# Banco de Sabadell (SAB.MC)

Canonical: https://gigainvestors.com/s/SAB.MC

Analysis as of: 2026-10-16T07:34:50.132Z. Financial observations: FY2015–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 3.55 per share; close as of 2026-10-15.

Estimated value: low EUR 1.00 per share, central EUR 1.19 per share, high EUR 1.48 per share. Buy at or below the central value EUR 1.19 per share. Valuation as of 2026-10-16T07:34:50.132Z; scenarios are not confidence intervals.

Expected annual return: 6.6% at the stated quote. About 6.6% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; ES 10-year bond 4.0% + 4 points).

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 9

- Required profitable years: 9

- Return on common equity variation (informational): 0.65×

Chart: Net income; fiscal year observations.

- FY2016: EUR 710M

- FY2017: EUR 778M

- FY2018: EUR 277M

- FY2019: EUR 695M

- FY2020: EUR -71M

- FY2021: EUR 430M

- FY2022: EUR 748M

- FY2023: EUR 1.3B

- FY2024: EUR 1.8B

- FY2025: EUR 1.8B

### moat: fail

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- median return on common equity below threshold

- return on tangible common equity below 5% in more than one year

- Bank / P&C ROTE, median of available years: 6.9%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 2.9%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2016: 6.5%

- FY2017: 7.1%

- FY2018: 2.9%

- FY2019: 6.7%

- FY2020: -0.7%

- FY2021: 4.1%

- FY2022: 7.0%

- FY2023: 11.7%

- FY2024: 14.7%

- FY2025: 15.3%

### economics: fail

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- book value per share plus dividends compounded below 7% annually

- Book value per share + reinvested dividends, annualized return: 6.8%

- Book return interval: 10 years

- Starting book value per share: EUR 1.95

- Ending book value per share: EUR 2.37

Chart: Annual book + dividend return; fiscal year observations.

- FY2016: 0.4%

- FY2017: 1.6%

- FY2018: -8.5%

- FY2019: 10.4%

- FY2020: -3.4%

- FY2021: 23.4%

- FY2022: 5.6%

- FY2023: 12.5%

- FY2024: 15.7%

- FY2025: 14.2%

### management: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Diluted shares, 10-year annual growth: -1.1%

- Diluted shares, 5-year annual growth: -2.7%

- Share growth excluding flagged crisis recapitalisations: -1.1%

- Five-year share growth excluding flagged crisis recapitalisations: -2.7%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 6.77×

- Book value created per share: EUR 0.42

- Earnings retained per share after dividends and buybacks: EUR 0.06

Chart: Shares (first year = 100); fiscal year observations.

- FY2015: 100

- FY2016: 103

- FY2017: 105

- FY2018: 105

- FY2019: 103

- FY2020: 102

- FY2021: 102

- FY2022: 102

- FY2023: 99

- FY2024: 98

- FY2025: 89

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price assumes profits grow 8.3% a year forever · "Sabadell Nudges Up Returns Target After Profit Beat" (finance.yahoo.com, May 2025) · net income -3%

Story as of 2026-10-16T10:00:02.720Z; price observation 2026-10-15.

The price assumes profits grow 8.3% a year forever

- 2025-05-08: Sabadell Nudges Up Returns Target After Profit Beat ([finance.yahoo.com](https://finance.yahoo.com/m/971da7dc-9705-3ff3-b835-c417af0f8e0d/sabadell-nudges-up-returns.html))

