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 – BanBajio (BBAJIO:MM) Remains the Value Play

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

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

EM Banks: Screening for Value and Resilience

Banamex Update and Mexican Banks’ January Data – First Look at Early 1Q 2024 Trends

Banamex Update and Mexican Banks’ April Data – First Look at Early 2Q 2024 Trends

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>Aside from Trump’s tariff policies, Mexican banks are under pressure from government to deliver on more competitive lending rates, with fintech challengers Nubank and MercadoLibre’s MercadoPago gaining traction in Mexico</li>
<li>Despite these challenges, 1Q25 results were sound and the bank sector participated in Mexican bolsa rally in April; yet we believe there is selective attractive value there</li>
<li>We apply our scorecard – which assesses balance sheet strength, returns, credit quality and valuations – that is weighted to arrive at our investment picks; BanBajio and BanRegio stand out</li>
</ul>


Aside from Trump’s tariff policies, Mexican banks are under pressure from government to deliver on more competitive lending rates, with fintech challengers Nubank and MercadoLibre’s MercadoPago gaining traction in Mexico
Despite these challenges, 1Q25 results were sound and the bank sector participated in Mexican bolsa rally in April; yet we believe there is selective attractive value there
We apply our scorecard – which assesses balance sheet strength, returns, credit quality and valuations – that is weighted to arrive at our investment picks; BanBajio and BanRegio stand out


Grupo Financiero Banorte SAB d (GFNORTEO MF)

Mexican Banks – Looking Beyond Trump Policies, We See Value in Smaller Caps

Banco del Bajio SA

Mexican Banks – Looking Beyond Trump Policies, We See Value in Smaller Caps