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

November Brazil Bank Data in Charts – Household and Corporate NPL Metrics Broadly Worsening

EM and DM Neobanks in 2023; Selective Opportunity Driven by Bottom-Up Execution

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

September Brazil Bank Data Charts – Arrears Imply Better NPLs Trends to Come; Have Spreads Peaked?

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>In October, we see more mixed data on credit arrears (15-90 days overdue) with the NPL ratios for consumer “high octane” categories of credit card and auto credits worsening further</li>
<li>System loan growth was +15.8% for the twelve months to October, a deceleration from the September YoY rate (+16.4%), due largely to slower corporate loan growth</li>
<li>New credit spreads rose further MoM, and average loan spreads are set to remain elevated into 2023; we favour Banco do Brasil, despite political concerns which we believe are overdone</li>
</ul>


In October, we see more mixed data on credit arrears (15-90 days overdue) with the NPL ratios for consumer “high octane” categories of credit card and auto credits worsening further
System loan growth was +15.8% for the twelve months to October, a deceleration from the September YoY rate (+16.4%), due largely to slower corporate loan growth
New credit spreads rose further MoM, and average loan spreads are set to remain elevated into 2023; we favour Banco do Brasil, despite political concerns which we believe are overdone


October Brazil Bank Data in Charts – Credit Quality Early Warning Trends More Mixed This Month