EVENTS:   Best Equity Short Ideas Conference Call 12 - Zach Shannon/Corto Capital Advisors & Craig Huber/Huber Research Partners & Thomas Beevers /Forensic Alpha & Ed Steele/Iron Blue Financials & Bill Campbell/Paragon Intel - 12 Nov 25   Will AI Deflate the World? Macro Lessons from Three Industrial Revolutions and China - Manoj Pradhan/Talking Heads Macro - 13 Nov 25     ROADSHOWS: Forest Products Sector Equity and Commodity Research With Expertise in Distressed Debt - Kevin Mason /ERA Research   •   London   12 - 14 Nov 25       Buyside to Buyside Forum and Expert Calls across TMT, Consumer, Healthcare and Fintech - Andrew Peters /Revelare Partners   •   London   17 - 19 Nov 25       Fundamental US Healthcare Short Ideas - Dr Elliot Favus /Favus Institutional Research   •   London   17 - 19 Nov 25      

Fortnightly Publication Highlighting Latest Insights From IRF Providers

Company Research

Itausa (ITSA4 BZ)

Financials

Galliano's Financials Research

Victor Galliano believes that the NAV is underestimated - separate from Itausa’s stake in XP, Itau Unibanco, which is Itausa’s core holding with a 37.2% stake, has a direct 9.96% XP stake. Adding its indirect XP stake share to Itausa’s NAV implies a sizeable discount of 27%. Since December 2008, only on 11% of the month end datapoints has Itausa’s discount exceeded 25%. This historically big NAV discount presents a buying opportunity.

Edition: 143

- 02 September, 2022