ITAU EQUITY_STRATEGY_WARM_UP_20240505 DHG.pdf

A segunda edição da Pesquisa de Gestores de Investimento de 2024 - Equidades no Brasil contou com a participação abrangente de 168 investidores de 26 de abril a 03 de maio. Aqui estão as sete principais conclusões: #EstratégiaDeEquidadeBrasil
#InvestimentoBrasil2024
#PerspectivaAçõesBrasil
#SetorBancárioEUtilidades
#AçoEMineração
#InvestimentoEUA
#TaxasGlobais
#Selic9PorCento
#TendênciasDeLucros
#GrandesEmpresasBR
#TopPicksInvestimento
#RiscoEquilíbrio
#InflaçãoEReaceleração
#ItaúBBAPesquisa

1. May 5, 2024
The Survey. The second edition of our 2024 Investment Manager Survey - Brazil Equities had a comprehensive
participation of 168 investors from April 26 to May 03. More than 75% of the respondents are based in Brazil. There
are seven key takeaways:
1) Mood for Investment in Brazil Softened at the Margin: Investors Are a 6.5 in a Zero-to-Ten Scale in
Equities. 51.8% of participants hold a positive view on Brazil Equities (vs 82% from previous survey).
2) Sector positioning: Utilities & Large Banks remain as the most overweight sectors for investors. Steel
& Mining is the main underweight, followed by Consumer & Retail.
3) Mood for Investment in the U.S. Equities Improved marginally (6.14, a slight improvement from our
previous survey of 5.99); FED Rates cuts expected to happen from September Onwards.
4) Drivers & Risks: Global Rates (U.S. Treasury) By Far the Main Driver for the Next Six Months (79%).
5) Selic level, cash holdings and inflows. The “magic number” is… Selic at 9% for inflows. Rio de
Janeiro Investors seem to have higher levels of cash.
6) Earnings Trends, Investment Framework and Large Caps: Sell-Side Earnings Are Perceived as
Realistic. Petrobras and Nubank are seen as the Large Caps with Highest Return Potential by Investors.
7) Top Picks: Localiza, Itaú and Petrobras Were Investors Top Picks. Plus five stats worth highlighting.
1Q24 Earnings Agenda (121 companies to report this week) and Eight recurring Warm-Up studies. Country Guide;
Periodic Table of Returns (Brazil): Debentures Index Lead YTD; Our Must-Read Research Pieces (Moat Report);
Earnings Estimate Revision Monitor; Valuation Monitor; Factor Performance; Economic Agenda and
Commodities/FX Heatmap
Brazil Equity Strategy
Warm Up: 2
nd
Itaú BBA Investment Manager Survey – Seven Key
Takeaways – Utilities Remain the Locals’ Consensus, Large Banks
and Now Oil & Gas Complete the Podium.
Equity Strategy Team
Daniel Gewehr, CNPI
[phone]
[email protected]
Matheus Marques, CNPI
[phone]
[email protected]
Victor Cunha, CNPI
[phone]
[email protected]

2. Source: Itaú BBA, Bloomberg
Key Message. The second edition of our 2024 Investment Manager Survey – Brazil Equities had a comprehensive participation of 168 investors, from April 24 to May 03. Here are seven key takeaways:
1) Mood for Investment in Brazil Softened at the Margin: Investors Are a 6.5 in a Zero-to-Ten Scale in Equities. In our previous survey, this metric was 7.2. 51.8% of participants hold a positive view on Brazil Equities, materially lower than
the 82% in the 1
st
survey. Looking at the type of investor, Equity Long-Only PMs were more positive than average (60% have a positive view). Most investors expect the IBOV to reach YE24 between 130.000 and 140.000 points, versus the
majority of 140,000-150,000 from previous survey.
2) Sector positioning: Utilities & Large Banks remain the most overweight sectors for investors. Those two sectors remain as the top overweight from investors, same as our previous survey. The utilities overweight is largely due to local
investors, while foreigners actually have the sector as one of their most underweights. The Oil & Gas sector also caught our attention, as the third highest overweight from our participants, driven by votes of Hedge Fund PMs (52% said to be
overweight). Foreigners are more positive in Industrials. Looking at underweights, there have been minor changes in the top 5 sectors, with Steel & Mining still leading the way, now followed by Consumer & Retail. Healthcare and Education also
continue to appear on the list. The Pulp & Paper sector, which was one of the highest underweights in our previous survey, have now reduced its underweight, due to local investors. Consumer & Retail is the most debated/less consensual
sector (20% overweight and 33% underweight), but now with more underweights than overweight votes, reflecting volatility of the sector in the previous weeks.
3) Mood for Investment in the US Equities Improved marginally (6.14, a slight improvement from our previous survey of 5.99); FED Rates cuts expected to happen from September Onwards. Its worth noting that foreigners have a
more split view, also seeing a meaningful likelihood of it happening latter that September. Our Macro team call is for it to happen in December meeting.
4) Drivers & Risks: Global Rates (U.S. Treasury) By Far the Main Driver for the Next Six Months. More than three-quarters of our participants mentioned Global rates (U.S. Treasury) as the main driver for the equity market in the next six
months. Local Rates Curve and Earnings Trends came in at second and third in the rank. 74% of participants chose inflation and rates reacceleration as the main risk. Risk-ON (5) / Risk-OFF (1) mode. More than half of investors chose 3 on a
scale from 1 to 5 on their current risk-on/risk-off mode, increasing its share by more than 10% compared to our previous survey.
5) Selic level, cash holdings, and inflows. The “magic number” is… Selic at 9% for inflows. Investors continue to view 9% as the “magic number” for inflows in the local fund industry, but responses were more inclined towards 8% and
below 8%. Investors appear to be divided into increasing or keeping their exposure in Brazil Equities. São Paulo investors are more inclined to increase their exposure, while those in Rio de Janeiro prefer to keep it stable. Slight increase Cash
Levels, but still fairly low. More than half of the funds on our survey hold between 0-5% cash in their funds, a slight decrease from our previous survey. Rio de Janeiro Investors seem to have higher levels of cash (61% hold more than 5% level).
6) Earnings Trends, Investment Framework, and Large Caps: Sell-Side Earnings Are Perceived as Realistic, with Balanced Risk of Revisions. “Quality, cash flows with EPS momentum, is king.” Strong cash-flow generation, companies
with competitive advantages, expectations of earnings revisions, and attractive valuations were the most chosen factors that play a key role in investment decisions. Hedge funds choose Expectations of Earnings Revisions and High Quality as
their main factors. Petrobras and Nubank are seen as the Large Cap with Highest Return Potential by Investors.
7) Top Picks: Localiza, Itaú, and Petrobras Were Investors Top Picks. Localiza was chosen as the top pick from our survey, with a slight preference from Foreigners, while Itaú was voted the top pick from São Paulo investors. Petrobras is
preferred by locals compared to foreigners. Embraer, Mercado Libre, and Nubank also ranked high on Foreigners top pick list. From the top picks chosen by investors, we hold Localiza, Petrobras (Neutral), Equatorial, Sabesp, Suzano,
Eletrobras and Nubank in our Brazil /LatAm Recommended Portfolios. Five stock stats worth highlighting on page 9.
Seven Key Takeaways – Utilities Remain the Locals’ Consensus, Banks and Now Oil & Gas Complete the Podium
From (Zero) Bear to (Ten) Bull, Rate Your Level for
Brazil Equities in 2024
Which Companies Are Your Top Picks?
Top 5 Overweight and Underweight Sectors50.6%
44.6%
34.5%
22.0%20.8%
40.5%
33.3%
29.8%29.8%
20.8%
Utilities
Large Banks
Oil & Gas
Financials (excluding
Large Banks)
Industrials / Capital
Goods
Steel & Mining
Consumer & Retail
Education
Healthcare
Food & Beverage
Overweight Underweight 1%
0%
3%
6%
9%
25%
27%
24%
4%
1%
1 2 3 4 5 6 7 8 9 10 Answer Consolidated
Rio de
Janeiro
São Paulo Foreigners
Avg. 6.54 6.40 6.61 6.79 22.6%
17.1%
15.9%
11.0%
9.8%
9.1%
8.5%
7.9%
7.3%7.3%
RENTITUBPETREQTLSBSPELETSUZBCPLENUMELI
2

3. Source: Itaú BBA, Bloomberg
Slight deterioration in the mood, but most investors remain positive about Brazilian Equities. 51.8% of
participants hold a positive view for Brazil Equities, followed by 42.3% with a Neutral view and 6.0% with a
negative view. Looking at the geographic breakdown of our survey, Foreigners stand out as the most positive
ones on this matter, despite recent outflows. Looking at the type of investor, Equity Long-Only PMs are more
positive than average (60% have a positive view), while Hedge Fund PMs have a neutral expectation (55%).
Mandate-wise, investor who invest in Emerging Markets stood out with the most positive view (59%), while LatAm
had the less positive (48%). Compared to our previous survey, we note a reduction in investors with a positive
view, migrating to a neutral stance.
On a scale from (Zero) Bear to (Ten) Bull, Brazil equities sit at 6.54, reflecting a slightly positive view.
Once again, foreigners had the highest average (6.79), followed by São Paulo investors, who averaged 6.61. On
the other hand, Rio de Janeiro investors were detractors on this scale. In our previous survey, this metric was
7.2, also showing a slight deterioration in the mood for Brazilian equities.
Most investors expect IBOV to reach YE24 between 130,000 and 140,000 points. Almost half of investors
believe that IBOV will end 2024 above the current level, within the 130,000 and 140,000 points interval. There is
a slight upside risk in foreign investors view, as 30% believe that this range can be between 140,000 and
150,000 points.
3
1) Mood for Investment in Brazil Softened at the Margin: Investors Are a 6.5 in a Zero-to-Ten Scale
in Equities
What Is Your Expectation for Brazil Equities in 2024?
Where Do You Expect Ibovespa in 2024YE?51.8%
42.3%
6.0%
82.5%
14.4%
3.1%
Positive Neutral Negative
Survey #2 (Apr/May)Survey #1 (Jan/Feb) Answer
Rio de
Janeiro
São Paulo Foreigners
Positive 48% 51% 64%
Neutral 45% 44% 33%
Negative 8% 6% 3% 0.6%
4.8%
24.4%
43.5%
23.8%
3.0% 0.0%0.0%
4.4% 3.8%
21.3%
48.1%
20.6%
1.9%
Below 100k100k-120k120k-130k130k-140k140k-150k150k-160kMore than
160k
Series1Series2 Answer
Rio de
Janeiro
São Paulo Foreigners
Below 100k 3% 0% 0%
100k-120k 8% 3% 6%
120k-130k 25% 25% 21%
130k-140k 48% 44% 36%
140k-150k 18% 24% 30%
150k-160k 0% 3% 6%
From (Zero) Bear to (Ten) Bull, rate your level for Brazil Equities in 2024?1% 0%
3%
6%
9%
25%
27%
24%
4%
1%0%
2% 1% 1%
3%
13%
37%
32%
9%
3%
1 2 3 4 5 6 7 8 9 10
Survey #2 (Apr/May)Survey #1 (Jan/Feb) Answer Consolidated
Rio de
Janeiro
São Paulo Foreigners
Avg. 6.54 6.40 6.61 6.79
3

