Grupo Sura ordinary (GRUPOSURA.CL) fair value

ACCE thesis

Grupo Sura is a Colombian diversified insurer and financial group, writing life, health, auto, property and pension business across Colombia and its Latin American operations, and it earns most of its premium through the pension and savings side of the house as well as its general insurance book. The advantage here is scale in a concentrated market: a 22.1% operating margin and a 52.2% gross margin sit well above what a typical regional insurer produces, and the 11.0% ROE suggests the capital base is still large relative to earnings. Revenue growth of 18.1% is the most useful number in the data set, because it points to premium expansion rather than a reliance on investment income or a single product line. The stock trades at 10.7 times trailing earnings with no forward multiple available, which means the market is pricing the current earnings base rather than a consensus growth path, a gap that a deeper look should close before any view is formed. Worth checking: how much of the 18.1% growth is organic versus currency or acquisition driven, and whether the margin holds once the regional mix shifts. The score of 88 and absence of index membership tells you the quality screen is strong while the name remains outside the major benchmarks.