# Grupo Cibest (CIB.US)

Canonical: https://gigainvestors.com/s/CIB

Analysis as of: 2026-10-16T07:27:40.438Z. Financial observations: FY2015–FY2025.

Listing currency: USD. Reporting currency: COP.

## Verdict

A wonderful business at a fair price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: yes.

Share price: $97.65 per share; close as of 2026-10-15.

Estimated value: low $105.04 per share, central $131.30 per share, high $175.06 per share. Buy at or below the central value $131.30 per share. Valuation as of 2026-10-16T07:27:40.438Z; scenarios are not confidence intervals.

Expected annual return: 11.4% at the stated quote. About 11.4% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 9

- Return on common equity variation (informational): 0.43×

Chart: Net income; fiscal year observations.

- FY2016: COP 2.87T

- FY2017: COP 2.62T

- FY2018: COP 2.66T

- FY2019: COP 3.12T

- FY2020: COP 276B

- FY2021: COP 4.09T

- FY2022: COP 6.78T

- FY2023: COP 6.12T

- FY2024: COP 3.35T

- FY2025: COP 2.06T

### moat: pass

- Tangible common book per share

- Parent-total proxy for preferred equity

- Bank / P&C ROTE, median of available years: 15.5%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 5.8%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2016: 19.7%

- FY2017: 15.9%

- FY2018: 15.1%

- FY2019: 14.5%

- FY2020: 1.3%

- FY2021: 16.2%

- FY2022: 22.9%

- FY2023: 20.0%

- FY2024: 9.9%

- FY2025: 5.8%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity

- Book value per share + reinvested dividends, annualized return: 19.5%

- Book return interval: 10 years

- Starting book value per share: COP 51K

- Ending book value per share: COP 148K

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

- FY2016: 26.5%

- FY2017: 20.8%

- FY2018: 11.5%

- FY2019: 28.1%

- FY2020: 2.7%

- FY2021: 25.0%

- FY2022: 26.0%

- FY2023: 14.5%

- FY2024: 21.6%

- FY2025: 20.8%

### management: pass

- Tangible common book per share

- Parent-total proxy for preferred equity

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

- Diluted shares, 5-year annual growth: -0.2%

- Share growth excluding flagged crisis recapitalisations: -0.1%

- Five-year share growth excluding flagged crisis recapitalisations: -0.2%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.73×

- Book value created per share: COP 97K

- Earnings retained per share after dividends and buybacks: COP 56K

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

- FY2015: 100

- FY2016: 100

- FY2017: 100

- FY2018: 100

- FY2019: 100

- FY2020: 100

- FY2021: 100

- FY2022: 100

- FY2023: 100

- FY2024: 100

- FY2025: 99

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

- [Sarah Ketterer](https://gigainvestors.com/CAU): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

The price assumes profits grow 4.6% a year forever · net income -38.5%

Story as of 2026-10-16T09:58:30.387Z; price observation 2026-10-15.

The price assumes profits grow 4.6% a year forever

### Net income · FY2025

net income -38.5%; source https://www.sec.gov/Archives/edgar/data/2058897/000205889726000125/cib-20251231.htm; observed 2026-04-08.

- FY2016: COP 2.87T 

- FY2017: COP 2.62T 

- FY2018: COP 2.66T 

- FY2019: COP 3.12T 

- FY2020: COP 276B 

- FY2021: COP 4.09T 

- FY2022: COP 6.78T 

- FY2023: COP 6.12T 

- FY2024: COP 3.35T 

- FY2025: COP 2.06T 

## Owner memo

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

### How it makes money

Operates in regional banking; annual sales are COP 42.9 trillion.

- Source: https://www.sec.gov/Archives/edgar/data/2058897/000205889726000125/cib-20251231.htm (filed 2026-04-08); FY2025: revenue 42917411806000.

