MeritValue

BANK OF CHILE

BCHdata completeness 75%4 fiscal years on file
The thesis, from the filings

BANK OF CHILE earns about 49% on invested capital, with a roughly flat share count. The applicable estimate puts fair value near $0.02 a share. Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2017FY 2018FY 2020FY 2021
Revenue————
Net income$929.6M1$870.3M2−$564.2M3−$1.24B4
Operating cash flow$1.42B5−$1.92B6−$3.47B7$3.53B8
Capital expenditure$37.7M9$40.5M10$40M11$40.1M12
Free cash flow (derived)$1.38B5,9−$1.96B6,10−$3.51B7,11$3.49B8,12
Total debt————
Cash & equivalents$2.07B13$1.85B13$2.67B14$4.69B14
Diluted shares99.44B101.02B101.02B101.02B

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$0.56
your share of equity
Profit it earned you last year
−$0.12
Free cash flow it threw off
$0.34
Debt you’d be carrying
—

10 shares is a claim on $0.56 of net worth that earned you −$0.12 and generated $0.34 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
49% avg · 4y
FY17 25%FY18 25%FY20 19%FY21 128%

It earned an average 49% on invested capital over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+2% shares · 4y

Share count is roughly flat over 4 years — little dilution, little buyback.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.6.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
$0.02
assumptions (8)
  • Risk-free rate (10Y Treasury)5.00%
  • Equity risk premium5.00%
  • Beta (β)1.00
  • Equity share of capital85.0%
  • Debt spread over risk-free1.50%
  • Tax rate21.0%
  • Normalized earnings$153.1M
  • Growth assumed0.0%
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

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Sources — the receipts
  1. 20-F filed 2018-04-27 · period ending 2017-12-31 · accession 0001104659-18-027756 (ProfitLossAttributableToOwnersOfParent)
  2. 20-F filed 2019-04-26 · period ending 2018-12-31 · accession 0001104659-19-024105 (ProfitLossAttributableToOwnersOfParent)
  3. 20-F filed 2021-04-30 · period ending 2020-12-31 · accession 0001213900-21-023927 (ProfitLossAttributableToOwnersOfParent)
  4. 20-F filed 2022-04-29 · period ending 2021-12-31 · accession 0001213900-22-022791 (ProfitLossAttributableToOwnersOfParent)
  5. 20-F filed 2018-04-27 · period ending 2017-12-31 · accession 0001104659-18-027756 (CashFlowsFromUsedInOperatingActivities)
  6. 20-F filed 2019-04-26 · period ending 2018-12-31 · accession 0001104659-19-024105 (CashFlowsFromUsedInOperatingActivities)
  7. 20-F filed 2021-04-30 · period ending 2020-12-31 · accession 0001213900-21-023927 (CashFlowsFromUsedInOperatingActivities)
  8. 20-F filed 2022-04-29 · period ending 2021-12-31 · accession 0001213900-22-022791 (CashFlowsFromUsedInOperatingActivities)
  9. 20-F filed 2018-04-27 · period ending 2017-12-31 · accession 0001104659-18-027756 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  10. 20-F filed 2019-04-26 · period ending 2018-12-31 · accession 0001104659-19-024105 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  11. 20-F filed 2021-04-30 · period ending 2020-12-31 · accession 0001213900-21-023927 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  12. 20-F filed 2022-04-29 · period ending 2021-12-31 · accession 0001213900-22-022791 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  13. 20-F filed 2019-04-26 · periods ending 2017-12-31, 2018-12-31 · accession 0001104659-19-024105 (CashAndCashEquivalents)
  14. 20-F filed 2022-04-29 · periods ending 2020-12-31, 2021-12-31 · accession 0001213900-22-022791 (CashAndCashEquivalents)