Capital One Financial (COF) is undervalued at ~1.8x P/TB on 15.8% FY26E RoTCE, lagging peers despite transformative changes. The $51.8B Discover acquisition structurally repositions COF, granting ownership of payment rails and unique network advantages. Management targets $2.7B in synergies by FY2027E, including $1.2B annual regulatory arbitrage from Durbin Amendment debit exemption.