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

Grupo Gilinski Ups the Ante on Grupo Suramericana with Enhanced Bids

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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 de Inversiones Suramericana / Event-Driven

Grupo de Inversiones Suramericana (GRUPOSUR CB)

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<li>Grupo Gilinski’s bid for upto 31.68% of Grupo Suramericana’s ordinary shares follows Gilinski’s bid for 62.625% of Nutresa in November; this is potentially a big wake-up call in corporate Colombia</li>
<li>Gilinski’s bids are, in our view, initial steps in an effort to gain control of BanColombia via the Grupo Suramericana holding, whilst also highlighting the discounted valuations of Suramericana’s holdings</li>
<li>We believe that Gilinski’s offer still provides upside potential for Suramericana ordinary shares; this should also support BanColombia ordinary shares and, under specific circumstances, also be positive for BanColombia ADRs</li>
</ul>


Grupo Gilinski’s bid for upto 31.68% of Grupo Suramericana’s ordinary shares follows Gilinski’s bid for 62.625% of Nutresa in November; this is potentially a big wake-up call in corporate Colombia
Gilinski’s bids are, in our view, initial steps in an effort to gain control of BanColombia via the Grupo Suramericana holding, whilst also highlighting the discounted valuations of Suramericana’s holdings
We believe that Gilinski’s offer still provides upside potential for Suramericana ordinary shares; this should also support BanColombia ordinary shares and, under specific circumstances, also be positive for BanColombia ADRs


Gilinski Targets Grupo Suramericana’s Financial Operations in Hostile Bid