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The 4.8% bank tax levy will cost Santander ie the shareholders, about €100million a quarter, whilst unfortunate, is not a disaster.
However if you compare with NatWest (SP 249p) which declared EPS of 17.4p and TNAV of 267p, Santander SP should be way over 300p , (EPS of 27.2c and TNAV of 424c).
It looks like we will close above 72p today.
I'm thinking tomorrow will go well and we will close around 80p. The promised 1.7p interim dividend will be confirmed and assuming momentum is maintained buybacks will be announced with the year end results. Her Highness will be cautiously optimistic about the launch of ITVX and with Wales and England both in the World Cup, the second half year should be good.
It was good to see the SP increase (albeit small) on Thursday and Friday whilst the wider market plunged. The placing in Nov 20 at 112p looks to be a floor. As we saw on Monday this share can quickly move due to low liquidity. With plenty of people moving around, food to go should continue to improve, and the update at the end of July should be good.