### Why customers stay

It earns 15.5% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-08); 10-year return on tangible equity observations [[2016,0.19661158650063615],[2017,0.15866235800780754],[2018,0.15066890726588245],[2019,0.1445070756688193],[2020,0.013392636180352652],[2021,0.16155456094130274],[2022,0.22949481058809792],[2023,0.2001613087316139],[2024,0.09924829527782224],[2025,0.058496911518741236]]; median 0.154665632636845. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back COP 431.4 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-08); Dividend observations: [[2016,840242000000],[2017,1126209000000],[2018,735798000000],[2019,1032492000000],[2020,1555821000000],[2021,467217000000],[2022,2310666000000],[2023,3298183000000],[2024,3398756000000],[2025,5196645000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/2058897/000205889726000125/cib-20251231.htm (filed 2026-04-08); FY2025: cash repurchases 431418000000 COP.

### Are managers owners

Insiders own 0% of the company.

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

### What the price says

The price assumes profits grow 4.6% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-08); Price 97.65; FX 0.00031; original perpetual distributable cash 16941.30043960097; discount 0.1; growth 0.046218093842536605. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

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

- 2016-10: $38.28 per share

- 2016-11: $33.50 per share

- 2016-12: $36.68 per share

- 2017-01: $37.86 per share

- 2017-02: $37.35 per share

- 2017-03: $39.87 per share

- 2017-04: $39.49 per share

- 2017-05: $44.01 per share

- 2017-06: $44.55 per share

- 2017-07: $43.74 per share

- 2017-08: $45.41 per share

- 2017-09: $45.79 per share

- 2017-10: $37.75 per share

- 2017-11: $38.61 per share

- 2017-12: $39.66 per share

- 2018-01: $45.95 per share

- 2018-02: $42.18 per share

- 2018-03: $42.02 per share

- 2018-04: $47.66 per share

- 2018-05: $46.38 per share

- 2018-06: $47.78 per share

- 2018-07: $45.91 per share

- 2018-08: $43.36 per share

- 2018-09: $41.72 per share

- 2018-10: $36.94 per share

- 2018-11: $40.01 per share

- 2018-12: $38.10 per share

- 2019-01: $44.60 per share

- 2019-02: $48.34 per share

- 2019-03: $51.06 per share

- 2019-04: $50.72 per share

- 2019-05: $46.97 per share

- 2019-06: $51.04 per share

- 2019-07: $49.88 per share

- 2019-08: $49.80 per share

- 2019-09: $49.45 per share

- 2019-10: $51.88 per share

- 2019-11: $48.27 per share

- 2019-12: $54.79 per share

- 2020-01: $52.47 per share

- 2020-02: $47.48 per share

- 2020-03: $24.96 per share

- 2020-04: $26.10 per share

- 2020-05: $25.86 per share

- 2020-06: $26.31 per share

- 2020-07: $27.92 per share

- 2020-08: $28.06 per share

- 2020-09: $25.55 per share

- 2020-10: $25.49 per share

- 2020-11: $30.45 per share

- 2020-12: $40.18 per share

- 2021-01: $35.19 per share

- 2021-02: $33.45 per share

- 2021-03: $31.99 per share

- 2021-04: $29.93 per share

- 2021-05: $30.02 per share

- 2021-06: $28.80 per share

- 2021-07: $28.45 per share

- 2021-08: $33.25 per share

- 2021-09: $34.62 per share

- 2021-10: $35.93 per share

- 2021-11: $31.86 per share

- 2021-12: $31.59 per share

- 2022-01: $35.58 per share

- 2022-02: $36.23 per share

- 2022-03: $42.66 per share

- 2022-04: $38.77 per share

- 2022-05: $44.91 per share

- 2022-06: $30.83 per share

- 2022-07: $28.97 per share

- 2022-08: $27.45 per share

- 2022-09: $24.37 per share

- 2022-10: $25.37 per share

- 2022-11: $26.60 per share

- 2022-12: $28.54 per share

