1008 GMT - Santander needs higher returns from its Brazil and U.S. activities to raise the bar as these two key units are dragging on the group and limiting valuation upside, UBS says in a research note. "With the stock halving its relative discount this year and trading around its 10-year average, the debate shifts to what can bring SAN back fully in line with the sector's valuation, something that has not occurred since 2H20 alongside," analysts Ignacio Cerezo and Alvaro Fernandez-Garayzabal write. The most effective strategies to facilitate an additional rerating would be a step-up in profitability in Brazil and the U.S.--though this seems unlikely for now--and getting capital management right, which is perhaps more important, they add. Shares are up 46% year to date. (elena.vardon@wsj.com)
(END) Dow Jones Newswires
March 25, 2025 06:08 ET (10:08 GMT)
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