Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

Nippon Steel Corporation / Equity Bottom-Up

<ul>
<li>FY26–30 plan lifts scale ambitions, but ¥6 tn capex and U.S. Steel integration keep free cash flow negative through FY26.</li>
<li>U.S. Steel synergies shift to FY27–28 amid labor, regulatory, and spread pressures, delaying ROCE recovery toward the 9–10% target.</li>
<li>Look cheap on NTM multiples, but elevated leverage, FX sensitivity, and sub-8% forward ROCE limit near-term re-rating.</li>
</ul>


FY26–30 plan lifts scale ambitions, but ¥6 tn capex and U.S. Steel integration keep free cash flow negative through FY26.
U.S. Steel synergies shift to FY27–28 amid labor, regulatory, and spread pressures, delaying ROCE recovery toward the 9–10% target.
Look cheap on NTM multiples, but elevated leverage, FX sensitivity, and sub-8% forward ROCE limit near-term re-rating.


Nippon Steel: Ambition Raised, Returns Deferred

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Capital Markets

<ul>
<li>In this insight, we provide a list of 70 prominent companies in the USA and Europe that could complete their IPOs in 2026.</li>
<li>Many companies that have been preparing their IPOs in 2024/2025 have postponed their IPO launches until next year for better timing.</li>
<li><em><strong>Some of the most prominent potential IPOs in the US/Europe that could get completed in 2026 include SpaceX, Stripe, OpenAI, Discord, Anthropic, Ripple, and Revolut.</strong></em></li>
</ul>


In this insight, we provide a list of 70 prominent companies in the USA and Europe that could complete their IPOs in 2026.
Many companies that have been preparing their IPOs in 2024/2025 have postponed their IPO launches until next year for better timing.
Some of the most prominent potential IPOs in the US/Europe that could get completed in 2026 include SpaceX, Stripe, OpenAI, Discord, Anthropic, Ripple, and Revolut.


Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Perimeter Solutions is turning up the heat on its strategic ambitions with the proposed $685 million acquisition of Medical Manufacturing Technologies (MMT), a move that could reshape its operational landscape.</li><li>Announced on December 10, 2025, the deal is expected to close in Q1 2026 and will be financed via $500 million in new secured debt and $185 million in existing cash.</li><li>This announcement comes on the heels of Perimeter’s robust Q3 2025 performance, marked by $186.3 million in adjusted EBITDA and year-to-date free cash flow generation of $197 million.</li></ul>

Perimeter Solutions is turning up the heat on its strategic ambitions with the proposed $685 million acquisition of Medical Manufacturing Technologies (MMT), a move that could reshape its operational landscape.Announced on December 10, 2025, the deal is expected to close in Q1 2026 and will be financed via $500 million in new secured debt and $185 million in existing cash.This announcement comes on the heels of Perimeter’s robust Q3 2025 performance, marked by $186.3 million in adjusted EBITDA and year-to-date free cash flow generation of $197 million.

Perimeter Solutions Goes Big With MMT Acquisition—Will It Pay Off?

Independent Price Reporting Agency, QC Intel

Quantum Commodity Intelligence

Independent Price Reporting Agency

QC Intel

We are an independent price reporting agency (PRA) providing price assessments, original news and trade data for the global energy transition markets.

Our mission is to bring greater transparency to these rapidly developing markets, powering transactions and helping the world to decarbonize as efficiently as possible.

Commodities

<ul><li>Crude oil futures were little moved Friday but still on track for a second weekly decline, as sentiment swayed between geopolitics and supply surplus.</li><li>Front-month Feb26 ICE Brent futures were trading at $61.09/b (2028 GMT) versus Thursday's settle of $61.28/b, while Jan26 NYMEX WTI was at $57.39/b against a previous close of $57.60/b.</li><li>This week's seizure of a tanker that Washington said is linked to illicit shipments of both Venezuelan and Iranian oil has raised tensions in the region, potentially threatening future exports, while analysts were monitoring any potential retaliation from Iran.</li></ul>

Crude oil futures were little moved Friday but still on track for a second weekly decline, as sentiment swayed between geopolitics and supply surplus.Front-month Feb26 ICE Brent futures were trading at $61.09/b (2028 GMT) versus Thursday's settle of $61.28/b, while Jan26 NYMEX WTI was at $57.39/b against a previous close of $57.60/b.This week's seizure of a tanker that Washington said is linked to illicit shipments of both Venezuelan and Iranian oil has raised tensions in the region, potentially threatening future exports, while analysts were monitoring any potential retaliation from Iran.

Oil futures: Crude flat amid surplus fears, geopolitical uncertainty

Equity Derivatives and Volatility Specialist, Clifton Derivatives

John Ley

Equity Derivatives and Volatility Specialist

Clifton Derivatives

Independent derivative and volatility research firm focusing on events/catalysts, earnings, relative value and cross asset volatility strategies.

Equity Derivatives

<ul>
<li>Early weakness gave way to a late rebound, leaving HSI modestly lower on the week after a choppy but contained trading pattern.</li>
<li>Breadth continued to deteriorate, with fewer than one third of optionable names finishing higher for a second consecutive week. Option volumes continue lower trend.</li>
<li>Pop Mart stood out with a large increase in option volume after heavy selling to start the week.</li>
</ul>


Early weakness gave way to a late rebound, leaving HSI modestly lower on the week after a choppy but contained trading pattern.
Breadth continued to deteriorate, with fewer than one third of optionable names finishing higher for a second consecutive week. Option volumes continue lower trend.
Pop Mart stood out with a large increase in option volume after heavy selling to start the week.


Hong Kong Single Stock Options Weekly (Dec 08–12): Late Support Emerges as Breadth and Volumes Slide