DOCSLIB.ORG

Presentación De Powerpoint

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

Desayuno con Bancolombia Acciones Bancolombia - Tablas y Gráficos Dirección de Investigaciones Económicas, Sectoriales y de 25 de marzo del 2021 Mercados Desayuno con Bancolombia Mercado accionario Evolución índice COLCAP Desempeño mercados Latam* 1,800 YTD 1 Año INDICE Cierre 1 Día YTD 1 Año 1,700 USD USD 1,600 1,500 COLCAP 1,325 0.4% -7.5% -13.7% 43.5% 61.7% 1,400 BOVESPA 112,064 -1.1% -5.8% -13.0% 60.7% 45.8% 1,300 1,200 IPSA 4,842 0.8% 15.9% 13.1% 67.3% 94.4% 1,100 1,000 SPBLPGPT 21,497 -0.1% 3.2% 0.4% 50.9% 42.7% 900 800 MEXBOL 46,703 0.1% 6.0% 0.7% 35.1% 60.3% mar.-19 jul.-19 nov.-19 mar.-20 jul.-20 nov.-20 mar.-21 Fuente: Grupo Bancolombia, Thomson Reuters Fuente: Grupo Bancolombia, Thomson Reuters *Al nivel de cierre de la última sesión Colcap vs región andina Colcap vs Bovespa & Mexbol Colcap IPSA (Chile) SPBLPGPT (Perú) Colcap Mexbol (México) Bovespa (Brasil) 180 200 160 180 140 160 140 120 120 100 100 80 80 mar.-20 jun.-20 sep.-20 dic.-20 mar.-21 mar.-20 jun.-20 sep.-20 dic.-20 mar.-21 Fuente: Grupo Bancolombia, Thomson Reuters Fuente: Grupo Bancolombia, Thomson Reuters Principales Valorizaciones del COLCAP* Principales retrocesos del COLCAP* Precio de Variación Precio de Variación Especie Especie cierre diaria cierre diaria ETB 218 3.22% Celsia 4,723 -1.23% Terpel 7,990 2.44% Éxito 13,590 -1.16% Ecopetrol 2,333 2.28% Grupo Aval PF 1,158 -1.03% Davivienda PF 30,280 1.58% Grupo Sura 21,900 -0.45% Grupo Argos 11,650 1.39% Corficol 32,160 -0.43% Fuente: Grupo Bancolombia, Thomson Reuters Fuente: Grupo Bancolombia, Thomson Reuters *Al nivel de cierre de la última sesión *Al nivel de cierre de la última sesión Desayuno con Bancolombia Mercado accionario Saldos REPOS en Acciones Número de REPOS y acciones en circulación 1,800 Cantidad de Acciones en Especie % 1,600 Acciones en REPO Circulación 1,400 CORFICOLCF 2,036,143 306,642,525 0.7% 1,200 PFAVAL 47,139,997 7,143,227,185 0.7% GRUPOARGOS 2,523,051 645,400,000 0.4% 1,000 CEMARGOS 3,609,416 1,151,672,310 0.3% 800 PFBCOLOM 1,087,108 452,122,416 0.2% 600 NUTRESA 1,078,008 460,123,458 0.2% 400 GRUPOSURA 819,969 469,037,260 0.2% Miles de Millones Miles Millones de COP 200 CELSIA 1,446,428 1,069,972,554 0.1% 0 BCOLOMBIA 254,737 509,704,584 0.0% mar.