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Santander UK
(LSE:SANB)
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Rating:55Neutral
Price Target:
147.00 p
▲(2.44% Upside)
Action:Reiterated
Date:08/04/26
The score is held back primarily by weak cash-flow quality (negative operating/free cash flow for several years) alongside rising leverage and margin compression. Technicals are moderately supportive with price above key moving averages and positive MACD, but the very high RSI signals stretched momentum. Valuation is mixed—strong dividend yield helps, while a relatively high P/E limits upside. Recent funding-related corporate actions are mildly positive for liquidity and market access.
Positive Factors
Deposit franchise & distribution
A broad multichannel distribution (digital, telephone, branches) supports a stable retail deposit base and customer retention. That durable funding source underpins net interest income, cross-sell of products and lower marginal funding costs over the medium term.
Negative Factors
Weak cash generation
Multi-year negative operating and free cash flow erodes internal funding capacity and forces reliance on wholesale or parent support. This durable cash-flow weakness raises refinancing and liquidity risk and constrains ability to invest, deleverage or smooth dividends.
Read all positive and negative factors
Positive Factors
Negative Factors
Deposit franchise & distribution
A broad multichannel distribution (digital, telephone, branches) supports a stable retail deposit base and customer retention. That durable funding source underpins net interest income, cross-sell of products and lower marginal funding costs over the medium term.
Read all positive factors
Santander UK (SANB) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£171.25M
Dividend Yield6.3%
Average Volume (3M)7.36K
Price to Earnings (P/E)21.2
Beta (1Y)0.19
Revenue GrowthN/A
EPS GrowthN/A
CountryUK
Employees18,000
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)0.21
Shares Outstanding125,000,000
10 Day Avg. Volume9,366
30 Day Avg. Volume7,356
Financial Highlights & Ratios
PEG Ratio1.95
Price to Book (P/B)1.64
Price to Sales (P/S)2.09
P/FCF Ratio-2.70
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Santander UK Business Overview & Revenue Model
Company Description
Santander UK plc, headquartered in London, UK, along with its subsidiaries, delivers a broad spectrum of banking and financial solutions across the United Kingdom. The company's operations are divided into four primary segments: Retail Banking, Co...
How the Company Makes Money
Santander UK primarily earns money by intermediating deposits and lending and by charging fees for banking products and transaction services. Its largest revenue stream is typically net interest income: the bank pays interest on customer deposits ...
Santander UK Financial Statement Overview
Summary
Income Statement
66
Positive
Balance Sheet
52
Neutral
Cash Flow
29
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 16.78B | 11.89B | 12.78B | 12.05B | 7.24B | 5.24B |
| Gross Profit | 14.47B | 4.54B | 4.59B | 4.89B | 4.64B | 4.66B |
| EBITDA | -1.03B | 1.80B | 1.65B | 2.39B | 2.17B | 2.35B |
| Net Income | -2.96B | 1.09B | 971.00M | 1.54B | 1.39B | 1.36B |
Balance Sheet | ||||||
| Total Assets | 275.45B | 266.84B | 259.94B | 275.45B | 285.21B | 287.10B |
| Cash, Cash Equivalents and Short-Term Investments | 46.70B | 34.59B | 38.92B | 46.70B | 50.21B | 53.97B |
| Total Debt | 44.95B | 52.60B | 38.25B | 44.95B | 34.12B | 28.10B |
| Total Liabilities | 260.82B | 251.69B | 246.17B | 260.82B | 270.81B | 271.00B |
| Stockholders Equity | 14.62B | 15.15B | 13.77B | 14.62B | 14.41B | 16.10B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | -9.21B | -3.86B | -1.52B | -3.47B | 10.23B |
| Operating Cash Flow | 0.00 | -8.80B | -3.33B | -1.13B | -2.97B | 10.85B |
| Investing Cash Flow | 0.00 | 2.96B | -4.54B | -2.75B | -198.00M | 3.08B |
| Financing Cash Flow | 0.00 | 5.41B | 285.00M | 19.00M | 277.00M | -10.75B |
Santander UK Technical Analysis
Negative
143.50
Price Trends
138.59
Negative
138.13
Negative
138.63
Negative
Market Momentum
-0.34
Positive
8.89
Positive
26.34
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:SANB, the sentiment is Negative. The current price of 143.5 is above the 20-day moving average (MA) of 138.67, above the 50-day MA of 138.59, and above the 200-day MA of 138.63, indicating a bearish trend. The MACD of -0.34 indicates Positive momentum. The RSI at 8.89 is Positive, neither overbought nor oversold. The STOCH value of 26.34 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GB:SANB.
Santander UK Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | £64.94B | 10.16 | 10.11% | 2.33% | 8.23% | 18.19% | |
72 Outperform | £262.37B | 14.89 | 13.03% | 3.65% | -7.93% | 35.55% | |
72 Outperform | £54.18B | 7.35 | 16.16% | 5.02% | 2.78% | 24.91% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
66 Neutral | £63.14B | 13.79 | 11.05% | 3.61% | -16.61% | 21.26% | |
57 Neutral | £1.34B | 1.10 | 5.68% | ― | 7.19% | -54.08% | |
55 Neutral | £171.25M | 21.17 | 7.51% | 6.30% | ― | ― |
* Financial Sector Average
GB:SANB
Santander UK
137.00
0.42
0.30%
GB:BARC
Barclays
493.75
122.23
32.90%
GB:HSBA
HSBC Holdings
1,552.60
589.21
61.16%
GB:LLOY
Lloyds Banking
111.15
31.60
39.73%
GB:NBS
Nationwide Building Society
12,700.00
-300.00
-2.31%
GB:NWG
NatWest Group
697.80
198.12
39.65%
Santander UK Corporate Events
Business Operations and StrategyDelistings and Listing ChangesPrivate Placements and Financing
Santander UK Adds €400m Tranche to €35bn Covered Bond Programme
Positive
Jul 30, 2026
Santander UK has increased issuance under its €35 billion Global Covered Bond Programme with a new €400 million fixed-rate covered bond, Series 88 Tranche 2, due May 2031. The bonds have been admitted to trading on the London Stock Exc...
