Bank Of America Corp (BAC) is slightly overvalued and Banco Santander SA ADR (SAN) is fairly valued.
Against our estimates of intrinsic value, SAN trades at the wider discount: a margin of safety of +1%, against -19% for BAC.
Values as of the 22 Sept 2026 close.
Book value at 1.07x, the multiple a 11.3% return on equity justifies, blended with earnings, values the shares at $47.17; the price of $56.20 is 19% above that value.
Leak Score 38/100 on 9 of 12 signals
Book value at 1.64x, the multiple a 13.0% return on equity justifies, blended with earnings, values the shares at $14.61; the price of $14.49 is 1% below that value.
Leak Score 0/100 on 3 of 12 signals
| Metric | BAC | SAN |
|---|---|---|
| Verdict | Slightly overvalued | Fairly valued |
| Price | $56.20 | $14.49 |
| Intrinsic value | $47.17 | $14.61 |
| Margin of safety | -19% | +1% |
| Leak Score | 38/100 (9/12) | 0/100 (3/12) |
| Market cap | $393.0B | $210.8B |
| Revenue growth, 5 years | 15.4% | 13.8% |
| Operating margin | 21.3% | 15.2% |
| Net margin | 16.5% | 13.1% |
| Return on equity | 11.3% | 13.0% |
| Debt to equity | 2.47 | 4.12 |
| P/E | 12.9x | 11.4x |
| Forward P/E | 10.7x | 10.0x |
| P/B | 1.4x | 1.7x |
| Dividend yield | 2.1% | 2.1% |