### Net income · FY2025

net income -3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 710M 

- FY2017: EUR 778M 

- FY2018: EUR 277M 

- FY2019: EUR 695M 

- FY2020: EUR -71M 

- FY2021: EUR 430M 

- FY2022: EUR 748M 

- FY2023: EUR 1.3B 

- FY2024: EUR 1.8B 

- FY2025: EUR 1.8B 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in diversified banking; annual sales are EUR 7.8 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:50.132Z); FY2025: revenue 7774100000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SAB.MC: Banco de Sabadell, S.A. provides banking products and services in Spain, the United Kingdom, and Mexico. The company offers retail banking products, including investment products and medium- and long-term finance, such as consumer loans, mortgages, leasing and rental services, as well as other short-term finance; and cards and insurance products to individuals for personal use. It also provides financial products and services comprising investment and financing products, which include working capital products, revolving loans, and medium- and long-term finance; and custom structured finance and capital market solutions, and specialized advice for businesses; and cards and PoS terminals, as well as import and export and personalized expert advice services to companies and self-employed persons. In addition, the company offers corporate banking services consisting of financial and advisory solutions to large corporations and financial institutions; and structured finance, treasury, investment banking, trading, and custody and research services. Further, it provides current and savings accounts, loans, credit cards, and mortgages; and banking and financial services for corporate and commercial banking. Banco de Sabadell, S.A. was founded in 1881 and is based in Sabadell, Spain.

### Why customers stay

It earns 6.9% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:50.132Z); 10-year return on tangible equity observations [[2016,0.06518865273034466],[2017,0.07127503734168093],[2018,0.028859236228486563],[2019,0.06717280732048707],[2020,-0.007250160093917693],[2021,0.04135225815890078],[2022,0.06989336098678123],[2023,0.1172337172972277],[2024,0.14676253652897042],[2025,0.153458117661783]]; median 0.06853308415363416. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back EUR 1 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:50.132Z); Dividend observations: [[2016,159981000],[2017,280113000],[2018,392087000],[2019,56270000],[2020,112539000],[2021,1750000000],[2022,280849000],[2023,273748000],[2024,591328000],[2025,1366607000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:50.132Z); FY2025: cash repurchases 1035748000 EUR.

### Are managers owners

Insiders own 9.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SAB.MC SharesStats.PercentInsiders = 9.228 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 8.3% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:50.132Z); Price 3.547; FX 1; original perpetual distributable cash 0.060847333794994005; discount 0.1; growth 0.08284540913589118. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2016-10: EUR 1.22 per share