4. Source: Itaú BBA, Bloomberg
Sector positioning: Utilities & Large Banks remain the most overweight sectors for investors. Those two sectors remain as the top overweight from investors, same as our previous survey. The utilities overweight is largely due
to local investors, while foreigners actually have the sector as one of their most underweights. The Oil & Gas sector also caught our attention, as the third highest overweight from our participants, driven by votes of Hedge Fund PMs (52%
said to be overweight). Foreigners are more positive in Industrials.
Looking at underweights, there have been minor changes in the top 5 sectors, with Steel & Mining still leading the way, now followed by Consumer & Retail. Healthcare and Education also continue to appear on the list. The Pulp & Paper
sector, which was one of the highest underweights in our previous survey, have now reduced its underweight, due to local investors.
Consumer & Retail is the most debated/less consensual sector (20% overweight and 33% underweight), but now with more underweights than overweight votes, reflecting volatility of the sector in the previous weeks.
4
2) Sector Positioning: Utilities Are the Locals’ Consensus, Large Banks Are the Foreigners’
Consensus
What Sectors Are You Overweight in Brazil? (up to 3 choices) What Sectors Are You Underweight in Brazil? (up to 3 choices)
Top 5 Overweight Sectors in Brazil Top 5 Underweight Sectors in Brazil51%
45%
35%
22% 21%
53%
39%
32%
25% 24%
Utilities
Large Banks
Oil & Gas
Financials (excluding
Large Banks) Industrials /
Capital Goods
Utilities
Large Banks Consumer &
Retail
Financials (excluding
Large Banks) Homebuilders
Survey #2 (Apr/May)
Survey #1 (Jan/Feb) 40%
33%
30% 30%
21%
37%
34%
26%
24%
23%
Steel & Mining
Consumer &
Retail Education
Healthcare
Food &
Beverage
Steel & Mining
Education
Healthcare
Pulp & Paper Consumer &
Retail
Survey #2 (Apr/May)
Survey #1 (Jan/Feb) Answer Consolidated
Rio de
Janeiro
São Paulo Foreigners
Agribusiness 6% 5% 5% 12%
Consumer & Retail  33% 28% 38% 30%
Education 30% 40% 28% 24%
Financials (excluding Large Banks)13% 10% 10% 18%
Food & Beverage 21% 10% 29% 15%
Healthcare 30% 30% 29% 30%
Homebuilders 14% 25% 10% 12%
Industrials / Capital Goods 11% 10% 14% 6%
Large Banks 20% 30% 17% 12%
Oil & Gas 16% 15% 17% 15%
Pulp & Paper 8% 10% 7% 12%
Shopping Malls 9% 13% 7% 9%
Steel & Mining 40% 38% 45% 30%
Tech 10% 8% 11% 6%
Telecom 20% 13% 17% 39%
Transportation / Logisticas 8% 8% 9% 3%
Utilities 11% 10% 7% 24% Answer Consolidated
Rio de
Janeiro
São Paulo Foreigners
Agribusiness 7% 3% 9% 6%
Consumer & Retail  20% 18% 22% 15%
Education 2% 5% 1% 3%
Financials (excluding Large Banks)22% 30% 20% 24%
Food & Beverage 1% 0% 1% 3%
Healthcare 14% 8% 16% 15%
Homebuilders 20% 18% 26% 9%
Industrials / Capital Goods 21% 10% 15% 48%
Large Banks 45% 38% 46% 52%
Oil & Gas 35% 53% 29% 30%
Pulp & Paper 15% 13% 18% 12%
Shopping Malls 16% 18% 16% 15%
Steel & Mining 6% 5% 5% 6%
Tech 7% 5% 3% 18%
Telecom 2% 3% 0% 3%
Transportation / Logisticas 17% 15% 18% 21%
Utilities 51% 63% 54% 18%
4

5. Source: Itaú BBA, Bloomberg
Slight improvement in the mood, with investors divided between positive and neutral stances. 42.6% of
investors expressed a positive view on U.S. Equities, closely followed by Neutral with 40.1%. We also note a
slight increase in investors with a negative view, now at 17.3% vs. 12.2% from our first survey. Local investors,
specially those from São Paulo, showed the most positive view, while foreigners were inclined to a neutral view.
Mandate-wise, investors from Global and Emerging Markets funds were the most positive (55% and 45%
respectively), while LatAm funds were the less positive (19%) and showed the highest level of negative view
(33%).
On a scale from (Zero) Bear to (Ten) Bull, U.S. equities sit at 6.14, a slight improvement from our
previous survey (5.99). Foreigners had the lowest average score on the scale at 5.76, while Locals have a
more positive view, with their average closer to 6.3.
FED Rate Cycle. In this edition, we also added a question on investors’ perspective on the timing of the FED’s
first interest rate cut, and revealing that most investors expect it to happen in the September meeting. Its worth
noting that foreigners have a more split view, also seeing a meaningful likelihood of it happening later that
September. Our Macro team call is for it to happen in December meeting.
5
3) Mood for Investment in the US Equities Improved marginally; FED Rates cuts expected to
happen from September Onwards
What Is Your Expectation for U.S. Equities in 2024?
When do you expect FED to start cutting rates ?
From (Zero) Bear to (Ten) Bull, Rate Your Level for U.S. Equities in 2024. Answer
Rio de
Janeiro
São Paulo Foreigners
June Meeting 0% 0% 3%
July Meeting 10% 8% 15%
September Meeting 40% 41% 27%
November Meeting 20% 18% 12%
December Meeting 13% 15% 24%
Only in 2025 18% 16% 9%
Don't expect cut rates to happen0% 1% 9% 0.6%
9.5%
38.1%
16.7% 17.3%
15.5%
2.4%
June MeetingJuly MeetingSeptember
Meeting
November
Meeting
December
Meeting
Only in 2025Don't expect
cut rates to
happen 1%
4%
13% 14%
23%
24%
14%
5%
1%
3%
2%
9%
22%
31%
18%
9%
6%
1%
2 3 4 5 6 7 8 9 10
Survey #2 (Apr/May)Survey #1 (Jan/Feb) Answer Consolidated
Rio de
Janeiro
São Paulo Foreigners
Avg. 6.14 6.35 6.25 5.76 42.6%
40.1%
17.3%
38.5%
49.4%
12.2%
Positive Neutral Negative
Survey #2 (Apr/May) Survey #1 (Jan/Feb) Answer
Rio de
Janeiro
São Paulo Foreigners
Positive 41% 49% 33%
Neutral 41% 35% 48%
Negative 18% 16% 18%
5

6. Source: Itaú BBA, Bloomberg
More than three-quarters of our participants mentioned global rates (U.S. Treasury) as the main
driver for the equity market in the next six months. Local Rates Curve and Earnings Trends came in
second and third in the ranking, while GDP perspectives and Local Politics were the least voted. It is also
worth mentioning that Global Inflation and Fiscal Perspective saw the highest increases compared to our
previous survey.
Inflation and Rates reacceleration remain the consensus as biggest risk facing the global outlook.
74% of participants chose inflation and rates reacceleration in their answer, increasing its relevance
compared to our previous survey. U.S. Election risk came in second.
More investors are seeking equilibrium in their Risk ON/Risk OFF scale. Over half of investors
choose 3 on a scale from 1 to 5 on their current risk-on/risk-off mode, increasing its share by more than
10% compared to our previous survey. We also saw meaningful decreases in the votes for the 4 and 5
scales (more bullish/beta ones), along with an increase on bearish risk-off scales (1 and 2). Foreigners
have showed a slight tilt to risk-off compared to local investors, with 21% choosing scale 2 on this metric.
6
4) Drivers & Risks: Global Rates (U.S. Treasury) By Far the Main Driver for the Next Six Months
What Are the Main Drivers for the Equity Market in the Next Six Months?
What Do You See as the Biggest Risk Facing the Global Outlook? What’s Your Risk-ON (5) / Risk-OFF (1) Mode?2%
74%
1%
13% 10%
1%
7%
63%
1%
13% 11%
6%
China / Taiwan
tensions
escalating
Inflation and
Rates
reacceleration
Russia / Ukraine
continuing do
drag on
US election riskWar in Middle
East taking a turn
for worse
Other
Survey #2 (Apr/May)Survey #1 (Jan/Feb) Answer
Rio de
Janeiro
São PauloForeigners
China / Taiwan tensions escalating 5% 0% 3%
Inflation and Rates reacceleration78% 78% 67%
Russia / Ukraine continuing do drag on3% 0% 0%
US election risk 10% 9% 21%
War in Middle East taking a turn for worse5% 11% 9%
Other 0% 1% 0% Answer
Rio de
Janeiro
São Paulo Foreigners
1) Risk-off - "I´m holding land and gold" 5% 2% 0%
2) Risk-off - "Time to lower the beta" 5% 9% 21%
3) Equilibium is the answer 55% 54% 48%
4) Risk-on - "Time to increase beta" 33% 33% 27%
5) Risk-on - "Full confidence in Equities outperformance"3% 1% 3% 3.0%
11.3%
53.0%
31.0%
1.8%0.6%
6.9%
42.5%
39.4%
10.6%
1) Risk-off - "I´m
holding land and
gold"
2) Risk-off - "Time
to lower the beta"
3) Equilibium is the
answer
4) Risk-on - "Time
to increase beta"
5) Risk-on - "Full
confidence in
Equities
outperformance"
Survey #2 (Apr/May)Survey #1 (Jan/Feb) Answer
Rio de
Janeiro
São Paulo ForeignersConsolidated
Survey #1
Consolidated
Commodity Prices 10% 7% 21% 11% 17%
Earnings Trend 43% 40% 33% 39% 44%
Fiscal Perspectives  25% 38% 33% 34% 27%
GDP Perspectives 3% 5% 9% 5% 9%
Geopolitics 10% 8% 24% 12% 13%
Global Inflation 35% 31% 24% 31% 24%
Global Rates (i.e US Treasury)80% 83% 64% 79% 76%
Local Inflation 10% 11% 15% 12% 13%
Local Politics 5% 5% 12% 7% 8%
Local Rates Curve 43% 44% 39% 42% 43%
Survey #2 - Apr/May 2024
6

7. Source: Itaú BBA, Bloomberg
Investors continue to view 9% as the “magic number” for inflows in the local fund industry, but answers
were more inclined towards 8% and below 8%. Locals seem to have greater confidence that interest rates
need to be lower to see those inflows, while two-thirds of foreigners believe in the 9% level.
Investors seem to be divided into increasing or keeping their exposure in Brazil Equities. São Paulo
investors are more inclined to increase their exposure, while those in Rio de Janeiro prefer to keep it stable. In
terms of fund type, Hedge funds are more inclined to increase their exposure (52%), while long only funds are
more inclined to keep it stable. The mandate breakdown points out to LatAm and Global funds are more open to
increasing their exposure in the next six months (62% and 52%).
Slight increase Cash Levels, but still fairly low. More than half of the funds that participated on our survey
hold between 0-5% cash in their funds, a slight decrease from our previous survey. Among locals, São Paulo
investors are more concentrated in the 0-5% range, while Rio de Janeiro investors seem to have higher levels of
cash (61 hold more than 5% cash level).
Oil remain as the most voted outperformer commodity for 2024, with 49% of votes, followed by Pulp (17%). The
less voted is steel (2%).
7
5) Selic Level, Cash Holdings and Inflows. The “Magic Number” Is… Selic at 9% for Inflows
At What Selic Level Do You Expect to See Inflow to Domestic Equities Funds?
For Your Long-Only Funds, What’s the Current Level of Cash?
Do You Plan to Increase/Decrease Your Brazil Equities Allocation in the Next Six Months?10.2%
22.8%
53.9%
12.6%
0.6%
8.8%
16.9%
57.5%
16.3%
0.6%
Below 8% 8% 9% 10% 11%
Survey #2 (Apr/May)Survey #1 (Jan/Feb) Answer
Rio de
Janeiro
São Paulo Foreigners
Below 8% 10% 13% 0%
8% 23% 22% 24%
9% 51% 53% 64%
10% 13% 13% 12%
11% 3% 0% 0% 47.0%
3.0%
50.0%
55.0%
3.8%
41.3%
Increase Decrease Keep stable Answer
Rio de
Janeiro
São Paulo Foreigners
Increase 40% 52% 48%
Decrease 5% 2% 3%
Keep stable 55% 46% 48% 54.3%
25.0%
10.0%
5.0%
1.4%
4.3%
55.1%
22.8%
13.2%
3.7%
0.7%
4.4%
0 - 5% 5 - 10% 10% - 15% 15% - 20% 20% - 25% More than
25%
Survey #2 (Apr/May)Survey #1 (Jan/Feb) Answer
Rio de
Janeiro
São Paulo Foreigners
0 - 5% 39% 51% 84%
5 - 10% 33% 26% 13%
10% - 15% 18% 9% 0%
15% - 20% 6% 6% 0%
20% - 25% 0% 3% 0%
More than 25% 3% 6% 3%
7

