How might the disclosed developments influence the valuation multiples (e.g., P/E, P/B) for ITUB?

Fundamental impact on multiples

The “Itau Day 2025” preview signals that management will discuss new business developments and user‑experience (UX) initiatives. If the briefing confirms concrete digital‑banking investments—such as AI‑driven credit underwriting, low‑cost “neobank” products, or cross‑selling of fintech services—analysts are likely to raise earnings forecasts for the next 12‑18 months. A higher EPS outlook would compress the price‑to‑earnings (P/E) multiple (e.g., a move from ~10× to ~9×) while still supporting a higher absolute price, because investors price the expected earnings uplift rather than punishing the stock. Likewise, any disclosed improvement in asset quality (lower NPLs) or an increase in retained earnings from cost efficiencies will lift book value, nudging the price‑to‑book (P/B) ratio upward (e.g., from ~0.9× to ~1.1×) as the market values the stronger capital base.

Market dynamics and trading take‑away

Given the modest sentiment score (30 / 100), the market is currently cautious, implying that the upside from a positive digital‑growth narrative is not fully priced in. Technically, ITUB is trading near its 200‑day moving average with modest volume, so a clear forward‑looking message from the event could trigger a breakout on the upside. Traders could consider a long position (or add to existing exposure) if the webcast confirms accelerated digital revenue growth or cost‑to‑income improvements, targeting a 5‑7 % rally that would re‑price the multiples as described. Conversely, if the briefing highlights execution delays, higher capex without clear ROI, or macro‑risk drag (e.g., credit‑quality pressures), the multiples could expand (P/E widening, P/B falling), and a short‑bias or protective stop‑loss below the 200‑day MA would be prudent. In summary, the valuation multiples will move in tandem with the clarity and materiality of the digital‑business outlook disclosed at the event; the trade should be aligned with that signal.