Investors interested in Banks - Foreign stocks are likely familiar with Banco De Chile (BCH) and ICICI Bank Limited (IBN). But which of these two companies is the best option for those looking for undervalued stocks? Let's take a closer look.Everyone has their own methods for finding great value opportunities, but our model includes pairing an impressive grade in the Value category of our Style Scores system with a strong Zacks Rank. The Zacks Rank favors stocks with strong earnings estimate revision trends, and our Style Scores highlight companies with specific traits.Banco De Chile has a Zacks Rank of #1 (Strong Buy), while ICICI Bank Limited has a Zacks Rank of #3 (Hold) right now. Investors should feel comfortable knowing that BCH likely has seen a stronger improvement to its earnings outlook than IBN has recently. But this is only part of the picture for value investors.Value investors also try to analyze a wide range of traditional figures and metrics to help determine whether a company is undervalued at its current share price levels.The Value category of the Style Scores system identifies undervalued companies by looking at a number of key metrics. These include the long-favored P/E ratio, P/S ratio, earnings yield, cash flow per share, and a variety of other fundamentals that help us determine a company's fair value.BCH currently has a forward P/E ratio of 6.23, while IBN has a forward P/E of 22.17. We also note that BCH has a PEG ratio of 0.76. 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. IBN currently has a PEG ratio of 1.02.Another notable valuation metric for BCH is its P/B ratio of 1.85. 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, IBN has a P/B of 3.28.Based on these metrics and many more, BCH holds a Value grade of B, while IBN has a Value grade of C.BCH sticks out from IBN in both our Zacks Rank and Style Scores models, so value investors will likely feel that BCH is the better option right now. Zacks Names "Single Best Pick to Double" From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time. This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.Free: See Our Top Stock and 4 Runners Up >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Banco De Chile (BCH): Free Stock Analysis Report ICICI Bank Limited (IBN): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research