Banco Santander (Brasil) S.A. (SANB11) fair value: what the stock is really worth
As of Sep 29, 2026: fair value of Banco Santander (Brasil) S.A. BRL 30.82, price BRL 29.57, upside +4.2%, quality 42 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 30, 2026.
How to read this chart
60‑month range R$20.24 – R$36.14 · fair‑value band R$28.20 – R$36.02 · the R$29.57 price screens below the R$30.82 fair value. Dashed = 300-day average. As of Sep 30, 2026.
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Banco Santander (Brasil) S.A., together with its subsidiaries, provides various banking products and services to individuals, small and medium enterprises, and corporate customers in Brazil and internationally. It operates in two segments, Commercial Banking and Global Wholesale Banking.
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Banco Santander (Brasil) S.A., together with its subsidiaries, provides various banking products and services to individuals, small and medium enterprises, and corporate customers in Brazil and internationally. It operates in two segments, Commercial Banking and Global Wholesale Banking. The company offers payment and loyalty products, including credit and debit cards; payroll and real estate loans; home equity financing solutions; microfinance programs; consortiums; agribusiness products, such as credit, securities and other products; call center and digital solutions; nonperforming assets; and insurance products comprising life, personal accident, vehicle, property, and credit insurance, as well as insurance for travel and banking transactions. It also provides emergency solutions for homes, cars, motorcycles, pets, and telemedicine; consumer finance; and corporate and investment banking services, which include cash management, structured trade and working capital solutions, trade and lending, mergers and acquisitions, equity capital markets, investment grade and emerging markets debt, and structured finance, as well as sales markets, market making, energy trading, equities, research, and private debt mobilization and securitization. In addition, the company offers cash management solutions, such as collections, payments, instant payments, and payroll and custody services; advance program, a non-financial platform to support entrepreneurs regarding educational content, certified courses, events focused on management, innovation, internationalization, and team development; customer funding through deposits and other bank funding instruments; and various investments. It offers its products and services through branches, mini-branches, and automated teller machines; call centers; banking correspondents and third-party vendors; and online and mobile banking platforms. The company was founded in 1970 and is headquartered in São Paulo, Brazil.
Stock analysis
Banco Santander (Brasil) S.A. (SANB11) currently trades at R$29.57, while our model-based Fair Value estimate is R$30.82, so the stock looks roughly fairly valued today (gap 4.1%).
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Valuation
Bull case: the Multiples group reads highest at a median of R$44.43 per share, and 4 of the 6 models we run sit above the R$29.57 price.
Bear case: the Asset-Based group reads lowest at R$22.45, and 2 of the 6 models stay below the price. Evidence for this calculation is high.
Scenario range: R$28.20 (bear) to R$36.02 (bull), the price of R$29.57 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 42/100 (below-average quality), in the Financial Services sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Banco Santander (Brasil) S.A. reported revenue of R$152B in FY2025 versus R$75.3B in FY2021, a compound +19.1%/yr. Reported net income was R$12.8B in FY2025, compounding −4.8%/yr from FY2021.
Key figures
Market cap R$221B (≈ $42.5B) · P/E ratio 14.5 · P/S ratio 1.22 · EPS (TTM) R$2.05 · Dividend yield 3.6% · Net margin 8.4% · Return on equity 11.2% · Return on assets (EBIT) 1.7%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 18% below its 52-week high and 18% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −38% fair-value upside, at 4%, SANB11 screens cheaper than that median.
Fair Value models
Bear R$28.20Fair Value R$30.82Bull R$36.02
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (R$0.7292 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+17.5%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+11.0%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+24.4%
Start year 2020 (pandemic). Over 10 years: +10.4% a year
Revenue growth 19 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+15.8%
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What shareholders gained per year (last 5 years), in BRL ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: adjusted. Measured in BRL: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
−1.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year−4.9%
Dividend (yield on the price)3.6%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−3.8% vs 5.8%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.19% → 11%
Start year 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+50.0%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
−5.1%
Yearly sales growth analysts expect, extended to five years.
After inflation (Brazil: IMF forecast 3.3% a year to 2030, 5.4% from 2016 to 2025) that is about +45.3% a year for the price and −8.1% for the forecasts.
