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

London Stock Exchange Group / Equity Bottom-Up

<ul>
<li>LSEG’s share price has performed poorly in 2025 due to AI disruption concerns relating to its data and analytics business; we believe LSEG can fend off this risk of disruption</li>
<li>In our view, LSEG’s data and analytics segment harbours a defensive moat shielding it from potential disrupters; we believe LSEG shares are deep value relative to its DM exchange peers</li>
<li>We keep our buy on flow monster CME Group for its dominant franchise – despite FMX - in its trading and post-trading operations dedicated to interest rates and other products</li>
</ul>


LSEG’s share price has performed poorly in 2025 due to AI disruption concerns relating to its data and analytics business; we believe LSEG can fend off this risk of disruption
In our view, LSEG’s data and analytics segment harbours a defensive moat shielding it from potential disrupters; we believe LSEG shares are deep value relative to its DM exchange peers
We keep our buy on flow monster CME Group for its dominant franchise – despite FMX - in its trading and post-trading operations dedicated to interest rates and other products


Developed Market (DM) Exchanges – 2026 High Conviction Calls

Co-Founder & CEO, Newmark Risk

Nicholas Pezolano

Co-Founder & CEO

Option analytics for institutional investors

Newmark Risk

Fin-tech company focused on providing option derived analytics for institutional investors.

We handle the complexity of options data so you don't have to.

- Data and Analytics available all in one place so you can focus on Strategy Development
- Custom Solutions for your data and/or portfolio needs
- Advisory services to lend our expertise

Knowledge is something that was meant to be shared and we provide insights to our clients and to the community via posting about our research findings.

Quantitative Analysis

<ul>
<li>HKEX has launched weekly stock options for 10 listed equities on 2024-11-04.</li>
<li>We explore recent HKEX volume trends and believe this may be a positive catalyst for HKEX.</li>
<li>HKEX may prove to be a catalyst for more equity option product development in the region.</li>
</ul>


HKEX has launched weekly stock options for 10 listed equities on 2024-11-04.
We explore recent HKEX volume trends and believe this may be a positive catalyst for HKEX.
HKEX may prove to be a catalyst for more equity option product development in the region.


EQD | HKEX Weekly Equity Options off to a Strong Start

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Cboe Global Markets reported record financial results for the first quarter, marked by a 29% year-over-year increase in net revenue to $729 million and a 48% rise in adjusted diluted earnings per share to $3.70.</li><li>The growth was broad-based, with all five company segments contributing double-digit net revenue increases.</li><li>The derivatives segment displayed notable strength, driven by a 32% increase in net revenue, with SPX index options volumes rising 34% year-over-year and reaching a new monthly average daily volume record.</li></ul>

Cboe Global Markets reported record financial results for the first quarter, marked by a 29% year-over-year increase in net revenue to $729 million and a 48% rise in adjusted diluted earnings per share to $3.70.The growth was broad-based, with all five company segments contributing double-digit net revenue increases.The derivatives segment displayed notable strength, driven by a 32% increase in net revenue, with SPX index options volumes rising 34% year-over-year and reaching a new monthly average daily volume record.

Cboe Global Markets: Initiation Of Coverage

Global Healthcare Analyst

Tina Banerjee

Equity Capital Markets

National Stock Exchange of India / Equity Capital Markets

National Stock Exchange of India (NSE IN)

<ul>
<li>National Stock Exchange is launching India IPO to raise nearly INR 12.6B. They operate a vertically integrated stock exchange offering integrated platform for trading, clearing, listing, and other services.</li>
<li>In Q1FY27, NSE revenue increased by 9.5% to INR 52.5B, driven by increase in transaction charges. Net profit rose 11% to INR 31.2B with net margin down 150bps to 59.4%.</li>
<li>Though, the valuation seems slightly pricey, the intrinsic growth opportunity that comes from the breadth of their offerings, operational scale and profitability, makes this offering a good long-term bet.</li>
</ul>


National Stock Exchange is launching India IPO to raise nearly INR 12.6B. They operate a vertically integrated stock exchange offering integrated platform for trading, clearing, listing, and other services.
In Q1FY27, NSE revenue increased by 9.5% to INR 52.5B, driven by increase in transaction charges. Net profit rose 11% to INR 31.2B with net margin down 150bps to 59.4%.
Though, the valuation seems slightly pricey, the intrinsic growth opportunity that comes from the breadth of their offerings, operational scale and profitability, makes this offering a good long-term bet.


