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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 2.8x - 3.1x | 3.0x |
| Selected Fwd Ps Multiple | 2.6x - 2.8x | 2.7x |
| Fair Value | CLP 268.64 - CLP 296.92 | CLP 282.78 |
| Upside | 16.8% - 29.1% | 22.9% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Banco de Crédito e Inversiones | - | SNSE:BCI |
| Banco Itaú Chile | - | SNSE:ITAUCL |
| Banco Santander-Chile | - | SNSE:BSANTANDER |
| Banco de Chile | - | SNSE:CHILE |
| Grupo Security S.A. | - | SNSE:SECURITY |
| Scotiabank Chile S.A. | - | SNSE:SCOTIABKCL |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| BCI | ITAUCL | BSANTANDER | CHILE | SECURITY | SCOTIABKCL | |||
| SNSE:BCI | SNSE:ITAUCL | SNSE:BSANTANDER | SNSE:CHILE | SNSE:SECURITY | SNSE:SCOTIABKCL | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 10.4% | 7.8% | 5.7% | 9.8% | 9.8% | 4.4% | ||
| 3Y CAGR | 11.2% | 5.9% | 2.0% | 6.4% | 17.5% | 2.7% | ||
| Latest Twelve Months | 13.6% | -16.0% | 49.0% | -0.9% | -2.1% | -5.7% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 31.2% | -1.2% | 39.1% | 44.2% | 25.4% | 37.3% | ||
| Prior Fiscal Year | 32.2% | 30.8% | 33.6% | 47.2% | 31.4% | 35.5% | ||
| Latest Fiscal Year | 33.2% | 28.9% | 41.0% | 45.4% | 25.4% | 35.4% | ||
| Latest Twelve Months | 34.4% | 33.4% | 44.8% | 46.2% | 25.4% | 35.2% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | NA | NA | NA | NA | NA | NA | ||
| Price / LTM Sales | 3.2x | 2.4x | 4.7x | 5.2x | 1.9x | 2.5x | ||
| LTM P/E Ratio | 9.2x | 7.1x | 10.5x | 11.4x | 7.4x | 7.0x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 1.9x | 3.2x | 5.2x | |||||
| Historical LTM P/S Ratio | 2.3x | 3.3x | 4.4x | |||||
| Selected Price / Sales Multiple | 2.8x | 3.0x | 3.1x | |||||
| (x) LTM Sales | 1,145,234 | 1,145,234 | 1,145,234 | |||||
| (=) Equity Value | 3,255,210 | 3,426,537 | 3,597,864 | |||||
| (/) Shares Outstanding | 12,244.9 | 12,244.9 | 12,244.9 | |||||
| Implied Value Range | 265.84 | 279.83 | 293.83 | |||||
| FX Rate: CLP/CLP | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 265.84 | 279.83 | 293.83 | 230.06 | ||||
| Upside / (Downside) | 15.6% | 21.6% | 27.7% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | BCI | ITAUCL | BSANTANDER | CHILE | SECURITY | SCOTIABKCL | |
| Value of Common Equity | 7,979,055 | 2,768,945 | 10,622,708 | 14,061,578 | 1,158,290 | 2,817,058 | |
| (/) Shares Outstanding | 218.6 | 216.3 | 188,446.1 | 101,017.1 | 3,995.3 | 12,244.9 | |
| Implied Stock Price | 36,500.00 | 12,799.00 | 56.37 | 139.20 | 289.91 | 230.06 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 36,500.00 | 12,799.00 | 56.37 | 139.20 | 289.91 | 230.06 | |
| Trading Currency | CLP | CLP | CLP | CLP | CLP | CLP | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |