Analiza banco sabadell

Banco Sabadell hoy es un banco mediano español **rentable (ROE ~11–12%) y con dividendo muy elevado (~8%)**, pero que llega a 2026 tras un gran rally (+~67% en 18 meses), con **múltiplos ya razonables (PER ~9,5x, P/B ~1,2x)** y bastante expuesto al ciclo de tipos de interés y a España/Reino Unido. Es más una historia de **“cobrar cupón y vigilar el ciclo”** que un chollo claramente infravalorado. ⚖️ --- ## 1. Modelo de negocio y posicionamiento 🏦 - **Tipo de banco:** Banco de Sabadell, S.A. es un banco diversificado enfocado en: - Banca minorista en España (particulares). - Pymes y empresas (uno de sus puntos fuertes). - Negocio internacional a través de **TSB en Reino Unido**. - **Tamaño:** capitalización bursátil ~**15,3 bn€** (precio ~3,06 €/acción, símbolo SAB.MC en BME). - **Moneda y exposición geográfica:** - Cotiza y reporta en **EUR**, lo que encaja con tu preferencia de invertir en euros. - Pero parte del negocio (TSB) está en Reino Unido → **riesgo económico y regulatorio en GBP**, aunque el riesgo de divisa para ti se concentra poco en la cotización (denominada en EUR). En resumen: **no es un gigante global como Santander o BBVA**, sino un banco mediano con nicho fuerte en pymes y cierta opcionalidad vía TSB. --- ## 2. Resultados y solidez financiera recientes 📊 ### 2.1 Evolución 2021–2025 Cifras aproximadas según estados financieros consolidados (millones de €): | Año | Ingresos totales | Beneficio neto (bottom line) | ROE aprox. | |---|---|---|---| | 2021 | ~4.064 | ~0.430 | ~3,3% | | 2022 | ~4.343 | ~0.779 | ~6,0% | | 2023 | ~4.985 | ~1.217 | ~8,8% | | 2024 | ~5.711 | ~1.729 | ~11,5% | | 2025 | ~7.774 | ~1.630 | ~11,6% | **Lectura:** - El banco ha pasado de ROEs muy flojos en 2021 (~3%) a niveles **claramente aceptables (~11–12%)** en 2024–2025. - **Ingresos 2025 vs 2024:** - +**36%** (de ~5,7 bn€ a ~7,8 bn€). - **Beneficio neto 2025 vs 2024:** - **–6%** (de ~1,73 bn€ a ~1,63 bn€). - Señal de presión en márgenes, costes o provisiones: el banco **gana más por arriba, pero convierte menos en beneficio final** que en 2024. Esto cuadra con un escenario típico de bancos europeos: subida de tipos → mejora fuerte del margen de intereses → ahora empiezan a notarse más costes, competencia por depósitos y provisiones. ### 2.2 Capital y apalancamiento Aproximando con balance 2025: - **Activos totales 2025:** ~245 bn€ (vs ~240 bn€ en 2024, +2,4%). - **Patrimonio 2025:** ~14,1 bn€ (vs ~15,0 bn€ en 2024, –6,3%). - **Equity/activos:** - 2024: ~6,3% - 2025: ~5,7% Interpretación: - El banco **sigue razonablemente capitalizado**, pero: - Ha **reducido el colchón de capital relativo** (equity ratio baja de ~6,3% a ~5,7%). - Parte de ello viene de **alto pago de dividendos** y posible impacto de ajustes de valoración (OCI, etc.). - Sin tener aquí el CET1 regulatorio exacto, los niveles de ROE y payout indican que **no está al límite, pero tampoco le sobra capital** si el ciclo se complica. --- ## 3. Valoración actual 💰 Con precio reciente ~**3,06 €** por acción: - **PER 2025 (beneficio diluido ~0,32 €/acc.):** → ~**9,5x** - **Valor contable por acción (equity/shares):** → ~**2,54 €/acc.** - **Precio/Valor contable (P/B):** → ~**1,2x** - **Dividendo TTM:** ~**0,25 €/acc.** - **Rentabilidad por dividendo:** ~**8,2%** - **Payout sobre beneficio:** ~**78%** ### Lectura de estos números - **PER ~9,5x y P/B ~1,2x**: - No parece “tirado de precio”; más bien **valoración razonable para un banco que ya está en ROE de doble dígito**. - El mercado paga algo por encima de valor contable porque asume que Sabadell puede mantener ROE en torno al 10–12%. - **Dividendo ~8%**: - Muy atractivo a corto/medio plazo si los beneficios se mantienen. - Pero con payout ~78% **no hay muchísimo margen** si el beneficio se deteriora (provisiones, tipos más bajos, etc.). En un escenario duro de ciclo, el dividendo **podría tener que ajustarse**. En resumen: el **“gancho” principal es el dividendo alto**, no tanto que el banco esté extremadamente infravalorado frente a sus fundamentales. --- ## 4. Comportamiento en bolsa y técnica reciente 📈 Sobre el precio (SAB.MC) con datos hasta inicios de marzo de 2026: - **Rentabilidad 12 meses:** ~**+19%** (de ~2,58 € a ~3,06 €). - **Rentabilidad 18 meses:** ~**+67%** (de ~1,83 € a ~3,06 €). - **Rango 12 meses:** - Mínimo ≈ **1,90 €** - Máximo ≈ **3,48 €** - **Distribución últimos 12 meses (cierres):** - 25.º percentil ≈ 2,79 € - Mediana ≈ 3,17 € - 75.