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 reported financial results for the first quarter of 2025, which were notably impacted by severe weather and challenging market conditions.</li><li>Adjusted EBITDA for the quarter stood at $5.7 million with 3.8 million tons shipped, figures that reflect the adverse weather impacts on production and transportation.</li><li>The company faced increased costs due to absenteeism, power outages, and weather-related operational disruptions.</li></ul>

Alpha Metallurgical Resources reported financial results for the first quarter of 2025, which were notably impacted by severe weather and challenging market conditions.Adjusted EBITDA for the quarter stood at $5.7 million with 3.8 million tons shipped, figures that reflect the adverse weather impacts on production and transportation.The company faced increased costs due to absenteeism, power outages, and weather-related operational disruptions.

Alpha Metallurgical Resources: The 6 Key Drivers Shaping Its Performance in 2025 & Beyond!

<ul><li>Alpha Metallurgical Resources recently released its fourth-quarter and full-year 2024 financial results.</li><li>The company reported an adjusted EBITDA of $53 million for the quarter, indicating a modest increase from the previous quarter’s $49 million.</li><li>The company shipped 4.1 million tons in Q4, maintaining the same volume as in Q3, demonstrating consistent operational performance despite challenging market conditions.</li></ul>

Alpha Metallurgical Resources recently released its fourth-quarter and full-year 2024 financial results.The company reported an adjusted EBITDA of $53 million for the quarter, indicating a modest increase from the previous quarter’s $49 million.The company shipped 4.1 million tons in Q4, maintaining the same volume as in Q3, demonstrating consistent operational performance despite challenging market conditions.

Alpha Metallurgical Resources: Will This New Wildcat Mine Be the Game-Changer Investors Are Waiting For?

<ul><li>Alpha Metallurgical Resources reported its third quarter 2024 financial results, indicating a challenging period due to decreased coal pricing and unfavorable market conditions.</li><li>The company posted an adjusted EBITDA of $49 million and shipped 4.1 million tons of coal during the quarter.</li><li>These figures were negatively influenced by lower coal prices, soft market demand, and certain operational challenges such as difficult geology and weather conditions.</li></ul>

Alpha Metallurgical Resources reported its third quarter 2024 financial results, indicating a challenging period due to decreased coal pricing and unfavorable market conditions.The company posted an adjusted EBITDA of $49 million and shipped 4.1 million tons of coal during the quarter.These figures were negatively influenced by lower coal prices, soft market demand, and certain operational challenges such as difficult geology and weather conditions.

Alpha Metallurgical Resources: Market Adaptation & Product Diversification As A Strategic Growth Enabler! - Major Drivers

Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

Equity, Bottom-up Analyst

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

<ul>
<li>Following our piece, <a href="https://www.smartkarma.com/insights/fushan-energy-639-hk-coking-coal-prices-to-strengthen-with-anglo-accident" target="_blank" data-smartkarma-citation="insights:150683" rel="noopener">Fushan Energy (639 HK): Coking Coal Prices To Strengthen With Anglo Accident</a>, we highlight <a href="https://www.smartkarma.com/entities/mongolian-mining-corp" target="_blank" data-smartkarma-citation="entities:4382:1" rel="noopener">Mongolian Mining (975 HK)</a> as another play with growth potential. </li>
<li>With a market capitalization of 1.1 bn USD, it trades at 5.3x PE, trailing, and with <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2024/0221/2024022100574.pdf" target="_blank" rel="noopener">the sale of 20% of its subsidiary KEX</a>, it is net cash. </li>
<li>Potential catalysts include the payment of a first dividend once it has redeemed the perpetual notes and the commencement of its <a href="https://erdene.com/site/assets/files/4243/erd_q3_2024.pdf" target="_blank" rel="noopener">highly accretive gold project in 2025 in Mongolia</a>. </li>
</ul>


Following our piece, Fushan Energy (639 HK): Coking Coal Prices To Strengthen With Anglo Accident, we highlight Mongolian Mining (975 HK) as another play with growth potential. 
With a market capitalization of 1.1 bn USD, it trades at 5.3x PE, trailing, and with the sale of 20% of its subsidiary KEX, it is net cash. 
Potential catalysts include the payment of a first dividend once it has redeemed the perpetual notes and the commencement of its highly accretive gold project in 2025 in Mongolia. 


Mongolia Mining Corp (975 HK): Play on Coking Coal Price With Growth Optionality

<ul><li>Alpha Metallurgical Resources reported its financial results for the second quarter of 2024, delivering a performance that reflects both the resilience and challenges faced by the metallurgical coal industry.</li><li>The company announced an adjusted EBITDA of $116 million and total shipments of 4.6 million tons during the quarter.</li><li>Despite a decrease in adjusted EBITDA from $190 million in the previous quarter, the figures indicate strategic navigation through prevailing tough market conditions, characterized by weakened steel demand and subsequent impact on metallurgical coal markets.</li></ul>

Alpha Metallurgical Resources reported its financial results for the second quarter of 2024, delivering a performance that reflects both the resilience and challenges faced by the metallurgical coal industry.The company announced an adjusted EBITDA of $116 million and total shipments of 4.6 million tons during the quarter.Despite a decrease in adjusted EBITDA from $190 million in the previous quarter, the figures indicate strategic navigation through prevailing tough market conditions, characterized by weakened steel demand and subsequent impact on metallurgical coal markets.

Alpha Metallurgical Resources: Dealing With Supply Chain Vulnerability. Fluctuating Market Demand & Pricing Instability! - Major Drivers

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: The 6 Key Drivers Shaping Its Performance in 2025 & Beyond!

Alpha Metallurgical Resources reported financial results for the first quarter of 2025, which were notably impacted by severe weather and...

Baptista Research

Alpha Metallurgical Resources: Will This New Wildcat Mine Be the Game-Changer Investors Are Waiting For?

Alpha Metallurgical Resources recently released its fourth-quarter and full-year 2024 financial results. The company reported an adjusted EBITDA...

Baptista Research

Alpha Metallurgical Resources: Market Adaptation & Product Diversification As A Strategic Growth Enabler! - Major Drivers

Alpha Metallurgical Resources reported its third quarter 2024 financial results, indicating a challenging period due to decreased coal pricing and...

Baptista Research

Mongolia Mining Corp (975 HK): Play on Coking Coal Price With Growth Optionality

The company has recently released its H1 FY24, which was in line with expectations as revenues/profits were up 5%/-3% YoY. The most important...

Sameer Taneja

Alpha Metallurgical Resources: Dealing With Supply Chain Vulnerability. Fluctuating Market Demand & Pricing Instability! - Major Drivers

Alpha Metallurgical Resources reported its financial results for the second quarter of 2024, delivering a performance that reflects both the...

Baptista Research

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