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

StubWorld: PCCW's Questionable NAV Premium. Plus Softbank Vs. Arm

SoftBank Group (9984 JP): A Bigger Bounty Awaits with Swiggy's Upcoming IPO

Softbank (9984 JP) - Despite the High NAV Discount, We See Greater Headwinds; Downgrading to Neutral

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>SoftBank group (SBG) relies mainly on Arm re-rating further for NAV growth, yet Arm’s valuation already discounts, in our view, much growth potential; SBG and Arm shares are highly correlated</li>
<li>JPY-USD FX has weakened recently, but the potential for BoJ monetary tightening could reverse this trend impacting SBG, given the high skew of USD assets relative to USD liabilities</li>
<li>The Vision Funds are hampered by few private company exits; SBG’s NAV discount remains high, but its dependence on Arm is a major risk; we turn negative on SBG</li>
</ul>


SoftBank group (SBG) relies mainly on Arm re-rating further for NAV growth, yet Arm’s valuation already discounts, in our view, much growth potential; SBG and Arm shares are highly correlated
JPY-USD FX has weakened recently, but the potential for BoJ monetary tightening could reverse this trend impacting SBG, given the high skew of USD assets relative to USD liabilities
The Vision Funds are hampered by few private company exits; SBG’s NAV discount remains high, but its dependence on Arm is a major risk; we turn negative on SBG


Softbank (9984 JP): The Importance of Arm Is More a Curse than a Blessing

Softbank Group

Softbank (9984 JP): The Importance of Arm Is More a Curse than a Blessing