Itaúsa is a Holding Company that manages a portfolio of companies operating in different segments. Itaúsa’s main investees are Itaú Unibanco Holding S.A., XP Inc., dexco S.A., Alpargatas S.A., CCR S.A., Aegea Saneamento e Participações S.A., Copa Energia and NTS (Nova Transportadora do Sudeste S.A.).
discount calculation is one of the most used indicators to value investments in Itaúsa, and it concerns the difference between the market price ascertained for Itaúsa’s shares and the sum of the market value of the equity interests held in the investees (“sum of the parts”).
Part of this discount can be justified in our view by maintenance expenses, taxes levied on a fraction of the earnings received (tax inefficiency), and risk assessment, among other factors.
To learn more about the Holding Company discount and history, please click here.