Independent equity research
Is Banco de Sabadell, S.A. (SAB) a Buy, Hold or Sell?
Banco de Sabadell, S.A. — our independent, AI-built valuation and rating, in brief.
HOLD (trim into strength)
12-mo fair value
€3.44
To fair value
−7%
By · report dated 2026-09-15 · fair value derived independently of the market price.
The thesis, in brief
With the BBVA bid lapsed at 25.47% acceptance (CNMV, 16 Oct 2025) and TSB sold to Santander on 1 May 2026, Sabadell is a clean Spain-only bank - but at 1.85x TNAV the 16% 2027 RoTE target is already paid for; our 10.15% cost of equity supports 1.51x. Falsifies if 2027 RoTE clears 17.5%
How we value it
We value Banco de Sabadell, S.A. using Excess return on TNAV; 10.15% COE, RoTE 16% to 13.5% fade, g 2.0%; peer P/TBV cross-check. The 12-month fair value is set from that intrinsic estimate first, then compared to the market to read the upside or downside — never anchored to the current price.
What the full report covers
- Business & moat + industry cycle
- Earnings quality & normalization
- ROTCE vs cost of equity
- Balance-sheet safety & capital (CET1)
- P/TBV + excess-return / residual-income
- Bear / base / bull fair values
- Earnings-call analysis
- Insider activity & positioning
- Technicals (RSI / ADX)
- A falsifiable thesis
Read the full Banco de Sabadell, S.A. report
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