Banco Santander SA

SAN is in a Stage 2 advancing regime with the long-term uptrend intact. Active lockout rally dynamics signal urgency and forced participation, and price has held a shallow pullback into rising 9/21 EMAs on neutral momentum. This offers a favorable continuation entry on support in line with the Value + EPS strategy, so we Buy Now.

• ↑FY 2025 profit €14.1 B (+12% YoY); cost/income ratio improved to 39%
• ↑Webster acquisition to top-10 US retail banks with €800 M in cost synergies and 18% RoTE by 2028
• ↓Webster integration delays could undermine €800 M synergy targets