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

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>Affirm shares jumped on the 16th December, on the back of the company’s renewal of its partnership pact with Amazon for a further five years</li>
<li>Despite this constructive news, we continue to see fundamental headwinds for premium valued Affirm, given the increasingly competitive BNPL market as well as the worsening consumer credit delinquency trends</li>
<li>Also, Affirm short interest is close to a three year low and as recently as early December the Affirm CFO has sold some shares; competitor Klarna remains one to watch</li>
</ul>


Affirm shares jumped on the 16th December, on the back of the company’s renewal of its partnership pact with Amazon for a further five years
Despite this constructive news, we continue to see fundamental headwinds for premium valued Affirm, given the increasingly competitive BNPL market as well as the worsening consumer credit delinquency trends
Also, Affirm short interest is close to a three year low and as recently as early December the Affirm CFO has sold some shares; competitor Klarna remains one to watch


BNPL Companies – Re-Iterating Our Bearish View on Affirm (AFRM US)

Affirm Holdings

BNPL Companies – Re-Iterating Our Bearish View on Affirm (AFRM US)