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

Banco Do Brasil (BBAS3 BZ): Neoenergia IPO Kicks off Non-Core Disposals

Brazilian Pension Reform Moves Ahead; We Stick with Our Positive View on Banco Do Brasil

Primer on Brazilian Digital Banking – Disrupters & Adapters

Brazil Banks Outlook; Pension Reform, the Big Recession Hangover Cure?

Banco Do Brasil (BBAS3) - Capital Contributions from Potential Non-Core Disposals

Brazil Politics; The "Noise" On Pension Reform Is an Investor Opportunity

Brazilian Political Turmoil Adds to Market Volatility, and Concerns on Pension Reform

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.

Cross Asset Strategy

<ul>
<li>Brazilian 1Q19 GDP growth was -0.2% qoq, +0.5% yoy, a negative surprise for the market</li>
<li>Pension reform, although slow, is progressing and both executive and legislature are more engaged</li>
<li>Brazil Bank sector trends to April-end show loan growth acceleration, controlled delinquency and steady lending spreads</li>
<li>We reiterate our positive view on <a href="https://www.smartkarma.com/entities/banco-do-brasil-sa" target="_blank" data-smartkarma-citation="entities:24564:1">Banco Do Brasil Sa (BBAS3 BZ)</a> , for its value attributes and potential to deliver better returns going forward, and potential disposals of non-core interests boosting capital</li>
</ul>


Brazilian 1Q19 GDP growth was -0.2% qoq, +0.5% yoy, a negative surprise for the market
Pension reform, although slow, is progressing and both executive and legislature are more engaged
Brazil Bank sector trends to April-end show loan growth acceleration, controlled delinquency and steady lending spreads
We reiterate our positive view on Banco Do Brasil Sa (BBAS3 BZ) , for its value attributes and potential to deliver better returns going forward, and potential disposals of non-core interests boosting capital


Brazil GDP Contraction, Sluggish Progress on Pension Reform Overshadow Sound Bank Sector Trends