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

Brazil Banks – Upgrading Banco Do Brasil to Buy

Brazil Banks – Stick with Buys on Bradesco and Inter, Calling Time on Banrisul Long

EM Neobanks – Stick with Inter (INTR US) As Our Sole Buy Rating

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>Yesterday’s Datafolha poll for the second and final round of the presidential election puts Bolsonaro on 52% of the vote with Lula on 48%</li>
<li>Flavio Bolsonaro’s commitment to contain and control bureaucracy and increase fiscal discipline are supported by the colour of his macro-economic team</li>
<li>We re-iterate our buy rating on deep-value Banco do Brasil which is now trading, in terms of PBV ratio, at close to a 70% discount to that of Itaú Unibanco</li>
</ul>


Yesterday’s Datafolha poll for the second and final round of the presidential election puts Bolsonaro on 52% of the vote with Lula on 48%
Flavio Bolsonaro’s commitment to contain and control bureaucracy and increase fiscal discipline are supported by the colour of his macro-economic team
We re-iterate our buy rating on deep-value Banco do Brasil which is now trading, in terms of PBV ratio, at close to a 70% discount to that of Itaú Unibanco


Brazil Banks – Reiterating Banco Do Brasil Buy