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.

Equity Bottom-Up

<ul><li>Albemarle Corporation's first quarter of 2025 earnings report provides a measured perspective on the company's current standing and future prospects, presenting an amalgam of strengths and challenges faced by the company.</li><li>The corporation reported net sales of $1.1 billion, reflecting robust lithium production, particularly through their integrated conversion network.</li><li>This was a positive highlight in a period marked by broader volatility in lithium pricing.</li></ul>

Albemarle Corporation's first quarter of 2025 earnings report provides a measured perspective on the company's current standing and future prospects, presenting an amalgam of strengths and challenges faced by the company.The corporation reported net sales of $1.1 billion, reflecting robust lithium production, particularly through their integrated conversion network.This was a positive highlight in a period marked by broader volatility in lithium pricing.

Albemarle Corporation: An Analysis Of Its Lithium Contracting Strategy

<ul><li>Albemarle Corporation presented its financial performance for the fourth quarter and full year of 2024, highlighting several critical aspects of the company's operations, financial health, and market dynamics.</li><li>The fourth quarter saw Albemarle reporting net sales of $1.2 billion, although this marked a decline primarily attributed to lower lithium market pricing.</li><li>Nevertheless, the company achieved a positive milestone with an adjusted EBITDA of $251 million, showing enhancements in productivity, cost efficiency, and sales volumes across its business segments.</li></ul>

Albemarle Corporation presented its financial performance for the fourth quarter and full year of 2024, highlighting several critical aspects of the company's operations, financial health, and market dynamics.The fourth quarter saw Albemarle reporting net sales of $1.2 billion, although this marked a decline primarily attributed to lower lithium market pricing.Nevertheless, the company achieved a positive milestone with an adjusted EBITDA of $251 million, showing enhancements in productivity, cost efficiency, and sales volumes across its business segments.

Albemarle Corporation: These Recent Lithium Market Shifts & Diversification Moves Could Reshape Its Future!

<ul><li>Albemarle Corporation's Q3 2024 earnings demonstrated strong execution with volumetric growth in its Energy Storage division and year-over-year EBITDA growth in its Specialties and Ketjen segments.</li><li>The company's liquidity and leverage metrics are strong, with Albemarle maintaining leverage well below covenant limits and demonstrating operating cash conversion of over 100%.</li><li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

Albemarle Corporation's Q3 2024 earnings demonstrated strong execution with volumetric growth in its Energy Storage division and year-over-year EBITDA growth in its Specialties and Ketjen segments.The company's liquidity and leverage metrics are strong, with Albemarle maintaining leverage well below covenant limits and demonstrating operating cash conversion of over 100%.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Albemarle Corporation: Will Its Volume Growth & Asset Utilization Help Bring A Shift In The Competitive Dynamics? - Major Drivers

<ul><li>Albemarle Corporation's Q2 2024 earnings reveal a mix of operational successes and challenges reflective of the broader industry landscape.</li><li>During the quarter, the company reported net sales of $1.4 billion, a substantial decrease from $2.4 billion a year prior, primarily due to decreased pricing.</li><li>The loss attributable to Albemarle stood at $188 million, reflecting a significant downturn from profitability, with a diluted loss per share of $1.96.</li></ul>

Albemarle Corporation's Q2 2024 earnings reveal a mix of operational successes and challenges reflective of the broader industry landscape.During the quarter, the company reported net sales of $1.4 billion, a substantial decrease from $2.4 billion a year prior, primarily due to decreased pricing.The loss attributable to Albemarle stood at $188 million, reflecting a significant downturn from profitability, with a diluted loss per share of $1.96.

Albemarle Corporation: These Are The 7 Factors Driving Our 'Buy' Rating! - Financial Forecasts

Materials| Industrials |Commodities

Rahul Jain

Zijin Mining Group Co Ltd H / Equity Bottom-Up

<ul>
<li>5-Year Growth: EBITDA doubled to RMB 72.6 bn; production scaled across copper, gold, and lithium through global M&amp;A and low-cost execution.</li>
<li>Capex Plans: USD 10.4 bn over 5 years across copper, lithium, and gold; includes Zijin Gold International spin-off by late 2025.</li>
<li>Zijin is projected to deliver 19–27% CAGR in EBITDA and net profit through 2026, yet trades at just 6.3x 2025E EV/EBITDA — a notable discount to peers trading at 7–8x</li>
</ul>


5-Year Growth: EBITDA doubled to RMB 72.6 bn; production scaled across copper, gold, and lithium through global M&amp;A and low-cost execution.
Capex Plans: USD 10.4 bn over 5 years across copper, lithium, and gold; includes Zijin Gold International spin-off by late 2025.
Zijin is projected to deliver 19–27% CAGR in EBITDA and net profit through 2026, yet trades at just 6.3x 2025E EV/EBITDA — a notable discount to peers trading at 7–8x


Zijin Mining Group: Undervalued, Diversified, and Scaling Fast

United States

Albemarle Corporation produces specialty and fine chemicals.  The Company's chemicals are additives to or intermediates for plastics, polymers and elastomers, cleaning products, agricultural compounds, pharmaceuticals, photographic chemicals, drilling compounds, and biocides.  Albemarle produces the majority of its products in the United States.

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Albemarle Corp (ALB US)

Albemarle Corporation: An Analysis Of Its Lithium Contracting Strategy

Albemarle Corporation's first quarter of 2025 earnings report provides a measured perspective on the company's current standing and future...

Baptista Research

Albemarle Corporation: These Recent Lithium Market Shifts & Diversification Moves Could Reshape Its Future!

Albemarle Corporation presented its financial performance for the fourth quarter and full year of 2024, highlighting several critical aspects of...

Baptista Research

Albemarle Corporation: Will Its Volume Growth & Asset Utilization Help Bring A Shift In The Competitive Dynamics? - Major Drivers

Albemarle Corporation's Q3 2024 earnings demonstrated strong execution with volumetric growth in its Energy Storage division and year-over-year...

Baptista Research

Albemarle Corporation: These Are The 7 Factors Driving Our 'Buy' Rating! - Financial Forecasts

Albemarle Corporation's Q2 2024 earnings reveal a mix of operational successes and challenges reflective of the broader industry landscape. During...

Baptista Research

Zijin Mining Group: Undervalued, Diversified, and Scaling Fast

In May 2025, Zijin Mining considered halting operations at its Kyzyl-Tashtyg zinc-lead mine in Russia due to sanctions and banking restrictions,...

Rahul Jain

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