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

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2022 High Conviction Ideas in FinTech & Financials

Brazil Banking Data Trends to November in Ten Charts – Consumer Credit Delinquencies Worsen Further

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

<ul>
<li>Brazil’s consumer credit quality headwinds to December seemed to lessen relative to the previous month, with corporate credit quality remaining benign</li>
<li>System loan growth was 16.5% for the full year to December which was an acceleration from the YoY rate for November (15.6%), largely due to the faster consumer loan growth</li>
<li>We expect a big hike in the benchmark rate today to counter inflation, which could impact credit quality in 2022; nonetheless, banks are well provisioned and loan yields should rise</li>
</ul>


Brazil’s consumer credit quality headwinds to December seemed to lessen relative to the previous month, with corporate credit quality remaining benign
System loan growth was 16.5% for the full year to December which was an acceleration from the YoY rate for November (15.6%), largely due to the faster consumer loan growth
We expect a big hike in the benchmark rate today to counter inflation, which could impact credit quality in 2022; nonetheless, banks are well provisioned and loan yields should rise


Brazil Banking Data Trends to December in Twelve Charts – Consumer Credit Quality Less Concerning

Banco do Brasil

Brazil Banking Data Trends to December in Twelve Charts – Consumer Credit Quality Less Concerning