Investors looking for stocks in the Banks - Foreign sector might want to consider either Santander Mexico (BSMX Quick QuoteBSMX - Free Report) or Toronto-Dominion Bank (TD Quick QuoteTD - Free Report) . But which of these two stocks presents investors with the better value opportunity right now? Let's take a closer look.

We have found that the best way to discover great value opportunities is to pair a strong Zacks Rank with a great grade in the Value category of our Style Scores system. The proven Zacks Rank emphasizes companies with positive estimate revision trends, and our Style Scores highlight stocks with specific traits.

Santander Mexico has a Zacks Rank of #2 (Buy), while Toronto-Dominion Bank has a Zacks Rank of #3 (Hold) right now. Investors should feel comfortable knowing that BSMX likely has seen a stronger improvement to its earnings outlook than TD has recently. However, value investors will care about much more than just this.

Value investors are also interested in a number of tried-and-true valuation metrics that help show when a company is undervalued at its current share price levels.

Our Value category highlights undervalued companies by looking at a variety of key metrics, including the popular P/E ratio, as well as the P/S ratio, earnings yield, cash flow per share, and a variety of other fundamentals that have been used by value investors for years.

BSMX currently has a forward P/E ratio of 6.63, while TD has a forward P/E of 10.13. We also note that BSMX has a PEG ratio of 0.72. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. TD currently has a PEG ratio of 1.46.

Another notable valuation metric for BSMX is its P/B ratio of 0.94. Investors use the P/B ratio to look at a stock's market value versus its book value, which is defined as total assets minus total liabilities. By comparison, TD has a P/B of 1.58.

These are just a few of the metrics contributing to BSMX's Value grade of B and TD's Value grade of C.

BSMX has seen stronger estimate revision activity and sports more attractive valuation metrics than TD, so it seems like value investors will conclude that BSMX is the superior option right now.