Banco Santander, S.A. Banco Santander, S.A. NYSE:STDNYSE:STD

NYSE:BSBRNYSE:BSBRNYSE:SANNYSE:SAN

Shayne Heffernan of Ebeling Heffernan has issued a strong buy on Banco Santander, S.A. NYSE:STD, NYSE:BSBR, NYSE:SAN Target $120

1. Range 88.27 - 91.15 2. 52 week 56.72 - 99.99 3. Open 90.90 4. Vol / Avg. 26,569.00/135,258.00 5. Mkt cap 16.02B 6. P/E 15.23 7. Div/yield 2.68/3.03 8. EPS 5.80 9. Shares 181.37M 10. Beta 0.89 11. Inst. own 17%

Banco Santander, S.A. (Santander) is a financial group operating principally in Spain, the United Kingdom, Portugal, other European countries, Brazil and other Latin American countries and the United States, offering a range of financial products. It operates in four segments: Continental Europe, United Kingdom, Latin America and Sovereign.

Continental Europe segment covers all retail banking business (including Banco Banif, S.A. (Banif), its specialized private bank), wholesale banking and asset management and insurance conducted in Europe, with the exception of the United Kingdom.

United Kingdom segment includes retail and wholesale banking, asset management and insurance conducted by the various units and branches of the Company in the United Kingdom. Latin America segment includes the specialized units in Santander Private Banking, as an independent globally managed unit. Santander’s business in New York is also managed in this area.

Banco Santander SA’s Mexican Unit To Acquire Mortgage Assets of GE Capital-ReutersFriday, 24 Dec 2010 11:06am EST Reuters reported that the Mexican unit of Banco Santander SA has decided to acquire the mortgage assets of GE Capital at a value of MXN 25,000. Other details were not disclosed.

Banco Santander SA To List Its UK Division-ReutersThursday, 28 Oct 2010 05:02am EDT Reuters reported that Banco Santander SA has taken the decision to list in the stock market its United Kingdom division, which is expected to occur in the first half of year 2011.

Valuation Ratios Company Industry Sector S&P 500

P/E Ratio (TTM) 7.93 17.66 30.26 18.27

P/E High - Last 5 Yrs. 14.93 28.16 150.44 49.69

P/E Low - Last 5 Yrs. 5.91 9.85 114.52 12.86

Beta 1.43 1.25 1.20 1.32

Price to Sales (TTM) 1.57 3.61 6.38 2.20

Price to Book (MRQ) 0.91 1.12 1.44 2.90

Price to Tangible Book (MRQ) 1.38 1.41 1.69 7.51

Price to Cash Flow (TTM) 5.85 5.35 13.17 11.08

Price to Free Cash Flow (TTM) -- 1.47 6.44 53.18

% Owned Institutions -- -- -- --

Dividends Company Industry Sector S&P 500

Dividend Yield 7.71 1.72 1.69 1.56

Dividend Yield - 5 Year Avg. 3.94 1.92 1.64 2.55

Dividend 5 Year Growth Rate 13.60 7.79 7.70 -7.86

Payout Ratio(TTM) -- 19.73 30.49 38.54

Growth Rates Company Industry Sector S&P 500

Sales (MRQ) vs Qtr. 1 Yr. Ago 7.81 4.87 13.63 9.27

Sales (TTM) vs TTM 1 Yr. Ago 33.18 2.17 15.76 9.16

Sales - 5 Yr. Growth Rate 24.60 16.36 19.86 9.91

EPS (MRQ) vs Qtr. 1 Yr. Ago -22.31 503.46 309.43 4.44

EPS (TTM) vs TTM 1 Yr. Ago -1.14 -- -- --

EPS - 5 Yr. Growth Rate 9.13 6.01 11.00 6.60

Capital Spending - 5 Yr. Growth Rate 10.60 10.67 11.40 4.65

Financial Strength Company Industry Sector S&P 500

Quick Ratio (MRQ) -- 0.00 0.33 0.65

Current Ratio (MRQ) -- 0.00 3.32 0.96

LT Debt to Equity (MRQ) 45.55 60.56 103.82 121.39

Total Debt to Equity (MRQ) 45.55 212.82 219.74 178.72

Interest Coverage (TTM) -- 0.00 24.98 16.21

Profitability Ratios Company Industry Sector S&P 500

Gross Margin (TTM) -- -0.00 12.97 31.53

Gross Margin - 5 Yr. Avg. -- 0.01 13.37 28.34

EBITD Margin (TTM) -- -- -- --

EBITD - 5 Yr. Avg -- 0.02 11.95 17.99

Operating Margin (TTM) 28.64 16.64 21.55 --

Operating Margin - 5 Yr. Avg. 33.23 24.68 26.75 16.23

Pre-Tax Margin (TTM) 28.64 21.48 33.29 14.42

Pre-Tax Margin - 5 Yr. Avg. 33.23 25.19 27.09 15.85

Net Profit Margin (TTM) 22.38 15.20 27.75 10.71

Net Profit Margin - 5 Yr. Avg. 27.23 17.56 20.66 11.62

Effective Tax Rate (TTM) 21.84 33.87 361.28 53.38

Effecitve Tax Rate - 5 Yr. Avg. 18.06 29.25 43.11 25.17

Efficiency Company Industry Sector S&P 500

Revenue/Employee (TTM) -- 65,734 29,478,458 661,623

Net Income/Employee (TTM) -- 759 3,759,042 82,017

Receivable Turnover (TTM) -- 0.00 12.32 9.63

Inventory Turnover (TTM) -- 0.00 3.64 6.54

Asset Turnover (TTM) -- 0.00 0.07 0.54

Management Effectiveness Company Industry Sector S&P 500

Return on Assets (TTM) 0.80 0.36 1.05 5.79

Return on Assets - 5 Yr. Avg. 0.89 0.82 1.49 5.56

Return on Investment (TTM) -- 0.00 0.96 7.42

Return on Investment - 5 Yr. Avg. -- 0.00 1.27 7.17

Return on Equity (TTM) 12.07 5.68 6.34 17.18

Return on Equity - 5 Yr. Avg. 15.07 11.93 10.99 8.78

Contact Details:

Chutinush Taksinapinunt

Business Development Director

Heffernan Capital Management

Email: chutinush@heffernan-inc.com

Chutinush Taksinapinunt holds a Bachelor of Business Administrators degree Majoring in Finance and Banking. Chutinush Taksinapinunt is an experienced market maker and Portfolio Manager, having worked with some of Thailand’s largest Securities Company and Financial Institutions.

Price Estimate by Shayne Heffernan PhD

Shayne Heffernan of Ebeling Heffernan holds a PhD in Economics serves as CEO of Heffernan Holdings Inc and Co Founder of Ebeling Heffernan www.ebeling-heffernan.com

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