AFTER REVISION OF MY ANALYSIS, I DEDICED NOT TO PURSUE AN INVESTMENT IN BANCO SANTANDER, FOR WHICH I BELIEVE MY INITIAL THESIS WAS FLAWED.
The stock is expensive and the risk are high. Based on a long historic review of comparable banks exposed to the same similar market environment in the past, I believe Banco Santander stock downside potential more than offset the upside scenario.
First article post: September 10 2012 at price 7.69$ per share
Recognition of analysis mistake on September 25 2012 at 8.01$ per share