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 December 31, 2019
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. 37.10 9,744 361,506 37.5% 135,427
Alpargatas S.A. 33.20 579 19,217 28.9% 5,550
Duratex S.A. 16.72 690 11,532 36.7% 4,228
Nova Transportadora do Sudeste S.A - NTS (D) n.a n.a n.a 7.7% 1,091
Other Net Assets and Liabilities (E)         -768
Market Value of the Sum of the Parts         145,528
Itaúsa S.A. 14.09 8,411 118,508   118,508
Discount         -18.6%


(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 2.4.a of the Financial Statements of Itaúsa of September 30, 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 September 30, 2019.

Previous Discounts