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

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

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

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

LATAM:  The Conviction Overweight in a Benchmark-Driven World

MercadoLibre's Fintech Empire Is Growing: Credit

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 stick with our buy on BanBajio but we close out the short on Banorte; the PBV differential between the two narrowed largely due to Banorte’s share price action</li>
<li>BanBajio’s shares reflect that the market was underwhelmed by BanBajio 2Q 2025 results, especially in terms of credit quality, but we believe that this is now largely discounted</li>
<li>BanBajio continues to screen very well against Banorte and the rest of the Mexican bank peer group; in addition, BanBajio ranks top of our scorecard, with Gentera in bottom position</li>
</ul>


We stick with our buy on BanBajio but we close out the short on Banorte; the PBV differential between the two narrowed largely due to Banorte’s share price action
BanBajio’s shares reflect that the market was underwhelmed by BanBajio 2Q 2025 results, especially in terms of credit quality, but we believe that this is now largely discounted
BanBajio continues to screen very well against Banorte and the rest of the Mexican bank peer group; in addition, BanBajio ranks top of our scorecard, with Gentera in bottom position


Grupo Financiero Banorte SAB d (GFNORTEO MF)

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

Banco del Bajio SA

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