Compare Banco Santander (Brasil) S.A. with another stock
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Banks - Regional · 1056 stocks
Beats the industry median on 8/15 measures
A mixed picture versus its industry peers.
Valuation
Quality Score48 · Below median
Fair Value upside+4.2% · Above median
Profitability
Return on equity (TTM)11.2% · Above median
Return on assets1.1% · Above median
Net margin (TTM)28.7% · Below median
Operating margin (TTM)33.2% · Below median
Growth and dividend
Revenue growth28.8% · Top 25%
Dividend yield (TTM)3.6% · Above median
Balance sheet
Debt / equity0.23× · Below median
Valuation Multiplesvs Banks - Regional median · lower = cheaper
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Is Banco Santander (Brasil) S.A. (SANB11) overvalued or undervalued?
As of Sep 30, 2026, our model estimates a fair value of R$30.82 versus a price of R$29.57, about +4% upside (fairly valued).
What is the fair value of SANB11?
Our model-based fair value for Banco Santander (Brasil) S.A. is R$30.82 (as of Sep 30, 2026), built from audited fundamentals. The current price: R$29.57.
What is the quality score of SANB11?
Banco Santander (Brasil) S.A. has a Quality Score of 42/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Banco Santander (Brasil) S.A. (SANB11)?
Our model-based price target is the fair value of R$30.82 (as of Sep 30, 2026) from 6 valuation models. Cautious scenario R$28.20, optimistic scenario R$36.02. It is a calculation from audited fundamentals, not an analyst target.
What is the Banco Santander (Brasil) S.A. stock forecast for 2026?
Our models put fair value at R$30.82, about +4% upside versus a price of R$29.57 (fairly valued). Cautious scenario R$28.20, optimistic scenario R$36.02. The calculation is refreshed regularly with new filings.
Does Banco Santander (Brasil) S.A. pay a dividend?
Banco Santander (Brasil) S.A. currently shows a dividend yield of about 3.62% relative to its recent price (as of Sep 30, 2026).
What growth is priced into Banco Santander (Brasil) S.A. (SANB11)?
For today's price to be fair in a discounted-cash-flow model, Banco Santander (Brasil) S.A. would have to grow free cash flow by +50.0 % per year for five years (discount rate 10.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +24.4 % per year. As of Sep 30, 2026.
What discount rate (WACC) does the fair value of SANB11 use?
Our models discount Banco Santander (Brasil) S.A. at 10.7 %: a base by market capitalisation (large), damped by beta 0.18, country premium for Brazil. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Banco Santander (Brasil) S.A. that is +50.0 % per year a year over ten years, using the same discount rate (10.7 %) and the same formula as our fair value.
How much growth has Banco Santander (Brasil) S.A. (SANB11) delivered so far?
Over the past 5 years revenue at Banco Santander (Brasil) S.A. grew +24.4 % a year. The price currently implies +50.0 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Banco Santander (Brasil) S.A. (SANB11) growing?
The median revenue growth in the sector is +9.1 % a year. That is the yardstick for the growth priced into Banco Santander (Brasil) S.A. (+50.0 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Banco Santander (Brasil) S.A. (SANB11)?
The free-cash-flow yield on the price is 0.60 %: that much free cash flow Banco Santander (Brasil) S.A. produces per unit of market value. When it exceeds the discount rate of our models (10.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Banco Santander (Brasil) S.A. (SANB11)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Banco Santander (Brasil) S.A. it is R$30.82 per share (as of Sep 30, 2026), against a price of R$29.57. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is Banco Santander (Brasil) S.A. stock overvalued or undervalued in 2026?
As of Sep 30, 2026, SANB11 trades below its calculated fair value: price R$29.57, fair value R$30.82, a gap of about +4% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of SANB11?
No. The price is what the market pays today (R$29.57); the fair value is what the company's own numbers justify (R$30.82). For Banco Santander (Brasil) S.A. the two are R$1.25 per share apart. That gap is exactly why we show both numbers side by side.
How much is Banco Santander (Brasil) S.A. worth?
The market values Banco Santander (Brasil) S.A. at about R$221B (market capitalisation, as of Sep 30, 2026). Per share that is R$29.57; our models calculate a fair value of R$30.82 per share.
