Discounted Cash Flow

Itau Unibanco Holding S.A. ADR

ITUB · Based on 10 years of SEC filings · Converted from BRL to USD

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $0 $4.5b $5.8b $7.14
2017 $90.6b $4.6b (2.8%) $1.1b (-81.7%) 5.1% $7.36 (3.1%)
2018 $94.0b (3.8%) $4.8b (4.2%) $4.4b (309.0%) 5.1% (0.4%) $5.12 (-30.4%)
2019 $117.1b (24.5%) $5.2b (8.9%) $6.8b (55.1%) 4.5% (-12.6%) $5.56 (8.6%)
2020 $100.2b (-14.4%) $3.6b (-30.3%) $11.5b (68.9%) 3.6% (-18.6%) $3.88 (-30.2%)
2021 $126.4b (26.1%) $5.2b (41.6%) $11.6b (1.0%) 4.1% (12.3%) $5.48 (41.2%)
2022 $144.9b (14.6%) $5.7b (11.0%) $19.1b (64.7%) 4.0% (-3.2%)
2023 $155.0b (7.0%) $6.4b (11.5%) $20.6b (7.8%) 4.1% (4.2%) $5.96
2024 $168.1b (8.4%) $7.9b (24.1%) $24.0b (16.8%) 4.7% (14.4%) $7.40 (24.2%)
2025 $138.9b (-17.3%) $8.7b (9.2%) $5.3b (-78.0%) 6.2% (32.0%) $8.10 (9.5%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

SEC filings report in BRL. Values above are converted to USD for comparison with the US-listed share price.

Values abbreviated: b = billions, m = millions, k = thousands.

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model