Business Operations and StrategyPrivate Placements and Financing
Santander UK Expands Series 88 Covered Bond on London Stock Exchange
Positive
Jul 30, 2026
Santander UK plc has had a new €400 million fixed rate covered bond, Series 88 Tranche 2 due May 2031, admitted to trading on the main market of the London Stock Exchange. The bonds will be consolidated and become fungible with the existing ...
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
Santander UK Adds €400m Tranche to Series 88 Covered Bonds
Positive
Jul 29, 2026
Santander UK has issued a new €400 million fixed-rate covered bond tranche due May 2031 under its €35 billion Global Covered Bond Programme. The bonds will be consolidated and become fungible with the existing €1 billion Series 8...
Business Operations and StrategyRegulatory Filings and Compliance
Santander UK Updates €35bn Global Covered Bond Prospectus
Positive
Jul 22, 2026
Santander UK plc has published a new supplementary prospectus for its €35 billion Global Covered Bond Programme, following approval by the UK Financial Conduct Authority. The document updates the main prospectus dated 17 March 2026, which ha...
Business Operations and StrategyDelistings and Listing ChangesProduct-Related Announcements
Santander UK to Redeem and Delist Series 1280 Structured Securities After Trigger Event
Neutral
Jul 9, 2026
Santander UK has announced the early redemption of its Series 1280 structured securities, issued in July 2025 under its Structured Note and Certificate Programme, after a specified trigger condition tied to underlying preference shares was met on ...
Delistings and Listing ChangesPrivate Placements and FinancingProduct-Related Announcements
Santander UK Lists New Preference Share-Linked Autocallable Notes on LSE
Positive
Jul 6, 2026
Santander UK plc has admitted two new tranches of preference share-linked autocallable notes, Series 1326 and Series 1327, to trading on the main market of the London Stock Exchange. The notes, maturing in 2032 and issued under the bank’s St...
Business Operations and StrategyDelistings and Listing ChangesPrivate Placements and FinancingProduct-Related Announcements
Santander UK Lists New Preference Share-Linked Autocallable Notes on LSE
Positive
Jun 30, 2026
Santander UK plc has admitted a new tranche of structured securities to trading on the London Stock Exchange’s main market, issuing £4.33 million of preference share-linked autocallable notes maturing in 2031 under its existing Structur...
Delistings and Listing ChangesPrivate Placements and Financing
Santander UK Lists New Equity Index Linked Notes on LSE
Positive
Jun 30, 2026
Santander UK plc has admitted a new tranche of transferable securities to trading on the main market of the London Stock Exchange. The issuance consists of £2,333,099 of Equity Index Linked Notes due 2031, structured under the bank’s ex...
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
Santander UK Updates €35 Billion Global Covered Bond Prospectus
Positive
Jun 5, 2026
Santander UK has published a new supplementary prospectus for its €35 billion Global Covered Bond Programme after receiving approval from the UK Financial Conduct Authority. The document updates the existing prospectus framework for the bank...
Delistings and Listing ChangesPrivate Placements and FinancingProduct-Related Announcements
Santander UK Lists New Preference Share-Linked Autocallable Notes in London
Positive
May 29, 2026
Santander UK plc has admitted two new series of preference share-linked autocallable notes to trading on the main market of the London Stock Exchange. The issues comprise £436,617 of Series 1322 Notes and £549,725 of Series 1323 Notes, b...
Business Operations and StrategyDelistings and Listing Changes
Santander UK to Redeem and Delist Two Structured Note Series After Trigger Event
Neutral
May 18, 2026
Santander UK has announced the redemption of two structured note series, issued in May 2025 under its Structured Note and Certificate Programme, after a specified trigger condition linked to preference shares was met on 13 May 2026. The notes, ide...
Business Operations and StrategyPrivate Placements and Financing
Santander UK Lists £750m Series 97 Covered Bond on LSE
Positive
May 18, 2026
Santander UK has admitted a new £750 million floating rate covered bond, Series 97, to trading on the main market of the London Stock Exchange. The bonds, issued under the bank’s €35 billion Global Covered Bond Programme and matur...
Business Operations and StrategyPrivate Placements and Financing
Santander UK Issues £750m Floating Rate Covered Bond Under €35bn Programme
Positive
May 15, 2026
Santander UK has issued a new £750 million floating rate covered bond, designated Series 97 and maturing in May 2031, under its €35 billion Global Covered Bond Programme. The final terms for this issuance have been published and filed w...
Private Placements and FinancingRegulatory Filings and Compliance
Santander UK Updates €35bn Global Covered Bond Programme Prospectus
Neutral
May 8, 2026
Santander UK plc has published a new supplementary prospectus for its €35 billion Global Covered Bond Programme, which has been approved by the UK Financial Conduct Authority. The document updates the existing prospectus for the large-scale ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.