Financials Banco de Chile

Equities

CHILE

CLP0939W1081

Banks

End-of-day quote Santiago S.E. 06:00:00 2024-04-25 pm EDT 5-day change 1st Jan Change
105.8 CLP +1.22% Intraday chart for Banco de Chile +1.08% +2.21%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 8,051,061 7,328,789 6,723,697 8,889,503 10,454,258 10,685,587 - -
Enterprise Value (EV) 1 8,051,061 7,328,789 6,723,697 8,889,503 10,454,258 10,685,587 10,685,587 10,685,587
P/E ratio 13.6 x 15.8 x 8.48 x 6.31 x 8.41 x 10.7 x 10.2 x 9.74 x
Yield 4.35% 3.01% 8.03% - 7.8% 7.44% 6.88% 6.88%
Capitalization / Revenue 4 x 3.78 x 3.01 x 2.85 x 3.5 x 3.63 x 3.45 x 3.12 x
EV / Revenue 4 x 3.78 x 3.01 x 2.85 x 3.5 x 3.63 x 3.45 x 3.12 x
EV / EBITDA - - - - - - - -
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Price to Book 2.28 x 1.97 x 1.59 x 1.83 x 2 x 1.93 x 1.83 x 1.73 x
Nbr of stocks (in thousands) 101,017,081 101,017,081 101,017,081 101,017,081 101,017,081 101,017,081 - -
Reference price 2 79.70 72.55 66.56 88.00 103.5 105.8 105.8 105.8
Announcement Date 2/4/20 2/3/21 1/31/22 1/13/23 1/29/24 - - -
1CLP in Million2CLP
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 2,014,520 1,938,743 2,230,257 3,115,793 2,982,844 2,946,576 3,099,682 3,419,822
EBITDA - - - - - - - -
EBIT 1 1,103,516 1,056,412 1,342,493 2,120,310 1,878,773 1,712,448 1,766,735 -
Operating Margin 54.78% 54.49% 60.19% 68.05% 62.99% 58.12% 57% -
Earnings before Tax (EBT) 1 762,692 589,071 971,473 1,685,192 1,517,522 1,285,107 1,367,191 1,473,000
Net income 1 593,008 463,109 792,922 1,409,433 1,243,634 997,692 1,057,629 1,131,181
Net margin 29.44% 23.89% 35.55% 45.24% 41.69% 33.86% 34.12% 33.08%
EPS 2 5.870 4.580 7.850 13.95 12.31 9.868 10.35 10.86
Free Cash Flow - - - - - - - -
FCF margin - - - - - - - -
FCF Conversion (EBITDA) - - - - - - - -
FCF Conversion (Net income) - - - - - - - -
Dividend per Share 2 3.470 2.181 5.344 - 8.077 7.867 7.273 7.279
Announcement Date 2/4/20 2/3/21 1/31/22 1/13/23 1/29/24 - - -
1CLP in Million2CLP
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4
Net sales 1 544,963 704,251 685,185 846,766 778,186 805,656 703,166 748,399 678,346 858,729 780,115 723,000 711,000 730,000
EBITDA - - - - - - - - - - - - - -
EBIT - - - - - - - - - - - - - -
Operating Margin - - - - - - - - - - - - - -
Earnings before Tax (EBT) 1 232,925 332,402 351,374 504,773 413,364 415,681 333,551 416,040 351,670 416,261 383,000 319,000 298,000 304,000
Net income 1 184,235 283,818 291,727 431,522 339,574 346,610 265,951 332,147 259,993 385,543 289,327 255,837 236,225 239,205
Net margin 33.81% 40.3% 42.58% 50.96% 43.64% 43.02% 37.82% 44.38% 38.33% 44.9% 37.09% 35.39% 33.22% 32.77%
EPS 2 1.820 2.810 2.890 4.270 3.360 3.430 2.630 3.290 2.570 3.820 2.780 2.530 2.340 2.365
Dividend per Share 2 - - 5.340 - - - 8.582 - - - 8.080 - - -
Announcement Date 10/28/21 1/31/22 4/14/22 7/14/22 10/27/22 1/13/23 4/27/23 7/28/23 10/30/23 1/29/24 - - - -
1CLP in Million2CLP
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt - - - - - - - -
Net Cash position - - - - - - - -
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow - - - - - - - -
ROE (net income / shareholders' equity) 17.5% 12.8% 19.9% 31% 24.6% 18.3% 18.5% 19%
ROA (Net income/ Total Assets) 1.57% 1.06% 1.62% 2.64% 2.24% 1.82% 1.85% 1.88%
Assets 1 37,771,210 43,685,407 48,897,509 53,478,771 55,523,837 54,788,137 57,215,511 60,190,665
Book Value Per Share 2 34.90 36.90 41.80 48.10 51.90 54.80 57.80 61.20
Cash Flow per Share - - - - - - - -
Capex - - - - - - - -
Capex / Sales - - - - - - - -
Announcement Date 2/4/20 2/3/21 1/31/22 1/13/23 1/29/24 - - -
1CLP in Million2CLP
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
B+
More Ratings
Sell
Consensus
Buy
Mean consensus
HOLD
Number of Analysts
9
Last Close Price
105.8 CLP
Average target price
2,238 CLP
Spread / Average Target
+2,015.25%
Consensus
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