Itaúsa Discount

In this page, we disclose the calculation of the discount observed in the negotiation of Itaúsa's shares in relation to the market value of the sum of Itaúsas stakes in the companies.

On January 31, 2020
Price of Most
Liquid Share
Total Shares
Market Value
(R$ million)
Itaúsa's stake
Market Value of
the Stake
(R$ million)
Itaú Unibanco Holding S.A. 32.82 9,746 319,851 37.5% 119,793
Alpargatas S.A. 35.84 579 20,745 28.9% 5,992
Duratex S.A. 15.70 690 10,829 36.7% 3,969
Nova Transportadora do Sudeste S.A - NTS (D) n.a n.a n.a 7.7% 1,213
Other Net Assets and Liabilities (E)         -729
Market Value of the Sum of the Parts         130,238
Itaúsa S.A. 12.86 8,411 108,163   108,163
Discount         -16.9%


(A) The most liquid shares of Itaú Unibanco (ITUB4), Alpargatas (ALPA4), Duratex (DTEX3) and Itaúsa (ITSA4). Closing prices for the last day of the period.
(B) Total shares issued excluded treasury shares.
(C) Itaúsa's direct and indirect stake in the companies' total capital according to Explanatory Note 1 of the Financial Statements of Itaúsa of December 31, 2019, to be found in the
(D) Refers to the book value of the participation in the capital of NTS.
(E) Net value of other assets and liabilities. Individual balance sheet of December 31, 2019.

Previous Discounts