이타우 유니방코 지주은행 ADR

주가

5.52 USD

적정가치

5.35 USD

Benchmarks	Ticker	Full Ticker
Banco do Estado do Rio Grande do Sul S.A.	-	BOVESPA:BRSR5
Banco do Estado de Sergipe S.A.	-	BOVESPA:BGIP4
Inter & Co, Inc.	-	BOVESPA:INBR32
Banco Santander (Brasil) S.A.	-	BOVESPA:SANB4
Banco do Brasil S.A.	-	BOVESPA:BBAS3
Itaú Unibanco Holding S.A.	-	NYSE:ITUB

Multiples Valuation: Price / Sales

주가

5.52 USD

적정가치

5.35 USD

상승 여력 있음

-4.8%

Price / LTM Sales Multiple

Price / Fwd Sales Multiple

Fair Value

Benchmark Editor


Select Price / LTM Sales Ratio

	Benchmark Companies
	BRSR5	BGIP4	INBR32	SANB4	BBAS3	ITUB
	BOVESPA:BRSR5	BOVESPA:BGIP4	BOVESPA:INBR32	BOVESPA:SANB4	BOVESPA:BBAS3	NYSE:ITUB
Historical Sales Growth
5Y CAGR	-1.7%	2.7%	48.6%	5.1%	11.4%	6.6%
3Y CAGR	2.7%	2.9%	41.4%	7.4%	11.8%	6.6%
Latest Twelve Months	1.7%	21.7%	43.3%	24.0%	2.7%	9.0%

Historical Net Income Profit Margin
5 Year Average Margin	15.0%	12.1%	5.2%	33.8%	33.4%	26.1%
Prior Fiscal Year	15.9%	8.6%	9.4%	19.2%	34.0%	26.6%
Latest Fiscal Year	11.3%	21.9%	19.7%	23.2%	34.7%	30.3%
Latest Twelve Months	11.3%	21.9%	19.7%	23.2%	34.7%	30.3%

Current Trading Multiples
EV / LTM EBITDA	NA	NA	NA	NA	NA	NA
Price / LTM Sales	0.7x	0.8x	3.1x	1.7x	1.6x	2.4x
LTM P/E Ratio	6.6x	3.8x	15.6x	7.4x	4.6x	7.9x


	Low	Mid	High

Benchmark LTM P/S Ratio	0.7x	1.6x	3.1x
Historical LTM P/S Ratio	1.7x	2.4x	4.3x

Selected Price / Sales Multiple	2.3x	2.4x	2.5x
(x) LTM Sales	135,739	135,739	135,739
(=) Equity Value	309,804	326,110	342,415
(/) Shares Outstanding	10,753.7	10,753.7	10,753.7
Implied Value Range	28.81	30.33	31.84
FX Rate: BRL/USD	5.7	5.7	5.7		Market Price
Implied Value Range (Trading Cur)	5.03	5.29	5.55		5.62
Upside / (Downside)	-10.6%	-5.9%	-1.2%

지원하는 계산법

Equity Waterfall

Financials

Historical Multiples


Equity Value

	Benchmark Companies
(in millions)	BRSR5	BGIP4	INBR32	SANB4	BBAS3	ITUB

Value of Common Equity	4,328	517	14,273	106,449	164,446	346,455
(/) Shares Outstanding	288.6	19.5	439.7	7,459.6	5,708.0	10,753.7
Implied Stock Price	15.00	26.50	32.46	14.27	28.81	32.22
FX Conversion Rate to Trading Currency	1.00	1.00	1.00	1.00	1.00	5.73
Implied Stock Price (Trading Cur)	15.00	26.50	32.46	14.27	28.81	5.62

Trading Currency	BRL	BRL	BRL	BRL	BRL	USD
FX Rate to Reporting Currency	1.00	1.00	1.00	1.00	1.00	5.73

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