º percentil ≈ 3,28 € - **Media móvil 200 sesiones:** ~**3,16 €** - Último cierre: **3,06 €**, ligeramente **por debajo** de la SMA 200d. Gráfico (últimos ~18 meses): ```reference [{"data":{"application/vnd.plotly.v1+json":{"data":[{"mode":"lines","name":"Precio cierre","x":["2024-09-04T00:00:00.000000000","2024-09-05T00:00:00.000000000","2024-09-06T00:00:00.000000000","2024-09-09T00:00:00.000000000","2024-09-10T00:00:00.000000000","2024-09-11T00:00:00.000000000","2024-09-12T00:00:00.000000000","2024-09-13T00:00:00.000000000","2024-09-16T00:00:00.000000000","2024-09-17T00:00:00.000000000","2024-09-18T00:00:00.000000000","2024-09-19T00:00:00.000000000","2024-09-20T00:00:00.000000000","2024-09-23T00:00:00.000000000","2024-09-24T00:00:00.000000000","2024-09-25T00:00:00.000000000","2024-09-26T00:00:00.000000000","2024-09-27T00:00:00.000000000","2024-09-30T00:00:00.000000000","2024-10-01T00:00:00.000000000","2024-10-02T00:00:00.000000000","2024-10-03T00:00:00.000000000","2024-10-04T00:00:00.000000000","2024-10-07T00:00:00.000000000","2024-10-08T00:00:00.000000000","2024-10-09T00:00:00.000000000","2024-10-10T00:00:00.000000000","2024-10-11T00:00:00.000000000","2024-10-14T00:00:00.000000000","2024-10-15T00:00:00.000000000","2024-10-16T00:00:00.000000000","2024-10-17T00:00:00.000000000","2024-10-18T00:00:00.000000000","2024-10-21T00:00:00.000000000","2024-10-22T00:00:00.000000000","2024-10-23T00:00:00.000000000","2024-10-24T00:00:00.000000000","2024-10-25T00:00:00.000000000","2024-10-28T00:00:00.000000000","2024-10-29T00:00:00.000000000","2024-10-30T00:00:00.000000000","2024-10-31T00:00:00.000000000","2024-11-01T00:00:00.000000000","2024-11-04T00:00:00.000000000","2024-11-05T00:00:00.000000000","2024-11-06T00:00:00.000000000","2024-11-07T00:00:00.000000000","2024-11-08T00:00:00.000000000","2024-11-11T00:00:00.000000000","2024-11-12T00:00:00.000000000","2024-11-13T00:00:00.000000000","2024-11-14T00:00:00.000000000","2024-11-15T00:00:00.000000000","2024-11-18T00:00:00.000000000","2024-11-19T00:00:00.000000000","2024-11-20T00:00:00.000000000","2024-11-21T00:00:00.000000000","2024-11-22T00:00:00.000000000","2024-11-25T00:00:00.000000000","2024-11-26T00:00:00.000000000","2024-11-27T00:00:00.000000000","2024-11-28T00:00:00.000000000","2024-11-29T00:00:00.000000000","2024-12-02T00:00:00.000000000","2024-12-03T00:00:00.000000000","2024-12-04T00:00:00.000000000","2024-12-05T00:00:00.000000000","2024-12-06T00:00:00.000000000","2024-12-09T00:00:00.000000000","2024-12-10T00:00:00.000000000","2024-12-11T00:00:00.000000000","2024-12-12T00:00:00.000000000","2024-12-13T00:00:00.000000000","2024-12-16T00:00:00.000000000","2024-12-17T00:00:00.000000000","2024-12-18T00:00:00.000000000","2024-12-19T00:00:00.000000000","2024-12-20T00:00:00.000000000","2024-12-23T00:00:00.000000000","2024-12-24T00:00:00.000000000","2024-12-27T00:00:00.000000000","2024-12-30T00:00:00.000000000","2024-12-31T00:00:00.000000000","2025-01-02T00:00:00.000000000","2025-01-03T00:00:00.000000000","2025-01-06T00:00:00.000000000","2025-01-07T00:00:00.000000000","2025-01-08T00:00:00.000000000","2025-01-09T00:00:00.000000000","2025-01-10T00:00:00.000000000","2025-01-13T00:00:00.000000000","2025-01-14T00:00:00.000000000","2025-01-15T00:00:00.000000000","2025-01-16T00:00:00.000000000","2025-01-17T00:00:00.000000000","2025-01-20T00:00:00.000000000","2025-01-21T00:00:00.000000000","2025-01-22T00:00:00.000000000","2025-01-23T00:00:00.000000000","2025-01-24T00:00:00.000000000","2025-01-27T00:00:00.000000000","2025-01-28T00:00:00.000000000","2025-01-29T00:00:00.000000000","2025-01-30T00:00:00.000000000","2025-01-31T00:00:00.000000000","2025-02-03T00:00:00.000000000","2025-02-04T00:00:00.000000000","2025-02-05T00:00:00.000000000","2025-02-06T00:00:00.000000000","2025-02-07T00:00:00.000000000","2025-02-10T00:00:00.000000000","2025-02-11T00:00:00.000000000","2025-02-12T00:00:00.000000000","2025-02-13T00:00:00.000000000","2025-02-14T00:00:00.000000000","2025-02-17T00:00:00.000000000","2025-02-18T00:00:00.000000000","2025-02-19T00:00:00.000000000","2025-02-20T00:00:00.000000000","2025-02-21T00:00:00.000000000","2025-02-24T00:00:00.000000000","2025-02-25T00:00:00.000000000","2025-02-26T00:00:00.000000000","2025-02-27T00:00:00.000000000","2025-02-28T00:00:00.000000000","2025-03-03T00:00:00.000000000","2025-03-04T00:00:00.000000000","2025-03-05T00:00:00.000000000","2025-03-06T00:00:00.000000000","2025-03-07T00:00:00.000000000","2025-03-10T00:00:00.000000000","2025-03-11T00:00:00.000000000","2025-03-12T00:00:00.000000000","2025-03-13T00:00:00.000000000","2025-03-14T00:00:00.000000000","2025-03-17T00:00:00.000000000","2025-03-18T00:00:00.000000000","2025-03-19T00:00:00.000000000","2025-03-20T00:00:00.000000000","2025-03-21T00:00:00.000000000","2025-03-24T00:00:00.000000000","2025-03-25T00:00:00.000000000","2025-03-26T00:00:00.000000000","2025-03-27T00:00:00.000000000","2025-03-28T00:00:00.000000000","2025-03-31T00:00:00.000000000","2025-04-01T00:00:00.000000000","2025-04-02T00:00:00.000000000","2025-04-03T00:00:00.000000000","2025-04-04T00:00:00.000000000","2025-04-07T00:00:00.000000000","2025-04-08T00:00:00.000000000","2025-04-09T00:00:00.000000000","2025-04-10T00:00:00.000000000","2025-04-11T00:00:00.000000000","2025-04-14T00:00:00.000000000","2025-04-15T00:00:00.000000000","2025-04-16T00:00:00.000000000","2025-04-17T00:00:00.000000000","2025-04-22T00:00:00.000000000","2025-04-23T00:00:00.000000000","2025-04-24T00:00:00.000000000","2025-04-25T00:00:00.000000000","2025-04-28T00:00:00.000000000","2025-04-29T00:00:00.000000000","2025-04-30T00:00:00.000000000","2025-05-02T00:00:00.000000000","2025-05-05T00:00:00.000000000","2025-05-06T00:00:00.000000000","2025-05-07T00:00:00.000000000","2025-05-08T00:00:00.000000000","2025-05-09T00:00:00.000000000","2025-05-12T00:00:00.000000000","2025-05-13T00:00:00.000000000","2025-05-14T00:00:00.000000000","2025-05-15T00:00:00