Banco Santander Chile ADR

BSAC: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$22.00	Sjsrwr	Lkkmlbfrf

Banco Santander Chile Update: Reducing Our FVE to $18 From $21 on High Cost of Funds

Michael Miller

Sep 22, 2023

We are reducing our fair value estimate for narrow-moat Banco Santander Chile to $18 per share from $21 per ADR share as the bank’s results are being severely impacted by economic conditions in Chile. About $1.70 of the reduction is from exchange rate movements since our last update with our fair value estimate now being based on an exchange rate of CLP 890/$1 as of Sept. 22, 2023.

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