" What it’s all worth for Capital One? It’s tricky to determine, since Capital One may soon be a hybrid of bank and card network without comparable peers. But the stock does look inexpensive at nine times estimated 2027 earnings. That’s well below American Express at 15 times and far cheaper than Visa and Mastercard at 23 to 26 times. It also much cheaper than JPMorgan Chase, a primary competitor in cards, trading at 12.8 times.

Whether the stock is really a bargain will depend on Discover getting a new lease on life in Capital One. One potential casualty: Those swanky lounges could get more crowded if Discover’s cardholders join the party.

Write to Emily Dattilo at emily.dattilo@dowjones.com barrons.com - Capital one stock discover merger credit cards

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