Bankinter (BKT.MC) fair value

ACCE thesis

Bankinter is a Spanish retail and commercial bank, listed in Madrid, with a market capitalisation of about EUR 13.7 billion, and its core business is mortgages, consumer lending, savings products and corporate banking across Spain and Portugal. The case rests on valuation rather than on a documented structural moat, since the data available here does not include revenue growth, return on equity or margins to confirm one. The near-term driver is the normalisation of Spanish rates, which tends to lift net interest income for deposit-heavy lenders, though we have not yet modelled the pass-through. At a trailing P/E of 12.6 and a forward P/E of 10.5, the stock is priced below many European bank peers, and the drop from trailing to forward implies the market expects earnings to rise over the next year. That gap is the reason to look closer, but the operating figures that would test it are missing from this dataset and need to be pulled before any conclusion.