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.

Event-Driven

<ul>
<li>Softbank Vision Funds 1 and 2 were the biggest combined holdings at December 2022, accounting for 30% of group equity value; SVF private companies accounted for 73% of equity value</li>
<li>To December-end 2022, public companies in SVF2 were marked down by 52% versus investment cost, whereas SVF2 private companies were marked down by a more modest 33% versus investment cost</li>
<li>We believe that SVF2 private company valuations are at risk of further markdowns in 4QFY22 results, with many of these investments made close to the period of peak pandemic valuations</li>
</ul>


Softbank Vision Funds 1 and 2 were the biggest combined holdings at December 2022, accounting for 30% of group equity value; SVF private companies accounted for 73% of equity value
To December-end 2022, public companies in SVF2 were marked down by 52% versus investment cost, whereas SVF2 private companies were marked down by a more modest 33% versus investment cost
We believe that SVF2 private company valuations are at risk of further markdowns in 4QFY22 results, with many of these investments made close to the period of peak pandemic valuations


Softbank (9984 JP) – Focus on the SVFs, Are the Private Companies Appropriately Marked?

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 Bottom-Up

<ul><li>T-Mobile has recently been in the news for suffering from a major network outage affecting around 83,000 customers.</li><li>T-Mobile added many new customers but the company ended Q4 on a mixed note.</li><li>Their financial results also enabled them to launch share repurchases earlier than anticipated and speed up network rollouts.</li></ul>

T-Mobile has recently been in the news for suffering from a major network outage affecting around 83,000 customers.T-Mobile added many new customers but the company ended Q4 on a mixed note.Their financial results also enabled them to launch share repurchases earlier than anticipated and speed up network rollouts.

Value Investing

Vladimir Dimitrov, CFA

Verizon Communications / Equity Bottom-Up

<ul>
<li>Verizon emerges from a second year in a row of disappointing shareholder returns.</li>
<li>The halo effect of Berkshire Hathaway leaving is also contributing to sentiment becoming very one-sided.</li>
<li>Verizon is still well-positioned to deliver on its strategy while offering a 6.3% dividend yield.</li>
</ul>


Verizon emerges from a second year in a row of disappointing shareholder returns.
The halo effect of Berkshire Hathaway leaving is also contributing to sentiment becoming very one-sided.
Verizon is still well-positioned to deliver on its strategy while offering a 6.3% dividend yield.


Verizon Stock: I See No Reason To Panic After Recent Guidance

Telco/Internet specialist

Kirk Boodry

Redex Research

<ul>
<li>In this deep dive report, we initiate coverage on Softbank Group with a ¥6,300 target price and Neutral recommendation</li>
<li>We are cautious on global tech and consider that the main risk to the story but a recovery in China sentiment provides some offset</li>
<li>For Q3 results next week, we expect the defensive theme of the last two quarters to continue</li>
</ul>


In this deep dive report, we initiate coverage on Softbank Group with a ¥6,300 target price and Neutral recommendation
We are cautious on global tech and consider that the main risk to the story but a recovery in China sentiment provides some offset
For Q3 results next week, we expect the defensive theme of the last two quarters to continue


Softbank Group (Neutral) - Japan’s Global Tech Play: Initiation of Coverage and Q3 Preview

<ul><li>T-Mobile delivered a mixed set of results this quarter with revenues falling short of Wall Street expectations.</li><li>However, it did deliver an earnings beat as the management continued to capitalize on its network leadership position.</li><li>With the launch of Network pass and Easy Switch, T-Mobile is making it risk-free and simple to experience its network, also switch to T-Mobile.</li></ul>

T-Mobile delivered a mixed set of results this quarter with revenues falling short of Wall Street expectations.However, it did deliver an earnings beat as the management continued to capitalize on its network leadership position.With the launch of Network pass and Easy Switch, T-Mobile is making it risk-free and simple to experience its network, also switch to T-Mobile.

T-Mobile: Industry Specific Smart Solutions & Other Drivers

United States

T-Mobile US, Inc. is one of four national wireless carriers in the US. The company was created as the combination of T-Mobile USA and MetroPCS.

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T Mobile Us Inc (TMUS US)

Softbank (9984 JP) – Focus on the SVFs, Are the Private Companies Appropriately Marked?

The NAV could be 10%-15% lower than stated now at the mid-May results release, due to a further squeeze in private company valuations; this would...

Victor Galliano

T-Mobile Inc.: Major Drivers

T-Mobile has recently been in the news for suffering from a major network outage affecting around 83,000 customers. T-Mobile added many new...

Baptista Research

Verizon Stock: I See No Reason To Panic After Recent Guidance

Verizon emerges from a second year in a row of disappointing shareholder returns. The halo effect of Berkshire Hathaway leaving is also...

Vladimir Dimitrov, CFA

Softbank Group (Neutral) - Japan’s Global Tech Play: Initiation of Coverage and Q3 Preview

In this deep dive report, we initiate coverage at Neutral with a ¥6,300 target price. We think global tech will struggle but a recovery in China...

Kirk Boodry

T-Mobile: Industry Specific Smart Solutions & Other Drivers

T-Mobile delivered a mixed set of results this quarter with revenues falling short of Wall Street expectations. However, it did deliver an...

Baptista Research

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