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

Mexican Banks’ August Data and Trends – as Good as It Gets?

Banorte (GFNORTEO MX) – No Longer Bidding for Banamex, but Tougher Fundamental Hurdles into 2023

CitiBanamex Legacy Operations – Revisiting Banorte’s Potential M&A Challenge and Opportunity

CitiBanamex – Potential Bidders Get Serious, We Stay Cautious on Banorte

Banorte – Shareholders Would Be Better off Without Banamex

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.

Event-Driven

Grupo Financiero Banorte SAB d / Event-Driven

Grupo Financiero Banorte SAB d (GFNORTEO MF)

<ul>
<li>Santander’s USD6bn offer for Banamex was rejected by Citi as too low, according to press reports; the estimated valuation range for Banamex is now from USD7bn to USD8bn</li>
<li>This leaves Inbursa, the Mifel-Grupo Mexico consortium and Banorte as contenders, with Banorte still a leading contender</li>
<li>We continue to be cautious on Banorte, as its potential M&amp;A success would mean big challenges in terms of capital requirements, along with portfolio de-risking and unpopular cost-cutting</li>
</ul>


Santander’s USD6bn offer for Banamex was rejected by Citi as too low, according to press reports; the estimated valuation range for Banamex is now from USD7bn to USD8bn
This leaves Inbursa, the Mifel-Grupo Mexico consortium and Banorte as contenders, with Banorte still a leading contender
We continue to be cautious on Banorte, as its potential M&amp;A success would mean big challenges in terms of capital requirements, along with portfolio de-risking and unpopular cost-cutting


Banamex – Now There Are Three Potential Bidders, Still Including Banorte