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Key Info

Bancolombia SA Web - www.grupobancolombia.com

Tel - 57-4-404-1837

Next Reporting Date - 20.02.2020

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    Bancolombia SA

    Banks

    COLOMBIA


    DCF Model Assumptions

    Risk Free Rate

    2.91%

    Country Equity Risk Premium

    6.00%

    Cost of Debt

    3.36%

    Cost of Debt

    3.36%

    Long Term Growth

    2.00%

    Beta Assumption

    1.15

    Current Market Cap mln$

    12,911.51

    Net Debt mln$

    -12,911.51

    WACC Estimate

    0.00%

    Ordinary Current Price $

    13.18

    DCF Model

    DCF20152016201720182019F2020F2021F2022F2023F2024F2025F2026F2027F2028F2029F
    Revenue5709.186776.267364.947333.487323.887672.398113.448575.979068.959588.8310138.5210719.7211334.2311983.9712670.96
    EBITDA Costs5709.186776.267364.947333.487323.887672.398113.448575.979068.959588.8310138.5210719.7211334.2311983.9712670.96
    EBITDA0.000.000.000.000.000.000.000.000.000.000.000.000.000.000.00
    EBITDA Margin0.000.000.000.000.000.000.000.000.000.000.000.000.000.000.00
    Operating Costs4564.125493.076097.916171.616087.326421.126843.567286.587758.758263.918801.959375.039985.4210635.5511328.01
    Operating Profit1145.061283.181267.031161.861236.561251.271269.881289.391310.201324.921336.561344.681348.811348.421342.95
    Operating Margin20.0618.9417.2015.8416.8816.3115.6515.0314.4513.8213.1812.5411.9011.2510.60
    Pretax Costs4519.075473.296011.986107.966023.786351.036765.167199.487662.378157.118683.809244.499841.3810476.8111153.27
    PTP1190.111302.971352.961225.521300.101321.361348.271376.501406.581431.721454.721475.231492.851507.161517.69
    Pretax Margin20.8519.2318.3716.7117.7517.2216.6216.0515.5114.9314.3513.7613.1712.5811.98
    Net Income Costs4780.575889.126478.846432.316434.356790.267240.687713.058216.508755.629330.129942.3110594.6711289.8312030.61
    Net Income928.61887.13886.10901.16889.53882.13872.75862.93852.45833.21808.40777.41739.56694.14640.35
    Net Margin16.2713.0912.0312.2912.1511.5010.7610.069.408.697.977.256.535.795.05
    Revenue Less Capex6062.957131.707748.527677.187686.408037.148481.028946.539442.679963.8210513.7311093.9911706.2812352.3613034.10
    Capex-353.77-355.44-383.59-343.70-362.52-364.75-367.58-370.55-373.72-374.99-375.21-374.28-372.05-368.39-363.13
    Capex to Revenues-6.20-5.25-5.21-4.69-4.95-4.75-4.53-4.32-4.12-3.91-3.70-3.49-3.28-3.07-2.87
    Revenue less FCF3452.994066.055800.235031.245226.665648.526182.406742.297339.038008.318738.639535.5410405.1411354.0312389.46
    FCF2256.192710.201564.712302.242097.222023.871931.041833.681729.921580.521399.891184.17929.09629.94281.50
    FCF to Revenue39.5240.0021.2531.3928.6426.3823.8021.3819.0816.4813.8111.058.205.262.22

    COLOMBIA Comparables

    tickercompanycountryMarket Cap
    2019
    PE RATIO
    2019
    PE RATIO
    2020
    EV/EBITDA
    2019
    EV/EBITDA
    2020
    P/S
    2019
    DIVIDEND YIELD
    2019
    EBITDA Margin
    2019
    P/B
    2019
    ROE
    2019
    6 month return
    2019
    BCOLO CBBancolombia SACOLOMBIA 12911.5112.6511.21--2.752.4638.911.5813.03-4.73
    PFBCOLO CBBancolombia SACOLOMBIA 12911.5113.1511.65--2.752.438.911.6513.030.27
    PFAVAL CBGrupo Aval Acciones y Valores SACOLOMBIA 9700.7410.999.72001.574.2934.251.6917.457.75
    PFDAVVND CBBanco Davivienda SACOLOMBIA 6128.8112.9310.71--2.551.87#????!1.6313.234.22

