Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Banco Santander-Chile (BSANTANDER.SN)

Company Dividend Discount ModelIndustry: Banks - RegionalSector: Financial Services

Valuation Snapshot

Stable Growth$149.39 - $477.02$240.98
Multi-Stage$124.56 - $136.22$130.28
Blended Fair Value$185.63
Current Price$58.71
Upside216.18%
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 Rate7.44%7.44%7.44%
Growth Rate4.27%5.27%6.27%
Fair Value$149.39$240.98$477.02
Upside / Downside154.45%310.46%712.50%

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 Rate7.44%7.44%7.44%
Growth Rate4.27%5.27%6.27%
Year 1 PV (M)652,969.40659,231.53665,493.67
Year 2 PV (M)701,974.65715,503.43729,161.33
Year 3 PV (M)747,520.04769,233.64791,363.72
Year 4 PV (M)789,767.04820,501.89852,125.19
Year 5 PV (M)828,870.65869,385.68911,469.74
PV of Terminal Value (M)19,751,508.9320,716,958.7721,719,797.67
Equity Value (M)23,472,610.7124,550,814.9425,669,411.31
Shares Outstanding (M)188,446.13188,446.13188,446.13
Fair Value$124.56$130.28$136.22
Upside / Downside112.16%121.90%132.02%

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