8. Source: Itaú BBA, Bloomberg
Almost half of investors believe that sell-side earnings estimates are realistic, and risk of earnings
revisions seems to be fairly balanced. Roughly one-quarter of investors believe that sell-side estimates are
conservative, while another one-quarter believes that they are aggressive, resulting in a fair balance between
potential of earnings revisions. Locals have a slight tilt to believing those are aggressive, mainly investors from
São Paulo, while foreigners seem more upside risk for estimates.
High Quality (High Returns with Competitive Advantage), Cash Flow and Earnings Momentum remain as
the most important factors for investors, followed by Attractive Valuation. Foreigners prioritize highquality
and strong cash flow generations as their main factors (61% each), while Rio de Janeiro investors showed a
slight preference for strong cash flow generation. Small Caps, High Dividend Yield and Defensive Profile were
the least favored factors, like our previous survey. Hedge funds choose Expectations of Earnings Revisions and
Strong cash flow generation as their main factors, and Long-Only investors prefer High Quality and Strong
Cash Flow.
Petrobras and Nubank are seen as the Large Caps with Highest Return Potential by Investors. Petrobras
seems to be a consensus among both locals and foreigners, while Nubank was more voted by Rio de Janeiro
investors and least by Foreigners. Long-Only PMs voted more on Localiza and Petrobras, while Hedge Fund
PMs chose Nubank, followed by Localiza and Petrobras. Emerging Market investors picked Localiza and
Bradesco as their highest returns candidates.
6) Earnings Trends, Investment Framework and Large Caps: Sell-Side Earnings Are Perceived as
Realistic, with Balanced Risk of Revisions
In Your Opinion, Brazil Sell-side 2024 Earnings Estimates Are:
Which of the Following Large Stocks Will Provide the Highest Return in 2024?
Which Factors Play a Key Role in Your Investment Decisions?0.6%
23.8%
48.8%
23.2%
3.6%2.5%
37.5% 38.1%
20.0%
1.9%
Very Conservative
(risk of upward
revision)
Conservative (risk
of slightly upward
revision)
Realists Aggressive (risk of
slight downside
revision)
Very aggressive
(risk of downside
revision)
Survey #2 (Apr/May)Survey #1 (Jan/Feb) Answer
Rio de
Janeiro
São Paulo Foreigners
Very Conservative (risk of upward revision)3% 0% 0%
Conservative (risk of slightly upward revision)18% 22% 36%
Realists 55% 49% 42%
Aggressive (risk of slight downside revision)23% 26% 18%
Very aggressive (risk of downside revision)3% 2% 3% Answer
Rio de
Janeiro
São
Paulo
ForeignersConsolidated
Survey #1
Consolidated
Attractive Valuation vs Historical Average38% 37% 45% 40% 38%
Attractive Valuation vs Peers 10% 18% 18% 18% 24%
Defensive Profile / Low Vol 5% 2% 3% 3% 8%
Expectation of Earnings Revision 45% 46% 33% 42% 44%
High Dividend Yield 3% 8% 9% 7% 11%
High Quality (ROIC/ROE) / Companies with
Competitive Advantage
53% 57% 61% 57% 54%
Secular Growth & Disruptive Technologies 28% 22% 21% 22% 22%
Small Caps. Market Cap below USD 3 billion 0% 0% 0% 9% 9%
Strong Cash Flow Generation 65% 53% 61% 57% 55%
Strong Growth (Double Digit EPS in the next 2/3
years)
20% 28% 27% 25% 24%
Survey #2 - Apr/May 2024 Answer
Rio de
Janeiro
São Paulo ForeignersConsolidated
Survey #1
Consolidated
Bradesco 3% 7% 6% 5% 6%
Eletrobras 3% 15% 15% 13% 20%
Itaú 5% 13% 9% 10% 10%
Localiza 10% 18% 18% 15% 13%
Mercado Libre 13% 7% 18% 10% 17%
Nubank 40% 17% 9% 21% 17%
Petrobras 25% 18% 21% 21% 11%
Vale 3% 5% 3% 4% 7%
Survey #2 - Apr/May 2024

9. Source: Itaú BBA, Bloomberg
Localiza was chosen as the top pick in our survey, with a slight preference from foreigners, while Itaú was voted as
the top pick from São Paulo investors.
Embraer, Mercado Libre, and Nubank also ranked high on Foreigners top pick list.
Rio de Janeiro Investors ranked Equatorial and Copel after Localiza in their picks.
São Paulo Investors also are representative on Sabesp.
Long Only PMs top picks: Localiza, Meli, Suzano, Eletrobras, and Nubank.
Hedge Funds top picks: Localiza, Itaú, Petrobras, Sabesp, Eletrobras and 3R.
From the top picks chosen by investors, we hold Localiza, Petrobras (Neutral), Equatorial, Sabesp, Suzano,
Eletrobras and Nubank in our Brazil /LatAm Recommended Portfolios.
Compared to 1
st
survey, Rumo, Cyrela, Iguatemi, GPS, Vivara, BB left the list.
New to the list are: Hapvida, Santos Brasil, Cury, Cosan and Embraer.
9
7) Top Picks: Localiza, Itaú and Petrobras Were Investors Top Picks
Which Companies Are Your Top Picks?
Survey #2 - 10 Top Picks Consolidated 22.6%
17.1%
15.9%
11.0%
9.8%
9.1%
8.5%
7.9%
7.3% 7.3%
RENT ITUB PETR EQTL SBSP ELET SUZB CPLE NU MELI
Survey #1 - 10 Top Picks Consolidated 23.8%
19.7%
13.6% 13.6%
12.2%
10.2% 9.5% 8.8% 8.8%
6.1%
ITUB ELET RENT EQTL MELI NU PETR VALE SBSP RAIL Stock % Rio de Janeiro São Paulo Foreigners
RENT 22.6% 26.3% 21.2% 21.2%
ITUB 17.1% 10.5% 21.2% 12.1%
PETR 15.9% 13.2% 15.3% 15.2%
EQTL 11.0% 21.1% 9.4% 3.0%
SBSP 9.8% 0.0% 16.5% 3.0%
ELET 9.1% 7.9% 11.8% 6.1%
SUZB 8.5% 7.9% 10.6% 6.1%
CPLE 7.9% 18.4% 5.9% 3.0%
NU 7.3% 10.5% 3.5% 15.2%
MELI 7.3% 7.9% 3.5% 18.2%
HAPV 6.7% 5.3% 10.6% 0.0%
LREN 6.7% 5.3% 9.4% 0.0%
STBP 5.5% 7.9% 5.9% 3.0%
EMBR 5.5% 0.0% 1.2% 21.2%
PRIO 5.5% 7.9% 5.9% 0.0%
RRRP 4.3% 2.6% 4.7% 3.0%
CURY 4.3% 7.9% 3.5% 3.0%
CSAN 3.7% 0.0% 7.1% 0.0%
BPAC 3.7% 7.9% 1.2% 6.1%
POMO 3.7% 0.0% 2.4% 12.1%
9

10. Source: Itaú BBA, Bloomberg
We had the participation of 168 investors, from April 26 to May 3. More than 75% of the respondents are based in Brazil, and more than half of the total have a mandate to invest in Brazil.
61.4% are Portfolio Managers (36.9% Long-Only, 18.5% Hedge Fund and 6% CIOs).
10
Who Participated in Our Survey? The Sample Characteristics
Where Are You Based?
What Best Describes Your Profession?
What Are Your Fund(s) in Equities?
What Is Your Geographical Mandate?6.0%
26.8%
36.9%
18.5%
4.8%
7.1%
CIO
Equity Analyst
Equity Long-Only Portfolio Manager
Hedge Fund
Portfolio Manager /
Multimercado
Other
Trader 23.8%
51.8%
24.4%
Rio de Janeiro São Paulo Foreigners/Others 56.5%
13.1%
17.3%
12.5%
0.6%
Brazil - Local
Emerging Markets
Global LatAm
Other 39.9%
25.6%
11.3%
15.5%
7.7%
Less than
US$200mn
Between US$200mn
and US$500mn
Between US$500mn
and US$1bn
Between US$1bn
and US$3bn
More than US$3bn
10

11. Earnings Tracker 1Q24
Sector Diffusion – Itaú BBA Analyst Reaction*Sector Diffusion – Actual Figures vs. Itaú Estimates* (Net Income)
Sector Diffusion – YoY Growth
Source: Itaú BBA, Bloomberg. *Considers Itaú analyst reaction in an earnings review report, which is usually published after the results are released but before the following trading day starts. ** Definitions: a beat is a result 5% above our estimate; a miss is a result
5% below our estimate; in line is between those two thresholds.
Sector Diffusion – QoQ Growth Sector Total Beat In-Line Miss Beat In-Line Miss
Agribusiness 0 n.a. n.a. n.a. n.a. n.a. n.a.
Banks 2 100.0% 0.0% 0.0% 100.0% 0.0% 0.0%
Capital Goods 2 100.0% 0.0% 0.0% 100.0% 0.0% 0.0%
Consumer Goods & Retail3 100.0% 0.0% 0.0% 100.0% 0.0% 0.0%
Education 0 n.a. n.a. n.a. n.a. n.a. n.a.
Financials 1 100.0% 0.0% 0.0% 100.0% 0.0% 0.0%
Food & Beverage 0 n.a. n.a. n.a. n.a. n.a. n.a.
Health Care 1 100.0% 0.0% 0.0% 100.0% 0.0% 0.0%
Homebuilders 1 0.0% 0.0% 100.0% 0.0% 0.0% 100.0%
Malls & Properties 3 66.7% 0.0% 33.3% 90.1% 0.0% 9.9%
Oil & Gas 0 n.a. n.a. n.a. n.a. n.a. n.a.
Pulp & Paper 1 0.0% 0.0% 100.0% 0.0% 0.0% 100.0%
Steel & Mining 3 33.3% 0.0% 66.7% 11.9% 0.0% 88.1%
Tech 1 100.0% 0.0% 0.0% 100.0% 0.0% 0.0%
TMT 0 n.a. n.a. n.a. n.a. n.a. n.a.
Transportation & Logistics0 n.a. n.a. n.a. n.a. n.a. n.a.
Utilities 2 50.0% 50.0% 0.0% 55.7% 44.3% 0.0%
Coverage 20 70.0% 5.0% 25.0% 74.1% 1.4% 24.5%
Market Cap# of Companies Sector Total PositiveNeutralNegativePositiveNeutralNegative
Agribusiness 0 n.a. n.a. n.a. n.a. n.a. n.a.
Banks 2 50.0% 50.0% 0.0% 44.3% 55.7% 0.0%
Capital Goods 2 100.0% 0.0% 0.0% 100.0% 0.0% 0.0%
Consumer Goods & Retail3 33.3% 66.7% 0.0% 4.2% 95.8% 0.0%
Education 0 n.a. n.a. n.a. n.a. n.a. n.a.
Financials 1 0.0% 0.0% 100.0% 0.0% 0.0% 100.0%
Food & Beverage 0 n.a. n.a. n.a. n.a. n.a. n.a.
Health Care 1 0.0% 100.0% 0.0% 0.0% 100.0% 0.0%
Homebuilders 1 0.0% 100.0% 0.0% 0.0% 100.0% 0.0%
Malls & Properties 3 66.7% 33.3% 0.0% 90.1% 9.9% 0.0%
Oil & Gas 0 n.a. n.a. n.a. n.a. n.a. n.a.
Pulp & Paper 1 0.0% 100.0% 0.0% 0.0% 100.0% 0.0%
Steel & Mining 3 33.3% 33.3% 33.3% 11.9% 2.9% 85.2%
Tech 1 100.0% 0.0% 0.0% 100.0% 0.0% 0.0%
TMT 0 n.a. n.a. n.a. n.a. n.a. n.a.
Transportation & Logistics0 n.a. n.a. n.a. n.a. n.a. n.a.
Utilities 2 0.0% 100.0% 0.0% 0.0% 100.0% 0.0%
Coverage 20 40.0% 50.0% 10.0% 27.6% 49.9% 22.5%
# of Companies Market Cap Sector Revenue EBITDANet IncomeRevenue EBITDANet Income
Agribusiness n.a. n.a. n.a. n.a. n.a. n.a.
Banks 100.0% n.a. 100.0% 100.0% n.a. 100.0%
Capital Goods 0.0% 0.0% 50.0% 0.0% 0.0% 4.3%
Consumer Goods & Retail50.0% 50.0% 50.0% 95.8% 95.8% 95.8%
Education n.a. n.a. n.a. n.a. n.a. n.a.
Financials 0.0% 0.0% 100.0% 0.0% 0.0% 100.0%
Food & Beverage n.a. n.a. n.a. n.a. n.a. n.a.
Health Care n.a. n.a. n.a. n.a. n.a. n.a.
Homebuilders 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Malls & Properties 33.3% 33.3% 0.0% 9.9% 9.9% 0.0%
Oil & Gas n.a. n.a. n.a. n.a. n.a. n.a.
Pulp & Paper 0.0% 100.0% 0.0% 0.0% 100.0% 0.0%
Steel & Mining 33.3% 33.3% 33.3% 11.9% 11.9% 11.9%
Tech 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
TMT n.a. n.a. n.a. n.a. n.a. n.a.
Transportation & Logisticsn.a. n.a. n.a. n.a. n.a. n.a.
Utilities 100.0% 100.0% 50.0% 100.0% 100.0% 55.7%
Coverage 38.9% 37.5% 38.9% 57.6% 50.1% 57.7%
# of Companies Market Cap Sector Revenue EBITDANet IncomeRevenue EBITDANet Income
Agribusiness n.a. n.a. n.a. n.a. n.a. n.a.
Banks 50.0% n.a. 50.0% 44.3% n.a. 44.3%
Capital Goods 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Consumer Goods & Retail100.0% 100.0% 50.0% 100.0% 100.0% 95.8%
Education n.a. n.a. n.a. n.a. n.a. n.a.
Financials 0.0% 0.0% 100.0% 0.0% 0.0% 100.0%
Food & Beverage n.a. n.a. n.a. n.a. n.a. n.a.
Health Care n.a. n.a. n.a. n.a. n.a. n.a.
Homebuilders 0.0% 100.0% 100.0% 0.0% 100.0% 100.0%
Malls & Properties 33.3% 66.7% 100.0% 27.8% 37.6% 100.0%
Oil & Gas n.a. n.a. n.a. n.a. n.a. n.a.
Pulp & Paper 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Steel & Mining 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Tech 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
TMT n.a. n.a. n.a. n.a. n.a. n.a.
Transportation & Logisticsn.a. n.a. n.a. n.a. n.a. n.a.
Utilities 50.0% 0.0% 0.0% 44.3% 0.0% 0.0%
Coverage 44.4% 50.0% 55.6% 57.3% 59.2% 57.2%
# of Companies Market Cap
11

