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

Alpha Metallurgical Resources / Equity Bottom-Up

<ul><li>Alpha Metallurgical Resources, a supplier of metallurgical products for the steel industry, closed its fourth quarter with adjusted EBITDA of $266 million and achieved over $1 billion in adjusted EBITDA for the year.</li><li>This is the second consecutive year in which the company attained such a milestone despite facing considerable challenges during the year.</li><li>Alpha highlighted the robustness of its management approach which included proactive identification of issues and proactive response plans that ensured minimal impact on performance.</li></ul>

Alpha Metallurgical Resources, a supplier of metallurgical products for the steel industry, closed its fourth quarter with adjusted EBITDA of $266 million and achieved over $1 billion in adjusted EBITDA for the year.This is the second consecutive year in which the company attained such a milestone despite facing considerable challenges during the year.Alpha highlighted the robustness of its management approach which included proactive identification of issues and proactive response plans that ensured minimal impact on performance.

Alpha Metallurgical Resources Inc.: Initiation Of Coverage - What Are The Geopolitical Factors Influencing Coal Markets? - Major Drivers

Fundamental Short Selling Research

Eric Fernandez, CFA

TwoRiversAnalytics

<ul>
<li>This model seeks companies that are potentially “overearning”, defined as companies with unusually high margins relative to their own history or relative to the industry. </li>
<li>The reasons for the margin increases are sometimes unsustainable or fraudulent. The  critical judgement involves to what extent unsustainable margins are embedded in a company’s forecasts and/or the stock’s valuation. </li>
<li>These shorts tend to have moderate to higher betas, higher valuations due to recent strong results and good short responses to subsequently disappointing earnings.</li>
</ul>


This model seeks companies that are potentially “overearning”, defined as companies with unusually high margins relative to their own history or relative to the industry. 
The reasons for the margin increases are sometimes unsustainable or fraudulent. The  critical judgement involves to what extent unsustainable margins are embedded in a company’s forecasts and/or the stock’s valuation. 
These shorts tend to have moderate to higher betas, higher valuations due to recent strong results and good short responses to subsequently disappointing earnings.


Overearning Short Candidates: LSB Indust., CF Indust., Alpha Metallurg., Mueller Indust.

High Quality Stock Setups, Weekly Stock Bull Finder

Weekly Stock Bull Finder

High Quality Stock Setups

Finding high potential stock setups on quality companies

Thematic (Sector/Industry)

<ul><li>After dropping all the way back down to $75 on September 26th, OPEC’s ~1M/barrel day production cut announcement last week was followed up by another bullish crude oil inventory draw last week, which sent WTI crude oil rocketing higher 16%. </li><li>This was the largest weekly gain since Russia invaded Ukraine and caught the market by surprise. </li><li>The production cut also sent a strong signal to President Biden after OPEC agreed to a production increase in early August after his Saudi Arabia visit (last week’s cut was more than 9X the production increase previously agreed to!). </li></ul>

After dropping all the way back down to $75 on September 26th, OPEC’s ~1M/barrel day production cut announcement last week was followed up by another bullish crude oil inventory draw last week, which sent WTI crude oil rocketing higher 16%. This was the largest weekly gain since Russia invaded Ukraine and caught the market by surprise. The production cut also sent a strong signal to President Biden after OPEC agreed to a production increase in early August after his Saudi Arabia visit (last week’s cut was more than 9X the production increase previously agreed to!). 

United States

Alpha Metallurgical Resources, Inc. provides mining services. The Company mines and supplies metallurgical products to the steel industry. Alpha Metallurgical Resources serves customers globally.

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Alpha Metallurgical Resources (AMR US)

Alpha Metallurgical Resources Inc.: Initiation Of Coverage - What Are The Geopolitical Factors Influencing Coal Markets? - Major Drivers

Alpha Metallurgical Resources, a supplier of metallurgical products for the steel industry, closed its fourth quarter with adjusted EBITDA of $266...

Baptista Research

Overearning Short Candidates: LSB Indust., CF Indust., Alpha Metallurg., Mueller Indust.

Margin over-earners are fertile hunting ground for shorts if the reasons for the margin increase are unsustainable or fraudulent. This week: LSB...

Eric Fernandez, CFA

Weekly Stock Bullfinder - Week of 10/10

After dropping all the way back down to $75 on September 26th, OPEC’s ~1M/barrel day production cut announcement last week was followed up by...

Weekly Stock Bull Finder

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