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Banco Santander-Chile (BSANTANDER.SN)

Company Dividend Discount ModelIndustry: Banks - RegionalSector: Financial Services

Valuation Snapshot

Stable Growth$171.66 - $735.68$297.35
Multi-Stage$137.73 - $150.69$144.09
Blended Fair Value$220.72
Current Price$58.71
Upside275.95%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-0.44%2.74%1.842.572.471.651.761.882.251.751.791.75
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
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)213,944.80133,715.5080,229.30
Cash Retained (M)469,388.00469,388.00469,388.00
(-) Cash Required (M)-213,944.80-133,715.50-80,229.30
(=) Excess Retained (M)255,443.20335,672.50389,158.70
(/) Shares Outstanding (M)188,446.13188,446.13188,446.13
(=) Excess Retained per Share1.361.782.07
LTM Dividend per Share3.193.193.19
(+) Excess Retained per Share1.361.782.07
(=) Adjusted Dividend4.544.975.25
WACC / Discount Rate7.03%7.03%7.03%
Growth Rate4.27%5.27%6.27%
Fair Value$171.66$297.35$735.68
Upside / Downside192.39%406.47%1,153.08%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,069,724.001,126,126.831,185,503.581,248,011.061,313,814.351,383,087.211,424,579.83
Payout Ratio56.12%62.90%69.67%76.45%83.22%90.00%92.50%
Projected Dividends (M)600,336.00708,294.53825,968.64954,082.711,093,410.551,244,778.491,317,736.34

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.03%7.03%7.03%
Growth Rate4.27%5.27%6.27%
Year 1 PV (M)655,478.63661,764.83668,051.03
Year 2 PV (M)707,380.12721,013.07734,776.14
Year 3 PV (M)756,170.91778,135.80800,521.98
Year 4 PV (M)801,976.87833,186.87865,299.07
Year 5 PV (M)844,919.44886,218.94929,117.84
PV of Terminal Value (M)22,188,212.6623,272,768.0924,399,325.19
Equity Value (M)25,954,138.6227,153,087.6028,397,091.26
Shares Outstanding (M)188,446.13188,446.13188,446.13
Fair Value$137.73$144.09$150.69
Upside / Downside134.59%145.43%156.67%

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