Two months after SBP's IPO and it still hasn't
achieved any substantial appreciation. A company as
undervalued as this in the PR market should begin its
ascention to average industry P/E ratios soon. It currently
has a P/E of about 13, compared with an average P/E
of 18-22 for the rest of the banks in PR. So what is
keeping it from bursting out? Investor confidence. When
the PR IRA season begins pumping money into the local
market and SBP begins its upward ride, investors will
finally become aware of this undervalued treasure and
allow it to reach its expected price
levels.

Picotero2001