# C&A Modas (CEAB3.SA)

Canonical: https://gigainvestors.com/s/CEAB3.SA

Analysis as of: 2026-10-16T07:45:12.800Z. Financial observations: FY2016–FY2025.

Listing currency: BRL. Reporting currency: BRL.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: BRL 12.14 per share; close as of 2026-10-15.

Estimated value: low BRL 6.03 per share, central BRL 6.30 per share, high BRL 6.61 per share. Buy at or below the central value BRL 6.30 per share. Valuation as of 2026-10-16T07:45:12.800Z; scenarios are not confidence intervals.

Expected annual return: 8.6% at the stated quote. About 8.6% a year at today's price (required return 17.0%). required return 17.0% a year (BR 10-year bond 13.0% + 4 points).

## Checklist

### understandable: fail

- 1 revenue decline in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 2

- Operating margin variation: 1.00×

Chart: Operating margin; fiscal year observations.

- FY2016: -0.00×

- FY2017: 0.06×

- FY2018: 0.07×

- FY2019: 0.20×

- FY2020: -0.04×

- FY2021: 0.02×

- FY2022: 0.04×

- FY2023: 0.06×

- FY2024: 0.11×

- FY2025: 0.13×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 10.5%

- ROIC, second-lowest year: -1.1%

- Typical minus recent gross margin: 0.8 pp

- Typical gross margin (annual median): 47.8%

- Recent gross margin (lower of latest and 3-year median): 46.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 5.4%

- ROIC including acquisitions, ten-year median: 5.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -1.1%

- FY2017: 15.2%

- FY2018: 41.6%

- FY2019: 18.2%

- FY2020: -3.2%

- FY2021: 1.8%

- FY2022: 4.1%

- FY2023: 6.4%

- FY2024: 14.7%

- FY2025: 15.1%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.65×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: BRL 890M

- Net income, five-year total: BRL 1.4B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.3 pp

- Working capital / revenue, change between three-year averages: -0.8 pp

- Working capital / revenue, final three-year average: 17.2%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: -0.09×

- FY2022: -191.29×

- FY2023: 69.63×

- FY2024: 1.11×

- FY2025: 0.70×

### management: pass

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 15.2% vs 14.7%

- Per-share earnings: 0.37 to 1.48 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 0.1%

- Diluted shares, 5-year annual growth: 0.1%

- Per-share value growth: 21.7%

- Per-share value change: BRL 1.11

- Per-share value, starting three-year median: BRL 0.37

- Per-share value, ending three-year median: BRL 1.48

- Buybacks concentrated in cheaper years (correlation): 0.40

- Average buyback yield: 0.6%

- Buyback history: 5 years

- Debt-funded buybacks: No

- Cumulative net income, 10 years: BRL 2.3B

- ROIC, first three-year median: 15.2%

- ROIC, last three-year median: 14.7%

Chart: Earnings per share; fiscal year observations.

- FY2016: BRL -0.55

- FY2017: BRL 0.37

- FY2018: BRL 0.67

- FY2019: BRL 3.15

- FY2020: BRL -0.54

- FY2021: BRL 1.05

- FY2022: BRL 0.00

- FY2023: BRL 0.01

- FY2024: BRL 1.48

- FY2025: BRL 1.89

### accounting: pass

- Sloan accruals: -5.7%

- Receivables to sales index (DSRI): 1.21×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.91×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.23×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -10.9%

- FY2017: -12.4%

- FY2018: -5.3%

- FY2019: 2.0%

- FY2020: -10.5%

- FY2021: -1.8%

- FY2022: -11.5%

- FY2023: -10.2%

- FY2024: -10.3%

- FY2025: -5.7%

## Holders

## Price story

Down 38% since Jun 2025 · sales +4.5%

Story as of 2026-10-16T10:00:13.358Z; price observation 2026-10-15.

