Latin America Financials: Citi‘s Daily Statement – 2026.07.17 – Elo; Caixa‘s update; Colombia‘s 2Q26 Preview; Chart of the Week

Research evidence excerpt

Latin America Financials: Citi‘s Daily Statement – 2026.07.17 – Elo; Caixa‘s update; Colombia‘s 2Q26 Preview; Chart of the Week

Flash |

17 Jul 2026 08:25:21 ET │ 10 pages

Latin America Financials

Citi’s Daily Statement – 2026.07.17 – Elo; Caixa's update; Colombia's

2Q26 Preview; Chart of the Week

CITI'S TAKE

Daily report over key topics of LatAm financial companies under Citi’s

coverage.

Gustavo SchrodenAC

Elo's IPO targeted for September but could be postponed for 2027 (Valor, Jul 16) +55-11-4009-5858

gustavo.schroden@citi.com

Citi's take: Elo, the Brazilian card network owned by Bradesco, Banco do Brasil, and Arnon Shirazi, CFA

Caixa Econômica Federal, is still targeting a U.S. IPO as early as September 2026, +55-11-4009-7906

but worsening market conditions are increasing the likelihood that the transaction arnon.shirazi@citi.com

could be postponed until 2027. The company is considering a US$500 million

Brian Flores, CFA

offering, yet investors appear to be currently favoring larger deals with greater

+55-11-4009-2842

liquidity, typically requiring at least US$1 billion in issuance. luis.brian.flores@citi.com

Caixa Seguridade Participacoes SA (CXSE3.SA) - Model Update

Citi's take: We are fine-tuning our earnings expectations for CXSE and updating our

macroeconomic assumptions to reflect the latest interest rate outlook. We continue

to forecast net income of R$4.7bn in 2026, while increasing our 2027 estimate by 1%

to R$5.2bn, in line with the Visible Alpha consensus. We also raise our second-stage

growth assumption (the transitional period) to an average of 7.7%, while maintaining

our 6% perpetual growth rate unchanged. As a result, we increase our target price to

R$21 from R$19, keeping our Neutral rating. CXSE is currently trading at 12.8x 2027E

P/E.