Mitsubishi UFJ Financial Group Inc ADR (MUFG) 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 +3%, against -10% for MUFG.
Values as of the 23 Sept 2026 close.
Book value at 1.87x, the multiple a 12.5% return on equity justifies, blended with earnings, values the shares at $20.77; the price of $22.82 is 10% above that value.
Leak Score 0/100 on 3 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 $14.20 is 3% below that value.
Leak Score 0/100 on 3 of 12 signals
| Metric | MUFG | SAN |
|---|---|---|
| Verdict | Slightly overvalued | Fairly valued |
| Price | $22.82 | $14.20 |
| Intrinsic value | $20.77 | $14.61 |
| Margin of safety | -10% | +3% |
| Leak Score | 0/100 (3/12) | 0/100 (3/12) |
| Market cap | $256.9B | $206.5B |
| Revenue growth, 5 years | 11.0% | 13.8% |
| Operating margin | 20.9% | 15.2% |
| Net margin | 20.1% | 13.1% |
| Return on equity | 12.5% | 13.0% |
| Debt to equity | 3.16 | 4.12 |
| P/E | 14.9x | 11.2x |
| Forward P/E | 13.0x | 9.8x |
| P/B | 1.8x | 1.7x |
| Dividend yield | 2.7% | 2.2% |