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 – Reiterating Banco Do Brasil 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

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

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>Flavio Bolsonaro’s win in the first round of the Presidential election in Brazil greatly increases the chance of a Bolsonaro win in the second round</li>
<li>Flavio Bolsonaro is perceived to be more business and market-friendly than the left-wing incumbent Lula, and in the banks space we focus on the majority federal government-owned Banco do Brasil</li>
<li>We upgrade deep-value Banco do Brasil to a buy, as a Bolsonaro win would imply less federal government interference in the bank’s operations, and potential for improved returns going forward</li>
</ul>


Flavio Bolsonaro’s win in the first round of the Presidential election in Brazil greatly increases the chance of a Bolsonaro win in the second round
Flavio Bolsonaro is perceived to be more business and market-friendly than the left-wing incumbent Lula, and in the banks space we focus on the majority federal government-owned Banco do Brasil
We upgrade deep-value Banco do Brasil to a buy, as a Bolsonaro win would imply less federal government interference in the bank’s operations, and potential for improved returns going forward


Brazil Banks – Upgrading Banco Do Brasil to Buy