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

Indian Public Sector Banks: Taking Profits on Bank of Baroda (BOB IN)

Bank of Baroda - NIMs Better Managed Vs. Peers; BUY Stays on Reasonable Valuations!

Indian Banks: Stick with Baroda and UBI on the Buy List, Downgrading Canara

Indian Banks: Adding Canara and UBI to the Buy List, Dropping Bandhan and PNB

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>We cut our losses on our long position on Union Bank of India (UBI), whilst sticking with our core conviction buy name Bank of Baroda</li>
<li>UBI has a slightly higher structural credit risk profile than Baroda, in our view, with UBI’s slightly bigger share of exposure to agriculture and MSME credit</li>
<li>Baroda is now our sole buy in Indian banks; it has lesser credit quality headwinds than UBI for similar valuations, whilst having potential to expand returns over the medium term</li>
</ul>


We cut our losses on our long position on Union Bank of India (UBI), whilst sticking with our core conviction buy name Bank of Baroda
UBI has a slightly higher structural credit risk profile than Baroda, in our view, with UBI’s slightly bigger share of exposure to agriculture and MSME credit
Baroda is now our sole buy in Indian banks; it has lesser credit quality headwinds than UBI for similar valuations, whilst having potential to expand returns over the medium term


Exiting the Long Position “pain Trade” on Union Bank of India; Stick with Long Position on Baroda

Bank Of Baroda

Exiting the Long Position “pain Trade” on Union Bank of India; Stick with Long Position on Baroda