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

Mexican Banks – BanBajio (BBAJIO:MM) Remains the Value Play

Mexican Banks – Stick with Buy on BanBajio (BBAJIO:MM), Closing Out the Short on Banorte

Mexican Banks – Looking Beyond Trump Policies, We See Value in Smaller Caps

LATAM:  The Conviction Overweight in a Benchmark-Driven World

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>We close out our long position on BanBajio as the share price has rallied since July-end and in particular the PE multiple gap has narrowed versus its peers</li>
<li>In terms of PBV ratio, BanBajio’s discount to Banorte has also narrowed and it is now very close to the average discount over the last eighteen months</li>
<li>We expect other fundamental factors to act as a drag on BanBajio’s share price performance versus its peers; its rising cost of risk trends and its eroding net interest margin</li>
</ul>


We close out our long position on BanBajio as the share price has rallied since July-end and in particular the PE multiple gap has narrowed versus its peers
In terms of PBV ratio, BanBajio’s discount to Banorte has also narrowed and it is now very close to the average discount over the last eighteen months
We expect other fundamental factors to act as a drag on BanBajio’s share price performance versus its peers; its rising cost of risk trends and its eroding net interest margin


Grupo Financiero Banorte SAB d (GFNORTEO MF)

BanBajio (BBAJIO:MM), Time to Close Out the Long Position

Banco del Bajio SA

BanBajio (BBAJIO:MM), Time to Close Out the Long Position