Itau Unibanco Holding S.a. · BMFBOVESPA:ITUB3
Itau Unibanco — Investor Presentation (January 2024)
15 slides from Itau Unibanco's investor presentation, Jan 14, 2024
Slide 1: Brazil Equity Strategy
Brazil Equity Strategy Warm Up: The Top-Down EM Investor – Sector Exposure and Valuation Comparison Among EM; Brazil: The Most Exposed to Commodities, Yet Trading at a Discount in Six Sectors Key Message. We look at three main topics: 1) Category and Sector Exposure among EM Countries: Brazil is
Slide 2: Warm Up: The Top-Down EM Investor – Sector Exposure and Valuation Comparison
Warm Up: The Top-Down EM Investor – Sector Exposure and Valuation Comparison Among EM; Brazil: The Most Exposed to Commodities, Yet Trading at a Discount in Six Sectors Key Message. We look at three main topics: 1) Category and Sector Exposure among EM Countries: Brazil is the most exposed to comm
Slide 3: Exposure and Valuation Crosscheck – Comparing Brazil and EM Countries valuation by Sector
Exposure and Valuation Crosscheck – Comparing Brazil and EM Countries valuation by Sector EMs Sector* and Category Exposure Brazil Mexico Chile Peru Latam EM China Taiw an India Indonesia Thailand South Korea Saudi Arabia Malaysia South Africa Com m unication Services 2.3% 10.2% 1.8% 1.6% 4.0% 9.0%
Slide 4: Index Exposure and Valuation: Sector View
Index Exposure and Valuation: Sector View Energy – Exposure vs. Valuation Materials – Exposure vs. Valuation Commodities. Brazil’s High Exposure to Commodities. Energy. Brazil is a positive valuation highlight. Brazil has the highest weight in energy in the country index, compared to rest of EM
Slide 5: Index Exposure and Valuation: Sector View
Index Exposure and Valuation: Sector View Consumer Staples – Exposure vs. Valuation Consumer Discretionary – Exposure vs. Valuation Consumer Staples: Brazil is a positive valuation highlight versus EM. Among LatAm, Chile stands out in terms of valuation, while Mexico has by far the highest weight
Slide 6: Periodic Table of Returns (Brazil)
Periodic Table of Returns (Brazil) Periodic Table of Returns 2015 2016 2017 2018 2019 2020 2021 2022 2023 YTD USD BRL IBOV SMLL USD BRL SMLL USD BRL Debentures Index Debentures Index IBOV IFIX 49.1% 38.9% 49.3% 17.1% 58.2% 29.0% 7.6% 14.6% 22.3% 0.5% Hegde Fund Index IFIX IBOV IBOV IFIX IMA B USD BR
Slide 7: Country Guide
Country Guide EARNINGS PRICE PRICE/EARNINGS EV/EBITDA PRICE TO BOOK EPS GROWTH EPS ACC ROE REVISION YTD 1M EPS 5Y Diff vs. 5Y Diff vs. Diff vs. Avg ROE TICKER INDEX SCORE CHANG CHANG Fwd 2023 2024 Fwd Fwd 2023 2024 2025 CAGR 22- Acceleration 3M Historica PEG Avg 5Y Avg 5Y Avg 23-24E E E 24E l Avg MX
Slide 8: Our Must-Read Research Pieces From Past Weeks
Our Must-Read Research Pieces From Past Weeks Stock/Sector Key Highlights Report Link Our Strategy Take Must-read. Our monthly report on Brazil macro on a • Itaú Macro Monthly report, highlighting top themes for Brazil in 2024. Macro • Main themes: i) BRL; ii) Activity; iii) Inflation; iv) Interest
Slide 9: Periodic Table of Returns (EM)
Periodic Table of Returns (EM) 2015 2016 2017 2018 2019 2020 2021 2022 2023 YTD ARGENTINA BRAZIL ARGENTINA SAUDI ARABIA TAIWAN KOREA SAUDI ARABIA ARGENTINA ARGENTINA COLOMBIA -1.2% 61.3% 72.3% 15.1% 28.3% 34.0% 34.4% 32.2% 61.5% 3.1% KOREA PERU CHINA INDIA COLOMBIA TAIWAN INDIA CHILE MEXICO INDONESI
Slide 10: Factor Performance Matrix
Factor Performance Matrix Factor Matrix: World, U.S., Brazil and EM 45% USA Growth 40% 35% USA Quality World Growth 30% World Quality 25% Brazil Momentum Performance 12m USA 20% Brazil Small Caps World Brazil Low Vol Brazil Brazil Value 15% EM Small Caps World Momentum 10% USA Low Vol EM Quality USA
Slide 11: Economic Agenda
Economic Agenda Economic Agenda for Latam and Main U.S. Indicators 15-Jan 18-Jan Bloomberg Bloomberg Data Country Time Data Country Time Est. Est. Nominal Wages -- Economic Activity MoM 9:00 AM -0.20% Central Bank Weekly Economist Survey 8:25 AM 0.00% Economic Activity YoY 9:00 AM 1.90% Trade Balanc
Slide 12: Commodities and FX Heatmap
Commodities and FX Heatmap Commodities* and FX Heatmap Commodity 1 Week 1 Month 6 Months 1 Year Year-to-Date Sugar 2.4% -4.3% -9.6% 10.3% 5.0% Cotton 1.4% 0.3% -1.5% -0.9% 0.4% Pulp (Net BHKP China) 0.3% 2.4% 27.7% -19.2% 0.2% Gold 0.1% 3.4% 4.6% 7.9% -0.7% Silver 0.0% 2.6% -3.3% -2.8% -3.2% Oil -0.
Slide 13: Weekly Stock Performance
Weekly Stock Performance IBOV LatAm Company Ticker 1W 1M 6M 1YR YTD Ibovespa IBOV -0.7% 3.7% 11.4% 17.2% -2.3% MAGAZ LUIZA MGLU3 15.2% -0.4% -23.8% -28.8% 5.1% Company Ticker 1W 1M 6M 1YR YTD LOCAWEB LWSA3 10.9% 3.7% -21.5% -4.5% 3.3% LatAm MXLA -1.4% 4.9% 4.6% 12.8% -3.1% 3R PETROLEUM RRRP3 10.0% 8
Slide 14: Weekly Stock Performance
Weekly Stock Performance EM DM Country 1W 1M 6M 1YR YTD Index Ticker 1W 1M 6M 1YR YTD Developed Markets VEA INDEX 3.7% 6.1% 10.7% 15.0% 4.5% INDONESIA 0.9% 5.5% 1.9% 8.4% 2.1% MSCI Japan ETF EWJ INDEX 4.6% 5.3% 6.7% 17.5% 3.6% TAIWAN 0.4% -0.5% 0.4% 15.7% -2.5% S&P 500 IVV INDEX 1.9% 2.7% 6.8% 20.1%
Slide 15: Disclaimer
Disclaimer Material Information 1. This report was prepared by Itaú Unibanco, a company regulated by the Securities and Exchange Commission (CVM), and distributed by Additional note for reports distributed in the (i) United Kingdom: This material has been prepared by Itau Unibanco S.A. for informati
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