# 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.

## Reported holder observations

- [Sarah Ketterer](https://gigainvestors.com/CAU): 136,620 CIB shares; USD 10,852,000 reported position value; 0.12% of portfolio; add; quarter 2026 Q2.

# CIB — Grupo Cibest SA ADR

Held by 1 investor · USD 10,852,000 total · 2026 Q2 · reported price USD 79.43 (split-adjusted).
Page: https://gigainvestors.com/s/CIB

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Sarah Ketterer (https://gigainvestors.com/CAU) | USD 10,852,000 | 0.1% | add +3.22% |

## Total held by quarter

- 2025 Q2: USD 556,043 · 1 holder · USD 46.16
- 2025 Q3: USD 626,031 · 1 holder · USD 51.97
- 2025 Q4: USD 766,005 · 1 holder · USD 63.59
- 2026 Q1: USD 9,637,423 · 1 holder · USD 72.81
- 2026 Q2: USD 10,852,000 · 1 holder · USD 79.43