Colombian Stock Exchange: How to take advantage of the time to invest?The happiest ones

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Bogotá - Colombia's Stock Exchange is rising 12.35% so far this year and with that it is breaking the bad run it had for three years in which the Colcap, the main reference index, was devalued in more than more than the30%.

Algunos de los que hoy sonríen con el alza del Colcap en la BVC tuvieron que aguantarse por años las caídas del mercado accionario colombiano, pero pese a ello, mantuvieron un mismo pensamiento durante esos días, “el mercado está muy barato y tiene que subir”.

In November last year came a key moment for BVC.While the market was still walking on negative land, a new player appeared on the scene and altered the established order.

They are the bankers Jaime and Gabriel Gilinski. Dueños del banco GNB Sudameris, de Yupi, en la industria de alimentos y de Semana, en la industria de los medios de comunicación.Although his family appears among the richest in the country many years ago, only until his entrance a week began to sound more frequently.

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Their opas by Grupo Sura and Grupo Nutresa made those who not yet had them on the radar, began to listen to them with more and more frequency.

The first offer by Nutresa promoted the actions of the BVC, especially those linked to the Antioquia business group. Grupo Argos, Grupo Sura y Bancolombia, fueron los activos más apetecidos, junto a los de Nutresa, durante noviembre y diciembre.This was confirmed by the financial opinion survey practiced by the development among market analysts during those months.

While 2021 closed with the colcap on negative terrain, it was the impulse of the closing opas of the year that allowed the fall of the indicator to be 1.8% and not 11% or more, as it was until before knowingGilinski's interest in GEA companies.

Those who have actions for many years were undoubtedly the happiest with the Gilinski offer, because it not only allowed themBetter, it was much closer to the real value of the company.

Keep in mind that before the Nutresa OPA was quoted around $ 20.000 en BVC, los vendedores de la primera ronda de aceptaciones lograron hacerlo a unos $30.700.Meanwhile, those who did not, but plan to do it in the second OPA, can do so in around $ 42.000.

Estos valores hacen pensar si aún se puede aprovechar el momento alcista y de buenos precios que vive la Bolsa de Valores de Colombia, o si, por el contrario, quienes hoy no están en la fiesta ya no pueden entrar.

For Germán Cristancho, in charge of markets in Davivienda corridors, “I believe that there are still interesting opportunities to enjoy the valuations that can come in the BVC, especially because the product of the OPA on Sura and Nutresa will be a lot of liquidity, andIt is likely that an important part of these resources will return to the market to other actions ”.

And it must be borne in mind that so far Gilinski's purchases from shareholders who decided to sell them are for about $ 7.6 billion, adding what he will pay for Sura and Nutresa.

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“Of the offers that have already finished they generate about $ 7.6 billion to the market. Es probable que no regrese todo al mercado, en parte porque la circulación de acciones disminuye, pero si uno asumiera que un 20% de esa liquidez se reinvierte en el mercado local, eso quiere decir que hay cerca de $1,1 billones que van a estar disponibles para la compra de nuevas acciones”, añade Cristancho.

Orlando Santiago, Manager of Fénix Value coincides that there may be opportunities to earn money, although today it is not invested in some BVC action.

“I think it is late in some of the actions that have been uploading.However, it is on time in other.The issue is that a good study of each one must.

Meanwhile, Diego Franco, Head of Investments of Franco Capital Management, considers that, if it is late to enter the BVC now, because for him “he must wait.Not all parties are for all people ".

Cristancho considera que, además, hay que tener en cuenta que a la liquidez que ya dejaron las OPA hay que sumarle la liquidez que podrá quedar de las otras dos OPA que están en trámite ante la Superintendencia Financiera de Colombia.

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“What comes to Colombia's share market can be very good.The opas left important liquidity and those that are to be authorized will leave the same.This undoubtedly what it can mean is an interesting time for actions such as the preferential Bancolombia, Ecopetrol, ISA or Corficolombiana, among others, ”explains the executive of Davivienda runners.

En resumen, para Cristancho es claro que el mercado les está dando oportunidades de entrada a los que hoy están afuera de la fiesta, pero aclara que debe haber cautela y buena evaluación.

"I feel that the investor who will still have a chance, but will have to think what are the actions that are lagging behind and that will be favored of all that liquidity that is entering," concluded Cristancho.