Corficolombiana preferred (PFCORFICOL.CL) : juste valeur

Thèse ACCE

Corficolombiana is a Colombian conglomerate whose preferred shares (PFCORFICOL) give exposure to infrastructure concessions, construction, and a holding of financial assets across the country's toll roads, power and water projects, and its stakes in regional banking and asset management. The structural case rests on that concession book: long-dated, inflation-linked contracts that generate contracted cash flow and sit on a balance sheet valued in pesos at a market cap of about 6.82 trillion COP. Revenue grew 4.8%, the operating margin is 22.3%, and the stock trades at 11.8 times trailing earnings, a modest multiple for a company with this asset mix. The weak spot is returns: ROE is 7.0%, low enough that the discount to book may persist unless capital is recycled into higher-yielding projects or asset sales crystallise value. Before anything else, the team needs to check how much of reported earnings comes from the consolidated concession vehicles versus the holding-level investments, and whether the preferred carries the same economic claim as the common.