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

2022 High Conviction Ideas in FinTech & Financials

Brazil Banking Data Trends to November in Ten Charts – Consumer Credit Delinquencies Worsen Further

Brazil Banking Data Trends to October in Ten Charts – Credit Card Delinquencies Rising

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

Nubank Pre-IPO Research: Priced for Perfection?

Gravity Works As WeWork Doesn't; Now Plan B

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 has revised down its IPO pricing range by close to 20% to USD41.5bn, driven largely by challenging market conditions; this verifies our negative valuation opinion in our previous report</li>
<li>The revised prospectus includes Softbank as Nubank’s new potential cornerstone investor; this is putting pressure on the shares of digital challenger Banco Inter, in which Softbank has a 15% stake</li>
<li>The revised Nubank pricing range narrows the valuation gap with other digital and commercial banks; yet Nubank’s premium valuations need to be justified by medium term super premium earnings growth</li>
</ul>


Nubank has revised down its IPO pricing range by close to 20% to USD41.5bn, driven largely by challenging market conditions; this verifies our negative valuation opinion in our previous report
The revised prospectus includes Softbank as Nubank’s new potential cornerstone investor; this is putting pressure on the shares of digital challenger Banco Inter, in which Softbank has a 15% stake
The revised Nubank pricing range narrows the valuation gap with other digital and commercial banks; yet Nubank’s premium valuations need to be justified by medium term super premium earnings growth


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

NU Holdings

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