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Itaú Unibanco Holding

NYSE:ITUB
Snowflake Description

Average dividend payer with acceptable track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
ITUB
NYSE
R$298B
Market Cap
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Last updated 2019/04/22 23:33
Company description

Itaú Unibanco Holding S.A. provides a range of financial products and services to individuals and corporate clients in Brazil and internationally. The last earnings update was 77 days ago. More info.

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  • Itaú Unibanco Holding has significant price volatility in the past 3 months.
ITUB Share Price and Events
7 Day Returns
-2.1%
NYSE:ITUB
0.7%
US Banks
-0.8%
US Market
1 Year Returns
-15.1%
NYSE:ITUB
-4.7%
US Banks
7%
US Market
ITUB Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Itaú Unibanco Holding (ITUB) -2.1% -3.1% -14.6% -15.1% 56.6% 1.2%
US Banks 0.7% 8.9% 3.1% -4.7% 43.1% 50.3%
US Market -0.8% 2.7% 7.5% 7% 37.9% 47%
1 Year Return vs Industry and Market
  • ITUB underperformed the Banks industry which returned -4.7% over the past year.
  • ITUB underperformed the Market in United States of America which returned 7% over the past year.
Price Volatility
ITUB
Industry
5yr Volatility vs Market

ITUB Value

 Is Itaú Unibanco Holding undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Itaú Unibanco Holding to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Itaú Unibanco Holding.

NYSE:ITUB Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Weighted future Return on Equity estimates from 12 analysts.
= Stable Book Value * Return on Equity
= R$14.93 * 21.8% 		R$3.25
Book Value of Equity per Share Weighted future Book Value estimates from 7 analysts. R$14.93
Discount Rate (Cost of Equity) See below 10.5%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NYSE:ITUB
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
Banks Unlevered Beta Simply Wall St/ S&P Global 0.63
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.631 (1 + (1- 34%) (196.92%)) 		1.302
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)		 1.3
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (1.302 * 5.96%) 		10.49%

Discounted Cash Flow Calculation for NYSE:ITUB using Excess Returns Model Model

The calculations below outline how an intrinsic value for Itaú Unibanco Holding is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

NYSE:ITUB Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (21.8% – 10.49%) * R$14.93) 		R$1.68
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= R$1.68 / (10.49% - 2.73%) 		R$21.69
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= R$14.93 + R$21.69 		R$36.61
NYSE:ITUB Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in NYSE:ITUB represents 0.25473x of BOVESPA:ITUB4
(This could be a different class, a depositary receipt, a different currency, or all of these things.) 		0.25473x
Value per Share
(Listing Adjusted, USD)		 = Value per Share (BRL) x Listing Adjustment Factor
= R$ 36.61 x 0.25473 		$9.33
Value per share (USD) From above. $9.33
Current discount Discount to share price of $8.34
= -1 x ($8.34 - $9.33) / $9.33 		10.6%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Itaú Unibanco Holding is available for.
Intrinsic value
11%
Share price is $8.34 vs Future cash flow value of $9.33
Current Discount Checks
For Itaú Unibanco Holding to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Itaú Unibanco Holding's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Itaú Unibanco Holding's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Itaú Unibanco Holding's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Itaú Unibanco Holding's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NYSE:ITUB PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in BRL R$2.56
BOVESPA:ITUB4 Share Price ** BOVESPA (2019-04-22) in BRL R$32.74
United States of America Banks Industry PE Ratio Median Figure of 587 Publicly-Listed Banks Companies 12.97x
United States of America Market PE Ratio Median Figure of 3,080 Publicly-Listed Companies 18.21x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Itaú Unibanco Holding.

NYSE:ITUB PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= BOVESPA:ITUB4 Share Price ÷ EPS (both in BRL)

= 32.74 ÷ 2.56

 12.77x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Itaú Unibanco Holding is good value based on earnings compared to the US Banks industry average.
  • Itaú Unibanco Holding is good value based on earnings compared to the United States of America market.
Price based on expected Growth
Does Itaú Unibanco Holding's expected growth come at a high price?
Raw Data
NYSE:ITUB PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 12.77x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 14 Analysts		 11.4%per year
United States of America Banks Industry PEG Ratio Median Figure of 262 Publicly-Listed Banks Companies 1.28x
United States of America Market PEG Ratio Median Figure of 2,109 Publicly-Listed Companies 1.56x

*Line of best fit is calculated by linear regression .

