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

Inter (INTR US) – Closing Out Our Long Position on Inter

EM Neobanks – Closing Out Our Short on Nubank (NU US), Stick with the Long on Inter (INTR US)

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>Inter, our “pain trade” in 2Q 2026, remains our sole buy in EM neobanks; Inter offers a balanced business model, with improving execution and controlled credit delinquency, alongside attractive valuations</li>
<li>Nubank delivers strong operational returns along with its high activity rate, yet we stay neutral due to challenging credit quality trends and valuations; we view PicPay and Agibank with caution</li>
<li>We include K Bank of South Korea and Superbank of Indonesia in our EM neobanks coverage; K Bank looks attractively valued, but we believe the business model is high risk</li>
</ul>


Inter, our “pain trade” in 2Q 2026, remains our sole buy in EM neobanks; Inter offers a balanced business model, with improving execution and controlled credit delinquency, alongside attractive valuations
Nubank delivers strong operational returns along with its high activity rate, yet we stay neutral due to challenging credit quality trends and valuations; we view PicPay and Agibank with caution
We include K Bank of South Korea and Superbank of Indonesia in our EM neobanks coverage; K Bank looks attractively valued, but we believe the business model is high risk


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

Inter & Co

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