Banco de Sabadell, S.A. (BNDSF)
SubavaliadaFundamental
37
Preço
$3.51
Capitalização de Mercado
$17.50B
Parte 1 · Quanto vale a empresa
Visão Geral
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.
Como gera receita
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.
Vantagem competitiva
Nenhuma vantagem identificada · NenhumaRetail 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.
O que impulsiona a procura
CíclicoBank 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.
Os argumentos a favor
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.
Os argumentos contra
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 de agosto de 2026
Direct competitors
Who this company fights with for the same customers
Generated on 18 de setembro de 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.
Balanço & Liquidez
Receita
$5.33B
Últimos 12 meses (até 30/06/2026)
Resultado Líquido
$1.77B
Últimos 12 meses (até 30/06/2026)
Fluxo de Caixa Livre
-
Capital Próprio Total
$13.27B
Passivo Total
$41.16B
Rácio de Liquidez
-
Cobertura de Juros
-
Dívida/EBITDA
-
Resultados Por Ação
Receita & Resultado Líquido
Fluxo de Caixa Livre
Decomposição dos Resultados
Demonstração histórica
Margens ao longo do tempo
A dívida ao longo do tempo
Quanto pesa a dívida
Grelha do crescimento
Crescimento — Receitas
Estimativa de Valor Justo
Valor Justo
$4.95
Preço Atual
$3.51
Margem de Segurança
+29.1%
Intervalo de Valor Justo
$3.21 - $6.68
Dispersão entre os métodos de avaliação utilizados, não um intervalo de confiança calibrado estatisticamente.
Métodos de Estimativa
Métricas de Avaliação
Rácio P/E
18.54
ROE
8.1%
Rácio P/B
1.32
P/FCF
-
Margem Bruta
0.0%
ROIC
3.8%
Radar de Rentabilidade
Criação de Valor (Vantagem Competitiva)
ROIC
3.8%
WACC
3.0%
ROIC − WACC
+0.8 pp
O ROIC está próximo do custo do capital — a empresa cobre apenas o custo do capital.
Critérios de Análise Fundamental
Aprovado (5)
- Price CAGR 10.41%
- P/B Ratio 1.32
- Debt/Equity ratio
- ROE 18.7%
- PEG Ratio 0.02
Reprovado (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
Indisponível (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)
Piotroski F-Score
Preocupações financeiras graves
Qualidade dos Resultados
Baixa qualidade: investigar a contabilidade
Diluição de Ações
A recomprar ações. Favorável ao acionista
Participações institucionais
Não há declarações institucionais para esta empresa.
Governação
Equipa Executiva
| Nome | Cargo | Idade |
|---|---|---|
| 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 | - |
Risco de Auditoria
1
Risco do Conselho
2
Risco de Remuneração
1
Risco dos Direitos dos Acionistas
1
Parte 2 · O preço e o momento de entrar
Esta parte não serve para saber se a empresa vale: serve para escolher quando comprá-la, depois que os fundamentos te convenceram. Dentro: análise técnica, potencial, quedas históricas, exposição gama.
Latest News
Recent headlines for BNDSF, sourced from Markets Gazette.