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Itau Unibanco
(NYSE:ITUB)
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Rating:68Neutral
Price Target:
$8.50
▼(-9.38% Downside)
Action:Reiterated
Date:06/23/26
The score is primarily supported by strong profitability/ROE and constructive earnings-call guidance and execution (record efficiency, solid capital generation, and credit metrics holding up). Valuation is also a positive with a moderate P/E and high dividend yield. These are tempered by financial-statement risks (elevated leverage and cash-flow volatility) and a mixed technical picture with negative MACD and price still below key medium-term moving averages.
Positive Factors
High and consistent return on equity
Sustained ROE near the mid-20s reflects durable profitability and strong franchise economics. High ROE supports recurring shareholder returns and internal capital generation, enabling reinvestment, dividend policy continuity and competitive reinvestment without immediate equity raising.
Negative Factors
Elevated leverage relative to equity
High leverage amplifies sensitivity to rising funding costs and credit deterioration, constraining capital and liquidity management. In tougher macro periods this increases refinancing and regulatory pressure risk, limiting capacity to expand lending or sustain payouts without raising capital.
Read all positive and negative factors
Positive Factors
Negative Factors
High and consistent return on equity
Sustained ROE near the mid-20s reflects durable profitability and strong franchise economics. High ROE supports recurring shareholder returns and internal capital generation, enabling reinvestment, dividend policy continuity and competitive reinvestment without immediate equity raising.
Read all positive factors
Itau Unibanco (ITUB) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$91.65B
Dividend Yield9.77%
Average Volume (3M)23.26M
Price to Earnings (P/E)11.1
Beta (1Y)0.66
Revenue Growth19.64%
EPS Growth12.10%
CountryUS
Employees99,600
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)4.18
Shares Outstanding5,409,126,000
10 Day Avg. Volume26,412,394
30 Day Avg. Volume23,259,796
Financial Highlights & Ratios
PEG Ratio2.52
Price to Book (P/B)2.13
Price to Sales (P/S)1.13
P/FCF Ratio3.39
Enterprise Value/Market Cap13.36
Enterprise Value/Revenue3.17
Enterprise Value/Gross Profit9.30
Enterprise Value/Ebitda21.23
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.93
Revenue Forecast (FY)$39.32B
Itau Unibanco Business Overview & Revenue Model
Company Description
Itaú Unibanco Holding S.A. delivers a broad spectrum of financial and insurance solutions to both individual and corporate clientele, operating within Brazil and internationally. The company organizes its activities across three primary divisions:...
How the Company Makes Money
Itaú Unibanco generates revenue primarily by intermediating funds, providing payment and account services, and charging fees for financial products and advisory services. Key revenue streams typically include: (1) Net interest income: earning inte...
Itau Unibanco Earnings Call Summary
Earnings Call Date:May 05, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 04, 2026
Earnings Call Sentiment Positive
The earnings call presents a strong and consistent performance: high profitability (ROE), solid loan growth (notably payroll and guaranteed SME programs), superior delinquency metrics versus the market, record efficiency, and a resilient capital base. Offsetting factors include margin pressure from an early dividend and calendar effects, modest compression in risk-adjusted margin, seasonality/volatility in fee-related revenues, some expected increases in SME delinquency due to benefit-program mechanics, and elevated macro/geopolitical uncertainty. Overall, management emphasizes disciplined portfolio and capital management, and while near-term revenue and credit-cycle risks exist, results and metrics remain robust and largely under control.Positive Updates
Strong Quarterly Net Income
Managerial net income of BRL 12.3 billion in Q1 2026, a 10% year-over-year increase; normalized net income would have been BRL 12.7 billion if not for an early BRL 20 billion dividend distributed in Q4 2025.
Negative Updates
Margin Headwinds from Early Dividend and Calendar Effects
Early dividend distribution and fewer business days materially affected margin: an estimated BRL 600 million working-capital impact from the early dividend and calendar effects reduced net interest margin with clients to BRL 31.5 billion (BRL 200 million decline q/q versus Q4).
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Quarterly Net Income
Managerial net income of BRL 12.3 billion in Q1 2026, a 10% year-over-year increase; normalized net income would have been BRL 12.7 billion if not for an early BRL 20 billion dividend distributed in Q4 2025.