- 2016-11: EUR 1.18 per share

- 2016-12: EUR 1.32 per share

- 2017-01: EUR 1.39 per share

- 2017-02: EUR 1.39 per share

- 2017-03: EUR 1.72 per share

- 2017-04: EUR 1.77 per share

- 2017-05: EUR 1.83 per share

- 2017-06: EUR 1.78 per share

- 2017-07: EUR 1.89 per share

- 2017-08: EUR 1.85 per share

- 2017-09: EUR 1.77 per share

- 2017-10: EUR 1.72 per share

- 2017-11: EUR 1.69 per share

- 2017-12: EUR 1.66 per share

- 2018-01: EUR 1.91 per share

- 2018-02: EUR 1.73 per share

- 2018-03: EUR 1.66 per share

- 2018-04: EUR 1.63 per share

- 2018-05: EUR 1.44 per share

- 2018-06: EUR 1.44 per share

- 2018-07: EUR 1.43 per share

- 2018-08: EUR 1.32 per share

- 2018-09: EUR 1.34 per share

- 2018-10: EUR 1.17 per share

- 2018-11: EUR 1.13 per share

- 2018-12: EUR 1.00 per share

- 2019-01: EUR 1.00 per share

- 2019-02: EUR 1.00 per share

- 2019-03: EUR 0.89 per share

- 2019-04: EUR 1.04 per share

- 2019-05: EUR 0.99 per share

- 2019-06: EUR 0.91 per share

- 2019-07: EUR 0.79 per share

- 2019-08: EUR 0.78 per share

- 2019-09: EUR 0.89 per share

- 2019-10: EUR 0.98 per share

- 2019-11: EUR 1.01 per share

- 2019-12: EUR 1.04 per share

- 2020-01: EUR 0.81 per share

- 2020-02: EUR 0.79 per share

- 2020-03: EUR 0.47 per share

- 2020-04: EUR 0.38 per share

- 2020-05: EUR 0.27 per share

- 2020-06: EUR 0.31 per share

- 2020-07: EUR 0.29 per share

- 2020-08: EUR 0.34 per share

- 2020-09: EUR 0.30 per share

- 2020-10: EUR 0.26 per share

- 2020-11: EUR 0.33 per share

- 2020-12: EUR 0.35 per share

- 2021-01: EUR 0.36 per share

- 2021-02: EUR 0.42 per share

- 2021-03: EUR 0.46 per share

- 2021-04: EUR 0.53 per share

- 2021-05: EUR 0.63 per share

- 2021-06: EUR 0.57 per share

- 2021-07: EUR 0.59 per share

- 2021-08: EUR 0.61 per share

- 2021-09: EUR 0.73 per share

- 2021-10: EUR 0.70 per share

- 2021-11: EUR 0.60 per share

- 2021-12: EUR 0.59 per share

- 2022-01: EUR 0.69 per share

- 2022-02: EUR 0.77 per share

- 2022-03: EUR 0.75 per share

- 2022-04: EUR 0.74 per share

- 2022-05: EUR 0.83 per share

- 2022-06: EUR 0.76 per share

- 2022-07: EUR 0.62 per share

- 2022-08: EUR 0.69 per share

- 2022-09: EUR 0.69 per share

- 2022-10: EUR 0.80 per share

- 2022-11: EUR 0.89 per share

- 2022-12: EUR 0.88 per share

- 2023-01: EUR 1.20 per share

- 2023-02: EUR 1.23 per share

- 2023-03: EUR 0.99 per share

- 2023-04: EUR 0.94 per share

- 2023-05: EUR 0.92 per share

- 2023-06: EUR 1.05 per share

- 2023-07: EUR 1.12 per share

- 2023-08: EUR 1.07 per share

- 2023-09: EUR 1.10 per share

- 2023-10: EUR 1.17 per share

- 2023-11: EUR 1.34 per share

- 2023-12: EUR 1.11 per share

- 2024-01: EUR 1.21 per share

- 2024-02: EUR 1.20 per share

- 2024-03: EUR 1.46 per share

- 2024-04: EUR 1.80 per share

- 2024-05: EUR 1.94 per share

- 2024-06: EUR 1.80 per share

- 2024-07: EUR 1.95 per share

- 2024-08: EUR 1.94 per share

- 2024-09: EUR 1.91 per share

- 2024-10: EUR 1.79 per share

- 2024-11: EUR 1.79 per share

- 2024-12: EUR 1.88 per share

- 2025-01: EUR 2.28 per share

- 2025-02: EUR 2.66 per share

- 2025-03: EUR 2.58 per share

- 2025-04: EUR 2.56 per share

- 2025-05: EUR 2.81 per share

- 2025-06: EUR 2.70 per share

- 2025-07: EUR 3.24 per share

- 2025-08: EUR 3.25 per share

- 2025-09: EUR 3.30 per share

- 2025-10: EUR 3.24 per share

- 2025-11: EUR 3.14 per share

- 2025-12: EUR 3.37 per share

- 2026-01: EUR 3.31 per share

- 2026-02: EUR 3.21 per share

- 2026-03: EUR 3.04 per share

- 2026-04: EUR 3.30 per share

- 2026-05: EUR 2.90 per share

- 2026-06: EUR 3.10 per share

- 2026-07: EUR 3.33 per share

- 2026-08: EUR 3.63 per share

- 2026-09: EUR 3.65 per share

- 2026-10: EUR 3.58 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 0.60 per share, central EUR 0.71 per share, high EUR 0.87 per share

- FY2017: low EUR 0.59 per share, central EUR 0.70 per share, high EUR 0.86 per share

- FY2018: low EUR 0.86 per share, central EUR 0.95 per share, high EUR 1.05 per share

- FY2019: low EUR 0.95 per share, central EUR 1.04 per share, high EUR 1.16 per share

- FY2020: low EUR 0.69 per share, central EUR 0.76 per share, high EUR 0.85 per share

- FY2021: low EUR 0.76 per share, central EUR 0.84 per share, high EUR 0.93 per share

- FY2022: low EUR 1.01 per share, central EUR 1.11 per share, high EUR 1.24 per share

- FY2023: low EUR 1.26 per share, central EUR 1.38 per share, high EUR 1.54 per share

- FY2024: low EUR 0.83 per share, central EUR 0.99 per share, high EUR 1.23 per share

- FY2025: low EUR 0.97 per share, central EUR 1.16 per share, high EUR 1.44 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:40:34.693Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.