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, 2020
Listed
Companies
Price of Most
Liquid Share
(R$)
(A)
Total Shares
(million)
(B)
Market Value
(R$ million)
Itaúsa's stake
(%)
(C)
Market Value of
the Stake
(R$ million)
Itaú Unibanco Holding S.A. 31.63 9,762 308,786 37.4% 115,540
Alpargatas S.A. 42.00 579 24,310 29.2% 7,097
Duratex S.A. 19.14 690 13,209 36.6% 4,839
Copagaz – Distribuidora de Gás S.A. (D) n.a n.a n.a 48.5% 1,232
Nova Transportadora do Sudeste S.A - NTS (E) n.a n.a n.a 7.7% 1,214
Other Net Assets and Liabilities (F)         -2,351
Market Value of the Sum of the Parts         127,481
Itaúsa S.A. 11.73 8,411 98,659   98,659
Discount         -22.6%

where:

(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 September 30, 2020, to be found in the www.itausa.com.br.
(D) Pro forma dara, according to information containet in the Material Fact of 12.23.2020. Itaúsa's stake is approximate and subject to post adjustment closing, still in 1Q21.
(E) Refers to the fair value recorded in the Balance Sheet as of September 30, 2020.
(F) Pro forma data. Book Value of 09.30.2020 adjusted by the issue of debentures, according to the Notice to the Market of 12.10.2020.

Previous Discounts


Year: