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 September 30, 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. 35.03 9,743 341,306 37.5% 127,860
Duratex S.A. 12.65 690 8,724 36.7% 3,198
Alpargatas S.A. 25.90 579 14,991 28.9% 4,330
Nova Transportadora do Sudeste S.A - NTS (D) n/a n/a n/a 7.7% 1,082
Other Net Assets and Liabilities (E)         -1,067
Market Value of the Sum of the Parts         135,403
Itaúsa S.A. 13.18 8,411 110,855   110,855
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 June 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 June 30, 2019.

Previous Discounts