Itau Unibanco Holding S.A. (ITUB) intrinsic value & 10-year financials
Itau Unibanco Holding S.A. (ITUB) has a Graham intrinsic value of $37.48 per share. Over the last 10 fiscal years revenue grew 21.4% a year to $168.1B, with an average return on invested capital of 18.4%.
- Graham intrinsic value
- $37.48
- Revenue (FY2024)
- $168.1B
- Revenue growth (10-yr CAGR)
- 21.4%
- ROIC (10-yr avg)
- 18.4%
- Free cash flow (FY2024)
- $5.2B
ITUB 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2024 | $168.1B | $42.1B | — | $5.2B | — | 20.0% |
| FY2023 | $155.0B | $33.9B | — | $73.7B | — | 18.0% |
| FY2022 | $144.9B | $30.7B | — | $127.2B | — | 19.4% |
| FY2021 | $126.4B | $28.4B | — | $58.7B | — | 19.2% |
| FY2020 | $100.2B | $15.1B | — | $57.8B | — | 10.0% |
| FY2019 | $117.1B | $27.8B | — | $33.6B | — | 18.9% |
| FY2018 | $104.2B | $25.6B | — | $21.2B | — | 19.7% |
| FY2017 | $111.5B | $24.3B | — | $7.7B | — | 17.2% |
| FY2016 | $31.9B | $23.6B | — | $29.3B | — | 19.0% |
| FY2015 | $29.5B | $26.2B | — | -$35.9B | — | 22.9% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Itau Unibanco Holding S.A. is a consistent compounder, expanding top-line revenue at 21.3% annually over the past decade.
Itau Unibanco Holding S.A. has earned high returns on invested capital, averaging 17.4% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Itau Unibanco Holding S.A. has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Itau Unibanco Holding S.A. is modeled at 0.8% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $37.48 per share.