` Comparison: BBVA vs SAN - Alpha Spread

BBVA
vs
SAN

Over the past 12 months, BBVA has underperformed SAN, delivering a return of +79% compared to the SAN's +111% growth.

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BBVA
SAN
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Stocks Compared:
BBVA SAN
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Valuation Comparison

BBVA Intrinsic Value
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SAN Intrinsic Value
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Company Last Price Intrinsic Value DCF Value Relative Value Wall St Target
Banco Bilbao Vizcaya Argentaria SA
BMV:BBVA
431.68 MXN
Banco Santander SA
MAD:SAN
10.604 EUR
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Valuation Scenario:
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Base Case
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Growth Comparison

Growth Over Time
BBVA, SAN

BBVA
SAN
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Revenue
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Company LTM Historical Growth Growth Streak % Positive Years Max Drawdown Volatility Forecasted Growth
3 Years 5 Years 10 Years 1 Year 3 Years
Banco Bilbao Vizcaya Argentaria SA
Revenue
Banco Santander SA
Revenue

All metrics are calculated based on data from the last 10 years.

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Profitability Comparison

Free Cash Flow
BBVA, SAN

BBVA
SAN
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Free Cash Flow
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Company LTM Average Historical Growth FCF Margin Conversion
3 Years 5 Years 3 Years 5 Years 10 Years
Banco Bilbao Vizcaya Argentaria SA
BMV:BBVA
FCF is not applicable for financial companies
Banco Santander SA
MAD:SAN
FCF is not applicable for financial companies
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What is Free Cash Flow?

Gross Margin

BBVA
SAN
LTM 3Y Avg 5Y Avg 10Y Avg
Banco Bilbao Vizcaya Argentaria SA
Not applicable for financial companies
Banco Santander SA
Not applicable for financial companies

Operating Margin

BBVA
SAN
LTM 3Y Avg 5Y Avg 10Y Avg
Banco Bilbao Vizcaya Argentaria SA
Not applicable for financial companies
Banco Santander SA
Not applicable for financial companies

Net Margin

BBVA
21.1%
SAN
19.8%

FCF Margin

BBVA
SAN
LTM 3Y Avg 5Y Avg 10Y Avg
Banco Bilbao Vizcaya Argentaria SA
Not applicable for financial companies
Banco Santander SA
Not applicable for financial companies

ROE

BBVA
18.1%
SAN
13.8%

ROA

BBVA
1.3%
SAN
0.7%

ROIC

BBVA
SAN
LTM 3Y Avg 5Y Avg 10Y Avg
Banco Bilbao Vizcaya Argentaria SA
Not applicable for financial companies
Banco Santander SA
Not applicable for financial companies

ROCE

BBVA
SAN
LTM 3Y Avg 5Y Avg 10Y Avg
Banco Bilbao Vizcaya Argentaria SA
Not applicable for financial companies
Banco Santander SA
Not applicable for financial companies

Solvency Comparison

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Balance Sheet Comparison
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Stocks Performance

Stocks Performance
BBVA, SAN

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Performance Gap
BBVA, SAN

Performance Gap Between BBVA and SAN
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Performance By Year
BBVA, SAN

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SAN
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