-11 mar.-13 mar.-15 mar.-17 mar.-19 mar.-21 GEB 4,221,193 9,181,177,017 0.0% Fuente: Grupo Bancolombia, BVC Fuente: Grupo Bancolombia, BVC Acciones bajo cobertura Dividendo Última Precio Objetivo 2021 Dividend Retorno Emisor 24-mar. Propuesto Recomendación Revisión Yield Total Base Var (%) 2021 Esperada COLCAP 1,325 nov.-20 1,490 12.4% 3.3% Bogotá $ 78,400 nov.-20 $ 90,700 15.7% $ 3,336 4.3% 19.9% Sobreponderar Canacol $ 10,230 nov.-20 $ 16,400 60.3% $ 547 5.3% 65.7% Sobreponderar especulativo Celsia $ 4,723 nov.-20 $ 5,310 12.4% $ 262 5.5% 18.0% Neutral Cemargos $ 5,025 nov.-20 $ 7,000 39.3% $ 128 2.5% 41.8% Sobreponderar CLH $ 4,050 feb.-21 $ 7,950 96.3% $ - 0.0% 96.3% Sobreponderar Conconcreto $ 465 nov.-20 N.A N.A $ - N.A N.A Bajo Revisión Corficol $ 32,160 dic.-20 $ 32,400 0.7% $ 2,042 6.3% 7.1% Subponderar Davivienda $ 30,280 nov.-20 $ 31,500 4.0% $ 321 1.1% 5.1% Subponderar Ecopetrol $ 2,333 feb.-21 $ 2,580 10.6% $ 17 0.7% 11.3% Sobreponderar El Cóndor $ 1,038 nov.-20 $ 3,410.0 228.5% $ 24 2.3% 230.9% Sobreponderar ENKA $ 16 nov.-20 $ 25 63.3% $ - 0.0% 63.3% Sobreponderar ETB $ 218 nov.-20 $ 350 60.6% $ - 0.0% 60.6% Sobreponderar especulativo GEB $ 2,606 nov.-20 $ 2,500 -4.1% $ 178 6.8% 2.8% Subponderar Grupo Argos $ 11,650 nov.-20 $ 16,500 41.6% $ 382 3.3% 44.9% Sobreponderar Grupo Aval $ 1,146 nov.-20 $ 1,270 10.8% $ 54 4.7% 15.5% Neutral ISA $ 23,100 nov.-20 $ 23,250 0.6% $ 1,303 5.6% 6.3% Subponderar Nutresa $ 23,610 nov.-20 $ 31,600 33.8% $ 702 3.0% 36.8% Sobreponderar Promigas $ 7,600 nov.-20 $ 7,700 1.3% $ 462 6.1% 7.4% Subponderar Terpel $ 7,990 nov.-20 $ 11,470 43.6% $ - 0.0% 43.6% Sobreponderar Fuente: Grupo Bancolombia, Thomson Reuters Desayuno con Bancolombia Mercado accionario local Precio Desempeño Múltiplos Capitalización Volumen Vol. Día. de % 52 52 Índice/Acción Bursátil (COP 12 RPG (x) EV/EBITDA (x) Prom. Anual cierre Volumen 1 Dia Año Corrido Semanas Semanas (COP mn) mn) Meses (COPmn) (COP) Mínimo Máximo 2021E 2022E 2021E 2022E COLCAP 1,325 284,869,680 - - 0.4% -7.5% 43.5% 923.5 1,468.2 - Bancolombia 30,000 29,093,355 6,196 6.0% 0.6% -14.2% 69.5% 18,900 35,800 28.5x 14.9x N.A. N.A. 7,417 Bancolombia PF 30,000 29,093,355 5,730 5.5% 0.0% -14.6% 40.8% 20,000 35,700 28.5x 14.9x N.A. N.A. 22,940 Banco de Bogota* 78,400 26,187,112 237 0.2% 0.0% 3.7% 35.2% 58,000 