Analyst Note
| Eric Compton, CFA |Narrow-moat-rated Banco Santander Chile reported solid third-quarter earnings of $0.28 per ADR share, beating CapIQ consensus estimates of $0.23. Earnings were augmented by lower provisioning, cost control, and a modest expansion in net interest income as the firm participated extensively in the government-sponsored FOGAPE lending program. After incorporating recent results and currency effects, we’re lowering our fair value estimate to $19.50 per ADR share from $22.