Read all positive updates
Company Guidance
Management reaffirmed 2026 guidance emphasizing recurring profitability above 20% ROE (cost of equity ~14.5%), portfolio growth around 5–9%, and a midpoint target for annual expense growth of 3.5%; Q1 generated BRL 12.3bn managerial result (BRL 12.7bn normalized), Brazil efficiency reached a record 34.9% (34.4% adjusted for early dividend) and CET1 is being managed around a 12% reference (board floor 11.5%, AT1 ~1.4%). They expect annualized credit cost to remain stable, highlighted solid capital generation (0.8% in Q1 vs. 0.4% capital uses and 0.5% RWA consumption) and reiterated disciplined provisioning/write‑off policies; margins were modestly affected in Q1 (core margin would be BRL 27.8bn, net interest margin with clients BRL 31.5bn after a BRL 600m dividend effect; consolidated risk‑adjusted margin ~‑10bps, Brazil ~‑20bps) while delinquency trends remain well behaved (NPL15‑90 +10bps q/q, Brazil short‑term +20bps; over‑90s: personal loans 5.1%, cards 5.1%, auto 3.5%, private payroll 4.2%).Itau Unibanco Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
63
Positive
Cash Flow
60
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 385.99B | 384.58B | 325.85B | 306.63B | 253.12B | 191.49B |
| Gross Profit | 131.58B | 132.63B | 129.10B | 116.82B | 108.23B | 108.18B |
| EBITDA | 57.67B | 57.64B | 54.00B | 45.35B | 41.49B | 46.46B |
| Net Income | 45.99B | 44.86B | 41.09B | 33.10B | 29.21B | 26.76B |
Balance Sheet | ||||||
| Total Assets | 3.14T | 3.08T | 2.85T | 2.54T | 2.32T | 2.07T |
| Cash, Cash Equivalents and Short-Term Investments | 385.12B | 427.12B | 637.43B | 615.43B | 577.22B | 517.40B |
| Total Debt | 1.08T | 1.01T | 905.63B | 814.62B | 721.40B | 574.07B |
| Total Liabilities | 2.92T | 2.86T | 2.63T | 2.34T | 2.14T | 1.90T |
| Stockholders Equity | 217.32B | 204.40B | 211.09B | 190.18B | 167.72B | 152.86B |
Cash Flow | ||||||
| Free Cash Flow | 125.26B | 128.23B | -98.15B | 68.30B | 121.14B | 51.02B |
| Operating Cash Flow | 129.61B | 129.38B | -96.32B | 77.49B | 129.63B | 60.11B |
| Investing Cash Flow | -215.39B | -210.16B | 6.97B | -31.23B | -73.27B | -4.84B |
| Financing Cash Flow | 101.68B | 88.60B | 81.69B | -22.45B | -31.71B | -31.46B |
Itau Unibanco Technical Analysis
Positive
9.38
Price Trends
8.06
Positive
8.33
Negative
7.66
Positive
Market Momentum
0.06
Negative
56.44
Neutral
87.27
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ITUB, the sentiment is Positive. The current price of 9.38 is above the 20-day moving average (MA) of 7.84, above the 50-day MA of 8.06, and above the 200-day MA of 7.66, indicating a bullish trend. The MACD of 0.06 indicates Negative momentum. The RSI at 56.44 is Neutral, neither overbought nor oversold. The STOCH value of 87.27 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ITUB.
Itau Unibanco Risk Analysis
Itau Unibanco disclosed 50 risk factors in its most recent earnings report. Itau Unibanco reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Itau Unibanco Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | $91.65B | 11.08 | 21.64% | 9.77% | 19.64% | 12.10% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
64 Neutral | $15.26B | 14.02 | 20.90% | 4.29% | -3.09% | 2.72% | |
61 Neutral | $19.58B | 16.01 | 20.11% | 5.56% | -7.31% | -7.03% | |
59 Neutral | $34.23B | 9.11 | 13.55% | 2.80% | 28.16% | 27.23% | |
58 Neutral | $19.14B | 31.36 | 11.11% | 4.98% | 17.17% | -1.33% | |
53 Neutral | $34.23B | 9.11 | 13.55% | 2.48% | 28.16% | 28.12% |
* Financial Sector Average
ITUB
Itau Unibanco
8.13
1.99
32.39%
BBD
Banco Bradesco SA
3.48
0.57
19.51%
BCH
Banco De Chile
38.84
9.63
32.99%
BSBR
Banco Santander Brasil
5.19
0.05
0.87%
BSAC
Banco Santander Chile
32.57
8.33
34.38%
BBDO
Banco Bradesco
2.95
0.42
16.42%
Itau Unibanco Corporate Events
Itaú Unibanco Updates Environmental, Social and Climate Risk Policy in New Form 6-K Filing
Jun 19, 2026
On June 18, 2026, Itaú Unibanco filed a Form 6-K in the U.S. disclosing an updated Environmental, Social and Climate Risk Policy that applies to the bank and its subsidiaries. The policy responds to Brazilian regulatory requirements and embed...
