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 July 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. 26.89 9,746 262,059 37.4% 97,981
Alpargatas S.A. 31.46 579 18,210 29.1% 5,303
Duratex S.A. 16.10 690 11,105 36.6% 4,068
Nova Transportadora do Sudeste S.A - NTS (D) n.a n.a n.a 7.7% 1,166
Other Net Assets and Liabilities (E)         -1,106
Market Value of the Sum of the Parts         107,412
Itaúsa S.A. 10.67 8,411 89,743   89,743
Discount         -16.4%


(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 March 31, 2020, 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 March 31, 2020.

Previous Discounts