Itaúsa - Investimentos Itaú SA (ITSA3) fair value: what the stock is really worth
We calculate from audited financials what Itaúsa - Investimentos Itaú SA is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 18, 2026.
How to read this chart
60‑month range R$4.59 – R$14.69 · fair‑value band R$15.07 – R$37.56 · the R$14.17 price screens below the R$26.01 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 18, 2026.
Itaúsa S.A., through its subsidiaries, operates a banking institution in Brazil and internationally. It operates through Dexco, Itaúsa, and Other segments. The company offers credit products, credit cards, asset management, investments, private banking, insurance, pension plans, and other financial services to individual and corporate clients.
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Itaúsa S.A., through its subsidiaries, operates a banking institution in Brazil and internationally. It operates through Dexco, Itaúsa, and Other segments. The company offers credit products, credit cards, asset management, investments, private banking, insurance, pension plans, and other financial services to individual and corporate clients. It also engages in the operation of platforms for highways, subways, trains, light rail, ferries, and airports; the distribution of LPG; and the transportation of natural gas through gas pipelines to distribution companies. In addition, the company manufactures and sells bathroom fixtures, fittings, and showers under the Deca, Hydra and Elizabeth brands; ceramic tiles under the Ceusa, Portinari, and Castelatto brands; medium- and high-density wood panels under the Duratex brand; laminate flooring under the Durafloor brand; dissolving wood pulp; and footwear, apparel, and textiles, as well as related components, including leather, resin, and natural and artificial rubber. Further, it provides private sanitation services. The company was formerly known as Itaúsa - Investimentos Itaú SA and changed its name to Itaúsa S.A. in June 2020. Itaúsa S.A. was incorporated in 1966 and is headquartered in São Paulo, Brazil.
Stock analysis
Itaúsa - Investimentos Itaú SA (ITSA3) currently trades at R$14.17, while our model-based Fair Value estimate is R$26.01, implying the stock looks roughly 45.5% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of R$29.55 per share, and 9 of the 12 models we run sit above the R$14.17 price.
Bear case: the Asset-Based group reads lowest at R$5.33, and 3 of the 12 models stay below the price. Evidence for this calculation is high.
Scenario range: R$15.07 (bear) to R$37.56 (bull), the price of R$14.17 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 57/100 (solid quality), in the Industrials sector.
Weak Growth: Revenue growth is weak: less than 2 % a year.
Itaúsa - Investimentos Itaú SA reported revenue of R$8.2B in FY2025 versus R$23.1B in FY2021, a compound −22.7%/yr. Reported net income was R$16.5B in FY2025, compounding +7.8%/yr from FY2021.
Key figures
Market cap R$158B (≈ $30.8B) · P/E ratio 8.4 · P/S ratio 16.7 · EPS (TTM) R$1.52 · Dividend yield 13.2% · Net margin 203% · Return on equity 18.4% · Return on assets (EBIT) 8.8%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 47 out of 100 (low confidence).
What moves the price
The share trades about 5% below its 52-week high and 57% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −29% fair-value upside, at 84%, ITSA3 screens cheaper than that median.
Fair Value models
Bear R$15.07Fair Value R$26.01Bull R$37.56
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (R$1.10 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.40/100
Revenue growth is weak: less than 2 % a year.
Revenue growth 1 year
+0.2%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−0.9%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−11.0%
Revenue growth 23 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+0.8%
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What shareholders gained per year (last 5 years), in BRL ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in BRL: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+21.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year+8.0%
Dividend (yield on the price)13.2%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.8% vs 6%, steady
Profit margin 2002 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.66% → −1%
⚠ Revenue per share shrinking 6.0%/yr over ~10Y (margins eroding too) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Growth Forecast
Little optimism in the price
The price assumes more growth than the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−2.6%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+53.8%
Yearly sales growth analysts expect, extended to five years.
Compare Itaúsa - Investimentos Itaú SA with another stock
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Conglomerates · 377 stocks
Beats the industry median on 8/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score57 · Above median
Fair Value upside+80% · Top 25%
Profitability
Return on equity (TTM)18% · Top 25%
Return on assets0% · Below median
Operating margin (TTM)5% · Below median
Growth and dividend
Revenue growth6% · Above median
Dividend yield (TTM)13.2% · Top 25%
Balance sheet
Debt / equity0.11× · Below median
Valuation Multiplesvs Conglomerates median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Itaúsa - Investimentos Itaú SA Fair Value". https://www.fairvalue-calculator.com/stock/ITSA3
Frequently asked questions
Is Itaúsa - Investimentos Itaú SA (ITSA3) overvalued or undervalued?
