Banco Itau Chile (ITAUCL.SN) fair value

ACCE thesis

Banco Itau Chile is a Santiago-based bank whose core business is retail and small-to-mid-sized business lending, funded by a deposit franchise and supplemented by consumer finance and asset management subsidiaries. The bank's edge is its disciplined, low-cost operating model in a market where it competes with larger incumbents, and its 34.6% operating margin and 9.4% ROE point to a business that converts revenue into earnings efficiently at a modest multiple of 12.3 trailing and 11.9 forward. Revenue growth of 14.7% is the number that deserves a closer look, since it suggests loan book expansion is outpacing the wider sector, and a forward multiple sitting only slightly below the trailing one implies the market is not pricing in much of that momentum. The stock has no index membership in our data, which could mean it is under-followed by global allocators. A 4.93 trillion CLP market capitalisation with a sub-12 multiple and double-digit top-line growth is enough to justify reading the most recent quarterly filings and loan-quality disclosures before deciding whether the name belongs on the list.