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

Brazilian Presidential Election; What Could a Lula Victory Mean for Financials and Fintech?

XP (XP US) – Modal Acquisition Edges the Needle Higher on AuC, but It Is No Bargain

XP (XP US) – Less Demanding Valuations, but the Overhang Still Weighs

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>After last year, XP screens better versus its global wealth manager and broker peer group on most valuation metrics, yet we remain concerned about share overhang and the competitive climate</li>
<li>Itausa’s NAV discount is narrow, a potential sell signal; Itausa has historically provided discounted exposure to its second largest holding XP, but its XP exposure is now heavily diluted</li>
<li>The global wealth manager screen indicates that UK wealth manager Quilter stands out for its value attributes, especially on PE, market capitalisation to revenue and AUM to market capitalisation ratios</li>
</ul>


After last year, XP screens better versus its global wealth manager and broker peer group on most valuation metrics, yet we remain concerned about share overhang and the competitive climate
Itausa’s NAV discount is narrow, a potential sell signal; Itausa has historically provided discounted exposure to its second largest holding XP, but its XP exposure is now heavily diluted
The global wealth manager screen indicates that UK wealth manager Quilter stands out for its value attributes, especially on PE, market capitalisation to revenue and AUM to market capitalisation ratios


XP (XP US) – Despite the Share Price De-Rating, Better Value to Be Found Elsewhere