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

Softbank (9984 JP) – This Time, It’s Chime

Softbank Group - ARM Suing a Key Customer Is Not the Summer News We Expected

Softbank (9984 JP) – EToro’s Funding “Down Round”

Softbank (9984 JP) – Klarna’s Coming “down Round”

Softbank Group - Q1 22 Results Reaction: So Many Surprises…a Few Were Positive

A Bull Investment Case for TSMC (Summary Version)

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>Softbank Group’s fintech portfolio companies – and especially those in the largely Softbank-funded Vision Fund 2 - were a meaningful part of the group’s large loss in fiscal 1Q 2022</li>
<li>However, Klarna and eToro “down rounds” - concluded in early July - do not seem to have been incorporated into June-end losses; the Vision Funds are absorbing the LatAm Fund</li>
<li>Despite the public markets rebound, Softbank faces multiples challenges, and it is hard to find positives in the Alibaba derivatives contracts</li>
</ul>


Softbank Group’s fintech portfolio companies – and especially those in the largely Softbank-funded Vision Fund 2 - were a meaningful part of the group’s large loss in fiscal 1Q 2022
However, Klarna and eToro “down rounds” - concluded in early July - do not seem to have been incorporated into June-end losses; the Vision Funds are absorbing the LatAm Fund
Despite the public markets rebound, Softbank faces multiples challenges, and it is hard to find positives in the Alibaba derivatives contracts


Softbank Group (9984 JP) 1Q 22 Results – Focus on Fintech and LatAm Holdings