    International Comparables

    tickercompanycountryMarket Cap
    2019
    PE RATIO
    2019
    PE RATIO
    2020
    EV/EBITDA
    2019
    EV/EBITDA
    2020
    P/S
    2019
    DIVIDEND YIELD
    2019
    EBITDA Margin
    2019
    P/B
    2019
    ROE
    2019
    6 month return
    2019
    JPM USJPMorgan Chase & CoUNITED STATES 431141.2213.3612.69--2.522.44-1.8314.9112.29
    BAC USBank of America CorpUNITED STATES 307939.7912.7211.5--2.251.87-1.2910.732.46
    1398 HKIndustrial & Commercial Bank of China LtdCHINA 274283.385.85.51--2.45.19#????!0.7112.91-5.02
    939 HKChina Construction Bank CorpCHINA 211707.835.555.26--2.175.44#????!0.713.14-6.78
    WFC USWells Fargo & CoUNITED STATES 199360.7713.0511.84--2.193.57-1.3410.6-1.98
    1288 HKAgricultural Bank of China LtdCHINA 171237.714.754.52--1.916.32#????!0.5612.43-10.15
    C USCitigroup IncUNITED STATES 166569.949.939.18-151.342.4-0.9610.297.79
    HSBA LNHSBC Holdings PLCBRITAIN 156364.7310.8411.47--2.856.63#????!0.948.09-3.93
    3988 HKBank of China LtdCHINA 143470.134.714.49--1.846.54#????!0.5111.27-8.44
    3968 HKChina Merchants Bank Co LtdCHINA 130235.969.888.74--3.353.04#????!1.5316.588.21
    RY CNRoyal Bank of CanadaCANADA 116771.0511.911.66--2.43.83-1.9516.993.56
    CBA AUCommonwealth Bank of AustraliaAUSTRALIA 106548.417.4818.32--3.135.21-2.112.5213.84
    TD CNToronto-Dominion Bank/TheCANADA 103176.5611.3510.91--2.533.84-1.6614.641.87
    HDFCB INHDFC Bank LtdINDIA 93379.427.8324.93--4.80.65-4.1116.97-1.25
    SBER LISberbank of Russia PJSCRUSSIA 85808.126.455.8--2.737.53#????!1.2620.724.51
    SBER RMSberbank of Russia PJSCRUSSIA 85542.266.435.78--2.727.55#????!1.2620.723.45
    USB USUS BancorpUNITED STATES 84538.7413.6912.64--2.92.66-1.9814.518.62
    ITUB4 BZItau Unibanco Holding SABRAZIL 73318.4713.3311.26--1.995.21-2.6319.81-7.24
    BNP FPBNP Paribas SAFRANCE 73090.268.518.41--0.815.87-0.678.074.8
    SAN SMBanco Santander SASPAIN 70953.9710.38.33--0.88--0.626.63-15.61
    8306 JPMitsubishi UFJ Financial Group IncJAPAN 70388.538.229.01--1.624-0.445.424.57
    BNS CNBank of Nova Scotia/TheCANADA 68517.9710.8510.25--2.114.62-1.4413.175.12
    PNC USPNC Financial Services Group Inc/TheUNITED STATES 66738.2913.9413.02--2.732.63-1.5311.527.28
    WBC AUWestpac Banking CorpAUSTRALIA 62255.1115.0814.83--2.486.34-1.5810.4314.3
    BBCA IJBank Central Asia Tbk PTINDONESIA 60547.3128.8525.58--11.781.04#????!4.7817.6812.93
    BBDC3 BZBanco Bradesco SABRAZIL 59288.7212.879.04--1.85.06-2.1717.51-10.37
    BBDC4 BZBanco Bradesco SABRAZIL 59288.7212.879.58--1.85.06-2.1717.51-15.58
    HDFC INHousing Development Finance Corp LtdINDIA 57009.3620.6320.4214.29-3.681.0745.353.0315.943.25
    NAB AUNational Australia Bank LtdAUSTRALIA 54095.7816.613.29--2.215.59-1.599.1216.93
    3328 HKBank of Communications Co LtdCHINA 53557.094.654.45--1.676.63#????!0.4911.12-14.52

    EV, Debt, Cash

    Fields2018
    EV
    Cash5766.5
    Debt12591.23
    Debt/Equity202.72
    Pref Equity0
    Shares Out961.83
    minorities556.09

    Last Price

    Fields2018
    Last Price13.18
    Next DVD Ex Date26.03.2020
    DVD Announcement Date06.11.2019
    Last Ex Date24.12.2019

    CashflowSummary

    Fields201520162017201820192020
    Revenue5709.1786416776.2553367364.9384597333.4753174699.0175106.809
    Operating Profit1145.0570261283.1818771267.0264211161.862451540.171766.964
    PTP1190.1055431302.9659831352.9600691225.5177791431.8051648.013
    Net Income928.6117724887.1329924886.0990479901.1621283999.2931135
    EPS0.9654665260.9223415360.9212665560.936927461.0421.175
    DPS0.3266612380.3120591910.3220453290.345706050.3240.392
    EBITDA1864.6992160.722
    BPS6.3142579857.3688064018.0469724767.9536496098.3249.105
    Capex-353.7715607-355.4408034-383.5860091-343.7040052
    FCF2256.1870692710.2012391564.7123282302.238591
    EV TO T12M EBIT------
    EV/EBITDA------
    CUR RATIO------

    Ratios

    Fields201520162017201820192020
    Market Cap12911.5112911.5112911.5112911.5112911.5112911.51
    PE RATIO8.088.9811.031112.6511.21
    EV/EBITDA------
    P/S1.31.181.351.332.752.53
    DIVIDEND YIELD4.233.773.173.362.462.98
    EBITDA Margin----38.910.34
    P/B1.051.141.251.181.581.45
    ROE13.9414.1311.7811.0913.0313.5
    6 month return-4.73-4.73-4.73-4.73-4.73-4.73