.000000000","2025-05-16T00:00:00.000000000","2025-05-19T00:00:00.000000000","2025-05-20T00:00:00.000000000","2025-05-21T00:00:00.000000000","2025-05-22T00:00:00.000000000","2025-05-23T00:00:00.000000000","2025-05-26T00:00:00.000000000","2025-05-27T00:00:00.000000000","2025-05-28T00:00:00.000000000","2025-05-29T00:00:00.000000000","2025-05-30T00:00:00.000000000","2025-06-02T00:00:00.000000000","2025-06-03T00:00:00.000000000","2025-06-04T00:00:00.000000000","2025-06-05T00:00:00.000000000","2025-06-06T00:00:00.000000000","2025-06-09T00:00:00.000000000","2025-06-10T00:00:00.000000000","2025-06-11T00:00:00.000000000","2025-06-12T00:00:00.000000000","2025-06-13T00:00:00.000000000","2025-06-16T00:00:00.000000000","2025-06-17T00:00:00.000000000","2025-06-18T00:00:00.000000000","2025-06-19T00:00:00.000000000","2025-06-20T00:00:00.000000000","2025-06-23T00:00:00.000000000","2025-06-24T00:00:00.000000000","2025-06-25T00:00:00.000000000","2025-06-26T00:00:00.000000000","2025-06-27T00:00:00.000000000","2025-06-30T00:00:00.000000000","2025-07-01T00:00:00.000000000","2025-07-02T00:00:00.000000000","2025-07-03T00:00:00.000000000","2025-07-04T00:00:00.000000000","2025-07-07T00:00:00.000000000","2025-07-08T00:00:00.000000000","2025-07-09T00:00:00.000000000","2025-07-10T00:00:00.000000000","2025-07-11T00:00:00.000000000","2025-07-14T00:00:00.000000000","2025-07-15T00:00:00.000000000","2025-07-16T00:00:00.000000000","2025-07-17T00:00:00.000000000","2025-07-18T00:00:00.000000000","2025-07-21T00:00:00.000000000","2025-07-22T00:00:00.000000000","2025-07-23T00:00:00.000000000","2025-07-24T00:00:00.000000000","2025-07-25T00:00:00.000000000","2025-07-28T00:00:00.000000000","2025-07-29T00:00:00.000000000","2025-07-30T00:00:00.000000000","2025-07-31T00:00:00.000000000","2025-08-01T00:00:00.000000000","2025-08-04T00:00:00.000000000","2025-08-05T00:00:00.000000000","2025-08-06T00:00:00.000000000","2025-08-07T00:00:00.000000000","2025-08-08T00:00:00.000000000","2025-08-11T00:00:00.000000000","2025-08-12T00:00:00.000000000","2025-08-13T00:00:00.000000000","2025-08-14T00:00:00.000000000","2025-08-15T00:00:00.000000000","2025-08-18T00:00:00.000000000","2025-08-19T00:00:00.000000000","2025-08-20T00:00:00.000000000","2025-08-21T00:00:00.000000000","2025-08-22T00:00:00.000000000","2025-08-25T00:00:00.000000000","2025-08-26T00:00:00.000000000","2025-08-27T00:00:00.000000000","2025-08-28T00:00:00.000000000","2025-08-29T00:00:00.000000000","2025-09-01T00:00:00.000000000","2025-09-02T00:00:00.000000000","2025-09-03T00:00:00.000000000","2025-09-04T00:00:00.000000000","2025-09-05T00:00:00.000000000","2025-09-08T00:00:00.000000000","2025-09-09T00:00:00.000000000","2025-09-10T00:00:00.000000000","2025-09-11T00:00:00.000000000","2025-09-12T00:00:00.000000000","2025-09-15T00:00:00.000000000","2025-09-16T00:00:00.000000000","2025-09-17T00:00:00.000000000","2025-09-18T00:00:00.000000000","2025-09-19T00:00:00.000000000","2025-09-22T00:00:00.000000000","2025-09-23T00:00:00.000000000","2025-09-24T00:00:00.000000000","2025-09-25T00:00:00.000000000","2025-09-26T00:00:00.000000000","2025-09-29T00:00:00.000000000","2025-09-30T00:00:00.000000000","2025-10-01T00:00:00.000000000","2025-10-02T00:00:00.000000000","2025-10-03T00:00:00.000000000","2025-10-06T00:00:00.000000000","2025-10-07T00:00:00.000000000","2025-10-08T00:00:00.000000000","2025-10-09T00:00:00.000000000","2025-10-10T00:00:00.000000000","2025-10-13T00:00:00.000000000","2025-10-14T00:00:00.000000000","2025-10-15T00:00:00.000000000","2025-10-16T00:00:00.000000000","2025-10-17T00:00:00.000000000","2025-10-20T00:00:00.000000000","2025-10-21T00:00:00.000000000","2025-10-22T00:00:00.000000000","2025-10-23T00:00:00.000000000","2025-10-24T00:00:00.000000000","2025-10-27T00:00:00.000000000","2025-10-28T00:00:00.000000000","2025-10-29T00:00:00.000000000","2025-10-30T00:00:00.000000000","2025-10-31T00:00:00.000000000","2025-11-03T00:00:00.000000000","2025-11-04T00:00:00.000000000","2025-11-05T00:00:00.000000000","2025-11-06T00:00:00.000000000","2025-11-07T00:00:00.000000000","2025-11-10T00:00:00.000000000","2025-11-11T00:00:00.000000000","2025-11-12T00:00:00.000000000","2025-11-13T00:00:00.000000000","2025-11-14T00:00:00.000000000","2025-11-17T00:00:00.000000000","2025-11-18T00:00:00.000000000","2025-11-19T00:00:00.000000000","2025-11-20T00:00:00.000000000","2025-11-21T00:00:00.000000000","2025-11-24T00:00:00.000000000","2025-11-25T00:00:00.000000000","2025-11-26T00:00:00.000000000","2025-11-27T00:00:00.000000000","2025-11-28T00:00:00.000000000","2025-12-01T00:00:00.000000000","2025-12-02T00:00:00.000000000","2025-12-03T00:00:00.000000000","2025-12-04T00:00:00.000000000","2025-12-05T00:00:00.000000000","2025-12-08T00:00:00.000000000","2025-12-09T00:00:00.000000000","2025-12-10T00:00:00.000000000","2025-12-11T00:00:00.000000000","2025-12-12T00:00:00.000000000","2025-12-15T00:00:00.000000000","2025-12-16T00:00:00.000000000","2025-12-17T00:00:00.000000000","2025-12-18T00:00:00.000000000","2025-12-19T00:00:00.000000000","2025-12-22T00:00:00.000000000","2025-12-23T00:00:00.000000000","2025-12-24T00:00:00.000000000","2025-12-29T00:00:00.000000000","2025-12-30T00:00:00.000000000","2025-12-31T00