Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Victor Galliano is an experienced equity banks analyst, having covered Latin America banks and non-bank financials for over 12 years, as well as more recently covering the Italian banks. He has worked in sell side equity research for 30 years in a career spanning Barclays, HSBC, BBVA LatInvest, Barings and NatWest.
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.

Financials & FinTech research

September Brazil Bank Data Charts – Arrears Imply Better NPLs Trends to Come; Have Spreads Peaked?

Brazilian Presidential Election; What Could a Lula Victory Mean for Financials and Fintech?

October Brazil Bank Data in Charts – Credit Quality Early Warning Trends More Mixed This Month

EM Digital Banks Overview - Brazil, South Korea and Indonesia

June Brazil Bank Data in Twelve Charts – Credit Spreads Keep Rising, NPLs More Benign

April Brazil Bank Data in Twelve Charts; Consumer and SME NPLs Worsened, Higher Credit Spreads

Gravity Works As WeWork Doesn't; Now Plan B

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.

Thematic (Sector/Industry)

Brazil Banks / Thematic (Sector/Industry)

<ul>
<li>Brazil’s consumer credit quality trends to August deteriorated across most consumer categories, and especially in the case of the credit cards</li>
<li>System loan growth was +16.8% for the twelve months to August, a slight slowdown from the July YoY rate (+16.9%), due largely to slower consumer loan growth</li>
<li>The BCB’s latest Focus report indicates that the 13.75% benchmark rate should remain in double digits into 2023; we favour Banco do Brasil, for good credit quality and attractive valuations</li>
</ul>


Brazil’s consumer credit quality trends to August deteriorated across most consumer categories, and especially in the case of the credit cards
System loan growth was +16.8% for the twelve months to August, a slight slowdown from the July YoY rate (+16.9%), due largely to slower consumer loan growth
The BCB’s latest Focus report indicates that the 13.75% benchmark rate should remain in double digits into 2023; we favour Banco do Brasil, for good credit quality and attractive valuations


August Brazil Bank Data in Charts – Credit Spreads Keep Rising, but Consumer NPL Trends Worsened