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 November 28, 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. 34.80 9,743 339,065 37.5% 127,021
Alpargatas S.A. 31.78 579 18,395 28.9% 5,312
Duratex S.A. 14.38 690 9,917 36.7% 3,635
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         136,291
Itaúsa S.A. 13.27 8,411 111,612   111,612
Discount         -18.1%


(A) The most liquid shares of Itaú Unibanco (ITUB4), Duratex (DTEX3), Alpargatas (ALPA4) 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