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

EM Digital Banks Overview - Brazil, South Korea and Indonesia

Itausa (ITSA4 BZ) – Historically Big NAV Discount Buying Opportunity

Itausa (ITSA4 BZ); Attractive NAV Discount, Dividend Yield & Portfolio Diversification Are Positives

Brazil Banking Data to February in 12 Charts – Consumer NPLs Worsened Further Pushed by Higher Rates

April Brazil Bank Data in Twelve Charts; Consumer and SME NPLs Worsened, Higher Credit Spreads

Brazil Banks – Returns Tug of War Between Spreads and Credit Costs, Stick with Banco Do Brasil

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 trends to June showed an improvement across most series, with the exception of the credit cards category</li>
<li>System loan growth was +17.8% for the twelve months to June, an acceleration from the YoY rate for May (+16.9%), due largely to the pick-up in corporate loan growth</li>
<li>The BCB’s latest consensus estimates suggest that benchmark rate have now peaked at 13.75%; our preferred Brazilian bank remains Banco do Brasil, for good credit quality and attractive valuations</li>
</ul>


Brazil’s consumer credit quality trends to June showed an improvement across most series, with the exception of the credit cards category
System loan growth was +17.8% for the twelve months to June, an acceleration from the YoY rate for May (+16.9%), due largely to the pick-up in corporate loan growth
The BCB’s latest consensus estimates suggest that benchmark rate have now peaked at 13.75%; our preferred Brazilian bank remains Banco do Brasil, for good credit quality and attractive valuations


June Brazil Bank Data in Twelve Charts – Credit Spreads Keep Rising, NPLs More Benign