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>Deposit outflows for 1Q23 in the most affected of the mid-sized US banks were in low double digits, much less severe than the deposit collapse suffered by First Republic</li>
<li>In fact, since the end of 1Q23, some smaller banks have reported slightly positive deposit flows, and the recent usage of Fed and FHLB funding lines is not alarming</li>
<li>We review a select group of mid-sized US banks focusing in on a number of key metrics; despite the challenging times, we like M&amp;T Bank and Western Alliance</li>
</ul>


Deposit outflows for 1Q23 in the most affected of the mid-sized US banks were in low double digits, much less severe than the deposit collapse suffered by First Republic
In fact, since the end of 1Q23, some smaller banks have reported slightly positive deposit flows, and the recent usage of Fed and FHLB funding lines is not alarming
We review a select group of mid-sized US banks focusing in on a number of key metrics; despite the challenging times, we like M&amp;T Bank and Western Alliance


US Banks – Is System Deposit Flight Being Contained?

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.

Equity Capital Markets

<ul><li>This is our first report on a regional lender that played the rate hike well with its high-quality deposit base – M&T Bank Corporation.</li><li>Their interest-bearing bank deposits decreased from $41.9 billion to under $25 billion due to their repositioning the balance sheet to use surplus cash.</li><li>We initiate coverage on the stock of M&T Bank Corporation with a 'Buy' rating.</li></ul>

This is our first report on a regional lender that played the rate hike well with its high-quality deposit base – M&T Bank Corporation.Their interest-bearing bank deposits decreased from $41.9 billion to under $25 billion due to their repositioning the balance sheet to use surplus cash.We initiate coverage on the stock of M&T Bank Corporation with a 'Buy' rating.

M&T Bank Corporation: Initiation of Coverage – Playing The Rate Hike Well And Creating An Investor Safe Haven – Key Drivers

United States

M&T Bank Corporation is a bank holding company. The Company, through its banking subsidiaries, offer a variety of commercial banking, trust, and investment services to their customers.  M&T Bank operates branch offices in New York, Maryland, Pennsylvania, Delaware, New Jersey, Virginia, West Virginia and the District of Columbia.

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M & T Bank Corp (MTB US)

US Banks – Is System Deposit Flight Being Contained?

US regional bank deposit outflows are far from the deposit collapse at First Republic in 1Q23; recent usage of Fed and FHLB funding lines has...

Victor Galliano

M&T Bank Corporation: Initiation of Coverage – Playing The Rate Hike Well And Creating An Investor Safe Haven – Key Drivers

This is our first report on a regional lender that played the rate hike well with its high-quality deposit base – M&T Bank Corporation. Their...

Baptista Research

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Market Cap (USDm)

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