Discounted Cash Flow
Itau Unibanco Holding S.A. ADR
—
Sales growth has weakened: 14.6% (2022) → 7.0% (2023) → 8.4% (2024) → -0.2% (2025). Revenue growth has been decelerating or declining in recent years and is now -0.2% — a slowing company may not sustain the growth the DCF projects, so the valuation could be overstated.
Average annual growth rates
| Metric | 10-Year | 5-Year | 3-Year |
|---|---|---|---|
| Sales | — | — | — |
| Free Cash Flow | — | — | — |
| Average (FCF & NI) | — | — | — |
| Net Income | — | — | — |
| Dividends | — | — | — |
Endpoint CAGR (better for long term trend)
| Metric | 10-Year | 5-Year | 3-Year |
|---|---|---|---|
| Sales | — | — | — |
| Free Cash Flow | — | — | — |
| Average (FCF & NI) | — | — | — |
| Net Income | — | — | — |
Projected growth rate
—
Historical inputs (10 fiscal years)
| YEAR | Sales | Net Income | Free Cash Flow | Net Margin | EPS (diluted) |
|---|---|---|---|---|---|
| 2016 | $0 | $4.5b | $5.9b | — | $7.14 |
| 2017 | $17.7b | $4.7b (2.8%) | $1.1b (-81.7%) | 26.4% | $7.36 (3.1%) |
| 2018 | $18.3b (3.8%) | $4.9b (4.2%) | $4.4b (309.0%) | 26.5% (0.4%) | $5.12 (-30.4%) |
| 2019 | $22.8b (24.5%) | $5.3b (8.9%) | $6.9b (55.1%) | 23.2% (-12.6%) | $5.56 (8.6%) |
| 2020 | $19.6b (-14.4%) | $3.7b (-30.3%) | $11.6b (68.9%) | 18.9% (-18.6%) | $3.88 (-30.2%) |
| 2021 | $24.7b (26.1%) | $5.2b (41.6%) | $11.7b (1.0%) | 21.2% (12.3%) | $5.48 (41.2%) |
| 2022 | $28.3b (14.6%) | $5.8b (11.0%) | $19.3b (64.7%) | 20.5% (-3.2%) | — |
| 2023 | $30.2b (7.0%) | $6.5b (11.5%) | $20.8b (7.8%) | 21.4% (4.2%) | $5.96 |
| 2024 | $32.8b (8.4%) | $8.0b (24.1%) | $24.3b (16.8%) | 24.4% (14.4%) | $7.40 (24.2%) |
| 2025 | $32.7b (-0.2%) | $8.8b (9.2%) | $5.3b (-78.0%) | 26.7% (9.4%) | $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): —
Net debt deduction: —
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.