:00:00.000000000","2026-01-02T00:00:00.000000000","2026-01-05T00:00:00.000000000","2026-01-06T00:00:00.000000000","2026-01-07T00:00:00.000000000","2026-01-08T00:00:00.000000000","2026-01-09T00:00:00.000000000","2026-01-12T00:00:00.000000000","2026-01-13T00:00:00.000000000","2026-01-14T00:00:00.000000000","2026-01-15T00:00:00.000000000","2026-01-16T00:00:00.000000000","2026-01-19T00:00:00.000000000","2026-01-20T00:00:00.000000000","2026-01-21T00:00:00.000000000","2026-01-22T00:00:00.000000000","2026-01-23T00:00:00.000000000","2026-01-26T00:00:00.000000000","2026-01-27T00:00:00.000000000","2026-01-28T00:00:00.000000000","2026-01-29T00:00:00.000000000","2026-01-30T00:00:00.000000000","2026-02-02T00:00:00.000000000","2026-02-03T00:00:00.000000000","2026-02-04T00:00:00.000000000","2026-02-05T00:00:00.000000000","2026-02-06T00:00:00.000000000","2026-02-09T00:00:00.000000000","2026-02-10T00:00:00.000000000","2026-02-11T00:00:00.000000000","2026-02-12T00:00:00.000000000","2026-02-13T00:00:00.000000000","2026-02-16T00:00:00.000000000","2026-02-17T00:00:00.000000000","2026-02-18T00:00:00.000000000","2026-02-19T00:00:00.000000000","2026-02-20T00:00:00.000000000","2026-02-23T00:00:00.000000000","2026-02-24T00:00:00.000000000","2026-02-25T00:00:00.000000000","2026-02-26T00:00:00.000000000","2026-02-27T00:00:00.000000000","2026-03-02T00:00:00.000000000","2026-03-03T00:00:00.000000000","2026-03-04T00:00:00.000000000"],"y":{"dtype":"f8","bdata":"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"},"type":"scatter"},{"mode":"lines","name":"SMA 200d","x":["2024-09-04T00:00:00.000000000","2024-09-05T00:00:00.000000000","2024-09-06T00:00:00.000000000","2024-09-09T00:00:00.000000000","2024-09-10T00:00:00.000000000","2024-09-11T00:00:00.000000000","2024-09-12T00:00:00.000000000","2024-09-13T00:00:00.000000000","2024-09-16T00:00:00.000000000","2024-09-17T00:00:00.000000000","2024-09-18T00:00:00.000000000","2024-09-19T00:00:00.000000000","2024-09-20T00:00:00.000000000","2024-09-23T00:00:00.000000000","2024-09-24T00:00:00.000000000","2024-09-25T00:00:00.000000000","2024-09-26T00:00:00.000000000","2024-09-27T00:00:00.000000000","2024-09-30T00:00:00.000000000","2024-10-01T00:00:00.000000000","2024-10-02T00:00:00.000000000","2024-10-03T00:00:00.000000000","2024-10-04T00:00:00.000000000","2024-10-07T00:00:00.000000000","2024-10-08T00:00:00.000000000","2024-10-09T00:00:00.000000000","2024-10-10T00:00:00.000000000","2024-10-11T00:00:00.000000000","2024-10-14T00:00:00.000000000","2024-10-15T00:00:00.000000000","2024-10-16T00:00:00.000000000","2024-10-17T00:00:00.000000000","2024-10-18T00:00:00.000000000","2024-10-21T00:00:00.000000000","2024-10-22T00:00:00.000000000","2024-10-23T00:00:00.000000000","2024-10-24T00:00:00.000000000","2024-10-25T00:00:00.000000000","2024-10-28T00:00:00.000000000","2024-10-29T00:00:00.000000000","2024-10-30T00:00:00.000000000","2024-10-31T00:00:00.000000000","2024-11-01T00:00:00.000000000","2024-11-04T00:00:00.000000000","2024-11-05T00:00:00.000000000","2024-11-06T00:00:00.000000000","2024-11-07T00:00:00.000000000","2024-11-08T00:00:00.000000000","2024-11-11T00:00:00.000000000","2024-11-12T00:00:00.000000000","2024-11-13T00:00:00.000000000","2024-11-14T00:00:00.000000000","2024-11-15T00:00:00.000000000","2024-11-18T00:00:00.000000000","2024-11-19T00:00:00.000000000","2024-11-20T00:00:00.000000000","2024-11-21T00:00:00.000000000","2024-11-22T00:00:00.000000000","2024-11-25T00:00:00.000000000","2024-11-26T00:00:00.000000000","2024-11-27T00:00:00.000000000","2024-11-28T00:00:00.000000000","2024-11-29T00:00:00.000000000","2024-12-02T00:00:00.000000000","2024-12-03T00:00:00.000000000","2024-12-04T00:00:00.000000000","2024-12-05T00:00:00.000000000","2024-12-06T00:00:00.000000000","2024-12-09T00:00:00.000000000","2024-12-10T00:00:00.000000000","2024-12-11T00:00:00.000000000","2024-12-12T00:00:00.000000000","2024-12-13T00:00:00.000000000","2024-12-16T00:00:00.000000000","2024-12-17T00:00:00.000000000","2024-12-18T00:00:00.000000000","2024-12-19T00:00:00.000000000","2024-12-20T00:00:00.000000000","2024-12-23T00:00:00.000000000","2024-12-24T00:00:00.000000000","2024-12-27T00:00:00.000000000","2024-12-30T00:00:00.000000000","2024-12-31T00:00:00.000000000","2025-01-02T00:00:00.000000000","2025-01-03T00:00:00.000000000","2025-01-06T00:00:00.000000000","2025-01-07T00:00:00.000000000","2025-01-08T00:00:00.000000000","2025-01-09T00:00:00.000000000","2025-01-10T00:00:00.000000000","2025-01-13T00:00:00.000000000","2025-01-14T00:00:00.000000000","2025-01-15T00:00:00.000000000","2025-01-16T00:00:00.000000000","2025-01-17T00:00:00.000000000","2025-01-20T00:00:00.000000000","2025-01-21T00:00:00.000000000","2025-01-22T00:00:00.000000000","2025-01-23T00:00:00.000000000","2025-01-24T00:00:00.000000000","2025-01-27T00:00:00.000000000","2025-01-28T00:00:00.000000000","2025-01-29T00:00:00.000000000","2025-01-30T00:00:00.000000000","2025-01-31T00:00:00.000000000","2025-02-03T00:00:00.000000000","2025-02-04T00:00:00.000000000","2025-02-05T00:00:00.000000000","2025-02-06T00:00:00.000000000","2025-02-07T00:00:00.000000000","2025-02-10T00:00:00.000000000","2025-02-11T00:00:00.000000000","2025-02-12T00:00:00.000000