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>BHP Group Limited's performance in the first half of the 2025 financial year illustrates a mix of strategic advancements and operational challenges in its diverse portfolio.</li><li>The first half results showcase several strengths and areas for further focus as the company navigates a complex global mining landscape.</li><li>A key positive from BHP’s recent performance is the record output in its Western Australian iron ore operations, which achieved the lowest production costs globally.</li></ul>

BHP Group Limited's performance in the first half of the 2025 financial year illustrates a mix of strategic advancements and operational challenges in its diverse portfolio.The first half results showcase several strengths and areas for further focus as the company navigates a complex global mining landscape.A key positive from BHP’s recent performance is the record output in its Western Australian iron ore operations, which achieved the lowest production costs globally.

BHP Group: Initiation of Coverage- Inside the $4.4 Billion Profit Engine Fueling the Next Commodity Supercycle!

Bayon Financial

Graeme Cunningham

Independent Insight Provider

Bayon Financial provides industry and company analysis focusing on mid and small cap equity research coverage across a range of sectors including mining, financials and telecoms.

<ul>
<li>BHP reported strong operations overall for fiscal Q4/25, with iron ore, copper and coal production up yoy and a qoq recovery after rough Q3/25 Australian weather</li>
<li>The company released 2026E guidance, with the low-end indicating production declines for the three major divisions, although this was expected by the market </li>
<li>We remain concerned of potential iron ore and copper price reversals, while the shares trade near our DCF value and at a moderate premium to big cap iron ore </li>
</ul>


BHP reported strong operations overall for fiscal Q4/25, with iron ore, copper and coal production up yoy and a qoq recovery after rough Q3/25 Australian weather
The company released 2026E guidance, with the low-end indicating production declines for the three major divisions, although this was expected by the market 
We remain concerned of potential iron ore and copper price reversals, while the shares trade near our DCF value and at a moderate premium to big cap iron ore 


BHP: Operations Strong in Q4/25 But Looking Fully Valued

<ul>
<li>BHP announced an AUD1.5bn (US$1.0bn) deal with Aurizon for transport logistics for South Australia Copper, which could affect about 5% of EBITDA and reduce costs marginally</li>
<li>The shares declined over the past month on declining iron ore and coal prices, and while copper has risen on supply side issues, we see risks of a H2/25 drop</li>
<li>The company looks about fairly valued on an ROE to P/B comparison versus its Australian peers and the current price is almost exactly inline with our DCF valuation </li>
</ul>


BHP announced an AUD1.5bn (US$1.0bn) deal with Aurizon for transport logistics for South Australia Copper, which could affect about 5% of EBITDA and reduce costs marginally
The shares declined over the past month on declining iron ore and coal prices, and while copper has risen on supply side issues, we see risks of a H2/25 drop
The company looks about fairly valued on an ROE to P/B comparison versus its Australian peers and the current price is almost exactly inline with our DCF valuation 


Marginal Cost Reduction from Copper Shipment Deal

<ul>
<li>A volatile metal price has boosted the risk for BHP’s remaining strong major segment, copper, while the other two key divisions, iron ore and coal, are still sluggish</li>
<li>We forecast a weaker 2025E-2026E than consensus, given the risk that global demand disappoints and continues to pressure metal prices for BHP’s three key segments</li>
<li>Our conservative valuation puts BHP near fair value, and while the P/B of 2.4x is only moderately elevated versus recent history, we see the risks weighted to the downside</li>
</ul>


A volatile metal price has boosted the risk for BHP’s remaining strong major segment, copper, while the other two key divisions, iron ore and coal, are still sluggish
We forecast a weaker 2025E-2026E than consensus, given the risk that global demand disappoints and continues to pressure metal prices for BHP’s three key segments
Our conservative valuation puts BHP near fair value, and while the P/B of 2.4x is only moderately elevated versus recent history, we see the risks weighted to the downside


BHP: Last Strong Driver (Copper) Turns Volatile

Breaking Down the Mining News of the Day, Money of Mine

Money of Mine

Breaking Down the Mining News of the Day

An ex-underground miner, an ex-investment banker, and an ex-equity research guy breaking down the mining news of the day. It's a bit of entertainment, information, and occasionally some alpha.

<ul>
<li>BHP stock affected by fat finger incident causing rapid drop in share price</li>
<li>Ex dividend date for BHP, investors may miss out on dividend payment if purchased on or after ex dividend date</li>
<li>Order for 750,000 BHP shares at higher price causes market disruption, shows impact of large trades on stock price fluctuations.</li>
</ul>
<p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p>


BHP stock affected by fat finger incident causing rapid drop in share price
Ex dividend date for BHP, investors may miss out on dividend payment if purchased on or after ex dividend date
Order for 750,000 BHP shares at higher price causes market disruption, shows impact of large trades on stock price fluctuations.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

The Quickest Way to Lose a Few Million Dollars

Australia

BHP Group Limited operates as a mining company.  The Companyengages in the exploration, development, production and processing of iron ore, metallurgical coal, and copper. BHP Group serves customers worldwide.

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BHP Group Ltd (BHP LN)

BHP Group: Initiation of Coverage- Inside the $4.4 Billion Profit Engine Fueling the Next Commodity Supercycle!

BHP Group Limited's performance in the first half of the 2025 financial year illustrates a mix of strategic advancements and operational...

Baptista Research

BHP: Operations Strong in Q4/25 But Looking Fully Valued

While BHP's Q2/25 operations were strong overall, we remain concerned on a potential iron ore and copper price pullback and the shares look fully...

Graeme Cunningham

Marginal Cost Reduction from Copper Shipment Deal

BHP's South Australia Copper logistics and infrastructure deal will marginally reduce costs, downside risks remain for its metal prices and it...

Graeme Cunningham

BHP: Last Strong Driver (Copper) Turns Volatile

BHP's last remaining strong division, copper, is at risk from a recently volatile metal price, while its other two key segments iron ore and copper...

Graeme Cunningham

The Quickest Way to Lose a Few Million Dollars

Industry expert sees potential rebound in lithium industry, with a new lithium IPO converting to gold and high expectations for companies with gold...

Money of Mine

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