Banco Itaú Chile

OTCPK:ITCL.Y Lagerbericht

Marktkapitalisierung: US$2.2b

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Banco Itaú Chile Zukünftiges Wachstum

Future Kriterienprüfungen 2/6

Banco Itaú Chile wird ein jährliches Gewinn- und Umsatzwachstum von 7.2% bzw. 15.8% prognostiziert. Der Gewinn pro Aktie wird voraussichtlich wachsen um 7.2% pro Jahr. Die Eigenkapitalrendite wird in 3 Jahren voraussichtlich 10.4% betragen.

Wichtige Informationen

7.2%

Wachstumsrate der Gewinne

7.18%

EPS-Wachstumsrate

Banks Gewinnwachstum8.2%
Wachstumsrate der Einnahmen15.8%
Zukünftige Eigenkapitalrendite10.42%
Analystenabdeckung

Low

Zuletzt aktualisiert06 Mar 2024

Jüngste Aktualisierungen zum künftigen Wachstum

Keine Aktualisierungen

Recent updates

Seeking Alpha • Sep 25

Banco Itaú Chile: Quality Bank, But Not Good Enough

Summary Banco Itaú Chile is one of the largest Chilean banks with operations in Chile and Colombia. Its largest shareholder is the Brazilian banking conglomerate Itaú Unibanco. Banco Itaú Chile had a strong last quarter, pays generous dividends, and owns a high-quality loan portfolio. Banco Itaú Chile is the cheapest among its competitors measured by price to book. Its parent company is valued at a P/B multiple of 1.43, while Banco Itaú Chile is at 0.49. However, lagging digital transformation, an inefficient Colombian segment, and insufficient capital adequacy are enough to give Banco Itaú Chile a hold rating. Read the full article on Seeking Alpha
Seeking Alpha • Jan 29

