A like-for-like valuation of ICICI Bank (ICICIBANK) and State Bank of India (SBIN), each built from its own filed accounts and set side by side — price against estimated worth, on the same measures.
State Bank of India is priced further below its estimated worth than ICICI Bank.
State Bank of India trades 51% below our estimate of fair value, against 15% below our estimate of fair value for ICICI Bank. A wider discount is not automatically the safer buy — it can equally mean the market sees a risk the accounts do not show yet — but on price against estimated value, State Bank of India is the cheaper of the two today.
Every figure below is drawn from each company's own filed statements. Estimated fair value is the per-share figure our engine will stand behind; where a business needs a model that does not reduce to one number, it is shown as “—”.
| ICICI BankICICIBANK | State Bank of IndiaSBIN | |
|---|---|---|
| Current price | ₹1,350 | ₹968 |
| Market cap | ₹9.69L Cr | ₹8.94L Cr |
| Estimated fair value | ₹1,551 | ₹1,462 |
| Upside to fair value | +15% | +51% |
| P/E | 17.3 | 10.4 |
| P/B | 2.55 | 1.45 |
| Return on equity | —% | —% |
| Debt to equity | — | — |
| Valued on | Excess return — the correct lens for a bank | Excess return — the correct lens for a bank |
Private versus public sector, same lens.
Worked backwards from today's share price: the rate each company must sustain to justify what it costs, against what its own ten-year record supports.
Same method, same filed accounts — each of these works both companies through to a fair value.
State Bank of India trades 51% below our estimate of fair value, against 15% below our estimate of fair value for ICICI Bank. A wider discount is not automatically the safer buy — it can equally mean the market sees a risk the accounts do not show yet — but on price against estimated value, State Bank of India is the cheaper of the two today.
Each company is valued from its own filed financial statements — ten years of results — using the method that fits that business, then set beside the other on price, valuation multiples, return on equity and what today's share price already assumes. It is a like-for-like comparison of the workings, not investment advice.