83,400 9.7x 10.2x N.A. N.A. 747 BVC 12,180 743,147 856 0.8% 0.6% 1.2% 50.4% 8,000 12,870 9.6x 17.3x 7.0x 7.6x 414 Canacol* 10,230 1,825,782 118 0.1% 0.5% -1.9% -0.1% 8,860 11,490 8.5x 8.7x 3.9x 3.5x 1,744 Celsia* 4,723 5,095,258 188 0.2% -1.2% 0.3% 20.9% 3,905 4,899 20.7x 17.9x 7.9x 7.6x 959 Cementos Argos* 5,025 6,690,307 3,315 3.2% 0.8% -18.2% 86.1% 2,810 6,275 29.2x 20.8x 7.5x 7.0x 2,386 Cementos Argos PF* 4,055 6,690,307 95 0.1% 1.4% -9.9% 62.9% 2,600 4,690 29.2x 20.8x 7.5x 7.0x 287 Corficol* 32,160 10,399,758 270 0.3% -0.4% 0.0% 46.4% 23,120 33,000 6.5x 7.1x N.A. N.A. 1,872 Corficol PF* 26,000 10,399,758 153 0.1% 0.7% -0.7% 9.2% 19,500 27,600 6.5x 7.1x N.A. N.A. 577 Davivienda PF* 30,280 3,297,076 44,266 42.6% 1.6% -16.5% 24.1% 24,020 37,400 7.9x 7.1x N.A. N.A. 3,944 Ecopetrol* 2,333 96,718,271 15,961 15.4% 2.3% 4.8% 44.5% 1,615 2,491 11.4x 10.5x 6.0x 5.3x 22,119 ETB* 218 780,062 27 0.0% 3.2% 0.4% 28.2% 169 248 -12.5x -14.0x 1.5x 1.8x 198 GEB* 2,606 24,123,947 3,793 3.7% 0.2% -1.0% 24.1% 2,040 2,890 12.0x 11.1x 11.4x 10.6x 4,623 Éxito 13,590 6,133,231 141 0.1% -1.2% -2.2% -3.5% 9,800 14,960 26.2x 13.3x 6.5x 2.4x 218 Grupo Aval PF* 1,158 25,831,565 1,561 1.5% -1.0% -2.6% 65.4% 700 1,210 9.3x N.A. N.A. N.A. 8,914 Grupo Sura 21,900 12,531,828 5,576 5.4% -0.5% -13.2% 36.9% 16,000 26,470 44.3x 7.8x 12.1x 13.2x 5,980 Grupo Sura PF 19,100 12,531,828 435 0.4% 0.5% -13.1% 59.2% 12,000 22,650 44.3x 7.8x 12.1x 13.2x 1,538 Grupo Argos* 11,650 9,580,163 6,033 5.8% 1.4% -16.2% 45.6% 7,540 14,500 18.2x 13.1x N.A. N.A. 4,324 Grupo Argos PF* 9,360 9,580,163 273 0.3% 0.2% -10.9% 26.5% 6,500 10,750 18.2x 13.1x N.A. N.A. 430 ISA* 23,100 25,798,892 2,099 2.0% 0.0% -9.5% 73.4% 13,320 29,250 13.3x 13.0x 9.0x 8.9x 7,708 Nutresa* 23,610 10,953,325 1,458 1.4% 0.3% -1.6% 36.5% 17,300 25,000 17.0x 15.5x 9.0x 8.4x 3,419 Promigas* 7,600 8,696,148 1,026 1.0% 0.1% -10.7% 8.6% 6,500 8,400 10.0x 9.1x 11.2x 10.1x 415 Mineros 4,200 1,108,173 281 0.3% 1.1% 0.8% 73.6% 2,405 4,485 3.0x 3.0x 1.7x 1.7x 473 Terpel* 7,990 1,461,566 21 0.0% 2.4% -7.1% -0.1% 6,300 8,940 6.4x 3.8x 5.1x 3.7x 265 Non-index: CLH* 4,050 2,282,081 13 0.0% -2.2% -12.6% 170.0% 1,360 5,090 13.7x 7.3x 6.7x 5.7x 1,125 Conconcreto 465 531,789 1 0.0% 0.0% 5.9% 32.1% 302 543 22.8x N.A.
Recommended publications
  • Corporate Presentation 2020 Disclaimer

