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

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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

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<li>
<a href="https://www.smartkarma.com/entities/unicredit-spa" target="_blank" data-smartkarma-citation="entities:21234:1" rel="noopener">UniCredit SpA (UCG IM)</a>  is to appoint Andrea Orcel as its next CEO, according to reports in the financial press</li>
<li>Orcel will need to walk the tightrope of defending Unicredit’s shareholder value and the political hot potato of the potential Banca Monte dei Paschi absorption</li>
<li>We believe that Orcel as CEO will act as an effective check to Unicredit chairman-designate Padoan, the most influential and vocal proponent of the BMPS deal</li>
<li>In the event of a Unicredit-BMPS union, we would expect Orcel to drive for a capital neutral deal, with a relatively clean BMPS balance sheet</li>
<li>Despite Unicredit shares having rallied by over 6% in the last two days on the Orcel announcement, we still see Unicredit as a very attractive value play among Italian and European banks</li>
<li>Risks to our view include a Unicredit-BMPS union that implies the absorption of a high level of BMPS NPLs and a less than neutral impact on Unicredit’s capital position</li>
</ul>



UniCredit SpA (UCG IM)  is to appoint Andrea Orcel as its next CEO, according to reports in the financial press
Orcel will need to walk the tightrope of defending Unicredit’s shareholder value and the political hot potato of the potential Banca Monte dei Paschi absorption
We believe that Orcel as CEO will act as an effective check to Unicredit chairman-designate Padoan, the most influential and vocal proponent of the BMPS deal
In the event of a Unicredit-BMPS union, we would expect Orcel to drive for a capital neutral deal, with a relatively clean BMPS balance sheet
Despite Unicredit shares having rallied by over 6% in the last two days on the Orcel announcement, we still see Unicredit as a very attractive value play among Italian and European banks
Risks to our view include a Unicredit-BMPS union that implies the absorption of a high level of BMPS NPLs and a less than neutral impact on Unicredit’s capital position


Unicredit (UCG IM) – Orcel’s Balancing Act