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

US Regional Banks – Credit Spread Silver Linings to Mitigate Loan Quality and Volume Headwinds

US Banks – A Closer Look at Office Exposure and Revisiting Capital Adequacy

US Banks - Weekly Balance Sheet Data Suggests Rapid Growth Of Credit Costs

US Bank Sector Stress – Old Fashioned Risks and a Regulatory Loophole Meet the Digital Age

M&T Bank Corporation: Initiation of Coverage – Playing The Rate Hike Well And Creating An Investor Safe Haven – Key Drivers

The Fed & Global Liquidity After SVB: Climate Change!

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>Deposit outflows for 1Q23 in the most affected of the mid-sized US banks were in low double digits, much less severe than the deposit collapse suffered by First Republic</li>
<li>In fact, since the end of 1Q23, some smaller banks have reported slightly positive deposit flows, and the recent usage of Fed and FHLB funding lines is not alarming</li>
<li>We review a select group of mid-sized US banks focusing in on a number of key metrics; despite the challenging times, we like M&amp;T Bank and Western Alliance</li>
</ul>


Deposit outflows for 1Q23 in the most affected of the mid-sized US banks were in low double digits, much less severe than the deposit collapse suffered by First Republic
In fact, since the end of 1Q23, some smaller banks have reported slightly positive deposit flows, and the recent usage of Fed and FHLB funding lines is not alarming
We review a select group of mid-sized US banks focusing in on a number of key metrics; despite the challenging times, we like M&amp;T Bank and Western Alliance


US Banks – Is System Deposit Flight Being Contained?

M & T Bank Corp

US Banks – Is System Deposit Flight Being Contained?