    Corporate Presentation 2020 Disclaimer

    Corporate Presentation 2020 Disclaimer Grupo Aval Acciones y Valores S.A. (“Grupo Aval”) is an issuer of securities in Colombia and in the United States.. As such, it is subject to compliance with securities regulation in Colombia and applicable U.S. securities regulation. Grupo Aval is also subject to the inspection and supervision of the Superintendency of Finance as holding company of the Aval financial conglomerate. The consolidated financial information included in this document is presented in accordance with IFRS as currently issued by the IASB. Details of the calculations of non-GAAP measures such as ROAA and ROAE, among others, are explained when required in this report. This report includes forward-looking statements. In some cases, you can identify these forward-looking statements by words such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” or “continue,” or the negative of these and other comparable words. Actual results and events may differ materially from those anticipated herein as a consequence of changes in general, economic and business conditions, changes in interest and currency rates and other risk described from time to time in our filings with the Registro Nacional de Valores y Emisores and the SEC. Recipients of this document are responsible for the assessment and use of the information provided herein. Matters described in this presentation and our knowledge of them may change extensively and materially over time but we expressly disclaim any obligation to review, update or correct the information provided in this report, including any forward looking statements, and do not intend to provide any update for such material developments prior to our next earnings report.
  • Local Market Flows

    Local Market Flows

    LOCAL MARKET FLOWS BANCOLOMBIA ANALYSIS: COLOMBIAN EQUITY RESEARCH – Market Report Flows I March 3, 2017 Brokerage Firms, liquidity drivers in the market COLCAP Evolution Last 12 Months In February, brokerage firms were the most influential agent in the stock market, holding the Volume COLCAP 200 1500 largest share with 27.4%. Although their share as both buyers (27.2%) and sellers (27.6%) was 1450 significant, their net movement was sales, amounting to COP10,468mn. However, among the 1400 largest sellers of the month, brokerage firms ranked 5th. 150 1350 The selling force was mainly marked by ADR programs, which contributed COP85,625mn. Sales 1300 totaled COP131,690mn and Ecopetrol’s share was the most sold, likely influenced by the 100 1250 Points company's decline in proven crude reserves in 2016 (-13.5%). On the buyer side, the distrust for mn US$ 1200 ADRs in the domestic market is clear posting only COP46,060mn, 82% less than in January. 1150 50 1100 Pension funds keep ranking third in total market share, with 16.7% and net purchases for 1050 COP155,291mn, consolidating as the main net buyer on the market. The main purchases were 0 1000 made in the ICOLCAP index, Ecopetrol and Davivienda Preference. On the selling side, pension Feb-16 Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 funds offered mostly shares of Cementos Argos, Grupo Argos and ISA. It's important to note that Source: Bancolombia, BVC, Bloomberg pension funds have been net buyers for sixteen consecutive months, proving their interest in continuing to participate in the local market.
  • Presentación De Powerpoint

    Presentación De Powerpoint

    PRESENTACIÓN SEMANAL 5 de abril de 2021 PRINCIPALES CONCLUSIONES EN ESTE REPORTE Contexto En marzo, se crearon 916 mil nóminas no agrícolas en Estados Unidos, por encima de la expectativa del mercado. La dinámica del mercado laboral en este periodo se vio favorecida por el avance en la vacunación y la aprobación del paquete fiscal por USD 1.9 billones. En todo caso, frente a febrero del año 2020, permanece una destrucción de 8.4 millones de puestos de trabajo. El Banco Mundial revisó al alza sus perspectivas de crecimiento para América Latina y el Caribe, desde -7.9% y 4% en 2020 y 2021, hasta -6.7% y 4.4%, respectivamente. Para Colombia, revisó su pronóstico de crecimiento para 2021 hasta 5%, desde 4.9%, una cifra consistente con la que recientemente publicó el Ministerio de Hacienda en su Plan Financiero. En Colombia, la tasa de desempleo en el total nacional fue de 15.9% en febrero. Frente a febrero de 2020, permanece una destrucción de 1.18 millones de puestos de trabajo. En sus minutas de la reunión del 26 de marzo, los codirectores insistieron en la necesidad de que se apruebe por parte del congreso un programa de ajuste fiscal que apunte a garantizar la sostenibilidad de las finanzas públicas que le permita al Banco de la República mantener una política monetaria expansionista sin comprometer la estabilidad macroeconómica. Reconocieron además el ajuste en las condiciones financieras derivado de las desvalorizaciones recientes en los Tesoros americanos, aunque insistieron en que aún prevalece un ambiente de alta liquidez global.
  • Local Equity

