Dados B3 › Re-filed documents · Português
A restatement is a fiscal year showing a different figure in the following year's file. A re-filing is another thing: it is the SAME document redone and filed again. The regulator keeps only the last version, and its date with it — so the publication date you read can be years after the figure first became public.
If the date belonged to the first filing, the lag between fiscal year end and receipt would be the same across versions. It is not: it grows with them, and the share exceeding 200 days goes from 3% at the first version to more than a third at the fourth.
| version | filings | median lag (days) | over 200 days |
|---|---|---|---|
| version 1 | 4,213 | 79 | 3% |
| version 2 | 1,109 | 88 | 12% |
| version 3 | 269 | 100 | 25% |
| version 4 | 53 | 130 | 38% |
Our multiple uses the price of the first session FROM the publication date onwards, precisely so as not to look at the future. But for a document re-filed late, that date lands years past the fiscal year. That is 100 multiples out of 3,957 — and before we found this, 11 of them carried no flag at all.
The price is AFTER the fiscal year, never before, so nothing from the future leaks into the past — the classic error does not happen here. It is another thing and just as bad to hand over in silence: the pair goes stale. Matching one year's profit with a price three years later produces a correct number answering the wrong question.
| company | fiscal year | version | session used | years later | P/E |
|---|---|---|---|---|---|
| Itaú Unibanco Holding S.A. | 2011 | 2 | 2020-03-18 | +9 | 16.6 |
| Itaú Unibanco Holding S.A. | 2012 | 4 | 2020-03-18 | +8 | 18.2 |
| Banco Btg Pactual S/A | 2020 | 3 | 2024-12-23 | +4 | 23.1 |
| Profarma Distrib Prod Farmaceu | 2014 | 3 | 2018-06-29 | +4 | -10.8 |
| Prio S.A. | 2017 | 2 | 2020-11-03 | +3 | 141.5 |
| Log Commercial Properties E Pa | 2016 | 3 | 2019-10-10 | +3 | 49.3 |
| Cia Energética Do Rio Grande D | 2014 | 2 | 2017-07-27 | +3 | 15.1 |
| Banco Btg Pactual S/A | 2021 | 3 | 2024-12-23 | +3 | 14.1 |
| Energisa Sa | 2021 | 5 | 2024-01-22 | +3 | 11.8 |
| Cia Energética De Pernambuco - | 2014 | 3 | 2017-08-08 | +3 | 9.3 |
The figure remains the correct point-in-time value for the version we hold, and for anyone who wants exactly that it still serves. The mark states the OBSERVED fact — the price came N years later — not the presumed cause: not every stale pair comes from a re-filing, since a company that listed later files its first statements years after the fiscal year without re-filing anything. Anyone filtering on “no flag” stops receiving these.
| type | filings | re-filed | % |
|---|---|---|---|
| ITR | 16,546 | 2,239 | 14% |
| DFP | 5,673 | 1,460 | 26% |
| version | Filings |
|---|---|
| version 1 | 18,520 |
| version 2 | 2,999 |
| version 3 | 543 |
| version 4 | 110 |
| version 5 | 33 |
| version 6 | 9 |
| version 7 | 3 |
| version 8 | 1 |
| version 9 | 1 |
Numbers on this page are live. Data version 2026-09-01-supressao-declarada · page generated 2026-09-08 10:36 UTC. If this does not match /saude, you are reading a cached copy.
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