# Caixa Seguridade Participações (CXSE3.SA)

Canonical: https://gigainvestors.com/s/CXSE3.SA

Analysis as of: 2026-10-16T07:35:32.368Z. Financial observations: FY2015–FY2025.

Listing currency: BRL. Reporting currency: BRL.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: BRL 21.21 per share; close as of 2026-10-15.

Estimated value: low BRL 6.29 per share, central BRL 6.66 per share, high BRL 7.08 per share. Buy at or below the central value BRL 6.66 per share. Valuation as of 2026-10-16T07:35:32.368Z; scenarios are not confidence intervals.

Expected annual return: 5.3% at the stated quote. About 5.3% 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: pass

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 8

- Return on common equity variation (informational): 0.18×

Chart: Net income; fiscal year observations.

- FY2016: BRL 1.1B

- FY2017: BRL 1.3B

- FY2018: BRL 1.5B

- FY2019: BRL 1.5B

- FY2020: BRL 1.8B

- FY2021: BRL 1.9B

- FY2022: BRL 3.0B

- FY2023: BRL 3.6B

- FY2024: BRL 3.8B

- FY2025: BRL 4.3B

### moat: pass

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- Bank / P&C ROTE, median of available years: 29.1%

- Required median return: 10.0%

- Return uses tangible common equity: No

- Bank ROTE, second-lowest year: 19.5%

- Years with reported combined ratio: 0

Chart: Return on common equity; fiscal year observations.

- FY2016: 28.9%

- FY2017: 31.1%

- FY2018: 32.1%

- FY2019: 29.9%

- FY2020: 19.5%

- FY2021: 18.0%

- FY2022: 24.0%

- FY2023: 28.5%

- FY2024: 29.2%

- FY2025: 31.7%

### economics: pass

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 40.6%

- Book return interval: 10 years

- Starting book value per share: BRL 1.02

- Ending book value per share: BRL 4.55

Chart: Annual book + dividend return; fiscal year observations.

- FY2016: 40.0%

- FY2017: 31.9%

- FY2018: 41.6%

- FY2019: 33.5%

- FY2020: 112.6%

- FY2021: 14.1%

- FY2022: 61.7%

- FY2023: 26.7%

- FY2024: 28.7%

- FY2025: 34.9%

### management: pass

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- Diluted shares, 10-year annual growth: -0.1%

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

- Share growth excluding flagged crisis recapitalisations: -0.1%

- Five-year share growth excluding flagged crisis recapitalisations: -0.1%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 2.75×

- Book value created per share: BRL 3.53

- Earnings retained per share after dividends and buybacks: BRL 1.28

Chart: Shares (first year = 100); fiscal year observations.

- FY2015: 100

- FY2016: 100

- FY2017: 100

- FY2018: 100

- FY2019: 100

- FY2020: 100

- FY2021: 120

- FY2022: 100

- FY2023: 100

- FY2024: 100

- FY2025: 99

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price is 25.7 times annual sales · net income +14%

Story as of 2026-10-16T10:00:05.510Z; price observation 2026-10-15.

The price is 25.7 times annual sales

### Net income · FY2025

net income +14%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: BRL 1.1B 

- FY2017: BRL 1.3B 

- FY2018: BRL 1.5B 

- FY2019: BRL 1.5B 

- FY2020: BRL 1.8B 

- FY2021: BRL 1.9B 

- FY2022: BRL 3.0B 

- FY2023: BRL 3.6B 

- FY2024: BRL 3.8B 

- FY2025: BRL 4.3B 

## Owner memo

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

### How it makes money

Operates in insurance diversified; annual sales are BRL 2.5 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:32.368Z); FY2025: revenue 2461114000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CXSE3.SA: Caixa Seguridade Participações S.A., together with its subsidiaries, provides insurance products in Brazil and internationally. The company operates in three segments: Run-Off/Open Sea, Security, and Distribution. It offers life, home and housing, personal accident, and debt-free insurance products for individuals; and life, home and housing, car, and lender's insurance products for businesses. The company also provides social security, including private and corporate pension plans; capitalization; consortium; and brokerage and intermediation of security products. In addition, it engages in the acquisition of equity interests or holding; administration, marketing, and provision of private health and dental plans; structuring, administration, and marketing of credit letters; and reinsurance and retrocession transactions. The company was incorporated in 2015 and is headquartered in Brasília, Brazil. Caixa Seguridade Participações S.A. operates as a subsidiary of Caixa Econômica Federal.