Itaú Unibanco Updates 2025 Reference Form in New U.S. SEC Filing
Jun 11, 2026
On June 10, 2026, Itaú Unibanco filed a Form 6-K in the U.S. disclosing the updated 2025 Reference Form prepared under Brazilian CVM rules as of the base date of December 31, 2025. The resubmitted version (V2) reflects updates to specific cor...
Itaú Unibanco Boosts Additional Tier 1 Capital with BRL 3 Billion Perpetual Subordinated Issue
Jun 11, 2026
On June 10, 2026, Itaú Unibanco announced it had issued BRL 3 billion in perpetual subordinated financial bills to professional investors, instruments that have no set maturity and can be repurchased from 2031 with prior approval from the Cen...
Itaú Unibanco Approves BRL 3.99 Billion Interest on Capital for 2026
May 29, 2026
Itaú Unibanco Holding S.A., one of Brazil’s largest banking groups, provides a broad suite of financial services, including retail and corporate banking, lending, and investment solutions, to individuals and businesses. Its shares are t...
Itaú Unibanco Formalizes Executive Removal in May 28 Board Meeting
May 29, 2026
Itaú Unibanco Holding S.A. has filed a Form 6-K with the U.S. Securities and Exchange Commission for May 2026, providing U.S. investors with an update on recent governance actions. The filing, signed on May 28, 2026 by Investor Relations Offi...
Itaú Unibanco Board Approves Interest on Capital Distribution on May 28, 2026
May 29, 2026
On May 28, 2026, Itaú Unibanco’s board of directors met in São Paulo under co-chairmen Pedro Moreira Salles and Roberto Egydio Setubal, with a majority quorum in accordance with the company’s bylaws. At this meeting, director...
Itaú Unibanco Discloses GQG Partners’ Trimmed but Still Significant 4.97% Stake
May 22, 2026
On May 19, 2026, Itaú Unibanco disclosed that asset manager GQG Partners LLC had reduced, but still holds, a significant minority stake, now owning about 4.97% of the bank’s preferred shares and ADRs. The bank reported that GQG’s ...
Itaú Unibanco Updates 2024 Reference Form in Latest U.S. Filing
May 13, 2026
On May 8, 2026, Itaú Unibanco Holding S.A. filed a Form 6‑K in the United States to furnish its updated 2024 Reference Form (version 13) to investors. The document, based on information as of December 31, 2024, consolidates regulatory d...
Itaú Unibanco Posts Solid 1Q26 Results as Credit Portfolio Grows and ROE Nears 25%
May 11, 2026
Itaú Unibanco reported its first-quarter 2026 results, reflecting management reclassifications implemented at the end of 2025 and the consolidation of Avenue’s results after acquiring control of the firm. The bank delivered a recurring ...
Itaú Unibanco Posts Strong 1Q26 Results and Expands Digital, Payments Platforms
May 11, 2026
Itaú Unibanco released its IFRS condensed consolidated financial statements for the quarter ended March 31, 2026, reporting a recurring result of R$11.4 billion and net income attributable to shareholders of R$11.6 billion, up around 8% and 1...
Itaú Unibanco Updates Global Policy on Disclosure of Material Information
May 8, 2026
On May 8, 2026, Itaú Unibanco Holding S.A. filed a Form 6-K in the United States to publish an updated global Policy for the Disclosure of Material Acts or Facts, aligning its practices with Brazil’s CVM Resolution No. 44 of August 23, ...
Itaú Unibanco Shifts Material Disclosures to New News Portal
May 8, 2026
Itaú Unibanco Holding S.A. announced on May 8, 2026 that it has changed the online news portal used to disclose its material acts and facts to the market, moving these communications to a freely accessible section of the MZ Group website. The...
Itaú Unibanco Reports Strong Q1 2026 Capital and Risk Metrics in Pillar 3 Disclosure
May 7, 2026
On May 5, 2026, Itaú Unibanco filed a Form 6-K in the U.S. disclosing its “Risk and Capital Management – Pillar 3” report for the first quarter of 2026, prepared under Brazilian Central Bank Resolution BCB No. 54 to align lo...
