Banco Santander SA ADR (SAN) is fairly valued and Wells Fargo & Co (WFC) is fairly valued.
Against our estimates of intrinsic value, SAN trades at the wider discount: a margin of safety of +1%, against -5% for WFC.
Values as of the 22 Sept 2026 close.
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
Book value at 1.40x, the multiple a 12.5% return on equity justifies, blended with earnings, values the shares at $79.44; the price of $83.15 is 5% above that value.
Leak Score 45/100 on 9 of 12 signals
| Metric | SAN | WFC |
|---|---|---|
| Verdict | Fairly valued | Fairly valued |
| Price | $14.49 | $83.15 |
| Intrinsic value | $14.61 | $79.44 |
| Margin of safety | +1% | -5% |
| Leak Score | 0/100 (3/12) | 45/100 (9/12) |
| Market cap | $210.8B | $251.4B |
| Revenue growth, 5 years | 13.8% | 8.6% |
| Operating margin | 15.2% | 21.9% |
| Net margin | 13.1% | 16.8% |
| Return on equity | 13.0% | 12.5% |
| Debt to equity | 4.12 | 2.57 |
| P/E | 11.4x | 12.1x |
| Forward P/E | 10.0x | 10.4x |
| P/B | 1.7x | 1.5x |
| Dividend yield | 2.1% | 2.3% |