NYSE:ITUB PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 12.77x ÷ 11.4%

 1.12x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Itaú Unibanco Holding is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Itaú Unibanco Holding's assets?
Raw Data
NYSE:ITUB PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in BRL R$14.07
BOVESPA:ITUB4 Share Price * BOVESPA (2019-04-22) in BRL R$32.74
United States of America Banks Industry PB Ratio Median Figure of 592 Publicly-Listed Banks Companies 1.23x
United States of America Market PB Ratio Median Figure of 5,186 Publicly-Listed Companies 1.91x
NYSE:ITUB PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= BOVESPA:ITUB4 Share Price ÷ Book Value per Share (both in BRL)

= 32.74 ÷ 14.07

 2.33x

* Primary Listing of Itaú Unibanco Holding.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Itaú Unibanco Holding is overvalued based on assets compared to the US Banks industry average.
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Value checks
We assess Itaú Unibanco Holding's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Banks industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Banks industry average (and greater than 0)? (1 check)
    5. Itaú Unibanco Holding has a total score of 2/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

ITUB Future Performance

 How is Itaú Unibanco Holding expected to perform in the next 1 to 3 years based on estimates from 14 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
11.4%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Itaú Unibanco Holding expected to grow at an attractive rate?
  • Itaú Unibanco Holding's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Itaú Unibanco Holding's earnings growth is positive but not above the United States of America market average.
  • Itaú Unibanco Holding's revenue growth is expected to exceed the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NYSE:ITUB Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:ITUB Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 14 Analysts 11.4%
NYSE:ITUB Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 14 Analysts 11.6%
United States of America Banks Industry Earnings Growth Rate Market Cap Weighted Average 4.1%
United States of America Banks Industry Revenue Growth Rate Market Cap Weighted Average 4.2%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.5%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NYSE:ITUB Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 14 Analyst Estimates (S&P Global) See Below
All numbers in BRL Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:ITUB Future Estimates Data
Date (Data in BRL Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 134,608 35,401 4
2020-12-31 124,709 31,464 7
2019-12-31 116,385 28,321 7
NYSE:ITUB Past Financials Data
Date (Data in BRL Millions) Revenue Cash Flow Net Income *
2018-12-31 94,018 -37,777 24,907
2018-09-30 88,122 -111,848 23,770
2018-06-30 88,592 -178,396 23,638
2018-03-31 93,071 -154,273 24,229
2017-12-31 90,557 -63,132 23,193
2017-09-30 94,637 -59,299 24,379
2017-06-30 91,164 -19,877 23,947
2017-03-31 96,358 -9,273 23,615
2017-01-01 94,067 -732 21,627
2016-09-30 95,305 104,469 22,291
2016-06-30 84,782 76,132 25,932
2016-03-31 79,600 73,240 25,778

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Itaú Unibanco Holding's earnings are expected to grow by 11.4% yearly, however this is not considered high growth (20% yearly).
  • Itaú Unibanco Holding's revenue is expected to grow by 11.6% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:ITUB Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 14 Analyst Estimates (S&P Global) See Below

All data from Itaú Unibanco Holding Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:ITUB Future Estimates Data
Date (Data in BRL Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 3.55 3.71 3.34 4.00
2020-12-31 3.30 3.45 3.08 7.00
2019-12-31 2.95 3.02 2.86 6.00
NYSE:ITUB Past Financials Data
Date (Data in BRL Millions) EPS *
2018-12-31 2.56
2018-09-30 2.44
2018-06-30 2.43
2018-03-31 2.49
2017-12-31 2.38
2017-09-30 2.50
2017-06-30 2.45
2017-03-31 2.41
2017-01-01 2.28
2016-09-30 2.28
2016-06-30 2.65
2016-03-31 2.62

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Itaú Unibanco Holding is expected to efficiently use shareholders’ funds in the future (Return on Equity greater than 20%).
Show me more growth companies in the Banks industry
X
Future performance checks
We assess Itaú Unibanco Holding's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Itaú Unibanco Holding has a total score of 3/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

