` Comparison: ITSA4 vs SBK - Alpha Spread

ITSA4
vs
S
SBK

Over the past 12 months, ITSA4 has outperformed SBK, delivering a return of +69% compared to the SBK's +46% growth.

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ITSA4
SBK
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Valuation Comparison

ITSA4 Intrinsic Value
18.84 BRL
Undervaluation 21%
Intrinsic Value
Price R$14.81
S
SBK Intrinsic Value
31 784.3 Zac
Overvaluation 2%
Intrinsic Value
Price Zac32 502
Company Last Price Intrinsic Value DCF Value Multiples-Based Value Wall St Target
Itausa SA
BOVESPA:ITSA4
14.81 BRL
S
Standard Bank Group Ltd
JSE:SBK
32 502 Zac
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Valuation Scenario:
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Base Case
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Growth Comparison

Growth Over Time
ITSA4, SBK

ITSA4
SBK
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Revenue
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Company LTM Historical Growth Growth Streak % Positive Years Max Drawdown Volatility Forecasted Growth
3 Years 5 Years 10 Years 1 Year 3 Years
Itausa SA
Revenue
S
Standard Bank Group Ltd
Revenue

All metrics are calculated based on data from the last 10 years.

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Profitability Comparison

Free Cash Flow
ITSA4, SBK

ITSA4
SBK
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Free Cash Flow
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Company LTM Average Historical Growth FCF Margin Conversion
3 Years 5 Years 3 Years 5 Years 10 Years
Itausa SA
BOVESPA:ITSA4
S
Standard Bank Group Ltd
JSE:SBK
FCF is not applicable for financial companies
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What is Free Cash Flow?

Gross Margin

ITSA4
25.3%
SBK
LTM 3Y Avg 5Y Avg 10Y Avg
Itausa SA
S
Standard Bank Group Ltd
Not applicable for financial companies

Operating Margin

ITSA4
207.5%
SBK
LTM 3Y Avg 5Y Avg 10Y Avg
Itausa SA
S
Standard Bank Group Ltd
Not applicable for financial companies

Net Margin

ITSA4
186.4%
SBK
16.9%
LTM 3Y Avg 5Y Avg 10Y Avg
Itausa SA
S
Standard Bank Group Ltd

FCF Margin

ITSA4
-7.5%
SBK
LTM 3Y Avg 5Y Avg 10Y Avg
Itausa SA
S
Standard Bank Group Ltd
Not applicable for financial companies

ROE

ITSA4
17.9%
SBK
17.3%
LTM 3Y Avg 5Y Avg 10Y Avg
Itausa SA
S
Standard Bank Group Ltd

ROA

ITSA4
14%
SBK
1.4%
LTM 3Y Avg 5Y Avg 10Y Avg
Itausa SA
S
Standard Bank Group Ltd

ROIC

ITSA4
16.3%
SBK
LTM 3Y Avg 5Y Avg 10Y Avg
Itausa SA
S
Standard Bank Group Ltd
Not applicable for financial companies

ROCE

ITSA4
16.4%
SBK
LTM 3Y Avg 5Y Avg 10Y Avg
Itausa SA
S
Standard Bank Group Ltd
Not applicable for financial companies

Solvency Comparison

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Balance Sheet Comparison
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Stocks Performance

Stocks Performance
ITSA4, SBK

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Performance Gap
ITSA4, SBK

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ITSA4
SBK
Difference
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Performance By Year
ITSA4, SBK

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ITSA4
SBK
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Compare ITSA4 to other stocks
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JPMorgan Chase & Co
More expensive
vs ITSA4
CPI
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C
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vs ITSA4
601398
Industrial and Commercial Bank...
Cheaper
vs ITSA4
BAC
Bank of America Corp
Cheaper
vs ITSA4
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Intrinsic Value is all-important and is the only logical way to evaluate the relative attractiveness of investments and businesses.

Warren Buffett