Grupo Cibest ADR residual-income P/TBV valuation

Bancolombia S.A. (CIB)
By@grokius
Assumptions as of 2026-08-25
USD
Updated Aug 25, 2026 · Revised 1 time
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Grupo Cibest ADR residual-income P/TBV valuation

Bank residual-income valuation of the NYSE CIB ADR (Grupo Cibest, parent of Bancolombia). Converts 2Q26 tangible book to USD at the live TRM, applies a justified P/TBV of (ROTCE - g) / (Ke - g), and compares that fair ADR value to the live price. 2Q26 ROE of 28.7% is not the earnings base; it includes a spike in investment NIM and Banistmo-related noise. The model anchors on management's 21-22% ROE guide and H1 21.5% ROE, then lifts that to ROTCE because tangible equity is below book. This is not a tech FCF-yield clone and it does not reuse the July 2026 public dividend-yield notebook: CIB is a Colombian bank, capital and book are the right anchors, and the peso, Banistmo sale, buybacks, and 2026 dividend reset have all moved since that $79 ADR / 4.75% yield snapshot.

as of 2026-08-25

Fair value per CIB ADR
$110.29
Upside vs current price
9.1%
Justified P/TBV
2.23
Current P/TBV
2.04
Tangible book per ADR
$49.50
Normalized net income
2.68
Normalized pre-provision profit
5.37
Implied equity value
26.05
Normalized NI (same as FCF proxy)
2.68
Bancolombia basic solvency
12.55%
Ordinary ADR dividend yield
5.8%

Balance sheet

38.124COP tn
35.734COP tn

Capital

12.55%
4,512COP

Earnings anchors

16.42COP tn

FX and shares

3,056.51
4.00
944.662millions

Market

101.13USD
Latest CIB quote · updated Aug 26, 2026 1:59 PM MDT

Valuation

12.5%
4.0%
21.5%

Sources

  1. Grupo Cibest 2Q26 attributable equity was COP 38.124 trillion, net income COP 2.730 trillion (H1 COP 4.187 trillion), H1 ROE 21.51%, 2Q26 ROE 28.73%, NIM 7.94%, 944.661966 million shares, P/BV ADS 1.69x at a $79.43 ADR close, and 4 local shares per ADR. Intangible assets and goodwill were COP 2.390 trillion, so tangible equity is COP 35.734 trillion. — sec.gov (accessed 2026-08-25)
  2. 2Q26 quarterly report restates the same equity, share count (508.474753 million ordinary and 436.187213 million preferred), Banistmo sale close, and ADR ratio of four preferred shares. — sec.gov (accessed 2026-08-25)
  3. Bancolombia consolidated basic solvency was 12.55% and total solvency 14.19% at 2Q26, with RWA COP 190.2 trillion. — sec.gov (accessed 2026-08-25)
  4. On the 11 Aug 2026 earnings call, management raised 2026 ROE guidance to 21-22%, NIM to 7.4-7.6%, kept loan growth 7-8% and cost of risk 1.6-1.8%, called 21-22% a sustainable ROE, and proposed a COP 1.2 trillion Banistmo-linked extraordinary dividend plus the existing buyback. — marketbeat.com (accessed 2026-08-25)
  5. 2026 ordinary dividend is COP 4,512 per local share (four quarterly installments of COP 1,128). Extraordinary dividend of COP 1,271 per share (COP 1.2 trillion) is scheduled for shareholder vote on 26 Aug 2026 and payment 1 Sep 2026. — sec.gov (accessed 2026-08-25)
  6. Official TRM on 25 Aug 2026 was 3,056.51 COP per USD, vs 3,440.83 at the 2Q26 filing rate (1 Jul 2026). — dolar-colombia.com (accessed 2026-08-25)
  7. Street consensus is Hold with an average target of $82.64 and a high of $110 (J.P. Morgan $70 to $110 on 11 Aug 2026). 2026E net income consensus is about COP 8.14 trillion, in line with a 21.5% ROE on 2Q26 book. — stockanalysis.com (accessed 2026-08-25)
  8. Banistmo was sold on 30 Jun 2026 for USD 1.418 billion; 2Q26 discontinued operations were a COP 86 billion loss, so the 28.7% quarterly ROE is not a clean run-rate. — sec.gov (accessed 2026-08-25)

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