- 2023-01: $30.25 per share

- 2023-02: $25.56 per share

- 2023-03: $25.13 per share

- 2023-04: $24.50 per share

- 2023-05: $23.41 per share

- 2023-06: $26.68 per share

- 2023-07: $30.56 per share

- 2023-08: $26.70 per share

- 2023-09: $26.68 per share

- 2023-10: $25.38 per share

- 2023-11: $27.59 per share

- 2023-12: $30.77 per share

- 2024-01: $31.46 per share

- 2024-02: $32.52 per share

- 2024-03: $34.22 per share

- 2024-04: $32.72 per share

- 2024-05: $35.46 per share

- 2024-06: $32.65 per share

- 2024-07: $33.32 per share

- 2024-08: $33.09 per share

- 2024-09: $31.38 per share

- 2024-10: $31.91 per share

- 2024-11: $32.70 per share

- 2024-12: $31.51 per share

- 2025-01: $39.55 per share

- 2025-02: $41.72 per share

- 2025-03: $40.20 per share

- 2025-04: $40.32 per share

- 2025-05: $41.43 per share

- 2025-06: $46.19 per share

- 2025-07: $43.42 per share

- 2025-08: $50.46 per share

- 2025-09: $51.94 per share

- 2025-10: $58.04 per share

- 2025-11: $63.06 per share

- 2025-12: $63.61 per share

- 2026-01: $81.65 per share

- 2026-02: $67.88 per share

- 2026-03: $72.81 per share

- 2026-04: $68.19 per share

- 2026-05: $68.59 per share

- 2026-06: $79.43 per share

- 2026-07: $92.52 per share

- 2026-08: $96.12 per share

- 2026-09: $92.85 per share

- 2026-10: $97.65 per share

## Annual estimated value (USD per share)

- FY2016: low $52.57 per share, central $65.71 per share, high $87.61 per share

- FY2017: low $58.70 per share, central $73.37 per share, high $97.83 per share

- FY2018: low $61.63 per share, central $77.04 per share, high $102.72 per share

- FY2019: low $71.50 per share, central $89.38 per share, high $119.17 per share

- FY2020: low $58.84 per share, central $73.55 per share, high $98.07 per share

- FY2021: low $65.30 per share, central $81.62 per share, high $108.83 per share

- FY2022: low $85.50 per share, central $106.87 per share, high $142.50 per share

- FY2023: low $92.92 per share, central $116.15 per share, high $154.87 per share

- FY2024: low $98.90 per share, central $123.62 per share, high $164.83 per share

- FY2025: low $104.09 per share, central $130.12 per share, high $173.49 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 2026-10-15T06:33:20.587Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 20-F filing](https://www.sec.gov/Archives/edgar/data/2058897/000205889726000125/cib-20251231.htm); period 2025-12-31, filed 2026-04-08.

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.

Grupo Cibest

CIB · US

A wonderful business at a fair price

Passes the quality tests.

Share price: $97.65
Buy up to: $131.30
Expected / yr: 11.4% at today's price (10.0% at central value)

The business

How it makes money
Why customers stay
Where the cash goes
Are managers owners
What the price says

1. Is this a good business?

Evidence only; not required for Buy

Profits were positive in 10 years (at least 9 needed).

Net income

10y median: COP 2.99T
Worst year: COP 276B
Latest · 2025: COP 2.06T

Earned a median 15.5% on tangible equity (minimum 12%), and the second-worst year 5.8% (minimum 5%).

Return on tangible common equity

10y median: 15.5%
Worst year: 1.3%
Latest · 2025: 5.8%

Book value plus dividends grew 19.5% a year (minimum 7%).

Annual book + dividend return

10y median: 21.2%
Worst year: 2.7%
Latest · 2025: 20.8%

Ordinary share growth was -0.1% over the full period and -0.2% over five years (either must be at most 2% a year).

Shares (first year = 100)

11y median: 100
Worst year: 100
Latest · 2025: 99

0 accounting warnings were found (none allowed).