12. Earnings Released So Far This Season – Estimates, Reaction and Growth
Earnings Tracker 1Q24
Source: Itaú BBA, BloombergSector Ticker
Mkt Cap (BRL
Mn)
Itaú Analyst
Reaction
Beat on Itaú
Estim ates ?
(EPS)
Beat on Itaú
Estim ates ?
(EBITDA)
Beat on Itaú
Estim ates ?
(Sales)
EPS Grow th YoY
EBITDA Grow th
YoY
Sales Grow th
YoY
EPS Grow th QoQ
EBITDA Grow th
QoQ
Sales Grow th
QoQ
Banks SANB11 111.1 Positive Beat n.a. n.a. Expansion n.a. Expansion Expansion n.a. Expansion
Banks BBDC4 139.8 Neutral Beat n.a. In Line Contraction n.a. Contraction Expansion n.a. Expansion
Capital Goods WEGE3 162.7 Positive Beat In Line In Line Expansion Expansion Expansion Contraction Contraction Contraction
Capital Goods POMO4 7.3 Positive Beat Beat In Line Expansion Expansion Expansion Expansion Contraction Contraction
Consumer Goods & Retail ASAI3 18.3 Positive Beat In Line In Line Contraction Expansion Expansion Contraction Contraction Contraction
Consumer Goods & Retail MELI 419.2 Neutral Beat In Line In Line Expansion Expansion Expansion Expansion Expansion Expansion
Financials CIEL3 15.2 Negative Beat Miss In Line Expansion Contraction Contraction Expansion Contraction Contraction
Homebuilders EZTC3 3.2 Neutral Miss Miss Miss Expansion Expansion Contraction Contraction Contraction Contraction
Malls & Properties LOGG3 2.3 Neutral Miss Miss Miss Expansion Expansion Contraction Contraction Expansion Expansion
Malls & Properties MULT3 14.8 Positive Beat Beat Beat Expansion Contraction Contraction Contraction Contraction Contraction
Malls & Properties IGTI11 6.6 Positive Beat In Line In Line Expansion Expansion Expansion Contraction Contraction Contraction
Pulp & Paper KLBN11 26.5 Neutral Miss In Line In Line Contraction Contraction Contraction Contraction Expansion Contraction
Steel & Mining USIM5 9.8 Neutral Miss Beat In Line Contraction Contraction Contraction Contraction Contraction Contraction
Steel & Mining GGBR4 39.6 Positive Beat Beat In Line Contraction Contraction Contraction Expansion Expansion Expansion
Steel & Mining VALE3 284.1 Negative Miss Miss In Line Contraction Contraction Contraction Contraction Contraction Contraction
Tech INTB3 7.3 Positive Beat Beat In Line Expansion Expansion Expansion Contraction Contraction Contraction
Utilities NEOE3 24.0 Neutral Beat In Line Miss Contraction Contraction Contraction Expansion Expansion Expansion
Utilities TRPL4 19.1 Neutral In Line In Line In Line Contraction Contraction Expansion Contraction Expansion Expansion
12

13. Source: Itaú BBA, Bloomberg
Companies Scheduled to Report in the Coming Weeks – Bloomberg Consensus Estimates (BRL in Millions)
Earnings Agenda 1Q24Sector TickerMkt CapRelease DateRevenue EBITDA Net Income
Financials BBSE3 65.7 6-May 2,013 1,305 1,894
Banks ITUB4 294.8 6-May 40,215 n.a. 9,716
TMT TIMS3 45.1 6-May 6,037 2,850 565
Transportation & LogisticsCCRO3 25.8 6-May 3,602 2,034 335
Consumer Goods & RetailPGMN3 1.5 6-May 2,742 91 -29
Consumer Goods & RetailGUAR3 4.4 6-May 1,916 153 -58
Steel & Mining CBAV3 3.4 6-May 1,808 82 -194
Capital Goods TGMA3 1.7 6-May 379 62 40
Consumer Goods & RetailVIVA3 5.4 6-May 450 91 46
Consumer Goods & RetailALLD3 0.7 6-May 1,345 53 16
Transportation & LogisticsVAMO3 8.3 6-May 1,720 784 164
Health Care RDOR3 61.4 6-May 12,446 1,696 675
Oil & Gas ENAT3 7.4 6-May 738 540 277
Utilities AURE3 11.7 7-May 1,304 383 122
Consumer Goods & RetailCRFB3 23.9 7-May 26,182 1,371 134
TMT VIVT3 83.2 7-May 13,494 5,333 1,082
Consumer Goods & RetailPCAR3 1.7 7-May 4,841 354 -165
Food & Beverage BRFS3 28.1 7-May 13,723 1,697 430
Health Care ODPV3 6.7 7-May 555 200 150
Consumer Goods & RetailRADL3 45.1 7-May 9,297 661 229
Oil & Gas PRIO3 41.7 7-May 3,019 2,218 1,286
Homebuilders CURY3 6.0 7-May 830 168 135
Capital Goods EMBR3 25.2 7-May 4,496 172 -183
Health Care BLAU3 1.9 7-May 365 59 33
Transportation & LogisticsJSLG3 3.4 7-May 2,114 412 52
Health Care MATD3 2.2 7-May 565 132 42
Capital Goods FRAS3 5.0 7-May 862 169 91
Tech TOTS3 17.4 8-May 1,254 292 167
Banks BBAS3 161.7 8-May 34,991 n.a. 9,129
Agribusiness TTEN3 5.0 8-May 2,416 129 80
Utilities EGIE3 34.8 8-May 2,545 1,654 969
Oil & Gas UGPA3 29.7 8-May 30,845 1,408 520
Food & Beverage ABEV3 194.9 8-May 20,076 6,477 3,377
Utilities CPLE6 27.8 8-May 5,434 1,287 543
Homebuilders MRVE3 4.0 8-May 2,010 191 -25 Sector TickerMkt CapRelease DateRevenue EBITDA Net Income
Oil & Gas VBBR3 27.0 8-May 41,073 1,380 599
Oil & Gas RECV3 6.3 8-May 747 375 175
Oil & Gas RRRP3 8.0 8-May 2,292 689 249
Capital Goods MYPK3 2.0 8-May 3,680 326 46
Tech VLID3 1.4 8-May n.a. n.a. n.a.
Transportation & LogisticsLOGN3 4.4 8-May 567 n.a. n.a.
Agribusiness SLCE3 8.1 8-May 1,967 715 287
Food & Beverage BEEF3 3.8 8-May 6,615 626 -17
Homebuilders LAVV3 1.9 8-May 304 74 61
Oil & Gas BRKM5 18.0 8-May 17,907 1,226 -1,042
Consumer Goods & RetailGMAT3 16.8 8-May 7,185 455 217
Utilities TAEE11 12.6 8-May 632 492 241
Tech LVTC3 0.3 8-May 254 n.a. 3
Consumer Goods & RetailDXCO3 6.4 8-May 1,977 432 69
Consumer Goods & RetailARZZ3 5.8 8-May 1,084 175 56
Capital Goods RAPT4 3.5 8-May 2,559 365 82
Utilities ENGI11 25.0 8-May 7,132 1,969 549
Consumer Goods & RetailBHIA3 0.8 8-May 6,789 508 -343
Malls & Properties SCAR3 1.5 8-May n.a. n.a. n.a.
Consumer Goods & RetailSOMA3 4.8 8-May 1,242 156 20
Utilities ELET3 91.0 8-May 10,183 5,171 1,645
Consumer Goods & RetailLREN3 15.8 8-May 2,861 301 39
Homebuilders TEND3 1.7 8-May 731 70 3
TMT DESK3 1.6 8-May 267 134 37
Health Care QUAL3 0.5 8-May 406 154 14
Transportation & LogisticsSTBP3 12.1 8-May 640 324 154
Education COGN3 4.3 8-May 1,521 512 72
TMT ELMD3 2.5 8-May 214 59 5
Transportation & LogisticsMOVI3 2.8 8-May 2,938 983 31
Homebuilders LPSB3 0.3 8-May n.a. n.a. 10
Transportation & LogisticsMILS3 3.4 8-May 382 185 74
Education VSTA 1.6 8-May 466 165 51
Banks BRBI11 1.6 9-May n.a. n.a. 39
Banks ABCB4 5.4 9-May 697 n.a. 224
Consumer Goods & RetailALPA4 6.8 9-May 939 118 15
13

14. Source: Itaú BBA, Bloomberg
Companies Scheduled to Report in the Coming Weeks – Bloomberg Consensus Estimates (BRL in Millions)
Earnings Agenda 1Q24Sector TickerMkt CapRelease DateRevenue EBITDA Net Income
Utilities SAPR11 8.2 9-May 1,553 707 325
Agribusiness RAIL3 39.0 9-May 2,998 1,632 337
Financials CXSE3 49.3 9-May 1,003 n.a. 944
Financials B3SA3 64.3 9-May 2,229 1,574 1,068
Pulp & Paper SUZB3 77.2 9-May 10,109 4,907 554
Malls & Properties HBRE3 0.6 9-May 38 19 n.a.
Utilities ALUP11 9.2 9-May 871 703 215
Transportation & LogisticsGGPS3 12.9 9-May 3,059 302 136
Steel & Mining CSNA3 18.9 9-May 10,166 1,872 -361
Steel & Mining CMIN3 28.4 9-May 3,248 1,368 540
Health Care FLRY3 8.1 9-May 1,910 516 166
Consumer Goods & RetailPETZ3 2.3 9-May 828 81 10
Malls & Properties SYNE3 1.4 9-May n.a. n.a. n.a.
Consumer Goods & RetailMGLU3 11.6 9-May 9,433 680 -18
Homebuilders DIRR3 4.3 9-May 708 158 101
Health Care VVEO3 1.7 9-May 3,013 204 29
Transportation & LogisticsECOR3 5.2 9-May 1,514 1,084 202
Financials CASH3 0.4 9-May 84 3 12
Homebuilders MDNE3 1.1 9-May 320 n.a. 47
Homebuilders MTRE3 0.4 9-May 376 n.a. 52
Consumer Goods & RetailCVCB3 1.3 9-May 329 72 -30
Consumer Goods & RetailPNVL3 1.7 9-May 1,251 60 26
Consumer Goods & RetailSMFT3 14.9 9-May 1,254 400 138
Homebuilders JHSF3 3.0 9-May 458 135 85
Homebuilders PLPL3 2.5 9-May 524 78 48
Homebuilders TRIS3 0.9 9-May 337 n.a. 39
Tech BMOB3 1.1 9-May 149 47 25
Homebuilders CYRE3 8.7 9-May 1,578 301 269
Tech IFCM3 0.5 9-May n.a. n.a. -42
Malls & Properties ALOS3 12.0 9-May 606 438 106
Tech LWSA3 3.0 9-May 338 57 18
Agribusiness HBSA3 3.4 9-May 467 176 -13
Utilities SBSP3 55.2 9-May 6,219 2,585 952
Financials WIZC3 1.2 9-May 233 147 65
Homebuilders TCSA3 0.2 9-May 185 n.a. n.a. Sector TickerMkt CapRelease DateRevenue EBITDA Net Income
Utilities CPFE3 38.1 9-May 9,721 3,178 1,336
Consumer Goods & RetailESPA3 0.3 9-May 276 67 -246
Consumer Goods & RetailMBLY3 0.2 9-May 142 n.a. -24
Transportation & LogisticsARML3 3.7 9-May 396 184 53
Health Care HAPV3 29.0 9-May 7,057 867 178
Transportation & LogisticsSIMH3 5.3 9-May 8,937 2,381 -13
Education CSED3 1.7 9-May 598 191 42
Utilities SRNA3 5.4 9-May 484 374 16
Food & Beverage CAML3 3.1 9-May 3,072 234 47
Banks INTR 12.2 9-May 1,384 n.a. 168
Consumer Goods & RetailCEAB3 3.7 9-May 1,396 149 -25
Banks BPAN4 11.9 10-May 2,193 n.a. 215
Food & Beverage MDIA3 11.7 10-May 2,321 320 190
Education YDUQ3 5.0 10-May 1,446 519 169
Utilities CMIG4 31.5 10-May 7,935 1,773 1,080
Education SEER3 0.8 10-May 451 99 1
Banks BPAC11 135.5 13-May 5,850 n.a. 2,876
Agribusiness RAIZ4 33.4 13-May 52,438 3,657 748
Oil & Gas OPCT3 1.3 13-May 479 130 16
Oil & Gas PETR4 536.1 13-May 127,926 70,234 24,675
Consumer Goods & RetailTFCO4 1.9 13-May 164 41 28
Transportation & LogisticsRENT3 53.5 13-May 8,756 2,933 679
Consumer Goods & RetailNTCO3 23.7 13-May 6,005 666 151
Financials ITSA4 100.1 13-May 3,864 n.a. 3,617
Consumer Goods & RetailSBFG3 3.0 13-May 1,506 223 31
Homebuilders EVEN3 1.4 13-May 509 53 21
Homebuilders MELK3 0.9 13-May 240 n.a. 26
Health Care KRSA3 0.7 13-May 569 122 -19
Education ANIM3 1.5 13-May 985 378 62
Tech CLSA3 1.5 13-May n.a. n.a. n.a.
Health Care ONCO3 3.8 13-May 1,520 294 48
Transportation & LogisticsAZUL4 3.8 13-May 4,840 1,311 -333
Financials DOTZ3 0.1 13-May n.a. n.a. n.a.
Financials IRBR3 3.7 13-May 1,307 n.a. 82
Financials STNE 26.2 13-May 3,130 1,621 459
14