Itau Corpbanca: Deep Value Play With Potential For Higher Dividend

Summary The Chilean bank, Itau Corpbanca, is going through a turnaround with improved profitability. The P/B multiple and dividend are both much lower than seen during the better years for the bank that are potentially coming back. Majority owned by Brazilian Itau Unibanco, Itau Corpbanca has both financial support and a motive to pay a large dividend. The stock has been forming a stage one bottom for the past one and a half years. A recent piece of news led me to look at Chilean stocks and especially banks. According to Bloomberg, investors have pulled out $50 billion out of Chile due to the political turmoil. The country is facing socialist tendencies led by the president Gabriel Boric. A crisis is often an opportunity for an investor or speculator who is willing to be a contrarian. Not all crises are opportunities. There’s always a risk things get worse and remain bad for a long time. Here, we look at the Chilean bank, Itau Corpbanca (ITCB). The bank has been going through a turnaround for the past couple of years and the results are starting to show up - waiting to be visible on the stock chart. I'm not an expert on the Chilean economy or its banking industry, so here the investment case relies on three simple tenets: improved profitability of the bank should re-rate the stock to its historical P/B level, a well-covered dividend provides some protection against possible currency depreciation, and the stock has been interestingly consolidating for 1.5 years setting up to potentially break out in the spirit of stage analysis. Company overview and the Chilean economy in a nutshell The roots of Itau Corpbanca date back to 1871 but the modern bank is a result of a merger between Banco Itau Chile and Corpbanca in 2016. The main markets for Itau are Chile and Colombia. 84% of the assets and 82% of the loans are in Chile. Itau has 7,700 employees and 255 branches, down from 398 when the two banks merged. Currently it’s the fourth largest bank in Chile. Today the bank has a majority owner, Itau Unibanco Holding (ITUB), a major Brazilian bank, which owns 56% of Itau Corpbanca. In October 2021 there was a capital injection of 830 billion Chilean pesos by Itau Unibanco to align the bank with Basel III standards, which increased its ownership to the current level. Itau Corpbanca represents 17% of Itau Unibanco’s loan portfolio. Both S&P Global and Moody’s expect Itau Corpbanca to improve its profitability due to three drivers. For some time the bank has focused more on retail banking and reduced exposure to riskier corporate loans. The bank has also placed more emphasis on risk management as the NPL ratio was reduced from 2.8% to 2%. Together with improved efficiency, this has resulted in upward swings in ROA and ROE, as presented in the next section. Highlights selected by the company. (Q3 investor presentation.) The credit rating agencies also state that in a case of turmoil, the (credit) risks of the bank are seen lower due to the ownership of Itau Unibanco and Itau Corpbanca’s importance to the financial system of Chile. Both agencies did improve their ratings in 2022. Moody's said the following in its report. The upgrade of Itaú Chile's BCA to baa2 is driven by gradual and sustainable improvements in asset quality, profitability, and capital indicators, primarily over the past two years, benefited by the reinforcement of risk management practices and the repositioning into the retail banking sector in Chile. The BCA upgrade also incorporates Moody's expectation that future risks will be more contained in the coming quarters due to rigid risk underwriting criteria and conservative provisioning policies established by its Brazilian parent Itau Unibanco Holding S.A. (Itaú Unibanco, Ba3 stable). The majority control by Itaú Unibanco will ensure stability in the bank's capitalization, which will also be supported by increased recurring earnings generation as the bank continues to grow into higher-margined retail lending and fee-based activities in Chile. Chilean economy One of Itau Corpbanca’s competitors, Banco de Chile, gave an overview of the Chilean economy in its latest investor presentation. Although there’s political turmoil, one could easily present a case where the Chilean economy does well in the coming few years. Chile could benefit from the increasing demand and price of copper, increasing price of foodstuff, and the reopening of China. Overview of Chilean economy. (Bank of Chile.) Like anywhere else in the world, inflation has been raging high in Chile. While high inflation could boost the net interest income of the bank, it can also increase credit defaults and other costs. According to the above-mentioned Bloomberg article, the Chilean central bank lowered its GDP growth forecast but increased its forecast of interest rates. Here, we simply assume that these two effects factor each other out and the internal performance of Itau Corpbanca helps to boost its profits. Inflation in Chile. (Tradingeconomics.com) Profits could be on the path to normalize Itau Corpbanca trades at a significant discount on a P/B multiple in comparison with its peers Banco de Chile (BCH) and Banco Santander-Chile (BSAC). This can be explained by the lower ROE (about half of peers) for Itau. Overall, the peers have higher quality operations by most of the traditional measures for banks, and this is reflected in their higher multiples. Approximate P/B and ROE by Ycharts. (Ycharts.) During 2013-2015, Itau Corpbanca achieved ROEs between 13% and 15%. From 2016 to 2020, the performance was poor but now for the past two years the ROE and also ROA has been increasing. According to Finbox, the bank has already reached a ROE of 13%. Depending on a data provider, the stock has been trading at a P/B multiple of 0.8-0.9 when the bank has achieved double-digit returns on equity. Currently, the P/B stands close to 0.6, according to Seeking Alpha and other sources. If the stock would re-rate to 0.8, the setup would represent an upside of 33%. Quarterly ROE and ROA. (Finbox.) CEO Gabriel Moura said during the Q3 earnings call: It's just because you asked a return on average equity and return on tangible equity. We always in the bank, as I mentioned, we discussed return on tangible equity because of the goodwill that we have in order to compare it to the other banks. As this goodwill was a mark-to-market of the net asset value of Corpbanca when we acquired the bank. So it's not a cash base, it's goodwill but a mark-to-market. In fact, that's why we are always discussing return on tangible equity. We do not have short-term guidance for returns. As we mentioned, we do see returns in Colombia achieving 12% in 2024. And we have a guidance of Chile for around 14% on medium term. We think that on a more normalized level of return that we see for our operation in Chile is to have 14%, 15% in return. On the last 7 trimesters quarters, we were higher -- significantly higher than that. I think that we are going to continue to see returns higher than the target that we have, but we are going to converge in the near future to something around 14%. Technical setup looks interesting Since March 2020, Itau has been trading in a range between $2.6 and $6.2 and since July 2021 in a range between $2.6 and $4. The stock has experienced a strong momentum since October 2022 and is on the way to cross a couple of resistance levels if the momentum continues. If the company continues to register a modest improvement in its profitability we could see a significant move higher to catch up with the multiples.
Seeking Alpha • Nov 02