Itaú Unibanco Posts Strong 1Q26 Profit and Stable Asset Quality
May 6, 2026
In the first quarter of 2026, Itaú Unibanco reported a recurring managerial result of R$12.3 billion, with recurring return on equity of 24.8% at the consolidated level and 26.4% in Brazil, reflecting the new managerial reclassifications and ...
Itaú Unibanco Showcases 1Q26 Performance and Digital-Efficiency Gains in New Institutional Deck
May 6, 2026
On May 5, 2026, Itaú Unibanco filed a Form 6-K in the U.S. disclosing its institutional presentation for the first quarter of 2026, highlighting a recurring managerial result of BRL 12.3 billion, a 24.8% recurring ROE and BRL 3.2 trillion in ...
Itaú Unibanco Posts R$12.3 Billion Q1 2026 Profit as Asset Quality and Efficiency Hit New Highs
May 6, 2026
Itaú Unibanco reported first‑quarter 2026 recurring managerial profit of R$12.3 billion and an annualized ROE of 24.8% on May 5, 2026, supported by a R$1.5 trillion credit portfolio and a stable 90‑day NPL ratio of 1.9%. Credit gr...
Itaú Unibanco Posts Strong 1Q 2026 Results and Publishes Full Financial Disclosures
May 6, 2026
On May 5, 2026, Itaú Unibanco announced that its complete financial statements for the period ended March 31, 2026 and its management discussion and analysis for the first quarter of 2026 had been released on its investor relations website. T...
Itaú Unibanco Fiscal Council Backs Q1 2026 Financial Statements
May 6, 2026
On May 5, 2026, Itaú Unibanco’s Fiscal Council met in São Paulo with all elected members present, in accordance with its internal charter. The session was chaired by Gilberto Frussa and focused on reviewing the company’s fina...
Itaú Unibanco Board Clears Q1 2026 Results With Unqualified Audit Opinion
May 6, 2026
On May 5, 2026, Itaú Unibanco’s Board of Directors met in São Paulo and reviewed the bank’s financial statements for the period from January to March 2026. The documents came with a favorable opinion from the Supervisory Coun...
Itaú Unibanco Refreshes Audit Committee with Appointment of Veteran Banker
May 1, 2026
On April 30, 2026, Itaú Unibanco’s board of directors approved the election of independent member Antonio Francisco de Lima Neto to the bank’s statutory Audit Committee, for a term lasting until the post‑AGM 2027 board meeti...
Itaú Unibanco Files 2025 Integrated Annual and ESG Reports With Brazilian Regulator
May 1, 2026
Itaú Unibanco Holding S.A., one of Brazil’s largest banking groups, operates across retail and wholesale banking, asset management, and other financial services, with a strategic focus on sustainable finance and robust disclosure standa...
Itaú Unibanco Files 2025 Form 20-F with U.S. SEC and Brazil’s CVM
Apr 30, 2026
Itaú Unibanco Holding S.A. has filed its annual report on Form 20-F for the fiscal year ended December 31, 2025 with the U.S. Securities and Exchange Commission and Brazil’s securities regulator. The filing, completed on April 29, 2026,...
Itaú Unibanco Publishes Final Voting Map from April 28, 2026 Online AGM
Apr 29, 2026
Itaú Unibanco Holding S.A. has filed a Form 6-K with the U.S. Securities and Exchange Commission for April 2026, reporting on its corporate governance events and regulatory disclosures as a foreign issuer. The filing confirms the bank continu...
Itaú Unibanco Shareholders Approve Banco Itaucard Merger and Bylaw Changes
Apr 29, 2026
On April 28, 2026, Itaú Unibanco held an exclusively online Extraordinary General Stockholders’ Meeting that approved, with virtually unanimous votes, the merger of its subsidiary Banco Itaucard S.A. into the holding company based on a ...
Itaú Unibanco AGM Approves 2025 Profit Allocation and Board Slate
Apr 29, 2026
On April 28, 2026, Itaú Unibanco held its Annual General Stockholders’ Meeting online, with a high turnout representing 92.27% of common shares and 45.25% of preferred shares, to approve 2025 financial statements and key governance matt...
Itaú Unibanco Shareholders Strongly Back Governance and Pay at April 28 AGM
Apr 29, 2026
Itaú Unibanco Holding S.A. reported to the U.S. Securities and Exchange Commission in April 2026 the results of its Annual General Stockholders’ Meeting, held exclusively online on April 28, 2026. The filing confirms the company continu...