    Local Equity

    Local Equity ANALYSIS BANCOLOMBIA: EQUITY RESEARCH – Special Report Stock Universe I June 28, 2017 2H17 Investment Strategies: What’s Left for the Stock Market when almost Everything Seems Expensive? Near the end of the first half, the stock market accumulated an upside of 7.4%, partially reducing 2H17 Top Picks – Equity the gap maintained by other Latin American indices on Colombia. Such increase largely captures Target the positive but moderate recovery sense that the Colcap forecast updates made during 1Q17 Company Recommendation Upsie Weight Price and 2Q17 had brought. By the beginning of the second half the models are refreshed again, Grupo Éxito Buy 21,700 40.9% 100% seeking to incorporate new information and changes in the conditions of the economy, the market Source: Grupo Bancolombia and the perception of agents. With an upward revision of ~2%, up to 1,502 points, the local stock market index offers a 3.5% upside over the next six months, extending the dynamics observed since the beginning of 2016. Evolution Colcap vs. Top Picks 1H17 Despite the positive omens this forecast may bring, the absence of clear value catalysts highlights 125 the difficulties that the Colcap will have to face in order to cover the almost 52 points left to reach fair value. The main challenges facing the local equity market’s in 2H17 are: i) a less dynamic 115 economic recovery, ii) the downward bias in the oil market, iii) the delay in the execution of 4G 105 projects, and iv) the dependence on foreign flows. 95 By contrast the favorable conditions
  • Presentación De Powerpoint

    Presentación De Powerpoint

    Banco de Bogotá Corporate Presentation The Issuers Recognition-IR granted by the Colombian Securities Exchange is not a certification about the quality of the securities listed at BVC nor the solvency of the issuer. 1 Business Overview – 4Q2020 ✓ Founded in 1870, Banco de Bogotá is Colombia’s oldest financial institution and Banco de Bogotá’s Structure the principal subsidiary of Grupo Aval, the leading financial group in Colombia. Main Subsidiaries ✓ Universal bank with a strong presence in the commercial and consumer lending Associated segments. (5) (5) (6) ✓ Listed on the Colombian Stock Exchange (BVC), Banco de Bogotá’s market capitalization as of December 31, 2020 was USD $7.3Bn. Central American Panamenian Pension Merchant Banking Group Bank Fund Bank Regional Franchise Grupo Aval 20.0% 8.4% Banco de Bogotá 100.0% 99.6% 46.4% 34.1% Colombia(1) Banco de Occidente 24.2% 4.1% #1 Net Income Banco Popular 5.1% Otros 0.4% 9.4% 48.3% Total 100.0% 100.0% 100.0% 100.0% Breakdown by Geography (7) | Costa Rica Assets Net Income USD$60.7 billion USD$192.4 million Central America(2) #1 Assets, Loans and Deposits 32.3% #2 Net Income Total Distribution 46.1% Network Ownership 53.9% Grupo AvaI 68.7% ATMs 67.7% Other Companies 3,928(3) Consolidated Ratios(8) owned by Mr. 8.3% ROAA: 1.2% Branches ROAE: 10.5% Sarmiento Angulo Others 23.0% 1,405(4) Colombian operation Central American operation Total 100.0% Sources: Company information. (1) Rankings as of December 31, 2020.
  • Grupo Aval Acciones Y Valores S.A. (Incorporated in the Republic of Colombia)

    Grupo Aval Acciones Y Valores S.A. (Incorporated in the Republic of Colombia)

