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 (9984 JP) – Reasons to Be Careful

SoftBank Plans to Complete IPO of Arm in September on NASDAQ

Softbank (9984 JP): WeWork on the Brink and Other Factors

Softbank (9984 JP): Private Company Valuations Still in Question

Softbank (9984 JP): Focus on Vision Fund II (SVF2) And Masa’s Massive IOUs

SoftBank Group (9884 JP) - Revolut’s Impending Valuation Write-Down?

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 Capital Markets

<ul>
<li>We believe that Masa’s AI predictions and ambitions in the AGM presentation may well need a reality check; nonetheless, Softbank subsidiary Arm is a beneficiary of increasing AI applications</li>
<li>The prospective Arm IPO is a key driver in the recent Softbank group share price rally; we look at AMD’s acquisition of Xilinx for an indication of Arm’s potential valuation</li>
<li>Softbank group’s stated NAV discount narrowed by 19 pp to 31%; we explore Arm IPO valuation scenarios for NAV upside but we only see Softbank upside in a super-premium valuation</li>
</ul>


We believe that Masa’s AI predictions and ambitions in the AGM presentation may well need a reality check; nonetheless, Softbank subsidiary Arm is a beneficiary of increasing AI applications
The prospective Arm IPO is a key driver in the recent Softbank group share price rally; we look at AMD’s acquisition of Xilinx for an indication of Arm’s potential valuation
Softbank group’s stated NAV discount narrowed by 19 pp to 31%; we explore Arm IPO valuation scenarios for NAV upside but we only see Softbank upside in a super-premium valuation


The IPO Shot in the Arm for Softbank (9984 JP), but Is It Enough?

Softbank Group

The IPO Shot in the Arm for Softbank (9984 JP), but Is It Enough?