Banco Santander (SAN) appears undervalued based on its current financial metrics and market position. Its low P/E ratio of 6.3-6.98 and price-to-book ratio of 0.68-0.73 suggest undervaluation compared to industry peers. The stock's dividend yield of 4.06%-4.61% is attractive, indicating potential for capital appreciation. Recent U.S. expansion plans with Verizon could drive future growth, but insider selling activity raises caution. Overall, SAN's valuation metrics and growth initiatives suggest it is not overvalued.