Itaú Unibanco Holding S.A. (ITUB) — Fundamental Analysis & Key Financial Ratios

Kaplio overview: Itaú Unibanco Holding S.A.

Market cap $81B · 52 weeks $7 – $10 (27 % below the high) · P/E 10.1× · 2027 expected P/E 7.7× · Dividend 7.4 % · 4 years rising · Next earnings November 3, 2026 · expected EPS $0.22 · Closing price, Oct 29 · accounts published Aug 4.

• Valuation: P/B 2.2× (fairly priced).
• Business: ROTCE 23.5 % (excellent).
• Balance sheet: Capital/assets 6.6 % (fragile).
• Earnings: 2 of 8 (disappointing).

What would it be worth at its usual multiples?

At a P/B justified by its ROTCE del 23,5 % (2.0×) $7 (-8 %); at its peers' median (2.1×) $7 (-3 %). Implied price from applying the reference multiples to today's earnings (or book value, or FFO) per share. Not a fair value: it is where the stock would trade at its usual multiples.

What matters in banking: 3 of 5 pass

• Equity / Assets (Tier 1 proxy) 6.6 %, fails.
• P/B (Price / Book) 2.2×, borderline.
• ROA 1.5 %, passes.
• ROTCE 23.5 %, passes.
• Sustainable dividend yield 7.4 %, passes.

Against its peers (reference peers) — Itaú Unibanco Holding S.A.: P/E 10.1×; P/B 2.2×; ROE 21.9 %; $81.2B. Sumitomo Mitsui Financial Group, Inc. (P/E 15.1×; P/B 1.6×; ROE 10.9 %; $95.5B), ICICI Bank Limited (P/E 16.5×; P/B 2.5×; ROE 15.9 %; $105B), Banco Bilbao Vizcaya Argentaria, S.A. (P/E 11.6×; P/B 2.1×; ROE 19.3 %; $139B).

Expensive or cheap against its last ten fiscal years?

Precio / valor contable at each close: today 2.2× · median 0.3× · minimum 0.2× · maximum 3.0× · cheap below 0.3× · expensive above 0.5×. It has been cheaper than today 94% of the time over its last ten fiscal years.

Dividend

fragile · Yield 7.4 % ($0.80 per ADS in 2025) · Years raising it 4 · 5-year growth +29 % a year · Free cash flow coverage payout 106 % · With $1,000 invested today you'd collect $73.60 a year ($6.13 a month).