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Presentación De Powerpoint Breakfast with Bancolombia Equities Bancolombia – Tables & Graphics Economic, Industry and Market Research February 23, 2021 Breakfast with Bancolombia Equity Market COLCAP Index Performance LATAM Markets Performance* 1,800 YTD 1 YR INDEX Close 1 Day YTD 1 YR 1,700 USD USD 1,600 1,500 COLCAP 1,352 0.0% -6.1% -10.6% -19.0% -22.0% 1,400 1,300 BOVESPA 112,668 -4.9% -5.2% -10.0% 3.4% -20.4% 1,200 IPSA 4,569 -1.2% 9.4% 9.9% 1.9% 14.5% 1,100 1,000 SPBLPGPT 23,180 1.7% 11.3% 10.3% 15.6% 9.6% 900 800 MEXBOL 44,947 0.1% 1.9% -2.2% 0.3% -8.5% Feb-19 Jun-19 Oct-19 Feb-20 Jun-20 Oct-20 Feb-21 Source: Grupo Bancolombia, Thomson Reuters Source: Grupo Bancolombia, Thomson Reuters *To last night’s closing level Colcap vs Andean Region Colcap vs Bovespa & Mexbol Colcap IPSA SPBLPGPT Colcap Mexbol Bovespa 130 120 120 110 110 100 100 90 90 80 80 70 70 60 60 50 50 40 40 Feb-20 May-20 Aug-20 Nov-20 Feb-21 Feb-20 May-20 Aug-20 Nov-20 Feb-21 Source: Grupo Bancolombia, Thomson Reuters Source: Grupo Bancolombia, Thomson Reuters COLCAP Best Performers* COLCAP Worst Performers* Equity Closing Price Daily Variation Equity Closing Price Daily Variation Ecopetrol 2,233 3.14% GEB 2,510 -4.24% Grupo Argos 12,840 1.58% Cementos Argos PF 4,277 -1.68% Terpel 8,050 1.51% Mineros 4,055 -1.22% Grupo Aval PF 1,190 0.59% Grupo Sura PF 20,440 -1.02% Cementos Argos 5,770 0.52% Grupo Argos PF 9,920 -0.90% Source: Grupo Bancolombia, Thomson Reuters Source: Grupo Bancolombia, Thomson Reuters *To last night’s closing level *To last night’s closing level Breakfast with Bancolombia Equity Market REPOS and Total Shares Outstanding of the Balance in REPOS on Local Shares Underlying Stock 1,800 Number of Shares in Shares Equity % 1,600 Repos Outstanding 1,400 CORFICOLCF 1,897,515 306,642,525 0.6% 1,200 PFAVAL 33,700,288 7,143,227,185 0.5% CEMARGOS 4,288,083 1,151,672,310 0.4% 1,000 GRUPOARGOS 2,277,661 645,400,000 0.4% 800 NUTRESA 1,112,527 460,123,458 0.2% 600 Billions Billions COP PFBCOLOM 830,025 452,122,416 0.2% 400 CELSIA 1,455,141 1,069,972,554 0.1% 200 GRUPOSURA 637,047 469,037,260 0.1% 0 GEB 4,401,596 9,181,177,017 0.0% Feb-11 Feb-13 Feb-15 Feb-17 Feb-19 Feb-21 ECOPETROL 12,187,046 41,116,694,690 0.0% Source: Grupo Bancolombia, BVC Source: Grupo Bancolombia, BVC Our Coverage Universe 2021 Target Price Expected Dividend Total Equity 22-Feb Last review Dividend Recommendation Base Var (%) 2021E Total Return Yield COLCAP 1,352 Nov-20 1,490 10.2% 3.0% Bogotá $ 81,010 Nov-20 $ 90,700 12.0% $ 3,369 4.2% 16.1% Overweight Canacol $ 10,230 Nov-20 $ 16,400 60.3% $ 547 5.3% 65.7% Speculative Overweight Celsia $ 4,686 Nov-20 $ 5,310 13.3% $ 210 4.5% 17.8% Market-weight Cemargos $ 5,770 Nov-20 $ 7,000 21.3% $ 275 4.8% 26.1% Overweight CLH $ 4,300 Feb-21 $ 7,950 84.9% $ - 0.0% 84.9% Overweight Conconcreto $ 500 Nov-20 N.A N.A $ - N.A N.A Under Review Corficol $ 32,590 Dec-20 $ 32,400 -0.6% $ 2,025 6.2% 5.6% Market-weight Davivienda $ 32,170 Nov-20 $ 31,500 -2.1% $ 537 1.7% -0.4% Underweight Ecopetrol $ 2,233 Feb-21 $ 2,580 15.5% $ 18 0.8% 16.3% Overweight El Cóndor $ 1,075 Nov-20 $ 3,410 217.2% $ 8 0.7% 218.0% Overweight ENKA $ 12.30 Nov-20 $ 25 106.5% $ - 0.0% 106.5% Overweight ETB $ 238 Nov-20 $ 350 47.1% $ - 0.0% 47.1% Speculative Overweight GEB $ 2,510 Nov-20 $ 2,500 -0.4% $ 154 6.1% 5.7% Underweight Grupo Argos $ 12,840 Nov-20 $ 16,500 28.5% $ 380 3.0% 31.5% Overweight Grupo Aval $ 1,167 Nov-20 $ 1,270 8.8% $ 60 5.1% 14.0% Overweight ISA $ 22,970 Nov-20 $ 23,250 1.2% $ 750 3.3% 4.5% Underweight Nutresa $ 23,800 Nov-20 $ 31,600 32.8% $ 664 2.8% 35.6% Overweight Promigas $ 7,670 Nov-20 $ 7,700 0.4% $ 396 5.2% 5.6% Underweight Terpel $ 8,050 nov.