Banco de Sabadell, S.A. (BNDSF)
Sous-évaluéFondamental
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 · AucunRetail 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
CycliqueBank 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
Generated on 18 septembre 2026 with claude-haiku-4-5 — shared with all users
A mid-sized Spanish bank targeting the same affluent retail and corporate-SME segment that is the core of Sabadell's franchise.
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.
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.
Competes with Sabadell for the same Spanish retail and SME customers, and has strengthened that position by acquiring Sabadell's UK arm TSB.
Competes for retail deposits and mortgage lending in the Spanish regional markets where Sabadell also draws much of its branch-based business.
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
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
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
Préoccupations financières sérieuses
Qualité des bénéfices
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
| Nom | Titre | Âge |
|---|---|---|
| Mr. Josep Oliu Creus ED, Ph.D. | Executive Chairman of the Board | 76 |
| Mr. David Vegara Figueras | GM, Chief Risk Officer & Executive Director | 59 |
| Mr. Marc Armengol Dulcet | CEO & Executive Director | 49 |
| Mr. Sergio Alejandro Palavecino Tome | Chief Financial Officer | 53 |
| Elena Carrera Crespo | General Manager of Operations & Technology | - |
| Gerardo Artiach | Head of Investor Relations | - |
| Mr. Gonzalo Barettino Coloma | Assistant GM of Legal & Deputy-Secretary of the Board | - |
| Federico Rodríguez Castillo | Assistant General Manager of Compliance | - |
| Virginia Zafra de Llera | General Manager of Communication & Corporate Image | - |
| Mr. Manuel Tresánchez Montaner | Deputy 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.