000","2025-02-13T00:00:00.000000000","2025-02-14T00:00:00.000000000","2025-02-17T00:00:00.000000000","2025-02-18T00:00:00.000000000","2025-02-19T00:00:00.000000000","2025-02-20T00:00:00.000000000","2025-02-21T00:00:00.000000000","2025-02-24T00:00:00.000000000","2025-02-25T00:00:00.000000000","2025-02-26T00:00:00.000000000","2025-02-27T00:00:00.000000000","2025-02-28T00:00:00.000000000","2025-03-03T00:00:00.000000000","2025-03-04T00:00:00.000000000","2025-03-05T00:00:00.000000000","2025-03-06T00:00:00.000000000","2025-03-07T00:00:00.000000000","2025-03-10T00:00:00.000000000","2025-03-11T00:00:00.000000000","2025-03-12T00:00:00.000000000","2025-03-13T00:00:00.000000000","2025-03-14T00:00:00.000000000","2025-03-17T00:00:00.000000000","2025-03-18T00:00:00.000000000","2025-03-19T00:00:00.000000000","2025-03-20T00:00:00.000000000","2025-03-21T00:00:00.000000000","2025-03-24T00:00:00.000000000","2025-03-25T00:00:00.000000000","2025-03-26T00:00:00.000000000","2025-03-27T00:00:00.000000000","2025-03-28T00:00:00.000000000","2025-03-31T00:00:00.000000000","2025-04-01T00:00:00.000000000","2025-04-02T00:00:00.000000000","2025-04-03T00:00:00.000000000","2025-04-04T00:00:00.000000000","2025-04-07T00:00:00.000000000","2025-04-08T00:00:00.000000000","2025-04-09T00:00:00.000000000","2025-04-10T00:00:00.000000000","2025-04-11T00:00:00.000000000","2025-04-14T00:00:00.000000000","2025-04-15T00:00:00.000000000","2025-04-16T00:00:00.000000000","2025-04-17T00:00:00.000000000","2025-04-22T00:00:00.000000000","2025-04-23T00:00:00.000000000","2025-04-24T00:00:00.000000000","2025-04-25T00:00:00.000000000","2025-04-28T00:00:00.000000000","2025-04-29T00:00:00.000000000","2025-04-30T00:00:00.000000000","2025-05-02T00:00:00.000000000","2025-05-05T00:00:00.000000000","2025-05-06T00:00:00.000000000","2025-05-07T00:00:00.000000000","2025-05-08T00:00:00.000000000","2025-05-09T00:00:00.000000000","2025-05-12T00:00:00.000000000","2025-05-13T00:00:00.000000000","2025-05-14T00:00:00.000000000","2025-05-15T00:00:00.000000000","2025-05-16T00:00:00.000000000","2025-05-19T00:00:00.000000000","2025-05-20T00:00:00.000000000","2025-05-21T00:00:00.000000000","2025-05-22T00:00:00.000000000","2025-05-23T00:00:00.000000000","2025-05-26T00:00:00.000000000","2025-05-27T00:00:00.000000000","2025-05-28T00:00:00.000000000","2025-05-29T00:00:00.000000000","2025-05-30T00:00:00.000000000","2025-06-02T00:00:00.000000000","2025-06-03T00:00:00.000000000","2025-06-04T00:00:00.000000000","2025-06-05T00:00:00.000000000","2025-06-06T00:00:00.000000000","2025-06-09T00:00:00.000000000","2025-06-10T00:00:00.000000000","2025-06-11T00:00:00.000000000","2025-06-12T00:00:00.000000000","2025-06-13T00:00:00.000000000","2025-06-16T00:00:00.000000000","2025-06-17T00:00:00.000000000","2025-06-18T00:00:00.000000000","2025-06-19T00:00:00.000000000","2025-06-20T00:00:00.000000000","2025-06-23T00:00:00.000000000","2025-06-24T00:00:00.000000000","2025-06-25T00:00:00.000000000","2025-06-26T00:00:00.000000000","2025-06-27T00:00:00.000000000","2025-06-30T00:00:00.000000000","2025-07-01T00:00:00.000000000","2025-07-02T00:00:00.000000000","2025-07-03T00:00:00.000000000","2025-07-04T00:00:00.000000000","2025-07-07T00:00:00.000000000","2025-07-08T00:00:00.000000000","2025-07-09T00:00:00.000000000","2025-07-10T00:00:00.000000000","2025-07-11T00:00:00.000000000","2025-07-14T00:00:00.000000000","2025-07-15T00:00:00.000000000","2025-07-16T00:00:00.000000000","2025-07-17T00:00:00.000000000","2025-07-18T00:00:00.000000000","2025-07-21T00:00:00.000000000","2025-07-22T00:00:00.000000000","2025-07-23T00:00:00.000000000","2025-07-24T00:00:00.000000000","2025-07-25T00:00:00.000000000","2025-07-28T00:00:00.000000000","2025-07-29T00:00:00.000000000","2025-07-30T00:00:00.000000000","2025-07-31T00:00:00.000000000","2025-08-01T00:00:00.000000000","2025-08-04T00:00:00.000000000","2025-08-05T00:00:00.000000000","2025-08-06T00:00:00.000000000","2025-08-07T00:00:00.000000000","2025-08-08T00:00:00.000000000","2025-08-11T00:00:00.000000000","2025-08-12T00:00:00.000000000","2025-08-13T00:00:00.000000000","2025-08-14T00:00:00.000000000","2025-08-15T00:00:00.000000000","2025-08-18T00:00:00.000000000","2025-08-19T00:00:00.000000000","2025-08-20T00:00:00.000000000","2025-08-21T00:00:00.000000000","2025-08-22T00:00:00.000000000","2025-08-25T00:00:00.000000000","2025-08-26T00:00:00.000000000","2025-08-27T00:00:00.000000000","2025-08-28T00:00:00.000000000","2025-08-29T00:00:00.000000000","2025-09-01T00:00:00.000000000","2025-09-02T00:00:00.000000000","2025-09-03T00:00:00.000000000","2025-09-04T00:00:00.000000000","2025-09-05T00:00:00.000000000","2025-09-08T00:00:00.000000000","2025-09-09T00:00:00.000000000","2025-09-10T00:00:00.000000000","2025-09-11T00:00:00.000000000","2025-09-12T00:00:00.000000000","2025-09-15T00:00:00.000000000","2025-09-16T00:00:00.000000000","2025-09-17T00:00:00.000000000","2025-09-18T00:00:00.000000000","2025-09-19T00:00:00.000000000","2025-09-22T00:00:00.000000000","2025-09-23T00:00:00.000000000","2025-09-24T00:00:00.000000000","2025-09-25T00:00:00.000000000","2025-09-26T00:00:00.000000000","2025-09-29T00:00:00.000000000","2025-09-30T00:00:00.000000000","2025-10-01T00:00:00