Filing signals · estimated likelihood

accounting warnings: 0
Passing bar: ≤ 0

Profit record · pass 0 loss years in 10 (at most 2), three-year average earnings per share 16,009.1 COP.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price USD 38.28 · Value 65.71 · Buy at or below 65.71; 2016-11 · Price USD 33.50 · Value 65.71 · Buy at or below 65.71; 2016-12 · Price USD 36.68 · Value 65.71 · Buy at or below 65.71; 2017-01 · Price USD 37.86 · Value 65.71 · Buy at or below 65.71; 2017-02 · Price USD 37.35 · Value 73.37 · Buy at or below 73.37; 2017-03 · Price USD 39.87 · Value 73.37 · Buy at or below 73.37; 2017-04 · Price USD 39.49 · Value 73.37 · Buy at or below 73.37; 2017-05 · Price USD 44.01 · Value 73.37 · Buy at or below 73.37; 2017-06 · Price USD 44.55 · Value 73.37 · Buy at or below 73.37; 2017-07 · Price USD 43.74 · Value 73.37 · Buy at or below 73.37; 2017-08 · Price USD 45.41 · Value 73.37 · Buy at or below 73.37; 2017-09 · Price USD 45.79 · Value 73.37 · Buy at or below 73.37; 2017-10 · Price USD 37.75 · Value 73.37 · Buy at or below 73.37; 2017-11 · Price USD 38.61 · Value 73.37 · Buy at or below 73.37; 2017-12 · Price USD 39.66 · Value 73.37 · Buy at or below 73.37; 2018-01 · Price USD 45.95 · Value 73.37 · Buy at or below 73.37; 2018-02 · Price USD 42.18 · Value 77.04 · Buy at or below 77.04; 2018-03 · Price USD 42.02 · Value 77.04 · Buy at or below 77.04; 2018-04 · Price USD 47.66 · Value 77.04 · Buy at or below 77.04; 2018-05 · Price USD 46.38 · Value 77.04 · Buy at or below 77.04; 2018-06 · Price USD 47.78 · Value 77.04 · Buy at or below 77.04; 2018-07 · Price USD 45.91 · Value 77.04 · Buy at or below 77.04; 2018-08 · Price USD 43.36 · Value 77.04 · Buy at or below 77.04; 2018-09 · Price USD 41.72 · Value 77.04 · Buy at or below 77.04; 2018-10 · Price USD 36.94 · Value 77.04 · Buy at or below 77.04; 2018-11 · Price USD 40.01 · Value 77.04 · Buy at or below 77.04; 2018-12 · Price USD 38.10 · Value 77.04 · Buy at or below 77.04; 2019-01 · Price USD 44.60 · Value 77.04 · Buy at or below 77.04; 2019-02 · Price USD 48.34 · Value 89.38 · Buy at or below 89.38; 2019-03 · Price USD 51.06 · Value 89.38 · Buy at or below 89.38; 2019-04 · Price USD 50.72 · Value 89.38 · Buy at or below 89.38; 2019-05 · Price USD 46.97 · Value 89.38 · Buy at or below 89.38; 2019-06 · Price USD 51.04 · Value 89.38 · Buy at or below 89.38; 2019-07 · Price USD 49.88 · Value 89.38 · Buy at or below 89.38; 2019-08 · Price USD 49.80 · Value 89.38 · Buy at or below 89.38; 2019-09 · Price USD 49.45 · Value 89.38 · Buy at or below 89.38; 2019-10 · Price USD 51.88 · Value 89.38 · Buy at or below 89.38; 2019-11 · Price USD 48.27 · Value 89.38 · Buy at or below 89.38; 2019-12 · Price USD 54.79 · Value 89.38 · Buy at or below 89.38; 2020-01 · Price USD 52.47 · Value 89.38 · Buy at or below 89.38; 2020-02 · Price USD 47.48 · Value 73.55 · Buy at or below 73.55; 2020-03 · Price USD 24.96 · Value 73.55 · Buy at or below 73.55; 2020-04 · Price USD 26.10 · Value 