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

BNPL Companies; Risk on Phase, Stick with Buy on Klarna (KLAR US), Lifting Short on Affirm (AFRM US)

Payment Companies Update: Reining in Positive Recommendations

BNPL Companies – Locking in Gains on Klarna (KLAR US), Placing a Sell on Affirm (AFRM US)

PayPay Corporation (PAYP): Japanese Fintech Draws Strong Orders Amidst Global Uncertainties

PayPay Corporation (PAYP):  Discounted Japanese Fintech Debuts Strongly Despite Pricing Below Range

PayPay IPO (PAYP US): Valuation Insights

PayPay Corporation (PAYP): Japanese Fintech Sets Terms for IPO Amidst Broad Market Volatility

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 add PayPay to our coverage and to our payments company buy list for its GARP qualities</li>
<li>We also add Klarna to the buy list, for its deep value credentials across the broader peer group, and also fro its improving EBITDA margin</li>
<li>We keep Affirm on the sell list, creating an effective pairs trade in the BNPL space with a buy on Klarna and a sell on Affirm</li>
</ul>


We add PayPay to our coverage and to our payments company buy list for its GARP qualities
We also add Klarna to the buy list, for its deep value credentials across the broader peer group, and also fro its improving EBITDA margin
We keep Affirm on the sell list, creating an effective pairs trade in the BNPL space with a buy on Klarna and a sell on Affirm


PayPay (PAYP) Post-IPO and Payment Companies Update