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

Mexican Banks – BanRegio (RA MM) Replaces BanBajio (BBAJIOO MM) In the Spotlight

Mexican Banks – BanBajio (BBAJIO:MM) Remains the Value Play

BanBajio (BBAJIO:MM), Time to Close Out the Long Position

Mexican Banks – Stick with Buy on BanBajio (BBAJIO:MM), Closing Out the Short on Banorte

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 re-instate BanBajio as our buy in Mexican banks, on compelling valuations and more importantly given its positive catalysts in terms of credit quality adding weight to its re-rating potential</li>
<li>BanBajio’s 4Q 2025 NPL ratio was in line with the peer group, and its cost of risk was the second lowest of the group; it ranks second in the scorecard</li>
<li>BanBajio stands out versus Banorte with its PBV ratio discount of 40%+; it is also trading close to the two standard deviation mark below the discount mean over three years</li>
</ul>


We re-instate BanBajio as our buy in Mexican banks, on compelling valuations and more importantly given its positive catalysts in terms of credit quality adding weight to its re-rating potential
BanBajio’s 4Q 2025 NPL ratio was in line with the peer group, and its cost of risk was the second lowest of the group; it ranks second in the scorecard
BanBajio stands out versus Banorte with its PBV ratio discount of 40%+; it is also trading close to the two standard deviation mark below the discount mean over three years


Grupo Financiero Banorte SAB d (GFNORTEO MF)

Mexican Banks – BanBajio Back in the Spotlight

Banco del Bajio SA

Mexican Banks – BanBajio Back in the Spotlight