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>Alcoa Corporation’s third-quarter 2025 performance showcased a nuanced mix of operational strength and strategic undertakings amidst significant external and internal challenges.</li><li>The company reported a decrease in revenue by 1% to $3 billion, attributed primarily to lower volumes and prices in the Alumina segment and unfavorable currency impacts, despite an increase in the Aluminum segment's revenue due to higher metal prices.</li><li>A noteworthy aspect of this quarter was the permanent closure of Alcoa’s Kwinana refinery and the sale of its interest in the Ma'aden joint venture, which yielded a notable financial gain offset by restructuring charges.</li></ul>

Alcoa Corporation’s third-quarter 2025 performance showcased a nuanced mix of operational strength and strategic undertakings amidst significant external and internal challenges.The company reported a decrease in revenue by 1% to $3 billion, attributed primarily to lower volumes and prices in the Alumina segment and unfavorable currency impacts, despite an increase in the Aluminum segment's revenue due to higher metal prices.A noteworthy aspect of this quarter was the permanent closure of Alcoa’s Kwinana refinery and the sale of its interest in the Ma'aden joint venture, which yielded a notable financial gain offset by restructuring charges.

Alcoa Corporation: Strategic Partnerships & Supply Chain Developments to Build Resilience Against Supply Chain Disruptions

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<ul>
  <li>
<a href="https://smartkarma.com/entities/alcoa-corp">Alcoa </a>is a globally significant, vertically integrated aluminum producer, well-positioned with extensive bauxite and alumina assets. However, the company's financial performance is highly sensitive to volatile commodity prices, energy costs, and geopolitical factors.</li>
  <li>Recent financial results have been challenging, marked by revenue declines and net losses, driven by lower alumina pricing and tariff impacts. The company is focused on operational efficiency and cost reduction, including restructuring key assets.</li>
  <li>The long-term outlook is supported by the global transition to a low-carbon economy, which is expected to drive significant demand for lightweight and recyclable aluminum, particularly in the transportation and renewable energy sectors. Alcoa's focus on sustainable aluminum solutions positions it to capitalize on this trend.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  
Alcoa is a globally significant, vertically integrated aluminum producer, well-positioned with extensive bauxite and alumina assets. However, the company's financial performance is highly sensitive to volatile commodity prices, energy costs, and geopolitical factors.
  Recent financial results have been challenging, marked by revenue declines and net losses, driven by lower alumina pricing and tariff impacts. The company is focused on operational efficiency and cost reduction, including restructuring key assets.
  The long-term outlook is supported by the global transition to a low-carbon economy, which is expected to drive significant demand for lightweight and recyclable aluminum, particularly in the transportation and renewable energy sectors. Alcoa's focus on sustainable aluminum solutions positions it to capitalize on this trend.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

<ul><li>The second quarter of 2025 presented Alcoa Corporation with a mix of challenges and achievements.</li><li>On the financial front, Alcoa reported a sequential revenue decline of 10%, bringing the quarter's total to $3 billion.</li><li>The Alumina segment saw a significant 28% drop in third-party revenue due to declining prices, although higher shipment volumes provided some relief.</li></ul>

The second quarter of 2025 presented Alcoa Corporation with a mix of challenges and achievements.On the financial front, Alcoa reported a sequential revenue decline of 10%, bringing the quarter's total to $3 billion.The Alumina segment saw a significant 28% drop in third-party revenue due to declining prices, although higher shipment volumes provided some relief.

Alcoa Digital Future: How Will The Green Transition Transform Its Growth Story?

<ul><li>Alcoa Corporation reported a strong first quarter for 2025, highlighted by improved safety performance and stable production across most operations.</li><li>The company maintained a commitment to operational excellence, focusing on safety, stability, and continuous improvement amid positive market conditions.</li><li>A key development was the improvement at the Alumar smelter in Brazil, which is now operating at 91% capacity.</li></ul>

Alcoa Corporation reported a strong first quarter for 2025, highlighted by improved safety performance and stable production across most operations.The company maintained a commitment to operational excellence, focusing on safety, stability, and continuous improvement amid positive market conditions.A key development was the improvement at the Alumar smelter in Brazil, which is now operating at 91% capacity.

Alcoa's Strategic Pivot Under Fire: Will Its Bold Moves Be Enough to Weather the Tariff Storm?

Global Materials | Industrials | Commodities

Rahul Jain

<ul>
<li>Lagged results: Q1 EPS surged 171% QoQ on aluminum price strength, offsetting alumina softness; EBITDA rose to $855M despite weaker volumes.</li>
<li>Tariff overhang: $105M quarterly drag from Section 232 now embedded; net annual impact ~$100M—yet Midwest premium offsets buffer U.S. exposure.</li>
<li>Trading near book at 1.04x P/B—cycle pessimism and policy risks may present contrarian upside.</li>
</ul>


Lagged results: Q1 EPS surged 171% QoQ on aluminum price strength, offsetting alumina softness; EBITDA rose to $855M despite weaker volumes.
Tariff overhang: $105M quarterly drag from Section 232 now embedded; net annual impact ~$100M—yet Midwest premium offsets buffer U.S. exposure.
Trading near book at 1.04x P/B—cycle pessimism and policy risks may present contrarian upside.


Tariffs and Troughs: Alcoa’s Pain May Be the Entry Point

United States

Alcoa Corporation manufactures metal products. The Company produces and sells bauxite, alumina, and aluminum products. Alcoa serves aluminum industry worldwide.

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Alcoa (AA US)

Alcoa Corporation: Strategic Partnerships & Supply Chain Developments to Build Resilience Against Supply Chain Disruptions

Alcoa Corporation’s third-quarter 2025 performance showcased a nuanced mix of operational strength and strategic undertakings amidst significant...

Baptista Research

Primer: Alcoa (AA US) - Sep 2025

Alcoa is a globally significant, vertically integrated aluminum producer, well-positioned with extensive bauxite and alumina assets. However,...

αSK

Alcoa Digital Future: How Will The Green Transition Transform Its Growth Story?

The second quarter of 2025 presented Alcoa Corporation with a mix of challenges and achievements. On the financial front, Alcoa reported a...

Baptista Research

Alcoa's Strategic Pivot Under Fire: Will Its Bold Moves Be Enough to Weather the Tariff Storm?

Alcoa Corporation reported a strong first quarter for 2025, highlighted by improved safety performance and stable production across most...

Baptista Research

Tariffs and Troughs: Alcoa’s Pain May Be the Entry Point

Lagged results. Valuation reset offers value despite tariff overhang and policy risks. Trading near book at 1.04x P/B presents contrarian upside.

Rahul Jain

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