Grupo Cibest SA (CIB): Market friendly outcome could lead to further multiple expansion

Research evidence excerpt

Grupo Cibest SA (CIB): Market friendly outcome could lead to further multiple expansion

Equity Research

22 June 2026 | 6:43AM EDT

Grupo Cibest SA (CIB): Market friendly outcome could lead to further

multiple expansion

Abelardo De La Espriella likely headed to narrow victory Tito Labarta

+1(212)357-6760 | tito.labarta@gs.com

Right-wing outsider Abelardo De La Espriella leads the preliminary vote count with Goldman Sachs & Co. LLC

nearly 49.7% of the vote compared to leftist senator Ivan Cepeda with 48.7% of the Tiago Binsfeld, CFA

vote and 99.9% of the vote counted (note). A victory for Mr. De La Espriella could +55(11)3371-4574tiago.binsfeld@gs.com|

support room for further multiple expansion at Grupo Cibest, given a focus on more Goldman Sachs do Brasil CTVM S.A.

Juliana Oharamarket friendly policies. Indeed, the incoming administration is expected to prioritize +55(11)3372-0202 |

three areas: public security, the healthcare sector, and the fiscal accounts, the latter juliana.ohara@gs.comGoldman Sachs do Brasil CTVM S.A.

being Colombia’s most salient macro vulnerability. Meanwhile, Grupo Cibest is

currently trading at 8.1x 12-month forward P/E vs. an historical average of 9.9x and

an average of 11.2x prior to current leftist president Gustavo Petro taking office in

2022. Nevertheless, the next administration will confront a polarized and

fragmented Congress that will constrain radical policy shifts and necessitate

coalition-building.

Positive upside from lower country risk

Grupo Cibest share price is up 88% in the last 12 months compared to the Colcap

index +46%. However, the stock is still trading below its historical average of 9.9x and

2008-2022 average of 11.2x. It is slightly above its historical P/BV average of 1.6x,