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

Payment Companies Update: Reining in Positive Recommendations

BNPL Companies – Locking in Gains on Klarna (KLAR US), Placing a Sell on Affirm (AFRM US)

PayPay (PAYP) Post-IPO and Payment Companies Update

PayPay Corporation (PAYP):  Discounted Japanese Fintech Debuts Strongly Despite Pricing Below Range

PayPay Corporation (PAYP): Japanese Fintech Draws Strong Orders Amidst Global Uncertainties

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>On the back of the “risk on” phase, we remove the sell rating on Affirm shares, and after their recent period of underperformance</li>
<li>We keep our buy rating on Klarna, primarily for its deep value credentials but also for its current high level of short interest</li>
<li>Block (XYZ US) is not a pure BNPL play, but is increasingly exposed to the sector through its acquisition of Afterpay; we maintain our neutral rating on Block</li>
</ul>


On the back of the “risk on” phase, we remove the sell rating on Affirm shares, and after their recent period of underperformance
We keep our buy rating on Klarna, primarily for its deep value credentials but also for its current high level of short interest
Block (XYZ US) is not a pure BNPL play, but is increasingly exposed to the sector through its acquisition of Afterpay; we maintain our neutral rating on Block


BNPL Companies; Risk on Phase, Stick with Buy on Klarna (KLAR US), Lifting Short on Affirm (AFRM US)

Klarna Group

BNPL Companies; Risk on Phase, Stick with Buy on Klarna (KLAR US), Lifting Short on Affirm (AFRM US)