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

Brazilian Presidential Election; What Could a Lula Victory Mean for Financials and Fintech?

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

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

August Brazil Bank Data in Charts – Credit Spreads Keep Rising, but Consumer NPL Trends Worsened

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

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

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 September, we highlight that data on credit in arrears (15-90 days overdue) showed MoM improvements in all our measures; this implies a positive leading indicator for NPLs</li>
<li>System loan growth was +16.8% for the twelve months to September, a slight acceleration from the August YoY rate (+16.7%), due largely to faster corporate loan growth</li>
<li>New credit spreads appear to have peaked, even if spreads on average loans are set to remain elevated; we favour Banco do Brasil, for good credit quality and attractive valuations</li>
</ul>


In September, we highlight that data on credit in arrears (15-90 days overdue) showed MoM improvements in all our measures; this implies a positive leading indicator for NPLs
System loan growth was +16.8% for the twelve months to September, a slight acceleration from the August YoY rate (+16.7%), due largely to faster corporate loan growth
New credit spreads appear to have peaked, even if spreads on average loans are set to remain elevated; we favour Banco do Brasil, for good credit quality and attractive valuations


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