.000000000","2025-10-02T00:00:00.000000000","2025-10-03T00:00:00.000000000","2025-10-06T00:00:00.000000000","2025-10-07T00:00:00.000000000","2025-10-08T00:00:00.000000000","2025-10-09T00:00:00.000000000","2025-10-10T00:00:00.000000000","2025-10-13T00:00:00.000000000","2025-10-14T00:00:00.000000000","2025-10-15T00:00:00.000000000","2025-10-16T00:00:00.000000000","2025-10-17T00:00:00.000000000","2025-10-20T00:00:00.000000000","2025-10-21T00:00:00.000000000","2025-10-22T00:00:00.000000000","2025-10-23T00:00:00.000000000","2025-10-24T00:00:00.000000000","2025-10-27T00:00:00.000000000","2025-10-28T00:00:00.000000000","2025-10-29T00:00:00.000000000","2025-10-30T00:00:00.000000000","2025-10-31T00:00:00.000000000","2025-11-03T00:00:00.000000000","2025-11-04T00:00:00.000000000","2025-11-05T00:00:00.000000000","2025-11-06T00:00:00.000000000","2025-11-07T00:00:00.000000000","2025-11-10T00:00:00.000000000","2025-11-11T00:00:00.000000000","2025-11-12T00:00:00.000000000","2025-11-13T00:00:00.000000000","2025-11-14T00:00:00.000000000","2025-11-17T00:00:00.000000000","2025-11-18T00:00:00.000000000","2025-11-19T00:00:00.000000000","2025-11-20T00:00:00.000000000","2025-11-21T00:00:00.000000000","2025-11-24T00:00:00.000000000","2025-11-25T00:00:00.000000000","2025-11-26T00:00:00.000000000","2025-11-27T00:00:00.000000000","2025-11-28T00:00:00.000000000","2025-12-01T00:00:00.000000000","2025-12-02T00:00:00.000000000","2025-12-03T00:00:00.000000000","2025-12-04T00:00:00.000000000","2025-12-05T00:00:00.000000000","2025-12-08T00:00:00.000000000","2025-12-09T00:00:00.000000000","2025-12-10T00:00:00.000000000","2025-12-11T00:00:00.000000000","2025-12-12T00:00:00.000000000","2025-12-15T00:00:00.000000000","2025-12-16T00:00:00.000000000","2025-12-17T00:00:00.000000000","2025-12-18T00:00:00.000000000","2025-12-19T00:00:00.000000000","2025-12-22T00:00:00.000000000","2025-12-23T00:00:00.000000000","2025-12-24T00:00:00.000000000","2025-12-29T00:00:00.000000000","2025-12-30T00:00:00.000000000","2025-12-31T00:00:00.000000000","2026-01-02T00:00:00.000000000","2026-01-05T00:00:00.000000000","2026-01-06T00:00:00.000000000","2026-01-07T00:00:00.000000000","2026-01-08T00:00:00.000000000","2026-01-09T00:00:00.000000000","2026-01-12T00:00:00.000000000","2026-01-13T00:00:00.000000000","2026-01-14T00:00:00.000000000","2026-01-15T00:00:00.000000000","2026-01-16T00:00:00.000000000","2026-01-19T00:00:00.000000000","2026-01-20T00:00:00.000000000","2026-01-21T00:00:00.000000000","2026-01-22T00:00:00.000000000","2026-01-23T00:00:00.000000000","2026-01-26T00:00:00.000000000","2026-01-27T00:00:00.000000000","2026-01-28T00:00:00.000000000","2026-01-29T00:00:00.000000000","2026-01-30T00:00:00.000000000","2026-02-02T00:00:00.000000000","2026-02-03T00:00:00.000000000","2026-02-04T00:00:00.000000000","2026-02-05T00:00:00.000000000","2026-02-06T00:00:00.000000000","2026-02-09T00:00:00.000000000","2026-02-10T00:00:00.000000000","2026-02-11T00:00:00.000000000","2026-02-12T00:00:00.000000000","2026-02-13T00:00:00.000000000","2026-02-16T00:00:00.000000000","2026-02-17T00:00:00.000000000","2026-02-18T00:00:00.000000000","2026-02-19T00:00:00.000000000","2026-02-20T00:00:00.000000000","2026-02-23T00:00:00.000000000","2026-02-24T00:00:00.000000000","2026-02-25T00:00:00.000000000","2026-02-26T00:00:00.000000000","2026-02-27T00:00:00.000000000","2026-03-02T00:00:00.000000000","2026-03-03T00:00:00.000000000","2026-03-04T00:00:00.000000000"],"y":{"dtype":"f8","bdata":"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"},"type":"scatter"},{"marker":{"color":"red","size":8},"mode":"markers","name":"Último cierre","x":["2026-03-04T00:00:00"],"y":[3.06],"type":"scatter"}],"layout":{"template":{"data":{"barpolar":[{"marker":{"line":{"color":"#E5ECF6","width":0.5},"pattern":{"fillmode":"overlay","size":10,"solidity":0.2}},"type":"barpolar"}],"bar":[{"error_x":{"color":"#2a3f5f"},"error_y":{"color":"#2a3f5f"},"marker":{"line":{"color":"#E5ECF6","width":0.5},"pattern":{"fillmode":"overlay","size":10,"solidity":0.2}},"type":"bar"}],"carpet":[{"aaxis":{"endlinecolor":"#2a3f5f","gridcolor":"white","linecolor":"white","minorgridcolor":"white","startlinecolor":"#2a3f5f"},"baxis":{"endlinecolor":"#2a3f5f","gridcolor":"white","linecolor":"white","minorgridcolor":"white","startlinecolor":"#2a3f5f"},"type":"carpet"}],"choropleth":[{"colorbar":{"outlinewidth":0,"ticks":""},"type":"choropleth"}],"contourcarpet":[{"colorbar":{"outlinewidth":0,"ticks":""},"type":"contourcarpet"}],"contour":[{"colorbar":{"outlinewidth":0,"ticks":""},"colorscale":[[0.0,"#0d0887"],[0.1111111111111111,"#46039f"],[0.2222222222222222,"#7201a8"],[0.3333333333333333,"#9c179e"],[0.4444444444444444,"#bd3786"],[0.5555555555555556,"#d8576b"],[0.6666666666666666,"#ed7953"],[0.7777777777777778,"#fb9f3a"],[0.8888888888888888,"#fdca26"],[1.0,"#f0f921"]],"type":"contour"}],"heatmap":[{"colorbar":{"outlinewidth":0,"ticks":""},"colorscale":[[0.0,"#0d0887"],[0.1111111111111111,"#46039f"],[0.2222222222222222,"#7201a8"],[0.3333333333333333,"#9c179e"],[0.4444444444444444,"#bd3786"],[0.5555555555555556,"#d8576b"],[0.6666666666666666,"#ed7953"],[0.7777777777777778,"#fb9f3a"],[0.8888888888888888,"#fdca26"],[