Price needs cash profits to grow 13.6% a year for ten years

### Sales · FY2024–2025

sales +4.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: BRL 4.8B 

- FY2017: BRL 5.0B 

- FY2018: BRL 5.1B 

- FY2019: BRL 5.3B 

- FY2020: BRL 4.1B 

- FY2021: BRL 5.2B 

- FY2022: BRL 6.2B 

- FY2023: BRL 6.7B 

- FY2024: BRL 7.6B 

- FY2025: BRL 8.0B 

### Gross margin · FY2025

gross margin 46.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 37.7% 

- FY2017: 44.2% 

- FY2018: 49.6% 

- FY2019: 48.6% 

- FY2020: 46.4% 

- FY2021: 46.5% 

- FY2022: 50.2% 

- FY2023: 49.1% 

- FY2024: 54.7% 

- FY2025: 46.9% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in specialty retail; annual sales are BRL 8 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:12.800Z); FY2025: revenue 7982958000; grossProfit 3745368000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CEAB3.SA: C&A Modas S.A. operates as a fashion retailer for women, men, and children in Brazil and internationally. It offers blouses, pants, dresses, skirts, coats, beachwear, underwear, t-shirts, shirts, Bermuda, jackets and coats, bodies, sets, and shorts; beauty products, including perfumes, makeup, skincare, body and bath, and accessories; and footwear, such as boots, shoes and loafers, flats, sandals, papetes, and tennis footwear. The company sells its products through stores, as well as online. The company was founded in 1841 and is headquartered in Barueri, Brazil.

### Why customers stay

Margins ranged from 46.9% to 54.7% during 2023–25; it earns 10.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:12.800Z); FY2023: grossProfit / revenue = 49.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:12.800Z); FY2024: grossProfit / revenue = 54.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:12.800Z); FY2025: grossProfit / revenue = 46.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:12.800Z); 10-year return on capital observations [[2016,-0.011400544497625665],[2017,0.1521404709908389],[2018,0.4155706930041634],[2019,0.18242913791700235],[2020,-0.03242713093862919],[2021,0.01814553344325175],[2022,0.04082531575280093],[2023,0.06364941972220961],[2024,0.14675409253222696],[2025,0.15060812081169342]]; median 0.10520175612721828. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 7 of 10 years; bought back BRL 36 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:12.800Z); FY2017: growth capex 0; upkeep 90373000; owner earnings 204404000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:12.800Z); FY2018: growth capex 14103933.773594767; upkeep 232355066.22640523; owner earnings 146502933.77359477. Growth capex / owner earnings = 0.09627065759236568.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:12.800Z); FY2019: growth capex 0; upkeep 321306000; owner earnings 861869000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:12.800Z); FY2023: growth capex 0; upkeep 235966000; owner earnings 162574400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:12.800Z); FY2024: growth capex 0; upkeep 291836000; owner earnings 502955800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:12.800Z); FY2025: growth capex 0; upkeep 539905000; owner earnings 411447400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:12.800Z); Dividend observations: [[2016,12000000],[2017,55823000],[2018,55823000],[2019,58581000],[2020,68846000],[2021,1000],[2022,0],[2023,0],[2024,0],[2025,101934000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:12.800Z); FY2025: cash repurchases 36039000 BRL.

### Are managers owners

Insiders own 30.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CEAB3.SA SharesStats.PercentInsiders = 30.921 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 13.6% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:12.800Z); Ten-year compound average after fade. Initial solved rate 0.18402762973642972. Price 12.14; FX 1; discount 0.1695; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