National Stock Exchange IPO: Option To Cash Me If You Can, On The Bourses

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/national-stock-exchange" target="_blank" data-smartkarma-citation="entities:23751:1" rel="noopener">National Stock Exchange (NSEIN IN)</a>, India's largest stock exchange, aims to raise up to US$2.4 billion through an IPO at a price range of Rs1,700 to Rs1,785.</li>
<li>I previously discussed the IPO in <strong><em><a href="https://www.smartkarma.com/insights/national-stock-exchange-of-india-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:267423" rel="noopener">National Stock Exchange of India IPO: The Investment Case</a></em></strong>. </li>
<li>In this note, I present my forecasts and valuation. My analysis suggests that NSE is fairly valued at the IPO price range. Therefore, I would pass on the IPO.</li>
</ul>



National Stock Exchange (NSEIN IN), India's largest stock exchange, aims to raise up to US$2.4 billion through an IPO at a price range of Rs1,700 to Rs1,785.
I previously discussed the IPO in National Stock Exchange of India IPO: The Investment Case. 
In this note, I present my forecasts and valuation. My analysis suggests that NSE is fairly valued at the IPO price range. Therefore, I would pass on the IPO.


National Stock Exchange of India IPO: Valuation Insights

United States

CBOE Global Markets, Inc. operates a marketplace for the trading of standardized, listed options on equity securities. The Company is recognized for its role in the trading of options on individual equities, market indexes and exchange-traded funds, their suite of products, their markets and their hybrid trading model.

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CBOE Global Markets (CBOE US)

Developed Market (DM) Exchanges – 2026 High Conviction Calls

LSEG's share price hit due to AI disruption fears, but its data and analytics segment has a defensive moat. CME Group remains a buy for its...

Victor Galliano

EQD | HKEX Weekly Equity Options off to a Strong Start

HKEX introduces weekly stock options, potentially boosting volume and driving further equity option product development in the region.

Nicholas Pezolano

Cboe Global Markets: Initiation Of Coverage

Cboe Global Markets reported record financial results for the first quarter, marked by a 29% year-over-year increase in net revenue to $729...

Baptista Research

National Stock Exchange IPO: Option To Cash Me If You Can, On The Bourses

National Stock Exchange is launching India IPO to raise nearly INR 12.6B. Though, the valuation seems slightly pricey, the intrinsic growth...

Tina Banerjee

National Stock Exchange of India IPO: Valuation Insights

National Stock Exchange, India's largest stock exchange, aims to raise up to US$2.4 billion. In this note, I present my forecast and valuation.

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Developed Market (DM) Exchanges – 2026 High Conviction Calls

​LSEG's share price hit due to AI disruption fears, but its data and analytics segment has a defensive moat. CME Group remains a buy for its...

Victor Galliano

EQD | HKEX Weekly Equity Options off to a Strong Start

​HKEX introduces weekly stock options, potentially boosting volume and driving further equity option product development in the region.

Nicholas Pezolano

Cboe Global Markets: Initiation Of Coverage

Cboe Global Markets reported record financial results for the first quarter, marked by a 29% year-over-year increase in net revenue to $729...

Baptista Research

National Stock Exchange IPO: Option To Cash Me If You Can, On The Bourses

National Stock Exchange is launching India IPO to raise nearly INR 12.6B. Though, the valuation seems slightly pricey, the intrinsic growth...

Tina Banerjee

National Stock Exchange of India IPO: Valuation Insights

National Stock Exchange, India's largest stock exchange, aims to raise up to US$2.4 billion. In this note, I present my forecast and valuation.

Arun George

LSEG's share price hit due to AI disruption fears, but its data and analytics segment has a defensive moat. CME Group remains a buy for its...

HKEX introduces weekly stock options, potentially boosting volume and driving further equity option product development in the region.