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.

Private Capital Markets

Revolut Limited / Private Capital Markets

<ul>
<li>Management is targeting a USD40bn IPO valuation for Revolut; the last funding round in 2021 valued it at USD33bn, but current year investor valuations have ranged from USD19.9bn to USD25.7bn</li>
<li>We provide key fintech and bank ratios for the UK digital banks; Revolut is more an FX paytech with a small loan book; Starling is a more “balanced” digital bank</li>
<li>Relative to its UK unlisted peers and select listed digital peers, Revolut’s target IPO valuation does appear to be rich; it is also still seeking a UK bank licence</li>
</ul>


Management is targeting a USD40bn IPO valuation for Revolut; the last funding round in 2021 valued it at USD33bn, but current year investor valuations have ranged from USD19.9bn to USD25.7bn
We provide key fintech and bank ratios for the UK digital banks; Revolut is more an FX paytech with a small loan book; Starling is a more “balanced” digital bank
Relative to its UK unlisted peers and select listed digital peers, Revolut’s target IPO valuation does appear to be rich; it is also still seeking a UK bank licence


Revolut IPO Prospects – Rich Target Valuation Relative to Digital Bank Peers

United Kingdom

Revolut Limited designs and develops application software. The Company offers money transfers, vaults, budgeting, cryptocurrency, mobile phone, and medical insurance. Revolut serves customers in the United Kingdom.

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Revolut Limited (1304654D LN)

Revolut IPO Prospects – Rich Target Valuation Relative to Digital Bank Peers

Revolut targets a USD40bn IPO valuation, but recent investor valuations range from USD19.9bn to USD25.7bn; compared to a broad peer group,...

Victor Galliano

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Revolut IPO Prospects – Rich Target Valuation Relative to Digital Bank Peers

​Revolut targets a USD40bn IPO valuation, but recent investor valuations range from USD19.9bn to USD25.7bn; compared to a broad peer group,...

Victor Galliano

Revolut targets a USD40bn IPO valuation, but recent investor valuations range from USD19.9bn to USD25.7bn; compared to a broad peer group,...