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

Payment Companies – Our 2026 High Conviction Ideas

Klarna IPO (KLAR US) – Premium Pricing Out of the Gate, Still a Threat to Affirm’s Current Valuation

Klarna Group (KLAR): Discounted Down-Round Valuation Draws Interest, Multiple-Times Oversubscribed

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>Nexi had been one of our buy picks for some time now, due to its shares’ fundamental value credentials and the group’s stabilisation of its EBITDA margin</li>
<li>A key challenge is de-leveraging the balance sheet, and Nexi failed to sell its non-core digital banking services division in 4Q 2025 which would have facilitated debt reduction</li>
<li>The role of Italy’s Cassa Deposito e Prestiti (CDP) in blocking the digital banking services division sale is worryingly due to national interests, and against those of Nexi minority shareholders</li>
</ul>


Nexi had been one of our buy picks for some time now, due to its shares’ fundamental value credentials and the group’s stabilisation of its EBITDA margin
A key challenge is de-leveraging the balance sheet, and Nexi failed to sell its non-core digital banking services division in 4Q 2025 which would have facilitated debt reduction
The role of Italy’s Cassa Deposito e Prestiti (CDP) in blocking the digital banking services division sale is worryingly due to national interests, and against those of Nexi minority shareholders


Nexi (BIT:NEXI) – Non-Core Disposal Headwinds, Downgrading the Shares to Neutral