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.
