Index
Specific provisions in 1Q09 ................................................................................................ 3
Advantages of following regulatory schedule................................................................... 4
Valuation.............................................................................................................................. 5
Impact of improved ROE................................................................................................ 5
Target price based on new discount rates ..................................................................... 6
Investment case .................................................................................................................. 9
Grupo Santander ........................................................................................................... 10
BBVA ............................................................................................................................. 14
Banco Popular ............................................................................................................... 18
Bankinter....................................................................................................................... 22
Banesto......................................................................................................................... 26
Banco Sabadell.............................................................................................................. 30
Banco Pastor ................................................................................................................. 34