## Monthly share-price history (BRL per share)

- 2019-10: BRL 16.98 per share

- 2019-11: BRL 16.76 per share

- 2019-12: BRL 17.94 per share

- 2020-01: BRL 16.00 per share

- 2020-02: BRL 15.25 per share

- 2020-03: BRL 6.70 per share

- 2020-04: BRL 9.45 per share

- 2020-05: BRL 9.47 per share

- 2020-06: BRL 10.31 per share

- 2020-07: BRL 10.13 per share

- 2020-08: BRL 12.06 per share

- 2020-09: BRL 11.52 per share

- 2020-10: BRL 11.80 per share

- 2020-11: BRL 13.32 per share

- 2020-12: BRL 12.89 per share

- 2021-01: BRL 12.50 per share

- 2021-02: BRL 11.02 per share

- 2021-03: BRL 11.78 per share

- 2021-04: BRL 12.31 per share

- 2021-05: BRL 14.05 per share

- 2021-06: BRL 14.36 per share

- 2021-07: BRL 11.85 per share

- 2021-08: BRL 8.89 per share

- 2021-09: BRL 7.21 per share

- 2021-10: BRL 6.06 per share

- 2021-11: BRL 6.46 per share

- 2021-12: BRL 6.15 per share

- 2022-01: BRL 6.58 per share

- 2022-02: BRL 5.17 per share

- 2022-03: BRL 5.51 per share

- 2022-04: BRL 4.38 per share

- 2022-05: BRL 3.11 per share

- 2022-06: BRL 2.30 per share

- 2022-07: BRL 2.81 per share

- 2022-08: BRL 3.23 per share

- 2022-09: BRL 3.28 per share

- 2022-10: BRL 3.02 per share

- 2022-11: BRL 2.37 per share

- 2022-12: BRL 2.29 per share

- 2023-01: BRL 2.98 per share

- 2023-02: BRL 2.02 per share

- 2023-03: BRL 2.79 per share

- 2023-04: BRL 2.78 per share

- 2023-05: BRL 4.60 per share

- 2023-06: BRL 5.43 per share

- 2023-07: BRL 5.70 per share

- 2023-08: BRL 5.35 per share

- 2023-09: BRL 5.50 per share

- 2023-10: BRL 5.16 per share

- 2023-11: BRL 8.13 per share

- 2023-12: BRL 7.83 per share

- 2024-01: BRL 7.30 per share

- 2024-02: BRL 9.37 per share

- 2024-03: BRL 10.64 per share

- 2024-04: BRL 11.02 per share

- 2024-05: BRL 9.61 per share

- 2024-06: BRL 9.34 per share

- 2024-07: BRL 8.44 per share

- 2024-08: BRL 10.17 per share

- 2024-09: BRL 10.50 per share

- 2024-10: BRL 13.03 per share

- 2024-11: BRL 10.57 per share

- 2024-12: BRL 8.05 per share

- 2025-01: BRL 9.79 per share

- 2025-02: BRL 9.87 per share

- 2025-03: BRL 10.62 per share

- 2025-04: BRL 13.31 per share

- 2025-05: BRL 17.83 per share

- 2025-06: BRL 19.66 per share

- 2025-07: BRL 16.47 per share

- 2025-08: BRL 16.80 per share

- 2025-09: BRL 16.39 per share

- 2025-10: BRL 16.25 per share

- 2025-11: BRL 17.76 per share

- 2025-12: BRL 12.76 per share

- 2026-01: BRL 11.93 per share

- 2026-02: BRL 12.94 per share

- 2026-03: BRL 12.10 per share

- 2026-04: BRL 11.32 per share

- 2026-05: BRL 11.58 per share

- 2026-06: BRL 10.75 per share

- 2026-07: BRL 9.44 per share

- 2026-08: BRL 8.32 per share

- 2026-09: BRL 10.03 per share

- 2026-10: BRL 12.77 per share

## Annual estimated value (BRL per share)

- FY2020: low BRL 6.90 per share, central BRL 7.05 per share, high BRL 7.23 per share

- FY2021: low BRL 5.81 per share, central BRL 6.00 per share, high BRL 6.22 per share

- FY2025: low BRL 6.58 per share, central BRL 6.83 per share, high BRL 7.13 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:50:58.852Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.