaux

$13.27B

Passif total

$41.16B

Ratio de liquidité général

-

Couverture des intérêts

-

Dette/EBITDA

-

Bénéfice par action

Chiffre d'affaires & Résultat net

Flux de trésorerie libre

Décomposition du résultat

État historique

Marges dans le temps

La dette dans le temps

Le poids de la dette

Grille de la croissance

Croissance — Chiffre d'affaires

Estimation de la juste valeur

BanqueSous-évalué

Juste valeur

$4.95

Prix actuel

$3.65

Marge de sécurité

+26.2%

Fourchette de juste valeur

$3.21 - $6.68

Écart entre les méthodes de valorisation utilisées, pas un intervalle de confiance calibré statistiquement.

Méthodes d'estimation

Objectif de cours des analystes:$3.55
Flux de trésorerie actualisés (DCF):Non applicable à ce type d'entreprise
Multiple de résultat (P/E):$2.26
Formule de croissance de Graham:Non applicable à ce type d'entreprise
Valeur de la capacité bénéficiaire (EPV):Non applicable à ce type d'entreprise
P/B justifié:$6.98
Actualisation des dividendes (Gordon):$4.64
P/FFO, les fonds provenant de l'exploitation:Non applicable à ce type d'entreprise
Bénéfices de milieu de cycle:Non applicable à ce type d'entreprise
Multiple sur le chiffre d'affaires:Non applicable à ce type d'entreprise
Consensus des analystes:Conserver (10B / 13H / 4S)
Dernière surprise sur les résultats:-0.99%

Indicateurs de valorisation

Ratio P/E

18.54

ROE

8.1%

Ratio P/B

1.32

P/FCF

-

Marge brute

0.0%

ROIC

3.8%

Radar de rentabilité

Création de valeur (avantage concurrentiel)

ROIC

3.8%

WACC

3.0%

ROIC − WACC

+0.8 pp

Le ROIC est à peu près aligné sur le coût du capital — l'entreprise couvre à peine son coût du capital.

Critères d'analyse fondamentale

Réussi (5)

  • Price CAGR 10.41%
  • P/B Ratio 1.32
  • Debt/Equity ratio
  • ROE 18.7%
  • PEG Ratio 0.02

Échoué (9)

  • ROIC 3.8%
  • Gross Margin 0.0%
  • DCF valuation (Unknown)
  • Revenue Growth 5Y 0.6%
  • Analyst Consensus 37% Buy
  • Earnings Surprise avg -12.3%
  • Earnings Quality (OCF/NI) -7.97
  • Net Margin Trend 28.5% vs 28.6%
  • Piotroski F-Score 0/9

Indisponible (13)

  • EPS data insufficient
  • P/FCF NaN
  • Dividend Payout NaN%
  • Operating Margin NaN%
  • Positive Free Cash Flow
  • CapEx intensity
  • Current Ratio
  • Interest Coverage
  • Debt/EBITDA
  • Return on Tangible Assets
  • Low reliance on intangibles
  • Price below Graham Number
  • Share Dilution (missing shares data)

Score F de Piotroski

0/9

Préoccupations financières sérieuses

score
criteria

Qualité des bénéfices

-7.97

Qualité faible : examiner la comptabilité

Dilution du capital

-

Rachat d'actions. Favorable aux actionnaires

Participations institutionnelles

Aucune déclaration institutionnelle pour cette entreprise.

Gouvernance

Équipe dirigeante

NomTitreÂge
Mr. Josep Oliu Creus ED, Ph.D.Executive Chairman of the Board76
Mr. David Vegara FiguerasGM, Chief Risk Officer & Executive Director59
Mr. Marc Armengol DulcetCEO & Executive Director49
Mr. Sergio Alejandro Palavecino TomeChief Financial Officer53
Elena Carrera CrespoGeneral Manager of Operations & Technology-
Gerardo ArtiachHead of Investor Relations-
Mr. Gonzalo Barettino ColomaAssistant GM of Legal & Deputy-Secretary of the Board-
Federico Rodríguez CastilloAssistant General Manager of Compliance-
Virginia Zafra de LleraGeneral Manager of Communication & Corporate Image-
Mr. Manuel Tresánchez MontanerDeputy General Manager of Business Transformation & Marketing-

Risque d'audit

1

Risque du conseil

2

Risque de rémunération

1

Risque droits des actionnaires

1

Partie 2 · Le prix et le moment d'entrer

Cette partie ne dit pas si l'entreprise vaut la peine : elle aide à choisir quand l'acheter, une fois que les fondamentaux vous ont convaincu. À l'intérieur : analyse technique, potentiel, baisses historiques, exposition gamma.

Latest News

Recent headlines for BNDSF, sourced from Markets Gazette.

No recent news for BNDSF.