Tras un año de grandes resultados, la bolsa colombiana entra en una fase de mayor prudencia y selectividad

TL;DR

The Colombian stock market closed 2025 with a 49.9% valuation, but began 2026 with a more prudent tone.
In December, Terpel (11%), Grupo Cibest (8.1%), and Nutresa (7.2%) showed strong gains, while Grupo Sura preferencial (-5.6%), Davivienda preferencial (-6.3%), and GEB (-8.2%) declined.
The estimated fair value of the Colcap rose to 2,288 points, with a total return expectation of 6.8%, largely supported by a 5.6% dividend yield.
Five stocks moved from 'overweight' to 'neutral' recommendations: Celsia, Ecopetrol, Davivienda Group, Terpel, and Cementos Argos.
Despite a more balanced approach, opportunities with estimated total returns above the Colcap exist, including Promigas (32.4%), GEB (25.4%), and Banco de Bogotá (24.5%).
The Top Picks portfolio remains unchanged, including Bogotá, Davivienda Group, Grupo Éxito, ISA, and the preferential of Grupo Sura.
Domestic investors were net buyers in 2025, while foreign investors were net sellers.

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