Is SAN or VBNK more undervalued in 2026?

CirclFi compares Banco Santander, S.A. Sponsored (SAN) and VersaBank (VBNK) using 13 institutional-grade valuation models. SAN has a Quality of Company score of 1.7/10 while VBNK scores 7.7/10.

Which is a better buy — SAN or VBNK?

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 SAN and VBNK valuations compare?

SAN at $12.48 and VBNK at $18.04 are compared across Bayesian DCF, EPV, EROIC Spread, First Chicago, Markov DDM, and 8 additional models.

SAN vs VBNK Valuation Comparison 2026 — Intrinsic Value Analysis

SAN

Commercial Banks, NEC

Banco Santander, S.A. Sponsored

Quality

1.7

out of 10

Value Trap

—

Price

$12.48

Last close

Models

12/13

Active

VBNK

Commercial Banks, NEC

VersaBank

Quality

7.7

out of 10

Value Trap

SAFE

Price

$18.04

Last close

Models

12/13

Active

Model-by-Model Comparison

Model	Type	SAN Fair Value	SAN Upside	VBNK Fair Value	VBNK Upside
Bayesian DCF	Intrinsic	$4.06	-67.5%	$19.92	+10.4%
Earnings Power Value	Intrinsic	$4.68	-60.9%	$28.46	+57.8%
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	$•••.••	••.•%	$•••.••	••.•%
RCMH-DCF	Intrinsic	$•••.••	••.•%	$•••.••	••.•%

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SAN vs VBNK — Which Stock Is More Undervalued?

VBNK scores higher with a 7.7/10 quality rating vs SAN's 1.7/10. Both stocks are analyzed daily using SEC EDGAR filings across 13 independent models.

Comparing Banco Santander, S.A. Sponsored (SAN) and VersaBank (VBNK) 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.

SAN currently trades at $12.48 with a QOC of 1.7/10, while VBNK trades at $18.04 with a QOC of 7.7/10.

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).