### Why customers stay

It earns 29.1% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:32.368Z); 10-year return on tangible equity observations [[2016,0.28900252905361407],[2017,0.31083154048097106],[2018,0.3209608186808043],[2019,0.2987977920129412],[2020,0.19475330054008588],[2021,0.17958078257039245],[2022,0.2395352780033373],[2023,0.28462403900243766],[2024,0.29211648337802665],[2025,0.31670898249833734]]; median 0.2905595062158204. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:32.368Z); Dividend observations: [[2016,507908000],[2017,792994000],[2018,1313838000],[2019,1006764000],[2020,1844200000],[2021,1844200000],[2022,1945710000],[2023,3030376000],[2024,3241014000],[2025,3785467000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 0% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CXSE3.SA SharesStats.PercentInsiders = 0 percentage points; cache date 2026-10-16.

### What the price says

The price is 25.7 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:32.368Z); Closing price 21.21 BRL; reporting-to-trading FX 1; FY2025 annual sales per share 0.8258002049901537; price multiple 25.684178657055305. FY2025 cash earnings/share 1.4338972130536753. Closing-price date 2026-10-15.

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

- 2021-04: BRL 10.01 per share

- 2021-05: BRL 12.29 per share

- 2021-06: BRL 13.07 per share

- 2021-07: BRL 10.96 per share

- 2021-08: BRL 9.87 per share

- 2021-09: BRL 8.27 per share

- 2021-10: BRL 8.75 per share

- 2021-11: BRL 8.22 per share

- 2021-12: BRL 8.36 per share

- 2022-01: BRL 9.00 per share

- 2022-02: BRL 8.32 per share

- 2022-03: BRL 8.89 per share

- 2022-04: BRL 7.84 per share

- 2022-05: BRL 7.86 per share

- 2022-06: BRL 6.93 per share

- 2022-07: BRL 7.45 per share

- 2022-08: BRL 9.11 per share

- 2022-09: BRL 8.51 per share

- 2022-10: BRL 8.82 per share

- 2022-11: BRL 8.05 per share

- 2022-12: BRL 8.35 per share

- 2023-01: BRL 8.69 per share

- 2023-02: BRL 8.47 per share

- 2023-03: BRL 8.80 per share

- 2023-04: BRL 9.46 per share

- 2023-05: BRL 10.24 per share

- 2023-06: BRL 10.30 per share

- 2023-07: BRL 10.79 per share

- 2023-08: BRL 10.80 per share

- 2023-09: BRL 11.16 per share

- 2023-10: BRL 10.82 per share

- 2023-11: BRL 11.43 per share

- 2023-12: BRL 12.90 per share

- 2024-01: BRL 14.13 per share

- 2024-02: BRL 14.37 per share

- 2024-03: BRL 15.62 per share

- 2024-04: BRL 15.66 per share

- 2024-05: BRL 14.87 per share

- 2024-06: BRL 14.31 per share

- 2024-07: BRL 14.42 per share

- 2024-08: BRL 16.35 per share

- 2024-09: BRL 14.55 per share

- 2024-10: BRL 14.40 per share

- 2024-11: BRL 14.53 per share

- 2024-12: BRL 14.25 per share

- 2025-01: BRL 14.68 per share

- 2025-02: BRL 15.20 per share

- 2025-03: BRL 14.91 per share

- 2025-04: BRL 16.36 per share

- 2025-05: BRL 15.07 per share

- 2025-06: BRL 14.69 per share

- 2025-07: BRL 13.78 per share

- 2025-08: BRL 14.10 per share

- 2025-09: BRL 15.11 per share

- 2025-10: BRL 14.97 per share

- 2025-11: BRL 16.19 per share

- 2025-12: BRL 16.62 per share

- 2026-01: BRL 17.31 per share

- 2026-02: BRL 17.79 per share

- 2026-03: BRL 18.35 per share

- 2026-04: BRL 18.09 per share

- 2026-05: BRL 17.71 per share

- 2026-06: BRL 19.71 per share

- 2026-07: BRL 20.25 per share

- 2026-08: BRL 19.34 per share

- 2026-09: BRL 19.88 per share

- 2026-10: BRL 20.84 per share

## Annual estimated value (BRL per share)

- FY2020: low BRL 4.22 per share, central BRL 4.47 per share, high BRL 4.75 per share

- FY2021: low BRL 4.10 per share, central BRL 4.34 per share, high BRL 4.61 per share

- FY2022: low BRL 6.53 per share, central BRL 7.13 per share, high BRL 7.85 per share

- FY2023: low BRL 6.67 per share, central BRL 7.28 per share, high BRL 8.01 per share

- FY2024: low BRL 6.42 per share, central BRL 6.90 per share, high BRL 7.46 per share

- FY2025: low BRL 6.33 per share, central BRL 6.71 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

## 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.