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., a global leader in nitrogen-based fertilizers, reported a strong performance for the full year and fourth quarter of 2023.</li><li>The company posted an adjusted EBITDA and net cash from operations of approximately $2.8 billion each, and a free cash flow of $1.8 billion.</li><li>This robust outcome was attributed to a balanced nitrogen supply-demand situation and energy spreads favoring the company's low-cost production in North America..</li></ul>

CF Industries Holdings Inc., a global leader in nitrogen-based fertilizers, reported a strong performance for the full year and fourth quarter of 2023.The company posted an adjusted EBITDA and net cash from operations of approximately $2.8 billion each, and a free cash flow of $1.8 billion.This robust outcome was attributed to a balanced nitrogen supply-demand situation and energy spreads favoring the company's low-cost production in North America..

CF Industries: Export Opportunities and Global Market Dynamics - Major Drivers

<ul><li>CF Industries Holdings delivered a disappointing set of results as the company was unable to meet Wall Street's revenue and earnings expectations.</li><li>In the third quarter, they experienced a departure from the typical pattern of softened demand and prices in North America.</li><li>This strong demand early in the quarter resulted in an upward trajectory for nitrogen prices, with urea barge prices in New Orleans rising from below $300 to over $400 per ton in early September.</li></ul>

CF Industries Holdings delivered a disappointing set of results as the company was unable to meet Wall Street's revenue and earnings expectations.In the third quarter, they experienced a departure from the typical pattern of softened demand and prices in North America.This strong demand early in the quarter resulted in an upward trajectory for nitrogen prices, with urea barge prices in New Orleans rising from below $300 to over $400 per ton in early September.

CF Industries Holdings Inc.: How Aggressive Market Dynamics Are Shaping The Future! - Major Drivers

<ul><li>CF Industries Holdings delivered mixed results for the previous quarter, with revenues well below analyst expectations but managed an earnings beat.</li><li>The company's ability to generate adjusted EBITDA of over $1.7 billion in the first half 2023 reflected strong demand dynamics.</li><li>CF Industries exceeded sales expectations, selling more products than it produced, resulting in low inventories at the end of the first half.</li></ul>

CF Industries Holdings delivered mixed results for the previous quarter, with revenues well below analyst expectations but managed an earnings beat.The company's ability to generate adjusted EBITDA of over $1.7 billion in the first half 2023 reflected strong demand dynamics.CF Industries exceeded sales expectations, selling more products than it produced, resulting in low inventories at the end of the first half.

CF Industries Holdings: Does It Have A Sustainable Competitive Advantage? - Major Drivers

<ul><li>CF Industries Holdings managed to exceed the revenue expectations as well as the earnings expectations of Wall Street.</li><li>The company had net earnings of $560 million for the first quarter of 2023.</li><li>We give CF Industries Holdings, Inc. a 'Hold' rating with a revised target price.</li></ul>

CF Industries Holdings managed to exceed the revenue expectations as well as the earnings expectations of Wall Street.The company had net earnings of $560 million for the first quarter of 2023.We give CF Industries Holdings, Inc. a 'Hold' rating with a revised target price.

CF Industries: Decarbonization of the Agriculture Supply Chain & Other Drivers

Fundamental Short Selling Research

Eric Fernandez, CFA

TwoRiversAnalytics

Scotts Miracle-Gro Co Cl A / Equity Bottom-Up

<ul>
<li>The following names are "on the workbench", ie., names we are working on that look interesting from the short side. They are discussed, with charts, in the PDF attached below.</li>
<li>We like to be as transparent as possible in our short idea generation process.  </li>
<li>Today, we are flagging: Scotts Miracle-Gro, Corsair Gaming, CF Indus, Gap Inc, Hub Group.</li>
</ul>


The following names are "on the workbench", ie., names we are working on that look interesting from the short side. They are discussed, with charts, in the PDF attached below.
We like to be as transparent as possible in our short idea generation process.  
Today, we are flagging: Scotts Miracle-Gro, Corsair Gaming, CF Indus, Gap Inc, Hub Group.


Short Names on Our "Workbench": Scotts Miracle-Gro, Corsair Gaming, CF Indus, Gap Inc, Hub Group.

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.

Cf Industries Holdings (CF US)

CF Industries: Export Opportunities and Global Market Dynamics - Major Drivers

CF Industries Holdings Inc., a global leader in nitrogen-based fertilizers, reported a strong performance for the full year and fourth quarter of...

Baptista Research

CF Industries Holdings Inc.: How Aggressive Market Dynamics Are Shaping The Future! - Major Drivers

CF Industries Holdings delivered a disappointing set of results as the company was unable to meet Wall Street's revenue and earnings...

Baptista Research

CF Industries Holdings: Does It Have A Sustainable Competitive Advantage? - Major Drivers

CF Industries Holdings delivered mixed results for the previous quarter, with revenues well below analyst expectations but managed an earnings...

Baptista Research

CF Industries: Decarbonization of the Agriculture Supply Chain & Other Drivers

CF Industries Holdings managed to exceed the revenue expectations as well as the earnings expectations of Wall Street. The company had net...

Baptista Research

Short Names on Our "Workbench": Scotts Miracle-Gro, Corsair Gaming, CF Indus, Gap Inc, Hub Group.

Short names on our workbench (under research) provide a window into our idea generation process. Today, we are flagging They are: Scotts Miracle...

Eric Fernandez, CFA