As of Sep 18, 2026, our model estimates a fair value of R$26.01 versus a price of R$14.17, about +84% upside (undervalued).
What is the fair value of ITSA3?
Our model-based fair value for Itaúsa - Investimentos Itaú SA is R$26.01 (as of Sep 18, 2026), built from audited fundamentals. The current price: R$14.17.
What is the quality score of ITSA3?
Itaúsa - Investimentos Itaú SA has a Quality Score of 57/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Itaúsa - Investimentos Itaú SA (ITSA3)?
Our model-based price target is the fair value of R$26.01 (as of Sep 18, 2026) from 12 valuation models. Cautious scenario R$15.07, optimistic scenario R$37.56. It is a calculation from audited fundamentals, not an analyst target.
What is the Itaúsa - Investimentos Itaú SA stock forecast for 2026?
Our models put fair value at R$26.01, about +84% upside versus a price of R$14.17 (undervalued). Cautious scenario R$15.07, optimistic scenario R$37.56. The calculation is refreshed regularly with new filings.
What is the revenue of Itaúsa - Investimentos Itaú SA (ITSA3)?
Itaúsa - Investimentos Itaú SA reported trailing-twelve-month revenue of about R$8.4B (latest available figure, as of Sep 18, 2026).
Does Itaúsa - Investimentos Itaú SA pay a dividend?
Itaúsa - Investimentos Itaú SA currently shows a dividend yield of about 13.25% relative to its recent price (as of Sep 18, 2026).
What growth is priced into Itaúsa - Investimentos Itaú SA (ITSA3)?
For today's price to be fair in a discounted-cash-flow model, Itaúsa - Investimentos Itaú SA would have to grow free cash flow by -2.6 % per year for five years (discount rate 10.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -11.0 % per year. As of Sep 18, 2026.
What discount rate (WACC) does the fair value of ITSA3 use?
Our models discount Itaúsa - Investimentos Itaú SA at 10.7 %: a base by market capitalisation (large), damped by beta 0.27, country premium for Brazil. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Itaúsa - Investimentos Itaú SA that is -2.6 % per year a year over ten years, using the same discount rate (10.7 %) and the same formula as our fair value.
How much growth has Itaúsa - Investimentos Itaú SA (ITSA3) delivered so far?
Over the past 5 years revenue at Itaúsa - Investimentos Itaú SA grew -11.0 % a year. The price currently implies -2.6 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Itaúsa - Investimentos Itaú SA (ITSA3) growing?
The median revenue growth in the sector is +4.6 % a year. That is the yardstick for the growth priced into Itaúsa - Investimentos Itaú SA (-2.6 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Itaúsa - Investimentos Itaú SA (ITSA3)?
The free-cash-flow yield on the price is 11.30 %: that much free cash flow Itaúsa - Investimentos Itaú SA produces per unit of market value. When it exceeds the discount rate of our models (10.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Itaúsa - Investimentos Itaú SA (ITSA3)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Itaúsa - Investimentos Itaú SA it is R$26.01 per share (as of Sep 18, 2026), against a price of R$14.17. It is the blended result of 12 valuation models (cash flow, earnings, asset, dividend).
Is Itaúsa - Investimentos Itaú SA stock overvalued or undervalued in 2026?
As of Sep 18, 2026, ITSA3 trades below its calculated fair value: price R$14.17, fair value R$26.01, a gap of about +84% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of ITSA3?
No. The price is what the market pays today (R$14.17); the fair value is what the company's own numbers justify (R$26.01). For Itaúsa - Investimentos Itaú SA the two are R$11.84 per share apart. That gap is exactly why we show both numbers side by side.
How much is Itaúsa - Investimentos Itaú SA worth?
The market values Itaúsa - Investimentos Itaú SA at about R$158B (market capitalisation, as of Sep 18, 2026). Per share that is R$14.17; our models calculate a fair value of R$26.01 per share.
What do the bullish and bearish scenarios say about ITSA3?
