Deutsche AM, one of the investors of reference in Santander (exposure +1,03%)

Banco SantanderBanco Santander

Bankinter | The investment funds managed by Deutsche Bank Asset Management (DWS) have increased their exposure to Banco Santander (SAN).

The exposure rises to 1.03% of the bank´s capital after acquiring 0.8% in 2019. DWS thus becomes one of Santander´s investors of reference, behind Blackrock (4.87%), Vanguard (~3.0%), Norges Bank (~3.0%) and Capital Group (~2%) among others.

It is good news as it demonstrates the interest of international investors in Santander at its actual prices.

The estimated value of DWS´ holding in DWS rises to 750 M€, equivalent to 4.46€/share (compared to current trading 4.60€/share). 4 April Santander presented its strategic plan for 2019/2020 aimed at improved profitability and solvency which has been well received by the market (it has accumulated a revaluation of +16.0% YTD).
Santander aspires to a profitability (ROTE) in the medium term of ~13/15.0% with a solvency ratio CETI FL of ~11/12.0%. The plan centres on digitalisation and effeciciency (efficiency target ~42/45% vs 45/47% previous and 46.0% current).

BANCO SANTANDER (Buy; at close: 4.6€; Variation: -0.2%; Objective Price: 5.70€).

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The Corner
The Corner has a team of on-the-ground reporters in capital cities ranging from New York to Beijing. Their stories are edited by the teams at the Spanish magazine Consejeros (for members of companies’ boards of directors) and at the stock market news site Consenso Del Mercado (market consensus). They have worked in economics and communication for over 25 years.