1.0,"#f0f921"]],"type":"heatmap"}],"histogram2dcontour":[{"colorbar":{"outlinewidth":0,"ticks":""},"colorscale":[[0.0,"#0d0887"],[0.1111111111111111,"#46039f"],[0.2222222222222222,"#7201a8"],[0.3333333333333333,"#9c179e"],[0.4444444444444444,"#bd3786"],[0.5555555555555556,"#d8576b"],[0.6666666666666666,"#ed7953"],[0.7777777777777778,"#fb9f3a"],[0.8888888888888888,"#fdca26"],[1.0,"#f0f921"]],"type":"histogram2dcontour"}],"histogram2d":[{"colorbar":{"outlinewidth":0,"ticks":""},"colorscale":[[0.0,"#0d0887"],[0.1111111111111111,"#46039f"],[0.2222222222222222,"#7201a8"],[0.3333333333333333,"#9c179e"],[0.4444444444444444,"#bd3786"],[0.5555555555555556,"#d8576b"],[0.6666666666666666,"#ed7953"],[0.7777777777777778,"#fb9f3a"],[0.8888888888888888,"#fdca26"],[1.0,"#f0f921"]],"type":"histogram2d"}],"histogram":[{"marker":{"pattern":{"fillmode":"overlay","size":10,"solidity":0.2}},"type":"histogram"}],"mesh3d":[{"colorbar":{"outlinewidth":0,"ticks":""},"type":"mesh3d"}],"parcoords":[{"line":{"colorbar":{"outlinewidth":0,"ticks":""}},"type":"parcoords"}],"pie":[{"automargin":true,"type":"pie"}],"scatter3d":[{"line":{"colorbar":{"outlinewidth":0,"ticks":""}},"marker":{"colorbar":{"outlinewidth":0,"ticks":""}},"type":"scatter3d"}],"scattercarpet":[{"marker":{"colorbar":{"outlinewidth":0,"ticks":""}},"type":"scattercarpet"}],"scattergeo":[{"marker":{"colorbar":{"outlinewidth":0,"ticks":""}},"type":"scattergeo"}],"scattergl":[{"marker":{"colorbar":{"outlinewidth":0,"ticks":""}},"type":"scattergl"}],"scattermapbox":[{"marker":{"colorbar":{"outlinewidth":0,"ticks":""}},"type":"scattermapbox"}],"scattermap":[{"marker":{"colorbar":{"outlinewidth":0,"ticks":""}},"type":"scattermap"}],"scatterpolargl":[{"marker":{"colorbar":{"outlinewidth":0,"ticks":""}},"type":"scatterpolargl"}],"scatterpolar":[{"marker":{"colorbar":{"outlinewidth":0,"ticks":""}},"type":"scatterpolar"}],"scatter":[{"fillpattern":{"fillmode":"overlay","size":10,"solidity":0.2},"type":"scatter"}],"scatterternary":[{"marker":{"colorbar":{"outlinewidth":0,"ticks":""}},"type":"scatterternary"}],"surface":[{"colorbar":{"outlinewidth":0,"ticks":""},"colorscale":[[0.0,"#0d0887"],[0.1111111111111111,"#46039f"],[0.2222222222222222,"#7201a8"],[0.3333333333333333,"#9c179e"],[0.4444444444444444,"#bd3786"],[0.5555555555555556,"#d8576b"],[0.6666666666666666,"#ed7953"],[0.7777777777777778,"#fb9f3a"],[0.8888888888888888,"#fdca26"],[1.0,"#f0f921"]],"type":"surface"}],"table":[{"cells":{"fill":{"color":"#EBF0F8"},"line":{"color":"white"}},"header":{"fill":{"color":"#C8D4E3"},"line":{"color":"white"}},"type":"table"}]},"layout":{"annotationdefaults":{"arrowcolor":"#2a3f5f","arrowhead":0,"arrowwidth":1},"autotypenumbers":"strict","coloraxis":{"colorbar":{"outlinewidth":0,"ticks":""}},"colorscale":{"diverging":[[0,"#8e0152"],[0.1,"#c51b7d"],[0.2,"#de77ae"],[0.3,"#f1b6da"],[0.4,"#fde0ef"],[0.5,"#f7f7f7"],[0.6,"#e6f5d0"],[0.7,"#b8e186"],[0.8,"#7fbc41"],[0.9,"#4d9221"],[1,"#276419"]],"sequential":[[0.0,"#0d0887"],[0.1111111111111111,"#46039f"],[0.2222222222222222,"#7201a8"],[0.3333333333333333,"#9c179e"],[0.4444444444444444,"#bd3786"],[0.5555555555555556,"#d8576b"],[0.6666666666666666,"#ed7953"],[0.7777777777777778,"#fb9f3a"],[0.8888888888888888,"#fdca26"],[1.0,"#f0f921"]],"sequentialminus":[[0.0,"#0d0887"],[0.1111111111111111,"#46039f"],[0.2222222222222222,"#7201a8"],[0.3333333333333333,"#9c179e"],[0.4444444444444444,"#bd3786"],[0.5555555555555556,"#d8576b"],[0.6666666666666666,"#ed7953"],[0.7777777777777778,"#fb9f3a"],[0.8888888888888888,"#fdca26"],[1.0,"#f0f921"]]},"colorway":["#636efa","#EF553B","#00cc96","#ab63fa","#FFA15A","#19d3f3","#FF6692","#B6E880","#FF97FF","#FECB52"],"font":{"color":"#2a3f5f"},"geo":{"bgcolor":"white","lakecolor":"white","landcolor":"#E5ECF6","showlakes":true,"showland":true,"subunitcolor":"white"},"hoverlabel":{"align":"left"},"hovermode":"closest","mapbox":{"style":"light"},"paper_bgcolor":"white","plot_bgcolor":"#E5ECF6","polar":{"angularaxis":{"gridcolor":"white","linecolor":"white","ticks":""},"bgcolor":"#E5ECF6","radialaxis":{"gridcolor":"white","linecolor":"white","ticks":""}},"scene":{"xaxis":{"backgroundcolor":"#E5ECF6","gridcolor":"white","gridwidth":2,"linecolor":"white","showbackground":true,"ticks":"","zerolinecolor":"white"},"yaxis":{"backgroundcolor":"#E5ECF6","gridcolor":"white","gridwidth":2,"linecolor":"white","showbackground":true,"ticks":"","zerolinecolor":"white"},"zaxis":{"backgroundcolor":"#E5ECF6","gridcolor":"white","gridwidth":2,"linecolor":"white","showbackground":true,"ticks":"","zerolinecolor":"white"}},"shapedefaults":{"line":{"color":"#2a3f5f"}},"ternary":{"aaxis":{"gridcolor":"white","linecolor":"white","ticks":""},"baxis":{"gridcolor":"white","linecolor":"white","ticks":""},"bgcolor":"#E5ECF6","caxis":{"gridcolor":"white","linecolor":"white","ticks":""}},"title":{"x":0.05},"xaxis":{"automargin":true,"gridcolor":"white","linecolor":"white","ticks":"","title":{"standoff":15},"zerolinecolor":"white","zerolinewidth":2},"yaxis":{"automargin":true,"gridcolor":"white","linecolor":"white","ticks":"","title":{"standoff":15},"zerolinecolor":"white","zerolinewidth":2},"dragmode":"pan","legend":{"orientation":"h","x":0.5,"xanchor":"center","xref":"container","y":0,"yanchor":"top","yref":"container"},"margin":{"b":40,"l":20,"r":20,"t":40}}},"legend":{"orientation":"h","y":-0.2},"title":{"text":"Banco