15. Source: Itaú BBA, Bloomberg
Companies Scheduled to Report in the Coming Weeks – Bloomberg Consensus Estimates (BRL in Millions)
Earnings Agenda 1Q24Sector TickerMkt CapRelease DateRevenue EBITDA Net Income
Education VTRU 2.1 13-May 99 32 7
Banks BRSR6 5.2 14-May 2,069 n.a. 230
Financials PSSA3 19.4 14-May 6,556 n.a. 558
Transportation & LogisticsGOLL4 0.6 14-May 4,866 1,359 58
Utilities ENEV3 20.2 14-May 1,561 930 57
Capital Goods TUPY3 3.8 14-May 2,658 306 122
Homebuilders HBOR3 0.4 14-May 303 63 14
Agribusiness SOJA3 2.5 14-May n.a. n.a. n.a.
Food & Beverage JBSS3 52.9 14-May 89,273 5,177 1,085
Consumer Goods & RetailMLAS3 1.7 14-May 798 -58 -57
Steel & Mining BRAP4 7.9 14-May n.a. n.a. n.a.
Agribusiness VITT3 0.9 14-May 128 15 6
TMT BRIT3 2.0 14-May 350 174 30
TMT FIQE3 1.4 15-May n.a. n.a. n.a.
Utilities EQTL3 36.3 15-May 9,188 2,445 583
Health Care DASA3 3.5 15-May 3,743 691 -49
Health Care AALR3 1.2 15-May n.a. n.a. n.a.
Utilities LIGT3 1.8 15-May 3,567 688 137
Tech SEQL3 0.2 15-May n.a. n.a. n.a.
Consumer Goods & RetailMEAL3 0.5 15-May 558 80 -10
Food & Beverage MRFG3 8.9 15-May 31,992 1,609 -39
Banks NU 282.3 15-May 2,347 n.a. 359
Utilities ORVR3 3.3 15-May 204 n.a. 13
Utilities AMBP3 1.8 15-May 1,215 352 -34
Financials PAGS 21.4 23-May 4,115 915 475
Education AFYA 8.4 24-May 789 376 173
15

16. Country GuideTICKER INDEX SCORE
YTD
CHANG
E
1M
CHANG
E
Fwd
Diff vs. 5Y
Avg
2024 2025 Fwd
Diff vs.
5Y Avg
Fwd
Diff vs.
5Y Avg
2024 2025 2026
EPS
CAGR 22-
24E
Acceleration 3M
5Y
Historica
l Avg
Avg ROE
23-24E
PEG
MXWD Equity MSCI ACWI 6.3 4.6% -2.2% 17.2x 2.1% 17.9x 16.0x 11.5x 6% 2.6x 9% 5.1% 11.9% 8.2% 10.1% 4.7% -0.1% 12.6% 14.3% 1.5
MXWO Index MSCI WORLD 6.2 4.8% -2.6% 18.1x 2.2% 18.7x 16.8x 11.9x 5% 2.9x 13% 3.5% 11.4% 7.9% 9.6% 5.8% 0.1% 12.8% 15.3% 1.6
SPX Index S&P 500 INDEX 4.9 7.5% -1.6% 20.2x 4.8% 21.1x 18.7x 13.4x 6% 4.1x 12% 8.9% 13.0% 7.5% 10.2% 3.3% 0.3% 16.4% 18.9% 1.6
CCMP Index NASDAQ COMPOSITE 4.1 7.6% -0.7% 26.6x -2.9% 28.4x 23.5x 16.5x 4% 5.3x 5% 22.3% 20.7% 11.5% 16.0% -14.0% 0.8% 14.2% 18.0% 1.4
MXWOU Index MSCI WORLD x USA 7.0 1.9% -2.0% 14.4x -1.7% 14.7x 13.6x 9.2x 4% 1.7x 9% -4.8% 8.4% 7.6% 8.0% 10.1% -0.9% 9.9% 11.8% 1.8
MXEU Index MSCI EUROPE 6.7 5.1% -1.3% 13.8x -4.0% 14.2x 13.1x 9.9x 12% 1.9x 8% -2.8% 8.5% 7.6% 8.0% 14.0% -1.6% 10.7% 13.2% 1.7
MXJP Index MSCI JAPAN 7.1 16.3% 0.6% 16.4x 7.5% 16.8x 15.5x 6.6x -21% 1.5x 18% 3.4% 7.9% 11.3% 9.6% -3.5% 9.1% 8.1% 9.0% 2.1
MXEF Index MSCI EM 6.0 2.8% 0.9% 12.1x -2.1% 12.7x 11.1x 8.8x 10% 1.5x -1% 15.9% 15.2% 11.9% 13.6% -2.5% -1.0% 11.6% 12.3% 0.8
MXLA Index MSCI EM LATIN AMERICA 4.4 -7.4% -1.9% 8.9x -15.4% 9.1x 8.4x 5.3x -7% 1.4x -8% 2.9% 7.7% 8.0% 7.9% 9.0% -2.0% 16.3% 16.2% 1.2
IBOV Index BRAZIL IBOVESPA INDEX 2.6 -4.2% 0.9% 7.9x -20.6% 8.1x 7.6x 4.9x -10% 1.2x -24% 16.8% 7.3% 8.8% 8.1% 16.4% 0.8% 16.2% 15.5% 1.1
EM
Latam
MXBR Index MSCI BRAZIL 5.1 -11.3% -0.8% 7.6x -21.1% 7.7x 7.4x 4.7x -11% 1.3x -22% -0.4% 4.8% 7.4% 6.1% 6.1% -1.9% 18.2% 16.8% 1.6
MXMX Index MSCI MEXICO 7.8 -3.0% -3.7% 12.4x -6.5% 12.9x 11.6x 6.3x -5% 2.0x 8% 28.7% 11.4% 7.1% 9.2% 5.7% -3.2% 14.1% 16.0% 1.1
MXCL Index MSCI CHILE 8.1 -6.9% -2.6% 10.2x -11.9% 10.9x 9.1x 6.7x 0% 1.2x 7% -8.3% 20.2% 18.7% 19.4% 51.5% -5.4% 12.5% 12.4% 0.5
MXCO Index MSCI COLOMBIA 6.8 8.2% -5.9% 5.9x -29.1% 6.1x 5.5x n.a. n.a. 0.8x -24% -4.8% 11.1% 5.4% 8.2% 14.7% 4.1% 12.4% 13.7% 0.6
MXPE Index MSCI PERU 7.7 17.4% -0.4% 12.4x 2.2% 14.0x 10.1x 12.1x 21% 2.1x 30% 23.1% 38.7% 11.5% 24.4% 61.9% 6.5% 11.8% 16.1% 0.4
Other Regions
MXEF Index MSCI EM 9.1 2.8% 0.9% 12.1x -2.1% 12.7x 11.1x 8.8x 10% 1.5x -1% 15.9% 15.2% 11.9% 13.6% -2.5% -1.0% 11.6% 12.3% 0.8
MXCN Index MSCI CHINA 7.4 7.0% 7.9% 10.0x -15.3% 10.4x 9.2x 10.8x 3% 1.1x -24% 10.0% 13.4% 11.9% 12.6% 1.4% -4.1% 11.4% 10.3% 0.8
MXKR Index MSCI KOREA 10.3 1.7% -2.1% 10.0x -9.2% 10.8x 8.7x 6.4x 15% 1.0x 0% 67.2% 24.9% 8.1% 16.2% -48.6% 8.0% 7.5% 10.2% 0.4
MXZA Index MSCI SOUTH AFRICA 6.4 -2.7% 2.1% 9.4x -10.0% 10.1x 8.3x 6.4x -4% 1.5x -9% 24.3% 21.2% 2.8% 11.6% -0.7% -2.1% 14.3% 16.0% 0.5
MXSA Index MSCI Saudi Arabia 10.9 -0.1% -4.2% 16.7x -3.9% 17.5x 15.3x 13.8x 22% 2.2x 1% 18.5% 14.9% 10.7% 12.8% -5.4% 0.3% 10.8% 13.0% 1.2
MXID Index MSCI INDONESIA 7.6 -5.5% -4.5% 12.8x -12.4% 13.1x 12.0x n.a. n.a. 2.1x -4% 78.6% 8.9% 8.9% 8.9% -10.7% -1.6% 14.3% 16.2% 1.5
MXMY Index MSCI MALAYSIA 10.0 7.0% 2.6% 14.0x -4.6% 14.2x 13.4x 9.7x 10% 1.4x -5% 12.4% 6.3% 5.0% 5.7% -0.1% 0.4% 8.7% 9.7% 2.3
TAMSCI Index MSCI TAIWAN 8.4 15.6% -0.9% 17.3x 14.9% 18.5x 15.3x 9.7x 15% 2.5x 19% 20.0% 20.8% 17.6% 19.2% 0.3% 0.4% 14.4% 14.9% 0.9
MXIN Index MSCI INDIA 9.5 9.1% 1.8% 22.7x 9.2% 23.8x 20.7x 14.3x 19% 3.5x 17% 15.8% 14.7% 2.0% 8.1% -19.1% 15.3% 13.3% 15.8% 1.6
MXTH Index MSCI THAILAND 9.6 -3.3% -0.5% 16.2x -6.2% 17.0x 14.8x 7.8x -18% 1.6x -10% 10.3% 14.7% 8.5% 11.5% -1.2% -4.4% 9.3% 10.0% 1.2
PRICE PRICE/EARNINGS EV/EBITDA PRICE TO BOOK EPS GROWTH EPS ACC
EARNINGS
REVISION
ROE
Source: Itaú BBA, Bloomberg
16

