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

China’s Central Bank Digital Currency; Is It a Major Threat to Non-Bank Digital Payment Providers?

Alibaba (BABA): 2Q22, Revenue Growth Higher than Our Estimate, But Margin Lower than Our Estimate

China ADRs Delisting - US Tightens and HK Loosens Requirements - Long/Short Basket Trade

Alibaba (BABA US) – No Longer the Black Sheep?

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

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

Alibaba Group Holding  / Equity Bottom-Up

<ul>
<li>Alibaba’s share price is very close to its four year low due to the Tech fallout and regulatory concerns about the Chinese government; nonetheless, much bad news is now discounted</li>
<li>The share price weakness also reflects investor concerns about BABA’s potential NYSE delisting, following Didi’s NYSE delisting announcement last month under pressure from the Chinese authorities</li>
<li>Alibaba is very close to a long term PEG ratio of 1x based on consensus estimates, and trades on very modest earnings and EBITDA multiples given its continued growth potential</li>
</ul>


Alibaba’s share price is very close to its four year low due to the Tech fallout and regulatory concerns about the Chinese government; nonetheless, much bad news is now discounted
The share price weakness also reflects investor concerns about BABA’s potential NYSE delisting, following Didi’s NYSE delisting announcement last month under pressure from the Chinese authorities
Alibaba is very close to a long term PEG ratio of 1x based on consensus estimates, and trades on very modest earnings and EBITDA multiples given its continued growth potential


Alibaba (BABA US): Looking to a Better ‘22