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 – Reiterating Banco Do Brasil Buy

Brazil Banks – Stick with Bradesco, Adding Small-Cap Banrisul to the Buy List

EM Neobanks – Re-Instating the Buy Rating on Inter (INTR US)

PicPay Pre-IPO Revisited – Further Thoughts on Valuation

IPO Rating: PicPay Holdings Netherlands B.V.

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>Bradesco’s re-rating is supported by bank returns recovery and by its premium insurance operations; we estimate that insurance operations account for close to 40% of group value, excluding Bradsaude</li>
<li>We remain positive on Inter as it is deep value for an EM neobank, yet we would advise investors to lighten long positions</li>
<li>The prospect of a very strong El Niño episode could adversely impact Banrisul’s cost of risk going forward, given its exposure to agribusiness credit</li>
</ul>


Bradesco’s re-rating is supported by bank returns recovery and by its premium insurance operations; we estimate that insurance operations account for close to 40% of group value, excluding Bradsaude
We remain positive on Inter as it is deep value for an EM neobank, yet we would advise investors to lighten long positions
The prospect of a very strong El Niño episode could adversely impact Banrisul’s cost of risk going forward, given its exposure to agribusiness credit


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

Banco Bradesco

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