DDM Analysis: BSANTANDER.SN

Valuation Snapshot

Stable Growth	$171.64 - $735.40	$297.30
Multi-Stage	$137.72 - $150.68	$144.08
Blended Fair Value	$220.69
Current Price	$58.71
Upside	275.90%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-0.44%	2.74%	1.84	2.57	2.47	1.65	1.76	1.88	2.25	1.75	1.79	1.75
YoY Growth	-	-	-28.38%	4.35%	49.77%	-6.28%	-6.73%	-16.16%	28.12%	-1.79%	1.96%	24.53%
Dividend Yield	-	-	3.41%	5.25%	7.00%	3.72%	3.91%	5.71%	4.41%	3.45%	4.32%	5.38%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,069,724.00
(-) Cash Dividends Paid (M)	600,336.00
(=) Cash Retained (M)	469,388.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	213,944.80	133,715.50	80,229.30
Cash Retained (M)	469,388.00	469,388.00	469,388.00
(-) Cash Required (M)	-213,944.80	-133,715.50	-80,229.30
(=) Excess Retained (M)	255,443.20	335,672.50	389,158.70
(/) Shares Outstanding (M)	188,446.13	188,446.13	188,446.13
(=) Excess Retained per Share	1.36	1.78	2.07
LTM Dividend per Share	3.19	3.19	3.19
(+) Excess Retained per Share	1.36	1.78	2.07
(=) Adjusted Dividend	4.54	4.97	5.25
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	4.27%	5.27%	6.27%
Fair Value	$171.64	$297.30	$735.40
Upside / Downside	192.36%	406.39%	1,152.60%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,069,724.00	1,126,126.83	1,185,503.58	1,248,011.06	1,313,814.35	1,383,087.21	1,424,579.83
Payout Ratio	56.12%	62.90%	69.67%	76.45%	83.22%	90.00%	92.50%
Projected Dividends (M)	600,336.00	708,294.53	825,968.64	954,082.71	1,093,410.55	1,244,778.49	1,317,736.34

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	4.27%	5.27%	6.27%
Year 1 PV (M)	655,476.86	661,763.04	668,049.22
Year 2 PV (M)	707,376.30	721,009.18	734,772.18
Year 3 PV (M)	756,164.79	778,129.51	800,515.51
Year 4 PV (M)	801,968.22	833,177.89	865,289.74
Year 5 PV (M)	844,908.06	886,207.00	929,105.32
PV of Terminal Value (M)	22,186,325.73	23,270,788.94	24,397,250.23
Equity Value (M)	25,952,219.97	27,151,075.56	28,394,982.21
Shares Outstanding (M)	188,446.13	188,446.13	188,446.13
Fair Value	$137.72	$144.08	$150.68
Upside / Downside	134.57%	145.41%	156.65%

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Banco Santander-Chile (BSANTANDER.SN)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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