    Prospectus 81,481,481 American Depository Shares 14SEP201217080991 Grupo Aval Acciones y Valores S.A. (incorporated in the Republic of Colombia) This is the initial public offering of our American Depositary Shares, or ‘‘ADSs.’’ Each ADS represents 20 preferred shares, par value Ps 1.00 per share. We are offering 81,481,481 ADSs at an initial public offering price of U.S.$13.50 per ADS. Prior to the offering, no public market existed for our ADSs. Our ADSs have been authorized for listing, subject to official notice of issuance, on the New York Stock Exchange, or ‘‘NYSE,’’ under the symbol ‘‘AVAL.’’ Our preferred shares are listed on the Colombian Stock Exchange (Bolsa de Valores de Colombia) under the symbol ‘‘PFAVAL.’’ The closing price of our preferred shares on the Colombian Stock Exchange on September 22, 2014 was Ps 1,430.0 per preferred share, which is equivalent to approximately U.S.$0.73 per preferred share or U.S.$14.54 per ADS, based on the representative market rate of Ps 1,966.89 per U.S.$1.00 as computed and certified by the Superintendency of Finance (Superintendencia Financiera de Colombia) on September 22, 2014. Holders of our non-voting preferred shares and ADSs are entitled to receive dividends equal to that paid to the holders of our common shares, subject, in the case of holders of ADSs, to the deduction of the fees of the depositary and the costs of foreign exchange conversion. Although we have not adopted a dividend policy, since we first issued preferred shares in 2011, we have declared and paid cash dividends per preferred share of Ps 49.20 (U.S.$0.026) with respect to our 2012 net income and of Ps 53.10 (U.S.$0.028) with respect to our 2013 net income.
  • Actualización Conjunta De Nuestro Universo De Cobertura

    Actualización Conjunta De Nuestro Universo De Cobertura

    Actualización conjunta de nuestro universo de cobertura Mercado accionario Análisis fundamental en medio de la pandemia colombiano Dirección de Investigaciones Económicas, Sectoriales y de Mercados Julio de 2020 Análisis fundamental en medio de la pandemia 47% sobreponderar, 5% Neutral, 37% subponderar y 11% Bajo Revisión La incertidumbre y el miedo hacen una mezcla explosiva para los mercados financieros, generando descalces de valor como los que, en nuestra opinión, vivimos en la actualidad. Esta sobrerreacción a las noticias económicas negativas en medio del pánico (covid-19) es normal en el corto plazo, abriendo oportunidades de inversión desde un punto de vista fundamental para portafolios que quieran apostarle a la recuperación económica. Actualizamos nuestro universo de cobertura realizando diferentes ajustes a nuestra metodología de valoración, entre las que destacamos ajustes en la tasa de descuento, expectativas de crecimiento en los diferentes sectores económicos, al igual que nuevas proyecciones macroeconómicas para Colombia y los países de la región. Con base en lo anterior, concluimos que el mercado colombiano presenta un atractivo descuento fundamental, con un índice COLCAP que presenta un potencial de valorización del 38,9%. Es importante tener presente que ninguna compañía nos arroja un potencial de valorización negativo, en otras palabras, la recomendación de Subponderar obedece a que dichos activos rentarán un 5% menos que la expectativa fundamental del índice Colcap Nunca antes el trabajo de un analista fundamental había sido tan complejo, pues las compañías de cara a la coyuntura han dejado de dar su visión de expectativa de resultados para 2020, lo que incrementa el nivel de riesgo de nuestras recomendaciones.
  • Corporate Presentation September 2019 Disclaimer