ITUB Past Performance

  How has Itaú Unibanco Holding performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Itaú Unibanco Holding's growth in the last year to its industry (Banks).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Itaú Unibanco Holding's year on year earnings growth rate has been positive over the past 5 years.
  • Itaú Unibanco Holding's 1-year earnings growth exceeds its 5-year average (7.4% vs 4.6%)
  • Itaú Unibanco Holding's earnings growth has not exceeded the US Banks industry average in the past year (7.4% vs 43.5%).
Earnings and Revenue History
Itaú Unibanco Holding's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Itaú Unibanco Holding Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:ITUB Past Revenue, Cash Flow and Net Income Data
Date (Data in BRL Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 94,018.00 24,907.00 50,832.00
2018-09-30 88,122.00 23,770.00 49,986.00
2018-06-30 88,592.00 23,638.00 47,470.00
2018-03-31 93,071.00 24,229.00 46,095.00
2017-12-31 90,557.00 23,193.00 44,569.00
2017-09-30 94,637.00 24,379.00 44,480.00
2017-06-30 91,164.00 23,947.00 43,702.00
2017-03-31 96,358.00 23,615.00 43,600.00
2017-01-01 94,067.00 21,627.00 45,670.00
2016-09-30 95,305.00 22,291.00 41,390.00
2016-06-30 84,782.00 25,932.00 41,047.00
2016-03-31 79,600.00 25,778.00 39,834.00
2015-12-31 70,676.00 25,740.00 39,471.00
2015-09-30 68,676.00 27,065.00 38,901.00
2015-06-30 75,291.00 23,756.00 37,639.00
2015-03-31 72,310.00 22,677.00 36,884.00
2014-12-31 75,856.00 21,555.00 36,128.00
2014-09-30 77,650.38 20,584.06 37,548.20
2014-06-30 74,627.90 18,685.66 35,701.08
2014-03-31 68,769.68 17,502.56 34,113.60
2013-12-31 64,517.00 16,424.00 32,467.00
2013-09-30 57,690.98 14,541.73 27,796.02
2013-06-30 55,826.35 13,919.42 27,201.26
2013-03-31 55,280.38 13,640.69 26,925.50
2012-12-31 59,818.00 12,634.00 30,875.00
2012-09-30 55,797.41 13,782.89 27,000.23
2012-06-30 54,236.04 14,217.97 27,354.69

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Itaú Unibanco Holding has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Itaú Unibanco Holding used its assets more efficiently than the US Banks industry average last year based on Return on Assets.
  • Unable to establish if Itaú Unibanco Holding improved its use of capital last year versus 3 years ago (Return on Capital Employed) due to insufficient past data.
X
Past performance checks
We assess Itaú Unibanco Holding's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Banks industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Itaú Unibanco Holding has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

ITUB Health

 How is Itaú Unibanco Holding's financial position? (This company is analysed differently as a bank or financial institution)

This company is a bank or financial institution.

Fundamentally a bank's business is based upon borrowing and lending money, for this reason they typically have high levels of debt and we analyse them differently.
Net Worth
Balance sheet
This treemap shows a more detailed breakdown of Itaú Unibanco Holding's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Itaú Unibanco Holding Company Filings, last reported 3 months ago.

