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

Nubank’s Revised IPO Pricing Range, and the Emergence of a New Potential Cornerstone Investor

Nubank (NU US) – IPO Done, Now Comes the Hard Part

2022 High Conviction Ideas in FinTech & Financials

Primer on Brazilian Digital Banking – Disrupters & Adapters

Brazil Banking Data Trends to September in Ten Charts – Credit Quality Divergence

Banco Inter (BIDI11 BZ):  Tough 3Q21, No Let up on the Horizon

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 Capital Markets

<ul>
<li>Nubank, the leading digital native bank in Brazil and Latin America, by number of customers, has filed for an IPO with an indication valuation in excess of USD50bn </li>
<li>Nubank is strong in terms of its key fintech metrics and trends, such as revenue per user relative to its cost to serve and it has low customer acquisition costs </li>
<li>Nubank is a clear leading fintech benchmark; yet its challenges are its super-premium valuation in the face of unsettled markets, and the delivery of fast growth whilst controlling loan delinquency</li>
</ul>


Nubank, the leading digital native bank in Brazil and Latin America, by number of customers, has filed for an IPO with an indication valuation in excess of USD50bn 
Nubank is strong in terms of its key fintech metrics and trends, such as revenue per user relative to its cost to serve and it has low customer acquisition costs 
Nubank is a clear leading fintech benchmark; yet its challenges are its super-premium valuation in the face of unsettled markets, and the delivery of fast growth whilst controlling loan delinquency


Nubank Pre-IPO Research: Priced for Perfection?

NU Holdings

Nubank Pre-IPO Research: Priced for Perfection?