Itau CorpBanca ADS Non-GAAP EPADR of CHF0.19, revenue of CHF374.37B

Itau CorpBanca ADS press release (NYSE:ITCB): Q3 Non-GAAP EPADR of CHF0.187. Revenue of CHF374.37B (+34.5% Y/Y).
Seeking Alpha • Jul 29

Itau CorpBanca ADS Non-GAAP EPS of CH$0.24, revenue of CH$373.06B beats by CH$372.64B

Itau CorpBanca ADS press release (NYSE:ITCB): Q2 Non-GAAP EPS of CH$0.24. Revenue of CH$373.06B (+45.7% Y/Y) beats by CH$372.64B.

Gewinn- und Umsatzwachstumsprognosen

OTCPK:ITCL.Y - Zukünftige Analystenschätzungen und Finanzdaten der Vergangenheit (CLP Millions)
DatumUmsatzGewinneFreier CashflowBargeld aus operativen TätigkeitenDurchschn. Anz. Analysten
12/31/20261,900,145436,467N/AN/A1
12/31/20251,683,927393,524N/AN/A4
12/31/20241,575,642330,584N/AN/A4
12/31/20231,151,914354,887-588,318-521,831N/A
9/30/20231,099,421370,196784,280842,471N/A
6/30/20231,059,075417,889-656,577-599,318N/A
3/31/20231,140,400411,925-2,475,241-2,415,265N/A
12/31/20221,157,331433,744-466,660-408,848N/A
9/30/20221,257,686414,791-2,024,463-1,963,857N/A
6/30/20221,232,420355,814-1,196,967-1,131,371N/A
3/31/20221,044,501288,034-350,574-302,062N/A
12/31/20211,097,407273,410-1,278,490-1,232,320N/A
9/30/2021766,03524,029-370,442-313,866N/A
6/30/2021640,144-43,983-139,466-91,042N/A
3/31/2021573,302-861,087-52,7049,315N/A
12/31/2020624,715-808,784228,245295,920N/A
9/30/2020774,959-740,044-760,222-692,608N/A
6/30/2020872,639-689,589-2,380,824-2,310,400N/A
3/31/2020948,304112,562-2,444,330-2,379,160N/A
12/31/2019893,791113,684-1,783,268-1,717,552N/A
9/30/2019985,932145,762-1,126,585-1,059,796N/A
6/30/2019973,856152,207-687,663-616,404N/A
3/31/2019997,113157,539-388,342-307,168N/A
12/31/2018971,454171,33123,366106,318N/A
9/30/2018883,298126,3471,84476,573N/A
6/30/2018797,99079,497653,475741,467N/A
3/31/2018769,46886,167669,075758,143N/A
12/31/2017740,00267,821356,067443,222N/A
9/30/2017757,99845,767N/A231,318N/A
6/30/2017792,15269,250N/A935,744N/A
3/31/2017757,15633,187N/A364,739N/A
12/31/2016627,46114,911N/A451,418N/A
9/30/2016542,66393,335N/A536,038N/A
6/30/2016422,67497,730N/A-618,452N/A
3/31/2016294,46297,906N/A-296,817N/A
12/31/2015300,869105,757N/A-496,317N/A
9/30/2015272,23280,465N/A-640,056N/A
6/30/2015277,51488,929N/A-279,498N/A
3/31/2015257,62977,901N/A-504,457N/A
12/31/2014257,38485,693N/A-501,352N/A
9/30/2014278,217108,809N/A-601,431N/A
6/30/2014251,47890,225N/A-788,658N/A
3/31/2014251,38591,338N/A-736,415N/A
12/31/2013241,82187,723N/A-803,227N/A
9/30/2013218,97470,557N/A-538,739N/A
6/30/2013211,04465,860N/A-596,678N/A
3/31/2013191,34655,786N/A-471,273N/A

Analystenprognosen zum zukünftigen Wachstum

Einkommen vs. Sparrate: ITCL.YDas prognostizierte Gewinnwachstum (7.2% pro Jahr) liegt über der Sparquote (2.3%).