Itaú Unibanco Shareholders Approve Merger of Banco Itaucard and Bylaw Changes
Apr 29, 2026
On April 28, 2026, Itaú Unibanco Holding S.A. held an extraordinary general stockholders’ meeting online with a quorum representing 92.28% of its common shares, alongside management, supervisory council members and the external auditor....
Itaú Unibanco Publishes Final Voting Map from April 28 Extraordinary Shareholders’ Meeting
Apr 29, 2026
Itaú Unibanco Holding S.A. reported to the U.S. Securities and Exchange Commission via a Form 6-K for April 2026 that it held an Extraordinary General Stockholders’ Meeting on April 28, 2026, conducted exclusively online from São P...
Itaú Unibanco Updates Bylaws, Detailing Capital Structure and Governance on April 28, 2026
Apr 29, 2026
On April 28, 2026, Itaú Unibanco Holding S.A. filed a Form 6-K in the United States disclosing an updated version of its corporate bylaws, which detail its capital structure, governance framework, and shareholder rights. The document confirms...
Itaú Unibanco Publishes Consolidated Remote Voting Map Ahead of April 28, 2026 AGM
Apr 28, 2026
Itaú Unibanco Holding S.A. disclosed the consolidated summarized remote voting map for its Annual General Stockholders’ Meeting, in line with Brazilian securities regulator CVM Resolution 81/22. The document compiles voting instructions...
Itaú Unibanco Publishes Remote Voting Summary Ahead of April 28 Extraordinary Meeting
Apr 28, 2026
On April 27, 2026, Itaú Unibanco filed a Form 6-K with the U.S. Securities and Exchange Commission detailing formalities around its upcoming Extraordinary General Stockholders’ Meeting. The disclosure includes a consolidated summarized ...
Itaú Unibanco Sets May 5 Release and Interactive Meeting for 1Q26 Results
Apr 14, 2026
Itaú Unibanco Holding S.A., one of Latin America’s largest private-sector banks, provides a wide range of retail, corporate, and investment banking services to individuals and institutions in Brazil and abroad. The group emphasizes inve...
Itaú Unibanco Details BRL 441 Million 2026 Related-Party Insurance Agreement With Porto Seguro
Apr 2, 2026
Itaú Unibanco Holding S.A. disclosed on April 1, 2026, that it and its controlled bank Itaú Unibanco S.A. have an operating agreement with affiliates Porto Seguro S.A., Porto Seguro Seguros del Uruguay S/A and Azul Companhia de Seguros G...
Itaú Unibanco Files Q4 2025 Pillar 3 Risk and Capital Report With Strong Capital Ratios
Apr 2, 2026
Itaú Unibanco has published its Risk and Capital Management – Pillar 3 report for the fourth quarter of 2025, filed with the U.S. Securities and Exchange Commission on April 1, 2026. The disclosure complies with Brazilian Central Bank R...
Itaú Unibanco Sets April 28, 2026 Online Shareholder Meetings to Vote on 2025 Results and Itaucard Merger
Mar 30, 2026
On March 27, 2026, Itaú Unibanco released its manual for the Annual and Extraordinary General Stockholders’ Meetings, detailing agenda items and participation procedures. The 2026 meetings will be held online on April 28, reflecting the...
Itaú Unibanco Sets April 28, 2026 Online Meetings to Approve 2025 Results and Itaucard Merger
Mar 30, 2026
Itaú Unibanco has called an Annual General Stockholders’ Meeting and an Extraordinary General Stockholders’ Meeting for April 28, 2026, to be held exclusively online, to review 2025 financial statements, allocate profits, elect th...
Itaú Unibanco Fiscal Council Backs Merger of Itaucard Into Holding Company
Mar 30, 2026
On February 23, 2026, Itaú Unibanco’s Fiscal Council met in São Paulo to evaluate a proposed merger of its card-issuing subsidiary Banco Itaucard S.A. into the holding company, using December 31, 2025 as the base date for the trans...
Itaú Unibanco Plans Merger of Itaucard Unit in Intragroup Restructuring
Mar 30, 2026
Itaú Unibanco Holding S.A. announced that its board has approved an intragroup corporate reorganization to merge its wholly owned subsidiary Banco Itaucard S.A. into the parent company, as disclosed on March 27, 2026. Itaucard currently has n...
Itaú Unibanco Issues R$3.3 Billion in Tier 2 Subordinated Financial Bills
Mar 27, 2026
Itaú Unibanco Holding S.A. announced on March 26, 2026, that it issued Tier 2 subordinated financial bills totaling R$3.3 billion in a transaction with professional investors. The instruments mature in 2036 and include a call option from 2031...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.