EFTA Document EFTA01385511

> Financials Deutsche Bank 0 Banco Santander - Ignacio Ulargui, BUY, close €5.6, €6.6 tgt, 17% upside • Santander is a very large cap stock (market cap > €90bn) with significant earnings momentum and an attractive valuation. • We expect high-single-digit growth in Brazil over the next two years driven by the economic recovery. - NIl should rise at a c4% CAGR for 18-19E driven by stronger loan growth (we expect 10%112% in 18E/19E). Santander has been the most active in increasing lending