HDFC Bank Ltd ADR (HDB) is slightly overvalued and U.S. Bancorp (USB) is fairly valued.
Both trade above our estimate of their intrinsic value. USB is the closer of the two: -5%, against -6% for HDB.
Values as of the 22 Sept 2026 close.
Book value at 1.90x, the multiple a 13.7% return on equity justifies, blended with earnings, values the shares at $22.06; the price of $23.41 is 6% above that value.
Leak Score 14/100 on 3 of 12 signals
Book value at 1.36x, the multiple a 12.6% return on equity justifies, blended with earnings, values the shares at $56.61; the price of $59.44 is 5% above that value.
Leak Score 43/100 on 9 of 12 signals
| Metric | HDB | USB |
|---|---|---|
| Verdict | Slightly overvalued | Fairly valued |
| Price | $23.41 | $59.44 |
| Intrinsic value | $22.06 | $56.61 |
| Margin of safety | -6% | -5% |
| Leak Score | 14/100 (3/12) | 43/100 (9/12) |
| Market cap | $120.3B | $92.6B |
| Revenue growth, 5 years | 21.8% | 13.2% |
| Operating margin | 21.9% | 24.8% |
| Net margin | 16.0% | 17.9% |
| Return on equity | 13.7% | 12.6% |
| Debt to equity | 0.93 | 1.42 |
| P/E | 13.8x | 11.9x |
| Forward P/E | 12.1x | 10.2x |
| P/B | 1.9x | 1.5x |
| Dividend yield | 1.8% | 3.6% |