Ertrag vs. Markt: ITCL.YDie Erträge des Unternehmens (7.2% pro Jahr) werden voraussichtlich langsamer wachsen als der Markt US (17% pro Jahr).

Hohe Wachstumserträge: ITCL.YDie Erträge des Unternehmens werden voraussichtlich steigen, jedoch nicht deutlich.

Einnahmen vs. Markt: ITCL.YDie Einnahmen des Unternehmens (15.8% pro Jahr) werden voraussichtlich schneller wachsen als der Markt US (11.9% pro Jahr).

Hohe Wachstumseinnahmen: ITCL.YDie Einnahmen des Unternehmens (15.8% pro Jahr) werden voraussichtlich langsamer wachsen als 20% pro Jahr.

Wachstumsprognosen für den Gewinn je Aktie

Künftige Eigenkapitalrendite

Künftige Eigenkapitalrendite: ITCL.YDie Eigenkapitalrendite des Unternehmens wird in 3 Jahren voraussichtlich niedrig sein (10.4%).

Wachstumsunternehmen entdecken

7D

1Y

7D

1Y

7D

1Y

Unternehmensanalyse und Finanzdaten Status

DatenZuletzt aktualisiert (UTC-Zeit)
Unternehmensanalyse2024/03/23 15:59
Aktienkurs zum Tagesende2024/03/22 00:00
Gewinne2023/12/31
Jährliche Einnahmen2023/12/31

Datenquellen

Die in unserer Unternehmensanalyse verwendeten Daten stammen von S&P Global Market Intelligence LLC. Die folgenden Daten werden in unserem Analysemodell verwendet, um diesen Bericht zu erstellen. Die Daten sind normalisiert, was zu einer Verzögerung bei der Verfügbarkeit der Quelle führen kann.

PaketDatenZeitrahmenBeispiel US-Quelle *
Finanzdaten des Unternehmens10 Jahre
  • Gewinn- und Verlustrechnung
  • Kapitalflussrechnung
  • Bilanz
Konsensschätzungen der Analysten+3 Jahre
  • Finanzielle Vorausschau
  • Kursziele der Analysten
Marktpreise30 Jahre
  • Aktienkurse
  • Dividenden, Splits und Aktionen
Eigentümerschaft10 Jahre
  • Top-Aktionäre
  • Insiderhandel
Verwaltung10 Jahre
  • Das Führungsteam
  • Direktorium
Wichtige Entwicklungen10 Jahre
  • Ankündigungen des Unternehmens

* Beispiel für US-Wertpapiere, für nicht-US-amerikanische Wertpapiere werden gleichwertige regulatorische Formulare und Quellen verwendet.

Sofern nicht anders angegeben, beziehen sich alle Finanzdaten auf einen Jahreszeitraum, werden aber vierteljährlich aktualisiert. Dies wird als Trailing Twelve Month (TTM) oder Last Twelve Month (LTM) Daten bezeichnet. Erfahren Sie mehr.

Analysemodell und Schneeflocke

Einzelheiten zu dem Analysemodell, mit dem dieser Bericht erstellt wurde, finden Sie auf unserer Github-Seite. Außerdem bieten wir Leitfäden zur Verwendung unserer Berichte und Tutorials auf YouTube an.

Erfahren Sie mehr über das Weltklasse-Team, das das Simply Wall St-Analysemodell entworfen und entwickelt hat.

Metriken für Industrie und Sektor

Unsere Branchen- und Sektionskennzahlen werden alle 6 Stunden von Simply Wall St berechnet. Details zu unserem Verfahren finden Sie auf Github.

Analysten-Quellen

Banco Itaú Chile wird von 10 Analysten beobachtet. 4 dieser Analysten hat die Umsatz- oder Gewinnschätzungen übermittelt, die als Grundlage für unseren Bericht dienen. Die von den Analysten übermittelten Daten werden im Laufe des Tages aktualisiert.

AnalystEinrichtung
Alonso AramburúBTG Pactual
Paloma Echeverria PaulCitigroup Inc
Javier Pizarro SalaCitigroup Inc