Investors interested in Banks - Foreign stocks are likely familiar with Banco Bilbao (BBVA Quick QuoteBBVA - Free Report) and Westpac Banking Corporation . But which of these two stocks is more attractive to value investors? We'll need to take a closer look to find out.

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 puts an emphasis on earnings estimates and estimate revisions, while our Style Scores work to identify stocks with specific traits.

Currently, Banco Bilbao has a Zacks Rank of #2 (Buy), while Westpac Banking Corporation has a Zacks Rank of #4 (Sell). This system places an emphasis on companies that have seen positive earnings estimate revisions, so investors should feel comfortable knowing that BBVA is likely seeing its earnings outlook improve to a greater extent. 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.

BBVA currently has a forward P/E ratio of 8.32, while WBK has a forward P/E of 11.90. We also note that BBVA has a PEG ratio of 3.57. This figure is similar to the commonly-used P/E ratio, with the PEG ratio also factoring in a company's expected earnings growth rate. WBK currently has a PEG ratio of 7.94.

Another notable valuation metric for BBVA is its P/B ratio of 0.63. The P/B is a method of comparing a stock's market value to its book value, which is defined as total assets minus total liabilities. By comparison, WBK has a P/B of 1.32.

Based on these metrics and many more, BBVA holds a Value grade of B, while WBK has a Value grade of D.

BBVA stands above WBK thanks to its solid earnings outlook, and based on these valuation figures, we also feel that BBVA is the superior value option right now.