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 May 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. 35.00 9,743 340,999 37.5% 127,751
Duratex S.A. 10.54 690 7,268 36.7% 2,665
Alpargatas S.A. 18.36 579 10,627 27.6% 2,928
Itautec S.A. 40.10 11 444 98.9% 439
Nova Transportadora do Sudeste S.A - NTS (D) n/a n/a n/a 7.7% 1,053
Other Net Assets and Liabilities (E)         -747
Market Value of the Sum of the Parts         134,089
Itaúsa S.A. 12.39 8,411 104,209   104,209
Discount         -22.3%


(A) The most liquid shares of Itaú Unibanco (ITUB4), Duratex (DTEX3), Alpargatas (ALPA4), Itautec (ITEC3) 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 March 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 March 31, 2019.

Previous Discounts