NYSE:ITUB Past Debt and Equity Data
Date (Data in BRL Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 150,466.00 586,552.00 600,013.00
2018-09-30 144,907.00 578,423.00 604,817.00
2018-06-30 140,775.00 570,138.00 557,494.00
2018-03-31 136,389.00 569,496.00 545,748.00
2017-12-31 144,356.00 562,855.00 534,702.00
2017-09-30 143,691.00 566,821.00 552,053.00
2017-06-30 138,492.00 577,727.00 548,252.00
2017-03-31 134,159.00 580,984.00 522,107.00
2017-01-01 132,384.00 600,268.00 565,124.00
2016-09-30 135,565.00 608,758.00 498,311.00
2016-06-30 131,120.00 609,283.00 486,600.00
2016-03-31 114,860.00 567,427.00 440,896.00
2015-12-31 114,059.00 619,035.00 483,531.00
2015-09-30 111,613.00 581,214.00 413,802.00
2015-06-30 105,735.00 513,904.00 344,942.00
2015-03-31 102,060.00 536,374.00 397,680.00
2014-12-31 100,617.00 502,665.00 359,260.00
2014-09-30 93,099.64 503,447.49 157,111.77
2014-06-30 87,961.82 479,710.45 195,693.75
2014-03-31 84,092.36 476,993.34 178,064.97
2013-12-31 84,192.00 461,856.00 315,174.00
2013-09-30 80,101.38 482,707.87 86,090.88
2013-06-30 77,577.30 476,954.26 94,721.65
2013-03-31 76,112.99 472,735.81 87,602.75
2012-12-31 75,122.38 468,799.09 81,335.40
2012-09-30 80,099.80 416,838.65 77,788.84
2012-06-30 77,452.89 357,137.43 81,666.04
BANK ANALYSIS

This company is a bank or financial institution, which is analysed accordingly below.

Below we check the amount of loans the bank has, how many of those are bad, and its ability to cover any bad loans.
  • Itaú Unibanco Holding has an acceptable proportion of non-loan assets held.
  • Itaú Unibanco Holding's liabilities are made up of primarily higher risk sources of funding.
  • Loans at Itaú Unibanco Holding are broadly funded by customer deposits.
  • Itaú Unibanco Holding's level of assets compared to its equity is moderate (i.e. an appropriate level of borrowing to fund lending).
  • Itaú Unibanco Holding has a low allowance for bad loans.
  • Itaú Unibanco Holding has a high level of bad loans (greater than 2%).
X
Financial health checks
We assess Itaú Unibanco Holding's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
    7. Itaú Unibanco Holding has a total score of 3/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

ITUB Dividends

 What is Itaú Unibanco Holding's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
8.37%
Current annual income from Itaú Unibanco Holding dividends. Estimated to be 6.17% next year.
If you bought $2,000 of Itaú Unibanco Holding shares you are expected to receive $167 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Itaú Unibanco Holding's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.39%).
  • Itaú Unibanco Holding's dividend is above the markets top 25% of dividend payers in United States of America (3.62%).
Upcoming dividend payment

Purchase Itaú Unibanco Holding before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NYSE:ITUB Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 14 Analyst Estimates (S&P Global) See Below
United States of America Banks Industry Average Dividend Yield Market Cap Weighted Average of 472 Stocks 2.8%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2008 Stocks 2.4%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.6%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NYSE:ITUB Future Dividends Estimate Data
Date (Data in R$) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 2.35 4.00
2020-12-31 2.08 7.00
2019-12-31 1.80 8.00
NYSE:ITUB Past Annualized Dividends Data
Date (Data in R$) Dividend per share (annual) Avg. Yield (%)
2019-02-04 2.740 7.753
2018-02-20 1.891 5.959
2018-01-22 0.120 0.352
2017-12-21 0.120 0.402
2017-11-21 0.120 0.429
2017-10-19 0.120 0.423
2017-09-21 0.120 0.408
2017-08-21 0.120 0.430
2017-07-20 0.120 0.468
2017-06-20 0.120 0.492
2017-05-23 0.120 0.503
2017-04-20 0.120 0.469
2017-03-23 0.120 0.471
2017-01-23 0.120 0.459
2016-12-29 0.120 0.502
2016-11-23 0.120 0.539
2016-10-24 0.120 0.497
2016-09-26 0.109 0.475
2016-08-24 0.109 0.503
2016-07-27 0.109 0.513
2016-06-27 0.109 0.563
2016-04-25 0.109 0.595
2016-03-28 0.815 4.237
2016-02-22 0.815 4.601
2016-02-01 0.815 5.472
2015-12-29 0.815 5.509
2015-02-03 0.744 4.109
2014-02-04 0.593 3.200
2013-11-05 0.876 5.569
2013-05-10 0.264 1.733
2013-02-05 0.522 3.307
2012-02-14 0.509 3.503
2011-02-21 0.450 2.978
2010-02-11 0.412 2.395
2009-04-23 0.404 2.727

