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 – Introducing the Sector Scorecard

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

Klarna IPO (KLAR US) - Underwhelming Valuations Against Key Comparables

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>Our key picks for 1H 2026 are driven by fundamental valuations, margin and growth prospects; top of our buy list is Nexi, with PagSeguro in second place</li>
<li>Our key sell is Affirm; the increasingly competitive BNPL market is a potential “banana skin” for its premium growth forecasts, coupled with potentially worsening consumer credit delinquency</li>
<li>Klarna is one to watch in 1H 2026, but it is not there yet; the share price’s underwhelming performance post-IPO reflects the competitive BNPL market, especially in the US</li>
</ul>


Our key picks for 1H 2026 are driven by fundamental valuations, margin and growth prospects; top of our buy list is Nexi, with PagSeguro in second place
Our key sell is Affirm; the increasingly competitive BNPL market is a potential “banana skin” for its premium growth forecasts, coupled with potentially worsening consumer credit delinquency
Klarna is one to watch in 1H 2026, but it is not there yet; the share price’s underwhelming performance post-IPO reflects the competitive BNPL market, especially in the US


Payment Companies – Our 2026 High Conviction Ideas

Nexi SpA

Payment Companies – Our 2026 High Conviction Ideas