17. Our Must-Read Research Pieces From Recent Weeks
OurStrategyTakeStock/Sector
Rede D’Or
In the healthcare space, we only hold Hypera on
our Brazil Recommended Portfolio.
Strategy
LatestHighlighted
Reports
Report Link
Itaú BBA on Rede D’Or: Valuation Tips the
Balance – Upgrading to Buy
Key Highlights
•Company upgrade. In this 21-page report, we will go through our updated thesis on Rede D’Or,
discussing the strengths, but also detailing the risks embedded in the story. We will also conduct
several sensitivity analyses, weighing our fair value by different scenarios for profitability in both
divisions, capacity addition, and cost of equity. Our conclusion is that now is the time to upgrade the
stock to an outperform rating (from market perform), with a YE24 fair value of BRL 33/share (from
BRL 30), which yields 28% upside to current levels.
•Itaú BBA on Brazil Equity Strategy: Warm Up: Time to Be Overweight Commodities? Bull & Bear Debates – OW Pulp & Paper and Oil & Gas
•Itaú BBA on Brazil Equity Strategy: Corporate Insider Trading Disclosure
•Itaú BBA on Brazil Equity Strategy: Warm-Up: Risk Scorecard Quadrant (RiSQ) Analysis; Stock Selection for Bull/Bear Global & Domestic Macro Scenarios
•Itaú BBA on Brazil Equity Strategy: Warm Up: “Wake Me Up When September Ends” - A Look at US & Brazil Rates Versus Equity Trends
•Itaú BBA on Brazil Equity Strategy: Weekly Warm Up: 4Q23 Wrap Up. A Look at Earnings Trend - Slightly Positive 4Q23 Season; Six Stocks to Highlight
•Itaú BBA on Brazil Equity Strategy: Warm Up: Back to the (Cyclical) Future; Increasing OW in Domestic Stocks. Updating Portfolio
•Itaú BBA on Brazil Equity Strategy: The Best Castles Have Wide Moats: Competitive Advantage Screening in Brazilian Equities - Ten Moat Stocks to Highlight
•Itaú BBA on Brazil Equity Strategy: Warm-Up: Four-Factor Analysis of Brazilian Sectors versus EM – Four Stocks to Highlight
•Itaú BBA on Latam Equity Strategy: Back to the Cyclical Future – Attractive Valuation in a Monetary Easing Cycle
•Itaú BBA on Brazil Equity Strategy: Warm Up: Itaú BBA Investment Manager Survey – Seven Key Takeaways – Utilities Are the Locals’ Consensus Pick, While Foreigners Prefer
Large Banks.
•Itaú BBA on Brazil Equity Strategy: Book Club - Where Theory Meets Practice: Holiday 65th Book Special Edition
•Itaú BBA on Brazil Equity Strategy: Between Valuation Hope and Macro Reality
Rentals
Wedon’tholdanystocks in theyellowlinerental
space. Still ontherentalsspace, weholdLocaliza
as oneofourQualityCyclicaltop picks
Itaú BBA on Rentals: Reaffirming OP
Rating on Yellow Line Stocks; Promising
Tailwinds to Boost Growth and Returns
•Sector update. We updated our models for Armac and Mills and are introducing new YE24 target
prices of BRL 14.0/ARML3 (from BRL 19.0 previously) and BRL 18.0/MILS3 (from BRL 19.5),
respectively. We reiterate the outperform rating for both stocks. Our view is supported by: i) solid
prospects for demand in 2024, with sector sales estimated to rebound by 7% YoY; ii) bright
fundamentals for long-term growth, with Brazilian investment in infrastructure starting to pick up and
plenty of room to continue to increase; and iii) broad consolidation opportunities, as the rental
industry represents ~20% of the Brazilian fleet and is dominated by small players. We see both
stocks trading at a P/E 2025 of ~10x, providing a balanced combination of growth, returns and
valuation.
Neoenergia
We like Bond Proxies with Double-Digit IRRs, but
our top picks on this theme are Equatorial and
Sabesp. We also hold Eletrobras and CPFL on
our portfolio.
Itaú BBA on Neoenergia: A Very Attractive
Valuation With Lower Capital-Allocation
Risk
•Company Update. We are updating our estimates and raising our YE24 target price to BRL
37.6/share, from BRL 27.9/share for YE22, and maintaining our outperform rating. Neoenergia is
trading at a very attractive IRR of 15.1%, which represents a big discount to its peers Equatorial,
Energisa and CPFL. We believe that the capital-allocation risk has reduced substantially since the
transmission JV with GIC was announced and with the company’s more conservative approach to
growth opportunities.
Source: Itaú BBA, Bloomberg
17

18. Periodic Table of Returns
Periodic Table of Returns (Brazil)2015 2016 2017 2018 2019 2020 2021 2022 2023 YTD
USD BRL IBOV SMLL USD BRL SMLL USD BRL Debentures IndexDebentures Index IBOV Debentures Index
49.1% 38.9% 49.3% 17.1% 58.2% 29.0% 7.6% 14.6% 22.3% 4.8%
Hegde Fund Index IFIX IBOV IBOV IFIX IMA B USD BRL Hegde Fund Index SMLL USD BRL
17.5% 32.3% 26.9% 15.0% 36.0% 6.4% 7.3% 13.7% 17.1% 4.4%
Debentures Index SMLL IFIX IMA B IBOV Hegde Fund Index CDI CDI IMA B CDI
14.1% 31.7% 19.4% 13.1% 31.6% 5.5% 4.4% 12.4% 16.1% 3.6%
CDI IMA B IMA B SMLL IMA B IBOV Hegde Fund Index IMA B IFIX IFIX
13.2% 24.8% 12.8% 8.1% 23.0% 2.9% 2.0% 6.4% 15.5% 2.4%
IMA B Hegde Fund IndexHegde Fund IndexDebentures IndexHegde Fund Index CDI IMA B IBOV CDI Hegde Fund Index
8.9% 15.9% 12.4% 7.4% 11.1% 2.8% -1.3% 4.7% 13.0% -0.4%
IFIX Debentures IndexDebentures IndexHegde Fund Index CDI Debentures Index IFIX IFIX Debentures Index IMA B
5.4% 15.8% 11.6% 7.1% 6.0% 2.1% -2.3% 2.2% 12.7% -1.2%
IBOV CDI CDI CDI Debentures Index SMLL IBOV USD BRL Hegde Fund Index IBOV
-13.3% 14.0% 10.0% 6.4% 5.6% -0.7% -11.9% -5.3% 9.3% -4.2%
SMLL USD BRL USD BRL IFIX USD BRL IFIX SMLL SMLL USD BRL SMLL
-22.4% -18.0% 1.8% 5.6% 4.0% -10.2% -16.2% -15.1% -8.0% -8.1%
Source: Itaú BBA, Bloomberg
18

19. Periodic Table of Returns (EM)
Source: Itaú BBA, Bloomberg. *Argentina is not formally in EM indexes.2015 2016 2017 2018 2019 2020 2021 2022 2023 YTD
ARGENTINA BRAZIL ARGENTINA SAUDI ARABIA TAIWAN KOREA SAUDI ARABIA ARGENTINA ARGENTINA ARGENTINA
-1.2% 61.3% 72.3% 15.1% 28.3% 34.0% 34.4% 32.2% 61.5% 26.6%
KOREA PERU CHINA INDIA COLOMBIA TAIWAN INDIA CHILE MEXICO PERU
-1.8% 53.8% 52.3% -0.2% 25.9% 28.6% 27.3% 15.1% 36.2% 17.4%
SOUTH AFRICA LATAM CHILE PERU BRAZIL CHINA TAIWAN INDONESIA PERU TAIWAN
-2.6% 27.9% 39.8% -0.3% 22.1% 26.7% 21.6% 10.4% 30.2% 15.6%
INDIA COLOMBIA EM BRAZIL CHINA INDIA ARGENTINA THAILAND TAIWAN INDIA
-3.0% 23.9% 34.3% -3.9% 20.4% 16.8% 20.9% 6.3% 26.7% 9.1%
MALAYSIA THAILAND PERU INDONESIA EM EM MEXICO PERU LATAM COLOMBIA
-4.7% 22.4% 33.5% -5.9% 15.4% 15.8% 19.5% 5.6% 25.1% 8.2%
SAUDI ARABIA CHILE KOREA MALAYSIA KOREA ARGENTINA EM EX CHINA BRAZIL KOREA MALAYSIA
-9.9% 13.2% 29.0% -7.0% 14.4% 12.3% 10.0% 1.7% 23.9% 7.0%
CHINA TAIWAN INDIA THAILAND LATAM SOUTH AFRICA SOUTH AFRICA INDIA BRAZIL CHINA
-10.1% 12.7% 28.7% -8.0% 13.7% -1.0% 9.6% 1.6% 23.4% 7.0%
TAIWAN INDONESIA INDONESIA TAIWAN INDIA MALAYSIA THAILAND LATAM INDIA EM
-11.0% 12.2% 22.8% -8.9% 8.5% -1.7% 7.1% -0.1% 20.3% 2.8%
INDONESIA KOREA BRAZIL LATAM MEXICO SAUDI ARABIA INDONESIA SOUTH AFRICA EM EX CHINA EM EX CHINA
-12.0% 10.2% 21.0% -9.3% 8.0% -2.3% 1.5% -1.1% 20.0% 2.3%
MEXICO SAUDI ARABIA LATAM COLOMBIA SOUTH AFRICA MEXICO KOREA MALAYSIA SAUDI ARABIA KOREA
-16.0% 8.7% 20.8% -13.9% 4.4% -4.0% -1.6% -4.3% 7.5% 1.7%
EM EM SOUTH AFRICA SOUTH AFRICA SAUDI ARABIA CHILE EM MEXICO EM SAUDI ARABIA
-17.0% 8.6% 20.5% -14.6% 3.5% -8.3% -4.6% -5.2% 7.0% -0.1%
THAILAND ARGENTINA THAILAND EM INDONESIA INDONESIA MALAYSIA SAUDI ARABIA SOUTH AFRICA SOUTH AFRICA
-18.5% 3.9% 19.1% -16.6% 3.0% -9.5% -7.3% -7.1% 5.7% -2.7%
CHILE SOUTH AFRICA TAIWAN MEXICO PERU PERU LATAM COLOMBIA COLOMBIA MEXICO
-18.9% 1.6% 14.3% -17.4% 1.1% -9.5% -13.1% -12.7% 2.3% -3.0%
PERU INDIA COLOMBIA KOREA THAILAND THAILAND COLOMBIA EM EX CHINA INDONESIA THAILAND
-32.5% -0.3% 13.8% -19.3% -1.9% -13.9% -15.4% -19.3% 2.2% -3.3%
LATAM CHINA MEXICO CHINA MALAYSIA LATAM CHILE EM CHILE INDONESIA
-32.9% -1.4% 13.6% -20.3% -6.1% -16.0% -19.0% -22.4% -1.2% -5.5%
BRAZIL MALAYSIA MALAYSIA CHILE CHILE BRAZIL PERU CHINA MALAYSIA CHILE
-43.4% -2.5% 9.2% -21.0% -18.6% -20.9% -21.7% -23.5% -3.2% -6.9%
COLOMBIA MEXICO SAUDI ARABIA ARGENTINA ARGENTINA COLOMBIA CHINA TAIWAN CHINA LATAM
-43.9% -10.7% 4.3% -51.7% -22.6% -22.9% -22.4% -24.7% -13.2% -7.4%
BRAZIL KOREA THAILAND BRAZIL
-23.5% -26.4% -13.8% -11.3%
19

20. Valuation Monitor
P/E 12 Months Forward (Consensus) P/E Forward Discount (Consensus) EV/EBITDA 12 Months Forward (Consensus) EV/EBITDA Forward Discount (Consensus)
P/B (Consensus) P/B Discount (Consensus) FCF/EV 2024 (Consensus) Dividend Yield 2024 (Consensus)
Source: Itaú BBA, Bloomberg. *Considers Itaú coverage universe, with market cap and analyst coverage filters. Consensus figures.Stock
P/E 12m
Forw ard
SIMH3 3.8x
BBAS3 3.9x
RRRP3 3.9x
BRSR6 4.3x
JHSF3 4.6x
PETR4 4.6x
RECV3 4.9x
PRIO3 5.2x
ABCB4 5.4x
VALE3 5.7x
BEEF3 5.8x
RAPT4 6.0x
ECOR3 6.1x
MOVI3 6.1x
TUPY3 6.2x Stock
Discount to 5-
Year Avg.
USIM5 -82.3%
VTEX -73.6%
SMFT3 -73.3%
NTCO3 -68.3%
STNE -65.4%
AZUL4 -64.0%
SBFG3 -61.0%
SRNA3 -60.9%
JHSF3 -60.3%
ECOR3 -60.1%
LWSA3 -59.1%
PAGS -58.7%
ARML3 -56.1%
SIMH3 -55.5%
VAMO3 -55.4% Stock
EV/EBITDA 12m
Forw ard
RECV3 2.8x
PETR4 2.8x
SMTO3 3.1x
RRRP3 3.1x
PRIO3 3.2x
USIM5 3.6x
STNE 3.7x
AZUL4 3.9x
TUPY3 3.9x
RAIZ4 4.0x
VALE3 4.0x
RAPT4 4.1x
GGBR4 4.1x
VIVT3 4.1x
YDUQ3 4.2x Stock
Discount to 5-
Year Avg.
PAGS -64.0%
VTEX -61.6%
HAPV3 -56.3%
ARZZ3 -53.5%
SOMA3 -53.1%
SBFG3 -52.2%
RENT3 -51.1%
ALPA4 -48.7%
VIVA3 -47.0%
AZUL4 -44.9%
FLRY3 -41.9%
ARML3 -41.3%
LREN3 -40.0%
ALOS3 -39.8%
COGN3 -38.9% Stock P/B
COGN3 0.4x
USIM5 0.4x
DASA3 0.5x
BRSR6 0.5x
HAPV3 0.6x
MRVE3 0.6x
JHSF3 0.6x
EZTC3 0.7x
CBAV3 0.8x
NEOE3 0.8x
ELET3 0.8x
GGBR4 0.8x
ALOS3 0.8x
SOMA3 0.8x
IRBR3 0.9x Stock
Discount to 5-
Year Avg.
MGLU3 -88.6%
DASA3 -87.6%
ECOR3 -86.2%
HAPV3 -84.8%
MRFG3 -80.5%
LWSA3 -79.9%
SUZB3 -78.9%
MELI -78.0%
SMFT3 -77.0%
PAGS -67.0%
NTCO3 -66.7%
IRBR3 -66.4%
LREN3 -66.0%
SOMA3 -65.4%
VAMO3 -63.5% JSLG3 22.1%
PAGS 21.8%
CIEL3 15.8%
MGLU3 15.1%
TIMS3 14.7%
MRFG3 13.5%
PRIO3 12.2%
PETR4 12.1%
RECV3 12.0%
ELET3 11.7%
SRNA3 10.2%
CURY3 10.2%
TUPY3 10.0%
VALE3 9.5%
VIVT3 9.2%
Highest FCF/EV (2024) PETR4 12.8%
BBAS3 12.4%
BBSE3 10.0%
BRSR6 9.5%
CPFE3 9.3%
CMIN3 9.3%
CMIG4 8.6%
VALE3 8.3%
TAEE11 8.1%
ITUB4 8.1%
TRPL4 8.1%
RECV3 7.9%
ABCB4 7.6%
CURY3 7.5%
JHSF3 7.4%
Highest Dividend Yield (2024)
20