    Corporate Presentation September 2019 Disclaimer

    Corporate Presentation September 2019 Disclaimer Grupo Aval Acciones y Valores S.A. (“Grupo Aval”) is an issuer of securities in Colombia and in the United States, registered with Colombia’s National Registry of Shares and Issuers (Registro Nacional de Valores y Emisores) and the United States Securities and Exchange Commission (“SEC”). As such, it is subject to compliance with securities regulation in Colombia and applicable U.S. securities regulation. All of our banking subsidiaries (Banco de Bogotá, Banco de Occidente, Banco Popular and Banco AV Villas), Porvenir and Corficolombiana, are subject to inspection and supervision as financial institutions by the Superintendency of Finance. Grupo Aval is now also subject to the inspection and supervision of the Superintendency of Finance as a result of Law 1870 of 2017, also known as Law of Financial Conglomerates, which came in effect on February 6, 2019. Grupo Aval, as the holding company of its financial conglomerate is responsible for the compliance with capital adequacy requirements, corporate governance standards, risk management and internal control and criteria for identifying, managing and revealing conflicts of interest, applicable to its financial conglomerate. The consolidated financial information included in this document is presented in accordance with IFRS as currently issued by the IASB. Details of the calculations of non-GAAP measures such as ROAA and ROAE, among others, are explained when required in this report. Grupo Aval has adopted IFRS 16 retrospectively from January 1, 2019 but has not restated comparatives for the 2018 reporting period, as permitted under the specific transitional provisions in the standard. The reclassifications and the adjustments arising from the new leasing rules are therefore recognized in the opening Condensed Consolidated Statement of Financial Position on January 1, 2019.
  • Presentación Corporativa 2020 Aviso Legal

    Presentación Corporativa 2020 Aviso Legal

    Presentación Corporativa 2020 Aviso Legal Grupo Aval Acciones y Valores S.A. (“Grupo Aval”) es un emisor de valores en Colombia y en Estados Unidos. En tal calidad, está sujeto al cumplimiento de las normas sobre valores aplicables en Colombia y en Estados Unidos. Grupo Aval también está sujeto a la inspección y vigilancia de la Superintendencia Financiera de Colombia en calidad de holding del Conglomerado Financiero Aval. La información financiera consolidada incluida en este documento se presenta de acuerdo a las NIIF expedidas por IASB. La metodología para el cálculo de los indicadores tales como ROAA y ROAE, entre otras, están explicadas en la medida en que sea requerido a lo largo de este reporte. Este reporte puede incluir declaraciones a futuro. En algunos casos, podrá identificar estas declaraciones a futuro con palabras como "puede", "hará", "debería", "espera", "planea", "anticipa", "cree", "estima", "predice", "potencial" o "continuar" o el opuesto de estas y otras palabras comparables. Los resultados pueden variar materialmente de aquellos incluidos en este reporte como consecuencia de la modificación de las circunstancias actuales en general, condiciones económicas y de negocio, cambios en la tasa de interés y en la tasa de cambio y otros riesgos descritos de vez en cuando en nuestras radicaciones en el Registro Nacional de Valores y Emisores y en la SEC. Los destinatarios de este documento son responsables de la evaluación y del uso de la información suministrada por este medio. Los asuntos descritos en esta presentación y nuestro conocimiento de ellos pueden cambiar de manera extensa y material a lo largo del tiempo, sin embargo, declaramos expresamente que no estaremos obligados a revisar, actualizar o corregir la información proporcionada en este informe, incluidas las declaraciones prospectivas, y que no tenemos la intención de proporcionar ninguna actualización para tales eventos materiales antes de nuestro próximo reporte de resultados.
  • (Mediano Plazo) Principales Cifras Técnicas Acciones Del Colcap

