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Banco Santander's Dividend Can't Last
I don't disagree with the article especially in light of the recent recommendation by the Bank of Spain's to limit cash dividends to 25% of earnings. (Note that scripts are not strictly included in this recommendation but banks are urged to take their overall earnings into account when deciding the dividend level).
However, I don't understand why the author does not mention the level at which the SAN dividend futures are trading. The single stock dividend future is currently pricing in around 0.4 for 2014 and 0.27 for 2015 (vs. 0.6 for 2013). Clearly the market is fully expecting future dividend cuts and is already pricing that in.
Sep 8, 2013. 10:01 AM
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