The strategy of the Santander has always turned out to be curious to me, or rather, said his "politics" facing the shareholder. A bank that always, only one time is not missing, and in his Shareholder's Meetings tries to promote the exhaustive care of his associates of shareholders, but to which his well-known aggressiveness leads him to embarking in operations that although they are consolidating it on a global scale like a bank potency, facing the value of his qualifications they do not do but to punish it.
Once again, and they go … in 8 years, the Santander announces a new increase in capital. And once again, the market punishes him with a fall of 6 % in Stock Exchange, up to placing it again below 8 euros. And the worst thing, the fact is that again in the short term it seems that it will ballast his quotation.
Was it the propitious moment? considering the strategic intelligence of this bank, I do not doubt that yes. Nevertheless, facing the shareholder this financial operation does not make but to put a new doubt. And we already know that in Stock Exchange, the doubts, they are paid. Also, in this occasion, the motive does not remain clear. At least, not to the eyes of the people of the street who needs very much more safety than it is possible to give to him saying that this enlargement of 7.200 millions will reinforce his “core capital”, this ratio to which the assets of major quality measure themselves.
The person of on foot needs of seeing solid arguments, which it is said to him that the money for that the Bank looks should be for an investment or for the buy of some another element. In these moments of crisis and insecurities, the market looks for certainties and do not sew intangible. And I repeat, in the long term the Bank Santander, undoubtedly it is reinforcing his financial potential on having had proper funds before having money of the State, but short-term, great we are afraid that again the value of the title will turn out to be penalized, at least, until this enlargement takes place.
The problem is that it is not allowed the shareholder to breathe. When it seems already that there have been assumed the risks of a previous enlargement, and the title begins to repuntar, Santander embarks in a new enlargement or operation of international openwork, and again it turns to ballast. The result is that, in spite of the strong rises of the Stock Exchange in the latter years, the qualifications of the Santander, for 8 years up to today his profitability including dividends, it is negative.
Yes, it costs, and they will say to me that the Santander is today, thanks to this enlargement and procurement, a world potency. It costs, very well, but and I, shareholder that I have my small qualifications quantity: in what have I benefited? …
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