Is ING or SAN more undervalued in 2026?

CirclFi compares ING Group, N.V. (ING) and Banco Santander, S.A. Sponsored (SAN) using 13 institutional-grade valuation models. ING has a Quality of Company score of 1.7/10 while SAN scores 1.7/10.

Which is a better buy — ING or SAN?

Compare intrinsic values from 13 independent models against current market prices. CirclFi also calculates Value Trap scores. This is not financial advice — conduct your own analysis.

How do ING and SAN valuations compare?

ING at $30.84 and SAN at $12.41 are compared across Bayesian DCF, EPV, EROIC Spread, First Chicago, Markov DDM, and 8 additional models.

ING vs SAN Valuation Comparison 2026 — Intrinsic Value Analysis

ING

Banks - Diversified

ING Group, N.V.

Quality

1.7

out of 10

Value Trap

—

Price

$30.84

Last close

Models

12/13

Active

SAN

Banks - Diversified

Banco Santander, S.A. Sponsored

Quality

1.7

out of 10

Value Trap

—

Price

$12.41

Last close

Models

12/13

Active

Model-by-Model Comparison

Model	Type	ING Fair Value	ING Upside	SAN Fair Value	SAN Upside
Bayesian DCF	Intrinsic	$10.28	-66.7%	$4.14	-66.7%
Earnings Power Value	Intrinsic	$12.67	-54.7%	$4.68	-60.9%
EROIC Spread	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
First Chicago	Scenario	$•••.••	••.•%	$•••.••	••.•%
Markov DDM	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
ML-RIV	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
Dynamic NAV	Asset-Based	$•••.••	••.•%	$•••.••	••.•%
PWERM	Option-Based	$•••.••	••.•%	$•••.••	••.•%
Regime Cross-Sectional	Relative	$•••.••	••.•%	$•••.••	••.•%
Sentiment SOTP	Hybrid	$•••.••	••.•%	$•••.••	••.•%
CUCE Ensemble	Ensemble	$•••.••	••.•%	$•••.••	••.•%
FTNN Topology	Relative	$•••.••	••.•%	$•••.••	••.•%

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ING vs SAN — Which Stock Is More Undervalued?

Both ING and SAN score 1.7/10 on quality. Both stocks are analyzed daily using SEC EDGAR filings across 13 independent models.

Comparing ING Group, N.V. (ING) and Banco Santander, S.A. Sponsored (SAN) across 13 institutional-grade valuation models reveals how each company's intrinsic value stacks up against its market price. CirclFi's engine processes SEC EDGAR 10-K and 10-Q filings, FRED macroeconomic data, and GDELT news sentiment to generate independent fair value estimates daily.

ING currently trades at $30.84 with a QOC of 1.7/10, while SAN trades at $12.41 with a QOC of 1.7/10.

Both companies are analyzed with models spanning intrinsic (Bayesian DCF, EPV), scenario-based (First Chicago), regime-switching (Markov DDM, RCMH-DCF), machine learning (ML-RIV, FTNN Topology), and ensemble methods (CUCE).