Avaliação de empresa (valuation) da Itaúsa S.A: a relação entre valor intrínseco e o fluxo de caixa descontado

Abstract

With the massive entry of individuals on the stock exchange seeking greater returns on their investments, the evaluation of a company's value makes it essential nowadays, as it is essential for investors and people interested in the financial market to know how to differentiate intrinsic value from their negotiated price. The objective of the study was to analyze whether the intrinsic value obtained through the Discounted Cash Flow of Itaúsa SA is valued or undervalued by the negotiated price of its shares in the stock market at the end of 2019. The holding company controls the largest private bank in the country, Itaú Unibanco, among other subsidiaries. To perform the valuation, a quantitative approach was used, using data extracted from Itaúsa's own website, between the years 2015 to 2019, where its published financial statements are located. It is important to note that the methodology is based on assumptions and estimates, and due to the subjectivity of these conditions, conclusions can be divergent. Under the FCD methodology, the results obtained with the study showed that the stock market is valuing ITSA4's share by 4.18% in relation to its intrinsic value in the end of the year 2019 (R$ 12.97 approximate against R$ 13.54, respectively).