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

Primer on Brazilian Digital Banking – Disrupters & Adapters

Brazilian Banks; June Central Bank Data Is a Mixed Bag

Banco Do Brasil (BBAS3 BZ) - Sound Progress, and Great Value Versus Its LatAm Peers

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

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

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

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 pension reform agenda moves closer to approval, with  its passage through the special commission of the lower house last week</li>
<li>We expect the Chamber of Deputies vote to be a positive one this week, as the voting intention indications seem to be constructive</li>
<li>The passage of pension reform is set to be followed with other economic reforms, such as tax code reform and an accelerated privatization program</li>
<li>Brazilian equities, especially blue chips, have re-rated and we think there is more to come, although in banks we would be selective</li>
<li>We believe that <a href="https://www.smartkarma.com/entities/banco-do-brasil-sa" target="_blank" data-smartkarma-citation="entities:24564:1" rel="noopener">Banco Do Brasil Sa (BBAS3 BZ)</a> stands out among the Brazilian big-cap banks, based on its attractive valuations, improving ROE and its potential to improve its CET1 ratio through non-core disposals</li>
</ul>


Brazil's pension reform agenda moves closer to approval, with  its passage through the special commission of the lower house last week
We expect the Chamber of Deputies vote to be a positive one this week, as the voting intention indications seem to be constructive
The passage of pension reform is set to be followed with other economic reforms, such as tax code reform and an accelerated privatization program
Brazilian equities, especially blue chips, have re-rated and we think there is more to come, although in banks we would be selective
We believe that Banco Do Brasil Sa (BBAS3 BZ) stands out among the Brazilian big-cap banks, based on its attractive valuations, improving ROE and its potential to improve its CET1 ratio through non-core disposals


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

Banco do Brasil

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