Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

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.

Thematic (Sector/Industry)

<ul>
<li>Exchanges, especially in developed markets, continue to seek revenue streams outside of the traditional trading and transaction-based fees which has led to a mini-boom in exchange-driven M&amp;A targeting diversification</li>
<li>We use data and IT revenues as a proxy for “stickier” potentially recurring revenues in four DM and three EM exchanges, concluding that DM exchanges are under more diversification pressure</li>
<li>We identify three buy opportunities in exchanges; we like Hong Kong Exchange, Deutsche Borse and we add Nasdaq, whilst we are negative on Coinbase which remains the exchange to avoid</li>
</ul>


Exchanges, especially in developed markets, continue to seek revenue streams outside of the traditional trading and transaction-based fees which has led to a mini-boom in exchange-driven M&amp;A targeting diversification
We use data and IT revenues as a proxy for “stickier” potentially recurring revenues in four DM and three EM exchanges, concluding that DM exchanges are under more diversification pressure
We identify three buy opportunities in exchanges; we like Hong Kong Exchange, Deutsche Borse and we add Nasdaq, whilst we are negative on Coinbase which remains the exchange to avoid


Global Exchanges – Pace of Revenue Diversification Differs Between DM and EM Exchanges

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

Intercontinental Exchange / Equity Bottom-Up

<ul><li>Intercontinental Exchange managed to exceed analyst expectations in terms of revenue as well as earnings.</li><li>Their interest rate markets also saw volume rise in the first quarter due to increased hedging activity from central bank activities and banking concerns.</li><li>Intercontinental Exchange also had significant volumes in its SONIA contract, up 12% from the previous year.</li></ul>

Intercontinental Exchange managed to exceed analyst expectations in terms of revenue as well as earnings.Their interest rate markets also saw volume rise in the first quarter due to increased hedging activity from central bank activities and banking concerns.Intercontinental Exchange also had significant volumes in its SONIA contract, up 12% from the previous year.

Intercontinental Exchange Inc.: Noteworthy Success Of The Multi-Currency

Credit

<ul><li>Intercontinental Exchange (ICE) is one of the largest providers of provider of market infrastructure, data services and technology solutions in the world.</li><li>In ICE’s equity derivatives complex, the ADV in its MSCI complex has been rising as the volatility levels in the market have grown.</li><li>Recurring revenues of the company have been increasing, driven by robust demand for the company’s energy exchange data rendering strong future foreseeability.</li></ul>

Intercontinental Exchange (ICE) is one of the largest providers of provider of market infrastructure, data services and technology solutions in the world.In ICE’s equity derivatives complex, the ADV in its MSCI complex has been rising as the volatility levels in the market have grown.Recurring revenues of the company have been increasing, driven by robust demand for the company’s energy exchange data rendering strong future foreseeability.

Intercontinental Exchange (ICE): Detailed Credit Analysis & Financial Strength Evaluation Report

<ul><li>This is our first report on the Intercontinental Exchange (ICE), one of the largest providers of provider of market infrastructure, data services and technology solutions in the world.</li><li>In ICE’s equity derivatives complex, the ADV in its MSCI complex was up as the volatility levels continued rising.</li><li>Recurring revenues increased, driven by robust demand for the company’s energy exchange data as well as the continued benefit from its record 2021 listings performance.</li></ul>

This is our first report on the Intercontinental Exchange (ICE), one of the largest providers of provider of market infrastructure, data services and technology solutions in the world.In ICE’s equity derivatives complex, the ADV in its MSCI complex was up as the volatility levels continued rising.Recurring revenues increased, driven by robust demand for the company’s energy exchange data as well as the continued benefit from its record 2021 listings performance.

Intercontinental Exchange (ICE): Initiation of Coverage – APAC Expansion & Other Drivers

<ul>
<li>We stick with our core theme for exchanges of growing post-trading revenues, as well as capitalising on “big data” in financial transactions and data services, as we head into 2023</li>
<li>We identify four relative value opportunities in exchanges; HKEx, LSEG, MexBolsa and Deutsche Borse feature positively multiple times in our value screens and they are all diversifying revenue streams</li>
<li>We stick with Coinbase as the exchange to avoid, in our view; its revenue streams are heavily exposed to low volumes of crypto transactions, and recent events highlight counterparty risk</li>
</ul>


We stick with our core theme for exchanges of growing post-trading revenues, as well as capitalising on “big data” in financial transactions and data services, as we head into 2023
We identify four relative value opportunities in exchanges; HKEx, LSEG, MexBolsa and Deutsche Borse feature positively multiple times in our value screens and they are all diversifying revenue streams
We stick with Coinbase as the exchange to avoid, in our view; its revenue streams are heavily exposed to low volumes of crypto transactions, and recent events highlight counterparty risk


Global Exchanges – Conviction Picks for 2023

United States

Intercontinental Exchange, Inc. operates global commodity and financial products marketplaces.  The Company operates electronic energy markets and soft commodity exchanges as well.  ICE offers access to contracts based on crude oil and refined products, natural gas, power and emissions, as well as agricultural commodities including cocoa, coffee, cotton, orange juice, and sugar.

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Intercontinental Exchange (ICE US)

Global Exchanges – Pace of Revenue Diversification Differs Between DM and EM Exchanges

We select, as our buys, Nasdaq for its focused diversification strategy, Deutsche Boerse for its relative value versus peers and HKEX for its GARP...

Victor Galliano

Intercontinental Exchange Inc.: Noteworthy Success Of The Multi-Currency

Intercontinental Exchange managed to exceed analyst expectations in terms of revenue as well as earnings. Their interest rate markets also saw...

Baptista Research

Intercontinental Exchange (ICE): Detailed Credit Analysis & Financial Strength Evaluation Report

Intercontinental Exchange (ICE) is one of the largest providers of provider of market infrastructure, data services and technology solutions in...

Baptista Research

Intercontinental Exchange (ICE): Initiation of Coverage – APAC Expansion & Other Drivers

This is our first report on the Intercontinental Exchange (ICE), one of the largest providers of provider of market infrastructure, data services...

Baptista Research

Global Exchanges – Conviction Picks for 2023

Our 2023 picks of HKEx, LSEG, MexBolsa and Deutsche Borse feature positively multiple times in our value screens and they are all diversifying...

Victor Galliano

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52-week Range

Market Cap (USDm)

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