AVAL - Scandal Or Not Grupo Aval's Current Valuation Is Attractive

Colombian financial services firm Grupo Aval (AVAL) has disappointed investors like clockwork since it listed its shares on the New York Stock Exchange in September 2014. The company, valued at $15 billion at the time of the IPO, has a market capitalization of around $7.2 billion. Although dividend payments have been received along the way, the price decline of the shares in USD has been 53%.

For the initial two years after its IPO, Aval traded down in line with BanColombia (CIB), its nearest peer. Since then, however, its poor returns