-DAVIVIENDA- Colombia´s third largest bank begins its stock market activity: We recommend that all types of portfolios seek exposure to this asset. Our investment thesis is based on the company´s solid equity, its market position and the Colombian financial sector´s potential for growth given the level of bancarization in the country.
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-ETB- Management repositioning could potentially generate value for the company: A potential change in the firm´s management may bring about operational, financial and strategic advantages.
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-Pacific Rubiales Energy- a Company with a substantial growth potential: Pacific Rubiales Energy Ltd iIs the largest independent oil exploration and production company in Colombia, specialized in producing heavy crude oil and natural gas. Its current production is concentrated in 14 oil fields in Colombia as well as in the sta
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Inversiones Argos S.A. advances in the diversification of its portfolio: Inversiones Argos S.A announced on October 28 a plan to sell a minority stake of its holdings of Cementos Argos S.A., corresponding to a minimum of 5% and a maximum of 9.73% of the laters outstanding shares (1.151.672.310).
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Colombiana de Inversiones S.A. Target Price Revision: The simplification of the equity capital structure strengthens the company?s focusing plans.
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ISA Group Target Price Revision: The company?s solid position in markets where it has presence defines a favorable performance for 2010.
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Inversiones Argos S.A. Target Price Revision: Current share value reflects the portfolio´s expected performance. We estimate a target price for Inversiones Argos S.A. by the end of 2010 of COP$16,800 per share, derived from a Sum of the Parts valuation exercise.
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Cementos Argos S.A. Target Price Revision: The estimated target price for Cementos Argos S.A. by end-2010 is COP$11,100 per share, based on a free cash flow valuation for the period 2010-2016. Expected recovery in profitability margins in 2010 provides room for further valuation.
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Ecopetrol Company Report: Market price reflects optimism about compliance with MEGA plan. We estimate a fair value per share as at December 2009 of COP$2,400, equivalent to a ratio of 9.1x EV/EBITDA and 12x PE.
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Grupo Empresarial Exito - GEE - Target Price Revision: Retail industry transition during 2010 is expected to positively affect the company´s results. We are setting our new target price (end date December 2010) for Grupo Empresarial Éxito at COP17,800, derived from a Discounted Free Cash Flow exercise.
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Grupo Nacional de Chocolates - GNCH - Target Price Revision: We are setting our new target price (end date December 2010) for Grupo Nacional de Chocolates at COP21,500, derived from Discounted Free Cash Flow exercise. In addition to the base case valuation scenario, we present sensitivity analyses under two other proposed scenarios.
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Target Price Revision of Grupo de Inversiones Suramericana: The holding´s valuation upside reflects the positive view on its investment portfolio. We are setting our new target price (end date December 2010) on Grupo de Inversiones Suramericana at COP28,000, derived from a Sum of the Parts (SOPT) valuation.
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