-20 $ 11,470 42.5% $ - 0.0% 42.5% Overweight Source: Grupo Bancolombia, Thomson Reuters Breakfast with Bancolombia Local Equity Market Closing Performance 1 YR Mkt Cap Volume % Index/Stock Price ADTV (US$ mn) (US$) Volume 12 52 Weeks 52 Weeks (COP) 1 Day YTD (US$) Months Min Max COLCAP 1,352 79,523 - - 0.0% -6.1% -17.1% 880.7 1,633.8 - Bancolombia 31,000 8,452 750,378 2.5% -0.3% -11.4% -23.5% 17,700 41,640 2,078,348 Bancolombia PF 31,780 8,452 6,334,598 21.4% 0.3% -9.7% -25.6% 17,760 43,200 6,959,957 Banco de Bogota* 81,010 7,519 270,380 0.9% 0.5% 7.8% -9.6% 58,000 89,660 220,165 BVC 12,400 210 135,967 0.5% -0.6% 4.4% 18.5% 8,000 12,870 103,981 Canacol* 10,230 508 271,535 0.9% -0.7% -2.0% -14.6% 7,810 11,860 535,002 Celsia* 4,686 1,405 53,018 0.2% -0.3% -1.1% -0.3% 3,450 4,899 276,957 Cementos Argos* 5,770 2,112 720,769 2.4% 0.5% -6.6% -0.5% 2,415 6,275 731,064 Cementos Argos PF* 4,277 2,112 76,832 0.3% -1.7% -5.0% -6.9% 2,220 4,690 83,212 Corficol* 32,590 2,929 233,057 0.8% 0.0% 0.1% -1.2% 19,600 33,620 572,358 Corficol PF 26,500 2,929 64,708 0.2% -0.1% 1.2% -4.0% 19,500 28,500 160,917 Davivienda PF* 32,170 973 93,709 0.3% -0.4% -10.8% -28.5% 22,040 45,000 1,070,772 Ecopetrol* 2,233 25,723 11,151,170 37.6% 3.1% -0.4% -34.8% 1,300 3,375 6,372,366 ETB* 238 237 12,672 0.0% 0.0% 8.3% -7.4% 169 256 55,656 GEB* 2,510 6,456 2,491,817 8.4% -4.2% -4.7% 1.2% 1,745 2,890 1,220,943 Éxito 13,670 1,714 57,568 0.2% -0.2% -1.6% -7.0% 9,800 16,700 79,908 Grupo Aval PF* 1,190 7,331 1,569,387 5.3% 0.6% -0.8% -19.3% 700 1,505 2,652,262 Grupo Sura 22,800 3,643 827,072 2.8% -0.3% -9.7% -29.8% 14,900 32,460 1,701,910 Grupo Sura PF 20,440 3,643 194,563 0.7% -1.0% -7.4% -26.2% 10,920 27,500 470,381 Grupo Argos 12,840 2,910 566,122 1.9% 1.6% -10.1% -25.6% 7,000 17,480 1,287,510 Grupo Argos PF 9,920 2,910 54,062 0.2% -0.9% -5.5% -20.6% 5,500 12,760 124,390 ISA* 22,970 7,128 1,276,031 4.3% -0.1% -11.4% 21.5% 11,000 29,250 2,228,969 Nutresa* 23,800 3,068 127,383 0.4% -0.6% -1.0% -5.8% 16,800 25,500 908,078 Promigas* 7,670 2,439 10,915 0.0% -0.5% -8.7% -4.1% 6,500 8,400 93,327 Mineros 4,055 297 198,895 0.7% -1.2% -2.3% 19.3% 2,170 4,485 132,832 Terpel* 8,050 409 8,213 0.0% 1.5% -6.4% -23.3% 6,300 10,880 83,751 Non-index: CLH* 4,300 2,399,309 437 0 0 0 0 1,360 5,090 324,607 Conconcreto 500 159 113,163 0.4% 0.0% 13.9% 2.9% 302 543 55,396 Grupo Aval 1,167 7,331 1,662 0.0% 0.0% 1.0% -19.5% 863 1,500 13,394 El Cóndor* 1,075 173 9,936 0.0% -1.4% -10.3% -21.0% 870 1,330 13,716 Enka* 12 41 NULL - 0.0% 4.7% 12.8% 7 13 6,398 HCOLSEL 11,347 437 706,777 2.4% 0.0% -7.8% -16.9% 8,288 15,056 722,974 Fabricato 5 12 2,894 0.0% 0.0% -1.1% -8.0% 4 6 1,948 Avianca Holdings PF 166 16 11,123 0.0% -8.8% -16.6% -91.9% 30 2,015 115,910 *Stocks under coverage Source: Grupo Bancolombia, Thomson Reuters Breakfast with Bancolombia Colcap The Colombian stock index traded on the downside in a session marked by declines in most global stock markets despite having recovered intraday. Renewed fears of inflation, particularly in the US, and further increases in Treasury yields generated selling pressures in equities. Furthermore, key countries in the region such as Brazil and Argentina reported considerable setbacks.
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