Bsch 1991-2005

Abstract

We compute the Shareholder Value Creation of Banco Santander (BS). The market cap of BS increased between December 1991 and December 2005 in 67,070 million euros. The shareholder value creation during this period was 4,158 million euros. The average shareholder return of BS in this 14 years was 17.9%, higher than that of the IBEX 35 (14.0%). Average inflation was 3.4%. We also compare the shareholder return of BS with that of other banks.

In December 2005 BS was the biggest company in the IBEX 35.

Note: Downloadable document is in Spanish.

Keywords: BSCH, BS, Banco Santander, Shareholder Value Creation, Shareholder Value Added, creacion de valor para los accionistas, aumento del valor para los accionistas, rentabilidad para los accionistas

JEL Classification: G12, G31, M21