Sabadell precio"},"xaxis":{"title":{"text":"Fecha"}},"yaxis":{"title":{"text":"Precio (€)"}}},"config":{"modeBarButtonsToRemove":["toImage","lasso2d","sendDataToCloud","select2d","resetScale2d","zoom2d","pan2d"],"displaylogo":false,"plotlyServerURL":"https://plot.ly"}}},"id":70693837,"type":"plotly-json"}] ``` **Interpretación técnica sencilla:** - El valor viene de un **rally muy fuerte desde 2024** (cerca de +70%), típico de bancos beneficiados por la subida de tipos. - Actualmente: - Cotiza **en la parte media-alta del rango de 12 meses** (más cerca del máximo 3,48 € que del mínimo 1,90 €). - Está **ligeramente por debajo de la media de 200 sesiones**, lo que sugiere una fase de consolidación tras la subida. - Zonas (aproximadas) a vigilar: - **Soporte**: área ~**2,8 €** (entorno del 25.º percentil y base de la zona de congestión del último año). - **Resistencia**: zona **3,3–3,5 €**, donde se ha marcado el máximo anual. No es un gráfico “barato y olvidado”, sino un valor que **ya ha corrido** y ahora “descansa” en una franja media, con un sesgo más lateral que claramente alcista o bajista a corto plazo. --- ## 5. Claves de la tesis de inversión ✅ / ⚠️ ### Puntos a favor 1. **Rentabilidad recuperada y estable** - ROE ~11–12% es competitivo para un banco europeo. - Mejora clara desde 2021 → la reestructuración y el foco en rentabilidad han funcionado. 2. **Dividendo elevado en euros** 💶 - ~8% de yield es muy interesante para un inversor orientado a rentas en EUR. - Compatible con tu preferencia de evitar USD/GBP en la parte principal de la cartera (aunque TSB añade cierto riesgo económico UK). 3. **Banco mediano, no sistémico pero relevante** - Bien posicionado en pymes y en ciertas regiones españolas. - Alguna **opcionalidad de consolidación** a largo plazo (históricamente se ha hablado de fusiones/operaciones corporativas en el sector, aunque no debe ser la base de la tesis). 4. **Sensibilidad al ciclo de tipos (a tu favor si los tipos siguen relativamente altos)** - Si el BCE mantiene tipos en niveles relativamente elevados más tiempo del esperado, el margen de intereses podría seguir sosteniendo resultados sólidos. ### Principales riesgos 1. **Normalización/bajada de tipos del BCE** 🔻 - Si en 2026–2027 se produce una bajada más rápida de tipos: - El **margen de intereses podría comprimirse**. - Los beneficios caerían más deprisa que los ingresos. - Con un payout ~78%, el banco tendría que elegir entre: - Reducir dividendo, o - Seguir pagando lo mismo, consumiendo capital y subiendo el riesgo. 2. **Ciclo de crédito en España y Reino Unido** - Empeoramiento en: - Pymes españolas (subida de morosidad). - Hipotecas o consumo en Reino Unido vía TSB. - Podría implicar **más provisiones y menor beneficio neto**, justo cuando el margen por tipos empiece a aflojar. 3. **Regulación e impuestos al sector bancario** - España ha aplicado tasas extraordinarias a la banca; un alargamiento o endurecimiento de estas medidas afectaría directamente a beneficio y a capacidad de pagar dividendos. 4. **Riesgo de ejecución en TSB** - Aunque ya bastante encarrilada comparado con los problemas iniciales, TSB sigue siendo un activo con: - Entorno competitivo fuerte (Reino Unido). - Regulador exigente. - Cualquier tropiezo relevante allí podría generar ruido en resultados y en la percepción del mercado. 5. **Valoración razonable, no “ultra barata”** - Con PER ~9,5x y P/B ~1,2x, el margen de seguridad por valoración **no es enorme**: - Si el mercado se vuelve más exigente con la banca, podría comprimirse el múltiplo aunque el beneficio aguante. - La tesis depende bastante de **mantener ROE en doble dígito** y de que el ciclo no se gire bruscamente. --- ## 6. ¿Cómo encaja con tu perfil? 🧠 Con lo que has compartido: - **Horizonte largo plazo** → los bancos pueden encajar, pero son **claramente cíclicos**. - **Tolerancia a volatilidad ~±10% al mes** → Sabadell encaja: no es tan loco como un semiconductor tipo MU, pero sigue siendo un valor con movimientos intensos en función de tipos y macro. - **Preferencia por EUR y evitar USD/GBP**: - Positivo: cotiza en EUR y su división principal está en España. - A vigilar: exposición económica a Reino Unido vía TSB (riesgo macro/regulatorio en GBP, aunque esto no sea un riesgo directo de divisa para la acción en sí). Por todo ello, Sabadell puede tener sentido **como posición táctica de alto dividendo en euros**, pero **no como núcleo defensivo** de la cartera. Es un activo donde: - El **potencial de retorno** vendrá de: - Dividendo elevado. - Que el banco mantenga ROE >10%. - Y el **riesgo clave** es el giro del ciclo de tipos y crédito. --- ### Para seguir afinando 🔍 Si te interesa, podemos dar el siguiente paso y responder a algo muy concreto: **¿Te gustaría que estimemos qué peso máximo tendría sentido para Sabadell dentro de una cartera diversificada en euros, teniendo en cuenta tu tolerancia de ±10% mensual y tu preferencia por limitar la exposición a valores cíclicos?**