73.55 · Buy at or below 73.55; 2020-05 · Price USD 25.86 · Value 73.55 · Buy at or below 73.55; 2020-06 · Price USD 26.31 · Value 73.55 · Buy at or below 73.55; 2020-07 · Price USD 27.92 · Value 73.55 · Buy at or below 73.55; 2020-08 · Price USD 28.06 · Value 73.55 · Buy at or below 73.55; 2020-09 · Price USD 25.55 · Value 73.55 · Buy at or below 73.55; 2020-10 · Price USD 25.49 · Value 73.55 · Buy at or below 73.55; 2020-11 · Price USD 30.45 · Value 73.55 · Buy at or below 73.55; 2020-12 · Price USD 40.18 · Value 73.55 · Buy at or below 73.55; 2021-01 · Price USD 35.19 · Value 73.55 · Buy at or below 73.55; 2021-02 · Price USD 33.45 · Value 81.62 · Buy at or below 81.62; 2021-03 · Price USD 31.99 · Value 81.62 · Buy at or below 81.62; 2021-04 · Price USD 29.93 · Value 81.62 · Buy at or below 81.62; 2021-05 · Price USD 30.02 · Value 81.62 · Buy at or below 81.62; 2021-06 · Price USD 28.80 · Value 81.62 · Buy at or below 81.62; 2021-07 · Price USD 28.45 · Value 81.62 · Buy at or below 81.62; 2021-08 · Price USD 33.25 · Value 81.62 · Buy at or below 81.62; 2021-09 · Price USD 34.62 · Value 81.62 · Buy at or below 81.62; 2021-10 · Price USD 35.93 · Value 81.62 · Buy at or below 81.62; 2021-11 · Price USD 31.86 · Value 81.62 · Buy at or below 81.62; 2021-12 · Price USD 31.59 · Value 81.62 · Buy at or below 81.62; 2022-01 · Price USD 35.58 · Value 81.62 · Buy at or below 81.62; 2022-02 · Price USD 36.23 · Value 106.87 · Buy at or below 106.87; 2022-03 · Price USD 42.66 · Value 106.87 · Buy at or below 106.87; 2022-04 · Price USD 38.77 · Value 106.87 · Buy at or below 106.87; 2022-05 · Price USD 44.91 · Value 106.87 · Buy at or below 106.87; 2022-06 · Price USD 30.83 · Value 106.87 · Buy at or below 106.87; 2022-07 · Price USD 28.97 · Value 106.87 · Buy at or below 106.87; 2022-08 · Price USD 27.45 · Value 106.87 · Buy at or below 106.87; 2022-09 · Price USD 24.37 · Value 106.87 · Buy at or below 106.87; 2022-10 · Price USD 25.37 · Value 106.87 · Buy at or below 106.87; 2022-11 · Price USD 26.60 · Value 106.87 · Buy at or below 106.87; 2022-12 · Price USD 28.54 · Value 106.87 · Buy at or below 106.87; 2023-01 · Price USD 30.25 · Value 106.87 · Buy at or below 106.87; 2023-02 · Price USD 25.56 · Value 116.15 · Buy at or below 116.15; 2023-03 · Price USD 25.13 · Value 116.15 · Buy at or below 116.15; 2023-04 · Price USD 24.50 · Value 116.15 · Buy at or below 116.15; 2023-05 · Price USD 23.41 · Value 116.15 · Buy at or below 116.15; 2023-06 · Price USD 26.68 · Value 116.15 · Buy at or below 116.15; 2023-07 · Price USD 30.56 · Value 116.15 · Buy at or below 116.15; 2023-08 · Price USD 26.70 · Value 116.15 · Buy at or below 116.15; 2023-09 · Price USD 26.68 · Value 116.15 · Buy at or below 116.15; 2023-10 · Price USD 25.38 · Value 116.15 · Buy at or below 116.15; 2023-11 · Price USD 27.59 · Value 116.15 · Buy at or below 116.15; 2023-12 · Price USD 30.77 · Value 116.15 · Buy at or below 116.15; 2024-01 · Price USD 31.46 · Value 116.15 · Buy at or