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

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.

Intercontinental Exchange / Equity Bottom-Up

<ul><li>Intercontinental Exchange, Inc. reported its strongest quarter in history for the first quarter of 2026, delivering adjusted earnings per share of $2.35, a 37% increase year-over-year, and net revenues of $3 billion, up 18%.</li><li>Adjusted operating income rose 26% to $1.9 billion, driven by significant contributions from all three operating segments: Exchanges, Fixed Income and Data Services, and Mortgage Technology.</li><li>The company attributes this performance to its diversified platform, recurring revenue streams, and disciplined expense management, with operating expenses aligning with guidance and adjusted free cash flow reaching a record $1.2 billion.</li></ul>

Intercontinental Exchange, Inc. reported its strongest quarter in history for the first quarter of 2026, delivering adjusted earnings per share of $2.35, a 37% increase year-over-year, and net revenues of $3 billion, up 18%.Adjusted operating income rose 26% to $1.9 billion, driven by significant contributions from all three operating segments: Exchanges, Fixed Income and Data Services, and Mortgage Technology.The company attributes this performance to its diversified platform, recurring revenue streams, and disciplined expense management, with operating expenses aligning with guidance and adjusted free cash flow reaching a record $1.2 billion.

Intercontinental Exchange (ICE): Could Tokenized Securities Unlock a Massive Settlement Revolution?

<ul><li>Intercontinental Exchange closed 2025 with record financial performance, reflecting balanced growth across exchanges, fixed income and data services, and mortgage technology.</li><li>Adjusted earnings per share reached $6.95 for the year, up 14%, while net revenues increased 6% to $9.9 billion.</li><li>Fourth quarter net revenues rose 7% and adjusted earnings per share grew 13%, supported by 8% transaction revenue growth and 6% recurring revenue growth.</li></ul>

Intercontinental Exchange closed 2025 with record financial performance, reflecting balanced growth across exchanges, fixed income and data services, and mortgage technology.Adjusted earnings per share reached $6.95 for the year, up 14%, while net revenues increased 6% to $9.9 billion.Fourth quarter net revenues rose 7% and adjusted earnings per share grew 13%, supported by 8% transaction revenue growth and 6% recurring revenue growth.

Intercontinental Exchange: From Policy Uncertainty to Volume Breakouts-How Trading Activity Is Accelerating!

<ul><li>Intercontinental Exchange, Inc. (ICE) recently reported its third quarter 2025 earnings, revealing notable achievements and some challenges.</li><li>The company posted record third-quarter adjusted earnings per share of $1.71, marking a 10% increase from the same period last year.</li><li>This was supported by net revenues of $2.4 billion and a 5% rise in recurring revenue.</li></ul>

Intercontinental Exchange, Inc. (ICE) recently reported its third quarter 2025 earnings, revealing notable achievements and some challenges.The company posted record third-quarter adjusted earnings per share of $1.71, marking a 10% increase from the same period last year.This was supported by net revenues of $2.4 billion and a 5% rise in recurring revenue.

Intercontinental Exchange (ICE) Bets Big on Polymarket — The Future of On-Chain Clearing Is Here!

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

United States

Intercontinental Exchange, Inc. operates global commodity and financial products marketplaces.  The Company operates electronic energy markets and soft commodity exchanges as well.  ICE offers access to contracts based on crude oil and refined products, natural gas, power and emissions, as well as agricultural commodities including cocoa, coffee, cotton, orange juice, and sugar.

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Intercontinental Exchange (ICE 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

Intercontinental Exchange (ICE): Could Tokenized Securities Unlock a Massive Settlement Revolution?

Intercontinental Exchange, Inc. reported its strongest quarter in history for the first quarter of 2026, delivering adjusted earnings per share of...

Baptista Research

Intercontinental Exchange: From Policy Uncertainty to Volume Breakouts-How Trading Activity Is Accelerating!

Intercontinental Exchange closed 2025 with record financial performance, reflecting balanced growth across exchanges, fixed income and data...

Baptista Research

Intercontinental Exchange (ICE) Bets Big on Polymarket — The Future of On-Chain Clearing Is Here!

Intercontinental Exchange, Inc. (ICE) recently reported its third quarter 2025 earnings, revealing notable achievements and some challenges. The...

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

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

Intercontinental Exchange (ICE): Could Tokenized Securities Unlock a Massive Settlement Revolution?

Intercontinental Exchange, Inc. reported its strongest quarter in history for the first quarter of 2026, delivering adjusted earnings per share of...

Baptista Research

Intercontinental Exchange: From Policy Uncertainty to Volume Breakouts-How Trading Activity Is Accelerating!

Intercontinental Exchange closed 2025 with record financial performance, reflecting balanced growth across exchanges, fixed income and data...

Baptista Research

Intercontinental Exchange (ICE) Bets Big on Polymarket — The Future of On-Chain Clearing Is Here!

Intercontinental Exchange, Inc. (ICE) recently reported its third quarter 2025 earnings, revealing notable achievements and some challenges. The...

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

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...