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

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

Brazil Banking Data to January-End in Twelve Charts – Consumer NPLs Reflect Higher Benchmark Rates

EM Banks and Financials – The Rebalancing in Index Weightings from the LatAm Perspective

2022 High Conviction Ideas in FinTech & Financials

Brazil Banking Data Trends to September in Ten Charts – Credit Quality Divergence

Brazil Banking Data Trends to October in Ten Charts – Credit Card Delinquencies Rising

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 credit quality trends to November showed a broader deterioration in consumer credit categories than in October</li>
<li>System loan growth was 15.6% on a YoY basis in November which was a slowdown from October (16%), largely due to the deceleration in corporate loan growth</li>
<li>Benchmark rates continue to rise sharply to combat inflation, so we expect consumer credit quality to come under pressure going forward; nonetheless, commercial banks are well provisioned</li>
</ul>


Brazil’s credit quality trends to November showed a broader deterioration in consumer credit categories than in October
System loan growth was 15.6% on a YoY basis in November which was a slowdown from October (16%), largely due to the deceleration in corporate loan growth
Benchmark rates continue to rise sharply to combat inflation, so we expect consumer credit quality to come under pressure going forward; nonetheless, commercial banks are well provisioned


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

Banco do Brasil

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