DDM Analysis: ITUB3.SA

Valuation Snapshot

Stable Growth	$225.10 - $813.91	$713.51
Multi-Stage	$105.53 - $115.32	$110.34
Blended Fair Value	$411.92
Current Price	$39.07
Upside	954.32%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-3.83%	12.93%	1.99	0.97	0.63	0.59	1.08	2.42	1.88	1.01	0.72	0.66
YoY Growth	-	-	105.97%	54.31%	7.00%	-45.75%	-55.42%	28.98%	86.05%	40.75%	9.49%	10.90%
Dividend Yield	-	-	6.34%	3.18%	2.86%	2.36%	5.14%	14.03%	7.30%	4.14%	3.76%	4.22%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	43,785.00
(-) Cash Dividends Paid (M)	28,257.00
(=) Cash Retained (M)	15,528.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	8,757.00	5,473.13	3,283.88
Cash Retained (M)	15,528.00	15,528.00	15,528.00
(-) Cash Required (M)	-8,757.00	-5,473.13	-3,283.88
(=) Excess Retained (M)	6,771.00	10,054.88	12,244.13
(/) Shares Outstanding (M)	10,698.60	10,698.60	10,698.60
(=) Excess Retained per Share	0.63	0.94	1.14
LTM Dividend per Share	2.64	2.64	2.64
(+) Excess Retained per Share	0.63	0.94	1.14
(=) Adjusted Dividend	3.27	3.58	3.79
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$225.10	$713.51	$813.91
Upside / Downside	476.14%	1,726.24%	1,983.22%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	43,785.00	46,631.03	49,662.04	52,890.07	56,327.93	59,989.24	61,788.92
Payout Ratio	64.54%	69.63%	74.72%	79.81%	84.91%	90.00%	92.50%
Projected Dividends (M)	28,257.00	32,468.55	37,108.21	42,213.85	47,826.44	53,990.32	57,154.75

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	30,049.82	30,334.65	30,619.49
Year 2 PV (M)	31,785.43	32,390.85	33,001.99
Year 3 PV (M)	33,465.10	34,425.76	35,404.63
Year 4 PV (M)	35,090.07	36,439.53	37,827.55
Year 5 PV (M)	36,661.57	38,432.34	40,270.88
PV of Terminal Value (M)	961,959.52	1,008,422.53	1,056,663.78
Equity Value (M)	1,129,011.51	1,180,445.66	1,233,788.31
Shares Outstanding (M)	10,698.60	10,698.60	10,698.60
Fair Value	$105.53	$110.34	$115.32
Upside / Downside	170.10%	182.41%	195.17%

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Itaú Unibanco Holding S.A. (ITUB3.SA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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