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

January Brazil Bank Data in Charts –NPL Trends Are the Main Concern

February Brazil Bank Data in Charts – NPL Trends a Concern, yet Liquidity and Solvency Seem Sound

December Brazil Bank Data in Charts – Household and SME NPL Metrics Are the Focus Points

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>Lula increased his verbal offensive against the Central Bank’s independence and its monetary policy; is this a storm in a teacup or a threat to the Central Bank’s status quo?</li>
<li>With the appointment of Fernando Haddad as left-leaning finance minister, there is genuine concern regarding the scope for potential interference by the Lula administration in forthcoming monetary policy</li>
<li>Government interference could lead to public sector banks offering more subsidized credit to lower income groups; although this is Caixa Economica Federal’s domain, this could increasingly include Banco do Brasil</li>
</ul>


Lula increased his verbal offensive against the Central Bank’s independence and its monetary policy; is this a storm in a teacup or a threat to the Central Bank’s status quo?
With the appointment of Fernando Haddad as left-leaning finance minister, there is genuine concern regarding the scope for potential interference by the Lula administration in forthcoming monetary policy
Government interference could lead to public sector banks offering more subsidized credit to lower income groups; although this is Caixa Economica Federal’s domain, this could increasingly include Banco do Brasil


Lula Hits Out at Central Bank Independence; Time to Take Profits on Banco Do Brasil