Investors interested in Banks - Foreign stocks are likely familiar with Shinhan Financial (SHG) and Credicorp (BAP). But which of these two companies is the best option for those looking for undervalued stocks? Let's take a closer look.The best way to find great value stocks is to pair a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system. The proven Zacks Rank puts an emphasis on earnings estimates and estimate revisions, while our Style Scores work to identify stocks with specific traits.Right now, Shinhan Financial is sporting a Zacks Rank of #1 (Strong Buy), while Credicorp has a Zacks Rank of #4 (Sell). Investors should feel comfortable knowing that SHG likely has seen a stronger improvement to its earnings outlook than BAP 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.Our Value category grades stocks based on a number of key metrics, including the tried-and-true P/E ratio, the P/S ratio, earnings yield, and cash flow per share, as well as a variety of other fundamentals that value investors frequently use.SHG currently has a forward P/E ratio of 4.99, while BAP has a forward P/E of 13.70. We also note that SHG has a PEG ratio of 2.05. 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. BAP currently has a PEG ratio of 5.55.Another notable valuation metric for SHG is its P/B ratio of 0.42. The P/B ratio pits a stock's market value against its book value, which is defined as total assets minus total liabilities. For comparison, BAP has a P/B of 1.80.Based on these metrics and many more, SHG holds a Value grade of A, while BAP has a Value grade of C.SHG stands above BAP thanks to its solid earnings outlook, and based on these valuation figures, we also feel that SHG is the superior value option right now.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 Shinhan Financial Group Co Ltd (SHG): Free Stock Analysis Report Credicorp Ltd. (BAP): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research