IRR310313.pdf - Banco Itaú

Performance in the Stock Market
Performance in the Stock Market | 1Q/13
Our voting and non-voting shares were traded on all
BM&FBOVESPA’s sessions in 2013. Additionally, our non-voting
shares are included in all stock exchange indexes where financial
institution shares may be listed.
(R$) (R$) (US$)
Non-voting Common
Shares Shares
ADRs
ITUB4 ITUB3 ITUB
Closing Price at 03/31/2013 35.99 36.30 17.80
Maximum price in quarter 37.03 36.64 19.07
Average price in quarter 35.07 34.26 17.56
Minimum price in quarter 32.91 31.10 16.63
Closing Price at 12/31/2012 33.39 31.18 16.46
Maximum price in 12 months* 37.03 36.64 19.67
Average price in 12 months 31.98 29.21 15.94
Minimum price in 12 months** 26.73 24.30 12.84
Closing Price at 03/31/2012 34.93 30.30 19.19
Change in the last 12 months 3.0% 19.8% -7.2
Change in 1st Q/13 7.8% 16.4% 8.1
Average daily trading financial volume - in
12 months (million)
294 6 199
Average daily trading financial volume in
1st Q/13 (million)
302 9 180
* prices on 03/11/13 for non-voting shares and common shares and on 03/30/12 for ADRs.
** prices on 05/17/12 for non-voting shares and common shares and 02/04/13 for and
ADRs.
Market Capitalization (*) vs. Ibovespa Index
As of March 31, 2013, our market capitalization was R$161,385
million. When compared to the first quarter of 2003, our market
capitalization grew the equivalent to 6.8 times whereas the
Ibovespa grew 5 times.
According to the information provided by Bloomberg, as of
March 28, 2013, we were the 15 th largest bank in the ranking of
banks by world market capitalization.
CAGR 02-mar/13 :16,95%
CAGR 02- mar/13 :20,49%
23.8
11.3
41.2
22.2
54.5
26.2
(*)
Average price of non-voting shares (the most liquid) at the last trading day of the period x
total shares outstanding.
80.8
33.4
115.3
44.4
140.5
63.9
107.9
37.5
175.1 179.6
68.6
69.3
161.4
152.8 150.6
56.7
61.0
56.4
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 mar/13
Bovespa Index (thousands points)
Market Capitalization (billion)
Price/Earnings * Price/Book Value *
10.3
16.7
13.5
10.5
11.1
11.5
2.7
3.5
2.5
2.1
2.0
2.2
Dec/08 Dec/09 Dec/10 Dec/11 Dec/12 Mar/13
Dec/08 Dec/09 Dec/10 Dec/11 Dec/12 Mar/13
(*) Closing price at the period-ended/Earnings per share. (*) Closing price at the period-ended/Book Value per share.
Net Income per Share and Recurring Net Income per Share
0.79
0.73
0.87
0.84
0.83
0.82
0.78 0.79
0.78
0.76
0.76
0.77
0.75
0.73
0.78
0.77
2Q/11 3Q/11 4Q/11 1Q/12 2Q/12 3Q/12 4Q/12 1Q/13
Recurring Net Income per share
Net Income per share
In the first quarter of 2013, recurring net income per share totaled
R$ 0.78.
Net income per share totaled R$ 0.77, an increase of R$ 0.01 from
the same period of last year.
Market Consensus
Main market analysts periodically issue their recommendations
on shares subject to their analysis. These recommendations help
a number of investors to select the best option in which to invest.
Based on information provided by Bloomberg and Thomson
Analytics, on April 10, we reproduce in the table below the
recommendations on Itaú Unibanco Holding’s non-voting shares.
Thomson Bloomberg
Buy 13 15
Hold 4 7
Sell 0 0
Number of Analysts 17 22
According to Bloomberg, the average target price estimated for
the end of 2013 is R$41.19. Based on this average estimated by
third parties, the potential appreciation for 2013 is 19.1%. Based
on information provided by Thomson, the average estimated
target price is R$40.96, a potential appreciation of 18.5% for the
same period.
Management Discussion & Analysis
Itaú Unibanco Holding S.A.
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