21. Earnings Estimate Revision Monitor
EPS Estimate Revisions* – Last 4 Weeks EBITDA Estimate Revisions* – Last 4 Weeks
EPS Estimate Revisions* – Last 3 Months EBITDA Estimate Revisions* – Last 3 Months
Performance vs. Earnings Estimate Revisions (One Month)
Performance vs. Earnings Estimate Revisions (Three Months)MRFG3 46.9%
SRNA3 22.5%
RRRP3 14.9%
POMO4 14.8%
GGBR4 14.1%
STBP3 12.7%
CMIG4 6.2%
NTCO3 5.3%
JBSS3 4.9%
BBAS3 4.3%
ELET3 4.2%
ALOS3 4.0%
SUZB3 4.0%
MELI 2.4%
WEGE3 2.2%
Highest Revisions In the Last 4 Weeks
(Net Income 2024) ENEV3 -57.4%
BEEF3 -39.9%
BRKM5 -39.8%
AZUL4 -24.4%
CSNA3 -20.8%
RAIZ4 -14.0%
AESB3 -13.9%
CMIN3 -10.8%
RECV3 -10.7%
CAML3 -9.6%
HAPV3 -9.0%
ARML3 -9.0%
USIM5 -8.8%
SLCE3 -8.0%
ASAI3 -7.8%
Low est Revisions In the Last 4
Weeks (Net Income 2024) STBP3 6.1%
SMTO3 6.0%
CAML3 5.9%
ALPA4 5.5%
RRRP3 4.5%
KLBN11 4.1%
GGBR4 2.6%
CMIG4 2.6%
SUZB3 2.5%
PETR4 2.1%
AZUL4 2.1%
POMO4 2.0%
SRNA3 2.0%
WEGE3 1.9%
MGLU3 1.7%
Highest Revisions In the Last 4
Weeks (EBITDA 2024) RECV3 -15.0%
BEEF3 -10.0%
EZTC3 -6.9%
SMFT3 -6.5%
NTCO3 -6.2%
CSNA3 -6.1%
CMIN3 -5.9%
VALE3 -4.2%
LREN3 -4.2%
RAIZ4 -4.0%
HAPV3 -3.3%
CBAV3 -2.9%
ENEV3 -2.8%
VBBR3 -2.8%
MDIA3 -2.8%
Low est Revisions In the Last 4
Weeks (EBITDA 2024) BRFS3 131.5%
SRNA3 40.0%
STBP3 37.5%
UGPA3 27.2%
CMIG4 25.7%
JHSF3 22.9%
SUZB3 22.1%
POMO4 18.8%
PETR4 16.4%
RRRP3 12.6%
USIM5 10.7%
MGLU3 10.0%
VBBR3 9.7%
PAGS 8.0%
ALPA4 7.2%
Highest Revisions In the Last 3
Months (Net Income 2024) VTEX -66.7%
ENEV3 -65.7%
BRKM5 -52.1%
CBAV3 -51.2%
BEEF3 -41.9%
ODPV3 -36.0%
CSNA3 -34.1%
AZUL4 -29.0%
SIMH3 -26.9%
TTEN3 -26.5%
CMIN3 -21.1%
AESB3 -19.8%
CAML3 -19.1%
ASAI3 -18.5%
MRVE3 -18.3%
Low est Revisions In the Last 3
Months (Net Income 2024) STBP3 25.3%
ALPA4 17.1%
UGPA3 10.9%
BRFS3 9.1%
POMO4 8.3%
USIM5 6.2%
SUZB3 6.1%
CMIG4 5.9%
RRRP3 5.7%
ECOR3 5.7%
KLBN11 5.2%
CAML3 4.8%
SMTO3 4.8%
SBSP3 4.3%
PETR4 4.1%
Highest Revisions In the Last 3
Months (EBITDA 2024) VTEX -31.2%
CBAV3 -18.2%
TTEN3 -13.8%
BEEF3 -12.3%
RECV3 -12.0%
PRIO3 -11.0%
JHSF3 -11.0%
NTCO3 -10.9%
VALE3 -9.3%
CRFB3 -7.9%
CSNA3 -6.3%
HAPV3 -6.2%
CMIN3 -6.1%
SMFT3 -5.8%
AURE3 -5.5%
Low est Revisions In the Last 3
Months (EBITDA 2024) Agribusiness
Banks
Capital Goods
Consumer
Goods & Retail
Education
Food &
Beverage
Healthcare
Homebuilders
Malls &
Properties
Non-Bank
Financials
Oil & Gas
Pulp & Paper
Steel & Mining
TMT
Transportation
Utilities
-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
-8.0%-6.0%-4.0%-2.0%0.0%2.0%4.0%6.0%8.0%
Performance (3M)
EPS 2024 Revisions (3M) Agribusiness
Banks
Capital Goods
Consumer
Goods & Retail
Education
Food &
Beverage
Healthcare
Homebuilders
Malls &
Properties
Non-Bank
Financials
Oil & Gas
Pulp & Paper
Steel & Mining
TMT
Transportation
Utilities
-8.0%
-6.0%
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
-10.0% -5.0% 0.0% 5.0% 10.0% 15.0%
Performance (1M)
EPS 2024 Revisions (1M)
Source: Itaú BBA, Bloomberg. *Considers Itaú coverage universe, with market cap and analyst coverage filters. Consensus figures.
21

22. Factors: World, United States, LatAm, Brazil and EM
Factor PerformanceCountry/Region/Factor 1W
Mexico Small Caps 1.7%
USA Small Caps 1.7%
Brazil Value 1.6%
EM Small Caps 1.4%
Brazil Low Vol 1.3%
Latam Value 1.2%
EM Momentum 1.2%
EM Value 1.1%
EM Growth 1.1%
EM Low Vol 1.0%
Brazil Growth 0.9%
World Small Caps 0.7%
EM Quality 0.7%
Brazil Quality 0.4%
Latam Low Vol 0.3%
Mexico Growth 0.2%
World Low Vol 0.1%
Mexico Value 0.1%
Brazil Momentum 0.1%
Latam Quality 0.0%
Latam Small Caps -0.3%
World Value -0.3%
USA Low Vol -0.3%
Latam Momentum -0.4%
World Growth -0.5%
Mexico Quality -0.5%
Brazil Small Caps -0.6%
World Momentum -0.6%
USA Growth -0.6%
Latam Growth -0.6%
USA Value -0.7%
USA Quality -0.9%
Mexico Momentum -0.9%
World Quality -0.9%
USA Momentum -1.5% Brazil
EM
USA
World
Mexico
Latam
Latam Low Vol
EM Low Vol
USA Low Vol
World Low Vol
Brazil Low Vol
Latam Quality
Mexico Quality
EM Quality
USA Quality
World Quality
Brazil Quality
Latam Momentum
Mexico Momentum
EM Momentum
USA Momentum
World Momentum
Brazil Momentum
Latam Growth
Mexico Growth
EM Growth
USA Growth
World Growth
Brazil Growth
Latam Value
Mexico Value
EM Value
USA Value
World Value
Brazil Value
Latam Small Caps
Mexico Small Caps
EM Small Caps
USA Small Caps
World Small Caps
Brazil Small Caps
-10%
-5%
0%
5%
10%
15%
20%
25%
30%
35%
40%
-8% -6% -4% -2% 0% 2% 4%
Performance 12m
Performance 1m
Source: Itaú BBA, Bloomberg
22

23. Factors: World, United States, LatAm, Brazil and EM
Factor PerformanceCountry/Region 1W 1M 6M 1YR YTD
Mexico Small Caps 1.7% -4.9% 19.2% 19.8% 1.5%
USA Small Caps 1.7% -1.9% 15.6% 17.0% 0.4%
EM Small Caps 1.4% 1.4% 13.9% 20.4% 3.1%
World Small Caps 0.7% -2.4% 13.2% 10.9% -0.3%
Latam Small Caps -0.3% -4.3% 5.3% 13.0% -7.9%
Brazil Small Caps -0.6% -5.1% -0.1% 12.7% -12.0%
Small Caps Country/Region 1W 1M 6M 1YR YTD
Brazil Value 1.6% 3.2% 7.8% 31.2% -2.2%
Latam Value 1.2% 1.7% 9.9% 30.0% -2.7%
EM Value 1.1% 0.8% 10.1% 8.7% 1.6%
Mexico Value 0.1% -2.2% 9.2% 0.7% -0.8%
World Value -0.3% -2.4% 12.3% 12.2% 3.3%
USA Value -0.7% -2.9% 14.0% 15.9% 4.5%
Value Country/Region 1W 1M 6M 1YR YTD
EM Growth 1.1% 1.1% 11.9% 8.5% 4.0%
Brazil Growth 0.9% -3.4% 1.0% 6.7% -10.2%
Mexico Growth 0.2% -1.0% 8.4% 1.1% -5.0%
World Growth -0.5% -2.7% 17.9% 25.2% 6.3%
USA Growth -0.6% -2.6% 19.9% 35.5% 8.3%
Latam Growth -0.6% -3.7% 2.6% 5.3% -10.3%
Growth Country/Region 1W 1M 6M 1YR YTD
EM Momentum 1.2% 0.9% 16.2% 14.5% 8.3%
Brazil Momentum 0.1% -2.9% 3.2% 18.2% -5.7%
Latam Momentum -0.4% -3.2% 3.5% 8.6% -6.9%
World Momentum -0.6% -3.6% 26.4% 29.7% 15.7%
Mexico Momentum -0.9% -6.4% 11.6% 9.3% -4.2%
USA Momentum -1.5% -4.8% 25.5% 30.6% 14.7%
Momentum Country/Region 1W 1M 6M 1YR YTD
EM Quality 0.7% -0.7% 9.1% 12.8% -1.6%
Brazil Quality 0.4% -3.1% -4.1% -1.8% -14.5%
Latam Quality 0.0% -2.0% 4.2% 1.5% -9.0%
Mexico Quality -0.5% -4.3% 13.7% 5.6% -2.2%
USA Quality -0.9% -3.3% 18.5% 32.0% 8.2%
World Quality -0.9% -2.9% 18.3% 27.2% 7.5%
Quality Country/Region 1W 1M 6M 1YR YTD
Brazil Low Vol 1.3% -1.9% -0.1% 9.7% -10.0%
EM Low Vol 1.0% -0.3% 9.1% 5.1% 1.2%
Latam Low Vol 0.3% -2.6% 6.8% 9.6% -5.5%
World Low Vol 0.1% -1.9% 7.7% 5.1% 2.2%
USA Low Vol -0.3% -2.4% 10.0% 11.9% 3.9%
Low Vol
Source: Itaú BBA, Bloomberg
23

24. Economic Agenda for LatAm and Main U.S. Indicators
Economic Agenda
Source: Itaú BBA, BloombergData CountryTimeBloomberg Est.
Government Tax Revenue --
Primary Budget Balance 8:30 AM --
Nominal Budget Balance 8:30 AM --
Net Debt % GDP 8:30 AM --
S&P Global Brazil Composite PMI 10:00 AM --
S&P Global Brazil Services PMI 10:00 AM --
Colombia Monetary Policy Minutes 7:00 PM 0.00%
Colombia Monetary Policy Minutes 7:00 PM 0.00%
Vehicle Domestic Sales Adefa --
Vehicle Exports Adefa --
Vehicle Production Adefa --
Formal Job Creation Total --
6-May Data CountryTimeBloomberg Est.
Consumer Confidence 9:00 AM --
Vehicle Exports 9:00 AM --
Vehicle Production 9:00 AM --
Exports Total 9:30 AM --
Imports Total 9:30 AM --
Trade Balance 9:30 AM --
International Reserves 9:30 AM --
Copper Exports 9:30 AM --
Nominal Wage YoY 10:00 AM --
International Reserves Weekly 12:00 PM --
Exports FOB 12:00 PM --
Imports Total 3:00 PM --
Exports Total 3:00 PM --
Trade Balance Monthly 3:00 PM --
Banamex Survey of Economists 0.00%
Central Bank Survey 0.00%
Vehicle Production Anfavea --
Nominal Wages --
Vehicle Sales Anfavea --
7-May Data CountryTimeBloomberg Est.
CPI MoM 9:00 AM --
CPI YoY Chained 9:00 AM --
Retail Sales Broad YoY 9:00 AM --
Retail Sales YoY 9:00 AM --
Retail Sales Broad MoM 9:00 AM --
Retail Sales MoM 9:00 AM --
Industrial Production YoY 4:00 PM --
Construction Activity YoY 4:00 PM --
Selic Rate 6:30 PM 10.50%
CPI MoM 8:00 PM 0.59%
CPI YoY 8:00 PM 7.18%
CPI Core MoM 8:00 PM 0.56%
CPI Core YoY 8:00 PM 8.29%
Vehicle Exports Anfavea --
Vehicle Sales Total --
8-May Data CountryTimeBloomberg Est.
CPI MoM 9:00 AM --
CPI YoY 9:00 AM --
CPI Core MoM 9:00 AM --
CPI Core YoY 9:00 AM --
Bi-Weekly CPI 9:00 AM --
Bi-Weekly Core CPI 9:00 AM --
Bi-Weekly CPI YoY 9:00 AM --
Bi-Weekly Core CPI YoY 9:00 AM --
Initial Jobless Claims 9:30 AM --
Continuing Claims 9:30 AM --
Overnight Rate 4:00 PM --
Reference Rate 8:00 PM --
9-May Data CountryTimeBloomberg Est.
FIPE CPI - Weekly 5:00 AM --
IBGE Inflation IPCA YoY 9:00 AM --
IBGE Inflation IPCA MoM 9:00 AM --
Industrial Production NSA YoY 9:00 AM --
Manuf. Production NSA YoY 9:00 AM --
Industrial Production SA MoM 9:00 AM --
Central Bank Economist Survey 9:30 AM 0.00%
Wages MoM 4:00 PM --
10-May
24

