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

Italian Banks: Target2 Balances, NPL Trends in the Spotlight

Italian Banks: Credit and Sovereign Bond Risks

European Banks: Dividends in a Time of Crisis

Intesa Sanpaolo Offer for UBI Banca - Bold Step Towards Domestic Bank Consolidation

Unicredit (UCG IM) Capital Markets Day - When Its Pays Dividends to Play It Safe

BPER (BPE IM) - Tougher Targets to This Intesa-UBI Banca Side-Deal

Italian Banks: Dodging The "Low Grade" M&A Bullets, at Least for Now

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>Italian bank shares have unsurprisingly been hit by coronavirus concerns and recently disappointing Italian economic data</li>
<li>
<a href="https://www.smartkarma.com/entities/unicredit-spa" target="_blank" data-smartkarma-citation="entities:21234:1" rel="noopener">UniCredit SpA (UCG IM)</a> is one of the worst performing Italian banks year to date</li>
<li>Despite the risks of further market weakness and increased volatility, we revisit the positive investment case on Unicredit and highlight its defensive qualities</li>
<li>Its relatively low NPL ratio and healthy capitalization protect it against the economic impacts of the country's reaction to the virus, and its relatively small investment banking operations also shield it from reduced market activity and heightened volatility</li>
<li>We screen Unicredit versus its Italian and European peers on valuation, with our core focus being dividend yield and its sustainability; we believe Unicredit's dividend is well covered</li>
<li>Risks to our positive view on Unicredit include a worse than expected downturn in loan volumes, higher than expected delinquency and a sharp increase in cost of risk</li>
</ul>


Italian bank shares have unsurprisingly been hit by coronavirus concerns and recently disappointing Italian economic data

UniCredit SpA (UCG IM) is one of the worst performing Italian banks year to date
Despite the risks of further market weakness and increased volatility, we revisit the positive investment case on Unicredit and highlight its defensive qualities
Its relatively low NPL ratio and healthy capitalization protect it against the economic impacts of the country's reaction to the virus, and its relatively small investment banking operations also shield it from reduced market activity and heightened volatility
We screen Unicredit versus its Italian and European peers on valuation, with our core focus being dividend yield and its sustainability; we believe Unicredit's dividend is well covered
Risks to our positive view on Unicredit include a worse than expected downturn in loan volumes, higher than expected delinquency and a sharp increase in cost of risk


ウニクレディト（UCG IM）：ボラティリティと不確実性にもかかわらず、再検討する価値のある銘柄