below 116.15; 2024-02 · Price USD 32.52 · Value 123.62 · Buy at or below 123.62; 2024-03 · Price USD 34.22 · Value 123.62 · Buy at or below 123.62; 2024-04 · Price USD 32.72 · Value 123.62 · Buy at or below 123.62; 2024-05 · Price USD 35.46 · Value 123.62 · Buy at or below 123.62; 2024-06 · Price USD 32.65 · Value 123.62 · Buy at or below 123.62; 2024-07 · Price USD 33.32 · Value 123.62 · Buy at or below 123.62; 2024-08 · Price USD 33.09 · Value 123.62 · Buy at or below 123.62; 2024-09 · Price USD 31.38 · Value 123.62 · Buy at or below 123.62; 2024-10 · Price USD 31.91 · Value 123.62 · Buy at or below 123.62; 2024-11 · Price USD 32.70 · Value 123.62 · Buy at or below 123.62; 2024-12 · Price USD 31.51 · Value 123.62 · Buy at or below 123.62; 2025-01 · Price USD 39.55 · Value 123.62 · Buy at or below 123.62; 2025-02 · Price USD 41.72 · Value 130.12 · Buy at or below 130.12; 2025-03 · Price USD 40.20 · Value 130.12 · Buy at or below 130.12; 2025-04 · Price USD 40.32 · Value 130.12 · Buy at or below 130.12; 2025-05 · Price USD 41.43 · Value 130.12 · Buy at or below 130.12; 2025-06 · Price USD 46.19 · Value 130.12 · Buy at or below 130.12; 2025-07 · Price USD 43.42 · Value 130.12 · Buy at or below 130.12; 2025-08 · Price USD 50.46 · Value 130.12 · Buy at or below 130.12; 2025-09 · Price USD 51.94 · Value 130.12 · Buy at or below 130.12; 2025-10 · Price USD 58.04 · Value 130.12 · Buy at or below 130.12; 2025-11 · Price USD 63.06 · Value 130.12 · Buy at or below 130.12; 2025-12 · Price USD 63.61 · Value 130.12 · Buy at or below 130.12; 2026-01 · Price USD 81.65 · Value 130.12 · Buy at or below 130.12; 2026-02 · Price USD 67.88 · Value 131.30 · Buy at or below 131.30; 2026-03 · Price USD 72.81 · Value 131.30 · Buy at or below 131.30; 2026-04 · Price USD 68.19 · Value 131.30 · Buy at or below 131.30; 2026-05 · Price USD 68.59 · Value 131.30 · Buy at or below 131.30; 2026-06 · Price USD 79.43 · Value 131.30 · Buy at or below 131.30; 2026-07 · Price USD 92.52 · Value 131.30 · Buy at or below 131.30; 2026-08 · Price USD 96.12 · Value 131.30 · Buy at or below 131.30; 2026-09 · Price USD 92.85 · Value 131.30 · Buy at or below 131.30; 2026-10 · Price USD 97.65 · Value 131.30 · Buy at or below 131.30; 2026-10 · Price USD 97.65 · Value 131.30 · Buy at or below 131.30

USD per share · annual estimates

Price & return math
Value range	$105.04 – $175.06
Buy at or below	Central value $131.30
Discount to value	1 − 97.65 / 131.30 = 25.6%
Return / year	About 11.4% a year at today's price (required return 10.0%)
Cash-flow inputs	Book USD 46.24/share; ROE 17.4%; first payout USD 5.25/share, growing 6.0% perpetually (4× book payout cap applied).
Required return	10.0% / year, earned by construction at the central value

Net incomeCOP 2.06T

Net income

Book / shareCOP 148K

Book / share

Dividend / shareCOP 22K

Dividend / share

Return on tangible equity5.8%

Return on tangible equity

Diluted shares238M

Diluted shares

Prices 15 Oct 2026 · FY2025Original filing ↗ ·