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Itaú Unibanco Holding's earnings are paid to the shareholders as a dividend.
  • Dividends paid are not well covered by earnings (0.9x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.6x coverage).
Show me more dividend paying companies in the Banks industry
X
Income/ dividend checks
We assess Itaú Unibanco Holding's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Itaú Unibanco Holding afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
    7. Itaú Unibanco Holding has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

ITUB Management

 What is the CEO of Itaú Unibanco Holding's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Candido Bracher
AGE 60
TENURE AS CEO 2 years
CEO Bio

Mr. Candido Botelho Bracher has been the Chief Executive Officer of Itaú Unibanco Holding S.A. since June 2017 and has been its Member of Board of Directors since February 2009 to April 2017. Mr. Bracher is the Founder and Partner of Fundo Pitanga at Reva Gestão de Investimentos Ltda. Mr. Bracher served as an Executive Vice President since August 2005 to June 2015 and General Manager of the wholesale bank at Itaú Unibanco Holding S.A. since July 2015 to May 2017. He serves as a Vice President of Unibanco-Uniao de Bancos Brasileiros S.A. He served as a Director-General of The Wholesale Area at Itaú Unibanco S.A. since April 2014. Mr. Bracher served as the Chief Executive Officer since August 2005 to February 2015 and Vice Chairman of Banco Itaú BBA since March 2013 to April 2015 and its Vice President since February 2003 to August 2005. Mr. Bracher served as an Executive Officer of Bahia Corretora and Manager of Banco da Bahia Investimentos from 1983 to 1985, Executive Officer and Vice Chief Executive Officer of BADESP - Banco de Desenvolvimento do Estado de São Paulo from 1985 to 1987, Executive Officer of Banco Itamarati from 1987 to 1988 and Executive Officer of Banco BBA Creditanstalt from 1988 to 2003. He has been a Director of Banco Itau BBA S.A since February 2003. He served as the Non-Executive Chairman of Itau BBA International plc since September 24, 2012 until December 2016 and served as its Deputy Chairman. He served as a Director of Itau BBA International plc and Banco Itau Holding Financeira SA. He served as a Director of Itau Unibanco Holding S.A. since November 28, 2008 until April 19, 2017. Mr. Bracher served as a Director of Companhia Brasileira de Distribuicao since 2005 and BM&F Bovespa SA since April 2009 to June 2014. He served as a Director of Itaú CorpBanca until November 15, 2015. He served as a Director of Bovespa Holding SA and Banco Itamarati SA. He served as a Director of Banco BBA Creditanstalt S.A. from 1988 to 2003. Mr. Bracher holds a Degree in Business Administration from FGV-EAESP (Administration School), Sao Paulo, Brazil in 1980.

CEO Compensation
  • Insufficient data for Candido to compare compensation growth.
  • Insufficient data for Candido to establish whether their remuneration is reasonable compared to companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Itaú Unibanco Holding management team in years:

6.1
Average Tenure
48
Average Age
  • The average tenure for the Itaú Unibanco Holding management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Candido Bracher

TITLE
CEO, Executive President & Member of Board of Executive Officers
AGE
60
TENURE
2 yrs

Milton Maluhy Filho

TITLE
CFO, VP of Risk & Finance Control Area and Member of Board of Executive Officers
TENURE
0.3 yrs

Claudia Politanski

TITLE
Executive VP & Member of Board of Executive Officers
AGE
48
TENURE
10.4 yrs

Jay Bum Ahn

TITLE
Wholesale General Director & & Member of Board of Executive Officers
AGE
55

Emerson Bortoloto

TITLE
Officer & Member of the Board of Executive Officers
AGE
41
TENURE
7.4 yrs

Rodrigo Rosa Couto

TITLE
Officer & Member of the Board of Executive Officers
AGE
43
TENURE
7.3 yrs

Alexsandro Broedel Lopes

TITLE
Group Executive Finance Director
AGE
44
TENURE
6.7 yrs

Eduardo de Vassimon

TITLE
Wholesale General Director & Member of Board of Executive Officers
AGE
60
TENURE
6.1 yrs

