Itau Unibanco Holding SA ADR

ITUB: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$2.90	Tmxf	Cfkmgnfjf

Brazilian Real Recovers in the Face of Continued Inflation; Itaú's Fair Value Estimate to $5.00

Michael Miller

Apr 8, 2022

We are increasing our fair value estimate of no-moat Itaú to $5.00 from $4.30 per ADR share. The bulk of the increase comes from a stronger Brazilian real, with our model now using a 4.75 BRL/USD exchange rate as of April 7, 2022.

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