What do the bullish and bearish scenarios say about SANB11?
Our models span a range for Banco Santander (Brasil) S.A.: cautious scenario R$28.20, base R$30.82, optimistic R$36.02 per share (as of Sep 30, 2026, price R$29.57). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of SANB11?
Banco Santander (Brasil) S.A. trades at a price-to-earnings ratio of 14.5 (as of Sep 30, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of R$30.82 is built from several models across several years. Other multiples: PEG 0.6, P/B 1.8, P/S 4.6, EV/EBITDA 2.4.
What is the PEG ratio of SANB11?
The PEG ratio of Banco Santander (Brasil) S.A. is 0.56 (P/E divided by earnings growth, as of Sep 30, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Banco Santander (Brasil) S.A. (SANB11)?
Balance-sheet figures for Banco Santander (Brasil) S.A. (as of Sep 30, 2026): return on equity 11.2%, debt of 0.23 per unit of equity. They feed the Quality Score of 42/100, which measures business quality independently of the share price.
How far is SANB11 from its 52-week high?
Banco Santander (Brasil) S.A. trades at R$29.57, about 18% below its 52-week high of R$36.14 and 18% above the low of R$25.09 (as of Sep 29, 2026). Distance from the high says nothing about value: that is what the fair value of R$30.82 is for.
Which stocks are comparable to Banco Santander (Brasil) S.A.?
From the same area (Financial Services) we also value DBS Group, China Merchants Bank Co, UniCredit S.p.A, Intesa Sanpaolo S.p.A, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Banco Santander (Brasil) S.A. stock attractive at the current price?
The data as of Sep 30, 2026: price R$29.57, calculated fair value R$30.82 (+4%), Quality Score 42/100, from 6 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of SANB11 calculated?
We run Banco Santander (Brasil) S.A. through 6 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of R$30.82, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.9 % above its aggregate fair value. Banco Santander (Brasil) S.A. currently trades 4 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Banco Santander (Brasil) S.A. (SANB11)?
The closing price on Sep 29, 2026 was R$29.57. Our model-based fair value is R$30.82, about +4% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Banco Santander (Brasil) S.A. right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of Banco Santander (Brasil) S.A. (SANB11) come from?
Earnings per share at Banco Santander (Brasil) S.A. grew +7.1 % a year from 2014 to 2025. Broken into its drivers: revenue per share +7.7 %, EBIT margin −3.5 %, tax rate +3.0 %, residual (interest, one-offs) +0.0 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Banco Santander (Brasil) S.A.
How large is the market capitalisation of Banco Santander (Brasil) S.A. (SANB11)?
The market capitalisation of Banco Santander (Brasil) S.A. is R$221B (≈ $42.5B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Banco Santander (Brasil) S.A. (SANB11)?
The price-to-sales ratio of Banco Santander (Brasil) S.A. is 1.22 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Banco Santander (Brasil) S.A. (SANB11)?
Earnings per share at Banco Santander (Brasil) S.A. are R$2.05 (price ÷ EPS = P/E 14.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Banco Santander (Brasil) S.A. (SANB11)?
The dividend yield of Banco Santander (Brasil) S.A. is 3.6% (payout 52.3%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Banco Santander (Brasil) S.A. (SANB11)?
The net margin of Banco Santander (Brasil) S.A. is 8.4% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Banco Santander (Brasil) S.A. (SANB11)?
The return on equity (ROE) of Banco Santander (Brasil) S.A. is 11.2% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Banco Santander (Brasil) S.A. (SANB11)?
On an EBIT basis the return on assets of Banco Santander (Brasil) S.A. is 1.7% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Banco Santander (Brasil) S.A. (SANB11)?
The operating margin of Banco Santander (Brasil) S.A. is 33.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Banco Santander (Brasil) S.A. (SANB11)?
Revenue at Banco Santander (Brasil) S.A. is growing +28.8% versus a year earlier (3y avg +11.0%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Banco Santander (Brasil) S.A. (SANB11)?
Earnings per share at Banco Santander (Brasil) S.A. are growing +49.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Banco Santander (Brasil) S.A. (SANB11) hold?
Banco Santander (Brasil) S.A. holds more cash than debt, R$72.0B net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Broad data
Sep 30, 2026