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

Cf Industries Holdings / Equity Bottom-Up

<ul><li>CF Industries Holdings, Inc. reported robust operational and financial results for the first half and second quarter of 2026, reflecting strong demand amid a tight global nitrogen fertilizer market.</li><li>The company achieved adjusted EBITDA of $2.2 billion in the first half, supported by near-full utilization of available ammonia capacity (approximately 98%) and a focus on safety, with incident rates well below industry averages.</li><li>North American agricultural demand remained solid, enabling CF Industries to meet customer needs across retail, wholesale, and cooperative channels.</li></ul>

CF Industries Holdings, Inc. reported robust operational and financial results for the first half and second quarter of 2026, reflecting strong demand amid a tight global nitrogen fertilizer market.The company achieved adjusted EBITDA of $2.2 billion in the first half, supported by near-full utilization of available ammonia capacity (approximately 98%) and a focus on safety, with incident rates well below industry averages.North American agricultural demand remained solid, enabling CF Industries to meet customer needs across retail, wholesale, and cooperative channels.

CF Industries’ $2.2 Billion Earnings Engine — Can Nitrogen Stay Tight?

CEO / Founder, Crea8

Kim-Hwa Lim

CEO / Founder

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Crea8

Crea8 blends AI-driven precision, big data scalability, and rigorous quantitative frameworks with seasoned human insight. By extracting actionable intelligence from vast global datasets, we eliminate emotional bias and deliver optimal risk-adjusted returns. Our hybrid approach uncovers hidden market efficiencies and ensures your capital is dynamically positioned across markets.

Cross Asset Strategy

<ul><li>The strategy seeks to invest in global companies with sustainable competitive advantages and are Shariah compliant.</li><li>By adopting a portfolio of stocks instead of individual stocks, the strategy is diversified across countries and industries; and optimised with respect to their expected risks and returns.</li><li>Previous portfolio returned -0.2% vs. MSCI World (-1.3%) – outperformed the benchmark by 1.2%.</li></ul>

The strategy seeks to invest in global companies with sustainable competitive advantages and are Shariah compliant.By adopting a portfolio of stocks instead of individual stocks, the strategy is diversified across countries and industries; and optimised with respect to their expected risks and returns.Previous portfolio returned -0.2% vs. MSCI World (-1.3%) – outperformed the benchmark by 1.2%.

Global Competitive Barrier (Shariah) Portfolio (14-Sep-2026)

<ul><li>The strategy seeks to invest in global companies with sustainable competitive advantages.</li><li>By adopting a portfolio of stocks instead of individual stocks, the strategy is diversified across countries and industries; and optimised with respect to their expected risks and returns.</li><li>Previous portfolio returned -8.3% vs. MSCI World (-1.3%) – underperformed the benchmark by -7%.</li></ul>

The strategy seeks to invest in global companies with sustainable competitive advantages.By adopting a portfolio of stocks instead of individual stocks, the strategy is diversified across countries and industries; and optimised with respect to their expected risks and returns.Previous portfolio returned -8.3% vs. MSCI World (-1.3%) – underperformed the benchmark by -7%.

Global Competitive Barrier Portfolio (14-Sep-2026)

<ul><li>CF Industries Holdings, Inc. reported its first-quarter 2026 results reflecting solid operational and financial performance amid a structurally tight global nitrogen market influenced by ongoing geopolitical disruptions.</li><li>The company achieved adjusted EBITDA of $983 million and net earnings of approximately $615 million, or $3.98 per diluted share.</li><li>Free cash flow amounted to about $1.65 billion over the trailing twelve months, demonstrating efficient conversion of earnings into cash.</li></ul>

CF Industries Holdings, Inc. reported its first-quarter 2026 results reflecting solid operational and financial performance amid a structurally tight global nitrogen market influenced by ongoing geopolitical disruptions.The company achieved adjusted EBITDA of $983 million and net earnings of approximately $615 million, or $3.98 per diluted share.Free cash flow amounted to about $1.65 billion over the trailing twelve months, demonstrating efficient conversion of earnings into cash.

CF Industries Goes All-In On Ammonia; Can Supply Shocks Sustain Pricing?

<ul><li>CF Industries, a global leader in manufacturing and distributing nitrogen products, delivered solid financial performance in 2025, reporting an adjusted EBITDA of $2.9 billion for the full year.</li><li>The company's operational excellence was highlighted by a 97% utilization rate, producing 10.1 million tons of gross ammonia.</li><li>However, a notable safety incident at their Yazoo City Complex in Mississippi will keep the site inactive until at least the fourth quarter of 2026, potentially affecting production efficiencies in the short term.</li></ul>

CF Industries, a global leader in manufacturing and distributing nitrogen products, delivered solid financial performance in 2025, reporting an adjusted EBITDA of $2.9 billion for the full year.The company's operational excellence was highlighted by a 97% utilization rate, producing 10.1 million tons of gross ammonia.However, a notable safety incident at their Yazoo City Complex in Mississippi will keep the site inactive until at least the fourth quarter of 2026, potentially affecting production efficiencies in the short term.

CF Industries at a Strategic Crossroads: Tight Supply, Strong Ag Demand, and the Low-Carbon Pivot!

United States

CF Industries Holdings, Inc. manufactures and distributes nitrogen and phosphate fertilizer products globally. The Company's principal products in the nitrogen segment are ammonia, urea, urea ammonium nitrate solution, ammonium nitrate, diesel exhaust fluid and aqua ammonia. The principal products in the phosphate segment are diammonium phosphate and  monoammonium phosphate.

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Cf Industries Holdings (CF US)

CF Industries’ $2.2 Billion Earnings Engine — Can Nitrogen Stay Tight?

CF Industries Holdings, Inc. reported robust operational and financial results for the first half and second quarter of 2026, reflecting strong...

Baptista Research

Global Competitive Barrier (Shariah) Portfolio (14-Sep-2026)

The strategy seeks to invest in global companies with sustainable competitive advantages and are Shariah compliant. By adopting a portfolio of...

Crea8

Global Competitive Barrier Portfolio (14-Sep-2026)

The strategy seeks to invest in global companies with sustainable competitive advantages. By adopting a portfolio of stocks instead of individual...

Crea8

CF Industries Goes All-In On Ammonia; Can Supply Shocks Sustain Pricing?

CF Industries Holdings, Inc. reported its first-quarter 2026 results reflecting solid operational and financial performance amid a structurally...

Baptista Research

CF Industries at a Strategic Crossroads: Tight Supply, Strong Ag Demand, and the Low-Carbon Pivot!

CF Industries, a global leader in manufacturing and distributing nitrogen products, delivered solid financial performance in 2025, reporting an...

Baptista Research

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