Financials Grupo Argos S.A.

Equities

End-of-day quote Bolsa De Valores De Colombia Other stock markets 03:30:00 06/05/2024 am IST			5-day change	1st Jan Change
16,180 ^COP	+0.25%		-1.34%	+30.27%

12/04	Grupo Argos S.A. and Grupo de Inversiones Suramericana S.A., Nugil SAS and Jgdb Holding S A/S completed the acquisition of 22.6% stake in Grupo Nutresa S. A. for $1.23 billion.	CI
04/04	Grupo Gilinski, others got offers for 22.48% of Nutresa-stock exchange	RE

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	1,43,47,787	1,11,95,245	1,08,80,867	75,86,003	99,20,915	1,29,90,254	-
Enterprise Value (EV) ¹	2,93,09,147	2,52,39,227	2,46,49,438	2,04,89,769	99,20,915	76,699	5,06,854
P/E ratio	22.1 x	-119 x	19.9 x	9.36 x	11.8 x	15 x	12.2 x
Yield	2.11%	2.75%	2.82%	6.06%	-	3.99%	3.7%
Capitalization / Revenue	0.85 x	0.8 x	0.72 x	0.36 x	0.44 x	0.62 x	0.58 x
EV / Revenue	1.74 x	1.8 x	1.64 x	0.96 x	0.44 x	0 x	0.02 x
EV / EBITDA	6.67 x	7.52 x	5.68 x	3.93 x	1.8 x	0.01 x	0.09 x
EV / FCF	1,50,57,025 x	-	-	-	-	-	-
FCF Yield	0%	-	-	-	-	-	-
Price to Book	0.91 x	0.72 x	0.64 x	0.39 x	-	0.66 x	0.64 x
Nbr of stocks (in thousands)	8,57,227	8,57,227	8,69,456	8,69,456	8,66,143	8,62,532	-
Reference price ²	17,800	13,900	13,550	9,490	12,420	16,180	16,180
Announcement Date	26/02/20	25/02/21	23/02/22	01/03/23	23/02/24	-	-

¹COP in Million²COP

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	1,67,98,588	1,39,90,523	1,50,45,514	2,13,39,706	2,25,93,000	2,08,88,473	2,22,09,466
EBITDA ¹	43,91,853	33,54,815	43,36,105	52,20,177	55,03,000	53,48,758	58,52,106
EBIT ¹	26,80,798	16,38,127	26,17,454	35,93,265	41,46,237	32,59,911	36,31,159
Operating Margin	15.96%	11.71%	17.4%	16.84%	18.35%	15.61%	16.35%
Earnings before Tax (EBT) ¹	18,63,432	4,06,042	16,56,620	22,54,277	22,31,000	20,82,983	24,54,231
Net income ¹	6,89,565	-1,00,013	5,89,799	8,81,424	9,16,000	9,36,169	11,51,061
Net margin	4.1%	-0.71%	3.92%	4.13%	4.05%	4.48%	5.18%
EPS ²	804.0	-116.7	681.3	1,014	1,055	1,077	1,324
Free Cash Flow	19,46,543	-	-	-	-	-	-
FCF margin	11.59%	-	-	-	-	-	-
FCF Conversion (EBITDA)	44.32%	-	-	-	-	-	-
FCF Conversion (Net income)	282.29%	-	-	-	-	-	-
Dividend per Share ²	376.0	382.0	382.0	575.0	-	646.0	598.1
Announcement Date	26/02/20	25/02/21	23/02/22	01/03/23	23/02/24	-	-

¹COP in Million²COP

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	1,49,61,360	1,40,43,982	1,37,68,571	1,29,03,766	-	-	-
Net Cash position ¹	-	-	-	-	-	1,29,13,555	1,24,83,400
Leverage (Debt/EBITDA)	3.407 x	4.186 x	3.175 x	2.472 x	-	-	-
Free Cash Flow	19,46,543	-	-	-	-	-	-
ROE (net income / shareholders' equity)	4.15%	-0.6%	3.36%	4.46%	-	4.4%	5.3%
ROA (Net income/ Total Assets)	1.38%	-0.2%	1.14%	1.61%	-	2.7%	-
Assets ¹	4,98,24,061	5,07,98,964	5,16,82,352	5,47,63,840	-	3,46,72,926	-
Book Value Per Share ²	19,637	19,421	21,320	24,212	-	24,669	25,354
Cash Flow per Share	-	-	-	-	-	-	-
Capex	13,70,868	-	-	-	-	-	-
Capex / Sales	8.16%	-	-	-	-	-	-
Announcement Date	26/02/20	25/02/21	23/02/22	01/03/23	23/02/24	-	-

¹COP in Million²COP

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

B-

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

16,180 COP

Average target price

14,550 COP

Spread / Average Target

-10.07%

	1st Jan change	Capi.
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