    (Mediano Plazo) Principales Cifras Técnicas Acciones Del Colcap

    Renta Variable—Estrategia semanal Diciembre 05 - 2016 Resumen de perspectiva Acciones (Mediano plazo) Colcap. Índice con debilidad por panorama internacional de incertidumbre. Mantenemos soporte en 1.297 Pts. Resistencia en 1.326 Pts. Ver Pagina 3 PFAval. Acción ha encontrado zona de soporte. Objetivo mediando plazo en $1.220 y soporte de referencia en $1.140 y. $1.115 . Ver Pagina 4 PFBancolombia. Cotización con debilidad ante perspectiva internacional para emergentes. Objetivo mediano plazo $28.840, soporte $26.400. Ver Pagina 4 PFDavivienda. Cotización corrigiendo con objetivo mediano plazo $30.880 y soporte $27.760 y $26.680. .. Ver Pagina 5 Grupo Sura. Cotización continua corrigiendo. Soporte sobre $35.100 y $33.480. Objetivo mediano plazo de $39.560 . .. .. .. .Ver Pagina 5 Éxito. Cotización en zona de lateralidad. Mantenemos soporte clave sobre $13.500 y objetivo mediano plazo en $15.940 . Ver Pagina 6 Nutresa. Cotización con nuevos retrocesos, soporte en $23.560 y $22.500 y con objetivo mediano plazo en $26.100 . .. .Ver Pagina 6 Ecopetrol. Volatilidad del petróleo genera reacción alcista en la acción, objetivo de mediano plazo en $1.400 y soporte sobre $1.260 y $1.220 ..Ver Pagina 7 Cemex. Cotización con alta volatilidad. Objetivo mediano plazo en $12.780 y soporte en $10.400 y $9.470 . .. .. … . .. Ver Pagina 7 Cemargos Cotización ha encontrado zona de soporte. Objetivo en $11.760, soporte en $11.000 y $10.600. ... .. … . Ver Pagina 8 Grupo Argos: Cotización generando correcciones. Mantenemos objetivo mediano plazo en $19.720 y soportes $17.860 y $17.000... .Ver Pagina 8 Avianca.
  • Press Release

    Press Release

    Press release EEB WAS INCLUDED BY THIRD YEAR IN A ROW IN THE DOW JONES SUSTAINABILITY INDEX - DJSI EEB, head of Grupo Energía de Bogotá, went up five points over the previous year, ranking between the best companies around the world in sustainability. Dow Jones is the most recognized sustainability index at an international level. It analyses the performance of companies that are leaders in social, economic and environmental aspects. Bogota, September 11 2014. EEB, head of Grupo Energía de Bogotá -GEB- is pleased to report that it was included today for third year in a row, in the DOW JONES SUSTAINABILITY INDEX -DJSI- in emerging markets. In this opportunity, EEB went up five points over the previous year, going from 66 points in 2013 to 71 points in 2014. This result locates the company between the best companies of the world in social, economic and environmental aspects. Dow Jones is the most recognized sustainability index at an international level and constitutes a reference point for those investors who integrate sustainability guidelines within their investment portfolios drivers. DJSI also provides an effective engagement platform for companies wanting to adopt best practices in sustainability. EEB was included for the first time in this index in 2012 and since then has been included again year after year. To be included or ratified in this index, companies must continuously increase their efforts and initiatives in sustainability for the benefit of all of their stakeholders. Regarding this fact, Sandra Stella Fonseca Arenas, EEB’s CEO, said that “this acknowledgement shows that we are developing our business at the level of the best world practices.
  • Grupo Aval Investor Presentation 105– -105 105– 105- 105

    Grupo Aval Investor Presentation 105– -105 105– 105- 105

    786383-001.pptx 024 - 049 - 082 055 - 093 - 129 000 - 133 - 164 171 - 200 - 226 209 - 216 - 247 G 178– -178 178 - - 178 178 GRUPO AVAL INVESTOR PRESENTATION 105– -105 105– 105- 105 192 - 080 - 077 JP Morgan Southern Cone & Andean Opportunities Conference 2015 147 - 018 - 018 Bogotá, April 2015 1 786383-001.pptx Disclaimer 024 - 049 - 082 This is a presentation of general background information about Grupo Aval Acciones y Valores S.A. and its subsidiaries (“Grupo Aval”), as of the date of the presentation. It is information in summary form and does not purport to be complete. No representation or warranty, express or implied, is made concerning, and no reliance should be placed on, the accuracy, fairness or completeness of this 055 - 093 - 129 information. This presentation may contain certain forward-looking statements and information relating to Grupo Aval that reflects the current views and/or expectations of Grupo Aval and its management with respect to its performance, business and future events. Forward looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain words like “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect” or any other words or phrases of similar meaning. Such statements are subject to a number of risks, uncertainties and assumptions. Estimates and forward-looking statements are mainly based on our current expectations and estimates on projections of future events and 000 -