Márcio de Andrade Schettini

TITLE
General Director & Member of Board of Executive Officers
AGE
54
TENURE
3.8 yrs

Leila Cristiane Barboza de Melo

TITLE
Executive Officer & Member of the Board of Executive Officers
AGE
47
TENURE
4 yrs
Board of Directors Tenure

Average tenure and age of the Itaú Unibanco Holding board of directors in years:

10
Average Tenure
64
Average Age
  • The average tenure for the Itaú Unibanco Holding board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Antonio Trindade

TITLE
Chairman of Itaú Seguros De Vida
TENURE
9.3 yrs

Roberto Setubal

TITLE
Co-Chairman of the Board & Member of International Advisory Board
AGE
64

Pedro Salles

TITLE
Co-Chairman of the Board & Member of International Advisory Board
AGE
59
TENURE
9.7 yrs

Pedro Bodin de Moraes

TITLE
Independent Director
AGE
62
TENURE
10.4 yrs

Fábio Barbosa

TITLE
Independent Director
AGE
64
TENURE
4 yrs

José Caruso Henriques

TITLE
Chairman of Fiscal Council
AGE
71
TENURE
1.8 yrs

Alfredo Setubal

TITLE
Non-Executive Director
AGE
60
TENURE
11.8 yrs

Gustavo Laboissière Loyola

TITLE
Independent Director
AGE
66
TENURE
13 yrs

Ricardo Marino

TITLE
Non-Executive Director
AGE
44
TENURE
10.8 yrs

Pedro Malan

TITLE
Member of International Advisory Board
AGE
75
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
X
Management checks
We assess Itaú Unibanco Holding's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
    5. Itaú Unibanco Holding has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

ITUB News

Simply Wall St News

ITUB Company Info

Description

Itaú Unibanco Holding S.A. provides a range of financial products and services to individuals and corporate clients in Brazil and internationally. The company operates in three segments: Retail Banking, Wholesale Banking, and Activities with the Market + Corporation. It accepts demand, savings, and time deposits; and offers payroll, mortgage, personal, vehicle, and corporate loans, as well as very small, small, and middle market loans. The company also provides credits cards; investment and private banking services; property, casualty, and life insurance products; reinsurance products; and private pension plans and premium bonds. In addition, it offers consumer finance credit; and capitalization, leasing, and brokerage services. As of December 31, 2017, the company operated through a network of 4,981 branches and client service branches, as well as 46,965 automated teller machines. The company was formerly known as Itaú Unibanco Banco Múltiplo S.A. and changed its name to Itaú Unibanco Holding S.A. in April 2009. Itaú Unibanco Holding S.A. was founded in 1945 and is headquartered in São Paulo, Brazil. Itaú Unibanco Holding S.A. operates as a subsidiary of IUPAR - Itaú Unibanco Participações S.A.

Details
Name: Itaú Unibanco Holding S.A.
ITUB
Exchange: NYSE
Founded: 1945
R$75,852,675,407
9,721,870,108
Website: http://www.itau.com.br
Address: Itaú Unibanco Holding S.A.
Praça Alfredo Egydio de Souza Aranha,
n° 100,
Sao Paulo,
São Paulo, Brazil
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
BOVESPA ITUB4 Preferred Shares Bolsa de Valores de Sao Paulo BR BRL 09. Nov 1992
NYSE ITUB ADR EACH REPR 1 PRF NPV New York Stock Exchange US USD 21. Feb 2002
BOVESPA ITUB3 Common Shares Bolsa de Valores de Sao Paulo BR BRL 03. Dec 1992
DB BVXB ADR EACH REPR 1 PRF NPV Deutsche Boerse AG DE EUR 21. Feb 2002
BMV ITUB N ADR EACH REPR 1 PRF NPV Bolsa Mexicana de Valores MX MXN 21. Feb 2002
Number of employees
Current staff
Staff numbers
100,300
Itaú Unibanco Holding employees.
Industry
Diversified Banks
Banks
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/22 23:33
End of day share price update: 2019/04/22 00:00
Last estimates confirmation: 2019/04/17
Last earnings filing: 2019/02/04
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Related Companies

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