Banco De Chile ADR

BCH: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$49.00	Xspmklh	Cbfrdjfh

Lowering Our FVE for Banco De Chile to $18.50 as the Chilean Peso Falls and Economic Risks Grow

Michael Miller

Jul 5, 2022

As we incorporate recent exchange rate movements and increased economic uncertainty in Chile, we are reducing our fair value estimate for narrow moat Banco de Chile from $23 per ADR share to $18.50. The bulk of this decrease comes from a change in our assumed exchange rate from CLP 784 per U.S. dollar to CLP 942 as of July 5, 2022. Our fair value estimate decreased an additional $0.30 due to higher near-term credit costs, as the Chilean economy cools in the face of rapid interest rate increases.

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