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

Softbank Group - Fortress Sale Looks Better when Returns and Exchange Rate Considered

Softbank (9984 JP) In Latin America: Focus on Fintechs and the LatAm Neobanks

Softbank Group - First Look at Q1 22 Performance

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>Press reports indicate that Klarna is seeking a new funding round, after a 1Q22 of big losses and a recent 10% headcount reduction at Klarna</li>
<li>Softbank made its investment in Klarna at its peak valuation in July 2021; the implied new Klarna valuation range is between 30% and 85% down from the peak</li>
<li>We explore the coming “down round”, and we assess Klarna’s potential valuation metrics relative to payment company peers including US listed BNPL company Affirm and the hit to Softbank’s investment</li>
</ul>


Press reports indicate that Klarna is seeking a new funding round, after a 1Q22 of big losses and a recent 10% headcount reduction at Klarna
Softbank made its investment in Klarna at its peak valuation in July 2021; the implied new Klarna valuation range is between 30% and 85% down from the peak
We explore the coming “down round”, and we assess Klarna’s potential valuation metrics relative to payment company peers including US listed BNPL company Affirm and the hit to Softbank’s investment


Softbank (9984 JP) – Klarna’s Coming “down Round”