Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

Equity Bottom-Up

<ul>
<li>We re-instate our buy on Inter for its healthy credit quality credentials, improving operating returns and its attractive valuations to premium earnings growth potential</li>
<li>Nubank remains a neutral - due to valuation - but is one to watch for its strong operational returns supported by its high activity rate; Kakaobank is also on watch</li>
<li>PicPay is deep value but its rapid deterioration in credit quality and cost of risk are serious challenges; we believe that recent IPO Agibank is another relatively challenged Brazilian neobank</li>
</ul>


We re-instate our buy on Inter for its healthy credit quality credentials, improving operating returns and its attractive valuations to premium earnings growth potential
Nubank remains a neutral - due to valuation - but is one to watch for its strong operational returns supported by its high activity rate; Kakaobank is also on watch
PicPay is deep value but its rapid deterioration in credit quality and cost of risk are serious challenges; we believe that recent IPO Agibank is another relatively challenged Brazilian neobank


EM Neobanks – Re-Instating the Buy Rating on Inter (INTR US)

Brazil

AGI Inc. is a technology-powered provider of specialized financial services in Brazil, focusing on individual customers. The company offers banking, credit, and insurance products, including digital accounts, cards, payroll loans, and personal loans. It was founded in 1999 and is headquartered in Campinas, Brazil.

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AGI (AGBK US)

EM Neobanks – Re-Instating the Buy Rating on Inter (INTR US)

Upgrading Inter to buy for its sound credit quality and valuations-to-growth, global benchmark Nubank is one to watch; PicPay and Agibank face NPL...

Victor Galliano

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

EM Neobanks – Re-Instating the Buy Rating on Inter (INTR US)

​Upgrading Inter to buy for its sound credit quality and valuations-to-growth, global benchmark Nubank is one to watch; PicPay and Agibank face NPL...

Victor Galliano

Upgrading Inter to buy for its sound credit quality and valuations-to-growth, global benchmark Nubank is one to watch; PicPay and Agibank face NPL...