Our models span a range for Itaúsa - Investimentos Itaú SA: cautious scenario R$15.07, base R$26.01, optimistic R$37.56 per share (as of Sep 18, 2026, price R$14.17). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of ITSA3?
Itaúsa - Investimentos Itaú SA trades at a price-to-earnings ratio of 8.4 (as of Sep 18, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of R$26.01 is built from several models across several years. Other multiples: P/B 0.3, P/S 3.6, EV/EBITDA 21.2.
How solid is the balance sheet of Itaúsa - Investimentos Itaú SA (ITSA3)?
Balance-sheet figures for Itaúsa - Investimentos Itaú SA (as of Sep 18, 2026): return on equity 18.4%, debt of 0.11 per unit of equity. They feed the Quality Score of 57/100, which measures business quality independently of the share price.
How far is ITSA3 from its 52-week high?
Itaúsa - Investimentos Itaú SA trades at R$14.17, about 5% below its 52-week high of R$14.96 and 57% above the low of R$9.01 (as of Sep 18, 2026). Distance from the high says nothing about value: that is what the fair value of R$26.01 is for.
Which stocks are comparable to Itaúsa - Investimentos Itaú SA?
From the same area (Industrials) we also value ITOCHU Corporation, 3M Company, Honeywell International Inc, CITIC Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Itaúsa - Investimentos Itaú SA stock attractive at the current price?
The data as of Sep 18, 2026: price R$14.17, calculated fair value R$26.01 (+84%), Quality Score 57/100, from 12 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of ITSA3 calculated?
We run Itaúsa - Investimentos Itaú SA through 12 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of R$26.01, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 16.1 % above its aggregate fair value. Itaúsa - Investimentos Itaú SA currently trades 84 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Itaúsa - Investimentos Itaú SA (ITSA3)?
The closing price on Sep 18, 2026 was R$14.17. Our model-based fair value is R$26.01, about +84% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Itaúsa - Investimentos Itaú SA right now?
The price is below even our cautious bear case (R$15.07). The market is more pessimistic than our downside scenario. Solid quality (57/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (R$15.07 to R$37.56) leaves room in how you read the outcome.
Where does the earnings growth of Itaúsa - Investimentos Itaú SA (ITSA3) come from?
Earnings per share at Itaúsa - Investimentos Itaú SA grew +5.2 % a year from 2014 to 2025. Broken into its drivers: revenue per share −7.3 %, EBIT margin +4.8 %, tax rate +0.0 %, residual (interest, one-offs) +8.3 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Itaúsa - Investimentos Itaú SA
How large is the market capitalisation of Itaúsa - Investimentos Itaú SA (ITSA3)?
The market capitalisation of Itaúsa - Investimentos Itaú SA is R$158B (≈ $30.8B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Itaúsa - Investimentos Itaú SA (ITSA3)?
The price-to-sales ratio of Itaúsa - Investimentos Itaú SA is 16.7 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Itaúsa - Investimentos Itaú SA (ITSA3)?
Earnings per share at Itaúsa - Investimentos Itaú SA are R$1.52 (price ÷ EPS = P/E 8.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Itaúsa - Investimentos Itaú SA (ITSA3)?
The dividend yield of Itaúsa - Investimentos Itaú SA is 13.2% (payout 123%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Itaúsa - Investimentos Itaú SA (ITSA3)?
The net margin of Itaúsa - Investimentos Itaú SA is 203% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Itaúsa - Investimentos Itaú SA (ITSA3)?
The return on equity (ROE) of Itaúsa - Investimentos Itaú SA is 18.4% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Itaúsa - Investimentos Itaú SA (ITSA3)?
On an EBIT basis the return on assets of Itaúsa - Investimentos Itaú SA is 8.8% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Itaúsa - Investimentos Itaú SA (ITSA3)?
The operating margin of Itaúsa - Investimentos Itaú SA is 4.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Itaúsa - Investimentos Itaú SA (ITSA3)?
Revenue at Itaúsa - Investimentos Itaú SA is growing +6.1% versus a year earlier (3y avg −0.9%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Itaúsa - Investimentos Itaú SA (ITSA3)?
Earnings per share at Itaúsa - Investimentos Itaú SA are growing +11.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Itaúsa - Investimentos Itaú SA (ITSA3) carry?
The net debt of Itaúsa - Investimentos Itaú SA is R$7.6B (fiscal year 2025, ≈ 0.4 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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