25. Commodity Price* and FX Heatmap
Commodities and FX HeatmapCommodity Last Price 1 Week 1 Month 6 Months 1 Year Year-to-Date
Soybean 1,201.75 3.6% 1.6% -9.5% -17.0% -7.1%
Corn 447.00 1.6% 3.5% -6.3% -30.7% -5.1%
Wheat 606.00 0.5% 9.0% 5.9% -3.2% -3.5%
Copper 457.05 0.1% 9.0% 24.1% 19.3% 17.5%
Pulp (Net BHKP China) 712.59 0.0% 4.3% 15.8% 42.5% 9.1%
Sugar 19.28 -0.6% -13.2% -30.6% -23.4% -6.3%
Iron Ore 117.05 -0.9% 17.9% -1.6% 10.4% -16.7%
Commodities Index (CRB) 541.22 -1.4% 0.5% 0.5% -0.5% 6.1%
Gold 2,301.07 -1.6% 0.0% 15.5% 12.9% 11.5%
Aluminum 2,491.18 -2.0% 6.1% 12.6% 5.0% 5.9%
Cotton 77.36 -2.6% -13.1% -2.8% 0.5% -4.5%
Silver 26.50 -2.8% -2.1% 13.8% 4.0% 10.0%
Oil 82.90 -7.4% -7.2% -2.3% 14.6% 7.6%
Latam FX vs US Dollar 1 Week 1 Month 6 Months 1 Year Year-to-Date
Chilean Peso 939.25 1.2% 1.7% -6.8% -14.4% -6.4%
Mexican Peso 16.97 1.1% -2.5% 2.9% 5.6% 0.0%
Brazilian Real 5.07 0.9% -0.7% -3.3% -1.5% -4.2%
Peruvian Sol 3.72 0.5% -1.0% 0.5% -0.4% -0.5%
Colombian Peso 3,913.25 -0.3% -2.6% 1.6% 19.1% -1.5%
Argentine Peso 878.75 -0.5% -2.4% -60.2% -74.4% -8.0%
Source: Itaú BBA, Bloomberg. *Price variation based on futures contracts for most commodities; pulp and iron ore prices may be subject to delayed data.
25

26. IBOV LatAm
Weekly Stock PerformanceCompany Ticker 1W 1M 6M 1YR YTD
LatAm MXLA 0.2%-1.9%4.8%12.6%-7.4%
Brazil MXBR 2.4%-0.8%-0.3%16.1%-11.3%
Mexico MXMX 0.9%-3.7%11.6%7.2%-3.0%
Argentina MXAR 4.2% 7.9%74.4%92.6%26.6%
Colombia MXCO 6.6%-5.9%23.2%30.1%8.2%
Chile MXCL 2.3%-2.6%1.3%-7.7%-6.9%
Peru MXPE -2.5%-0.4%48.9%42.7%17.4%
MAGAZINE LUIZA MGLU3 12.9%-7.1%6.0%-52.7%-26.9%
SANTANDER BSAC 11.5%5.6% 6.6%11.5%-8.4%
HYPERMARCAS HYPE3 11.5%-4.1%-3.8%-17.3%-15.4%
OPERADORA DE SITES MEXICANOS SITES1 11.0%2.4%22.7%27.6%-12.9%
ENGIE EGIE3 8.6% 4.7% 4.3% 2.2%-5.9%
CEMIG CMIG4 8.5% 7.4% 9.0%11.9%19.1%
BTG PACTUAL BPAC11 8.3%-0.4%10.5%55.9%-6.1%
SOCIEDAD QUIMICA Y MINERA DE CHILE SQM 8.0%-4.0%-4.2%-26.8%-20.8%
JBS JBSS3 8.0%13.7%14.4%35.3%-4.2%
PROMOTORA PUODY 8.0%-0.6%22.3%4.9%-2.3%
PENOLES PE&OLES* -10.9%-9.5%16.7%-5.6%2.3%
ORBIA ORBIA* -9.1%-17.3%-7.5%-28.6%-22.4%
PETROBRAS PETR4 -5.5%3.8%12.2%76.0%7.1%
PETRO RIO PRIO3 -5.3%-5.3%-3.0%37.1%1.5%
PETROBRAS PETR4 -5.1%6.9% 8.8%65.8%7.8%
CPFL CPFE3 -4.3%-7.6%-4.2%7.6%-14.1%
GRUPO AEROPORTUARIO DEL SURESTE ASR -3.9%5.4%53.5%22.5%15.8%
CEMEX CX -3.3%-12.6%19.6%26.8%3.2%
BUENAVENTURA BVN -2.9%4.2%100.0%134.4%10.8%
WALMART MEXICO WMMVY -2.1%-5.9%-1.5%-5.8%-10.5%
Source: Itaú BBA, BloombergCompany Ticker 1W 1M 6M 1YR YTD
Ibovespa IBOV 3.1% 0.9% 8.8% 26.2% -4.2%
CASAS BAHIA BHIA3 44.0% 12.1% -41.1%-82.3%-30.1%
P.ACUCAR PCAR3 19.8% 20.6% -13.1%-23.1%-16.5%
CVC BRASIL CVCB3 18.9% -11.5%-26.5%-12.1%-31.7%
AZUL AZUL4 18.8% -12.7%-22.9% -3.1% -31.6%
GOL GOLL4 16.1% -9.9% -84.4%-80.2%-84.7%
MRV MRVE3 13.8% -2.4% -22.3% 2.6% -36.0%
MAGAZ LUIZA MGLU3 12.9% -7.1% 6.0% -52.7%-26.9%
SANTANDER SANB11 11.5% 5.6% 6.6% 11.5% -8.4%
HYPERA HYPE3 11.5% -4.1% -3.8% -17.3%-15.4%
DEXCO DXCO3 10.7% 4.7% 5.7% 29.6% -3.0%
USIMINAS USIM5 -5.8% -21.3% 16.4% 11.1% -13.9%
PETROBRAS PETR3 -5.5% 3.8% 12.2% 76.0% 7.1%
PETRORIO PRIO3 -5.3% -5.3% -3.0% 37.1% 1.5%
PETROBRAS PETR3 -5.1% 6.9% 8.8% 65.8% 7.8%
CPFL ENERGIA CPFE3 -4.3% -7.6% -4.2% 7.6% -14.1%
BRADESPAR BRAP4 -3.3% -2.9% -16.1% -9.8% -21.2%
BRF BRFS3 -3.2% 4.4% 47.4% 164.6% 21.1%
3R PETROLEUM RRRP3 -2.6% -3.9% -0.1% 12.1% 26.5%
SLC AGRICOLA SLCE3 -2.6% -7.5% -5.3% -8.1% -2.7%
PETRO RECONCAVO RECV3 -2.4% -2.2% 0.0% 16.4% -0.8%
REAL ESTATE IMOB 7.9% -3.6% 3.2% 25.9% -11.8%
SMAL CAPS SMLL 4.6% -2.1% 4.3% 18.1% -8.1%
DIVIDENDS IDIV 4.5% 2.4% 12.1% 28.2% -1.2%
RETAIL ICON 4.4% -1.0% 4.3% 10.9% -10.0%
UTILITIES BZUTIL 4.4% -0.1% 9.1% 21.1% -3.7%
VALUE IVBX2 4.0% -1.5% 10.1% 23.4% -3.9%
FINANCIALS IFNCBV 3.5% -1.4% 10.4% 25.9% -6.9%
MIDLARGE CAPS MLCX 2.9% 1.5% 9.9% 27.7% -3.3%
INDUSTRIAL INDX 2.8% -0.6% 15.3% 21.5% 1.4%
MATERIALS IMAT 2.7% -2.3% 7.2% 16.8% -6.1%
26

27. EM DM
Weekly Stock PerformanceCountry 1W 1M 6M 1YR YTD
COLOMBIA 6.6%-5.9%23.2%30.1%8.2%
ARGENTINA 4.2%7.9%74.4%92.6%26.6%
SOUTH AFRICA 2.9%2.1%3.2%-2.2%-2.7%
TAIWAN 2.5%-0.9%26.1%34.1%15.6%
BRAZIL 2.4%-0.8%-0.3%16.1%-11.3%
CHILE 2.3%-2.6%1.3%-7.7%-6.9%
CHINA 2.3%7.9%3.9%-5.7%7.0%
KOREA 1.9%-2.1%14.6%10.3%1.7%
EM 1.1%0.9%11.0%8.6%2.8%
INDIA 1.0%1.8%24.2%35.9%9.1%
MEXICO 0.9%-3.7%11.6%7.2%-3.0%
EM EX CHINA 0.7%-1.3%15.4%18.1%2.3%
MALAYSIA 0.6%2.6%7.2%8.6%7.0%
SAUDI ARABIA 0.6%-4.2%10.0%4.3%-0.1%
LATAM 0.2%-1.9%4.8%12.6%-7.4%
THAILAND -0.2%-0.5%-3.8%-10.5%-3.3%
INDONESIA -2.1%-4.5%0.1%-6.0%-5.5%
PERU -2.5%-0.4%48.9%42.7%17.4% Index Ticker 1W 1M 6M 1YR YTD
Developed Markets VEA INDEX -0.8%1.5%6.4%10.5%4.7%
MSCI Japan ETF EWJ INDEX 3.2%-1.6%11.7%18.1%8.0%
NASDAQ NQSE INDEX 2.8%-2.5%22.0%7.4%-1.8%
MSCI Australia ETFEWA INDEX 1.9%-1.7%10.8%6.5%-0.7%
Russell 2000 IWM INDEX 1.8%-1.9%15.7%17.2%0.6%
MSCI United Kingdom ETFEWU INDEX 1.5%3.4%12.8%5.7%6.9%
MSCI ACWI ETF ACWI INDEX 1.0%-1.0%15.6%19.0%6.5%
S&P 500 IVV INDEX0.6%-1.6%17.7%25.4%7.6%
MSCI Germany ETF EWG INDEX 0.0%-2.2%18.4%6.0%4.2%
MSCI France ETF EWQ INDEX -0.1%-1.5%14.0%3.7%3.7%
MSCI Canada ETF EWC INDEX -0.2%-1.6%11.2%9.1%2.4%
MSCI Italy ETF EWI INDEX -0.8%-1.5%17.9%17.9%8.9%
Source: Itaú BBA, Bloomberg
27

28. Material Information
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Itaú Unibanco, Itaú Corretora de Valores S.A. and Itaú BBA. Itaú BBA is a brand used by Itaú Unibanco. This report was prepared by a
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2.This report does not constitute an offer to buy or sell any financial instrument or to participate in any particular trading strategy under any
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Relevant Information –Analysts
Analysts
Disclosure Items CNPI
1 2 3 4
Daniel Gewehr OK
Matheus Marques OK
Victor Cunha OK
1.The securities analyst(s) involved in preparing this report are associated with individuals who work for the issuers addressed herein.
2.The securities analyst(s) spouse(s) or partner(s) hold, either directly or indirectly, on their own behalf or on behalf of third parties, stock and/or other securities
discussed in this report.
3.The securities analyst(s), spouse(s) or partner(s) are directly or indirectly involved in the purchase, sale or intermediation of the securities discussed in this report.
4.The securities analyst(s), respective spouse(s) or partner(s) hold, either directly or indirectly, any financial interest related to the securities issuers analyzed in this
report.
Disclaimer
Source: ItaúBBA
28
*AnalystCertification