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 presented its third-quarter results for 2025, revealing key financial and operational developments.</li><li>The company provided an adjusted EBITDA of $2.1 billion for the first nine months, indicating solid performance and strong execution across the business.</li><li>These results point towards a robust operational environment, with a high utilization rate of 97% for ammonia production despite a quarter marked by significant maintenance activities.</li></ul>

CF Industries presented its third-quarter results for 2025, revealing key financial and operational developments.The company provided an adjusted EBITDA of $2.1 billion for the first nine months, indicating solid performance and strong execution across the business.These results point towards a robust operational environment, with a high utilization rate of 97% for ammonia production despite a quarter marked by significant maintenance activities.

CF Industries Pushes Into a Tight Ammonia Market—Could Prices Explode?

<ul><li>CF Industries' first half and second quarter of 2025 financial results reveal a mixture of operational successes and broader market challenges.</li><li>The company reported an adjusted EBITDA of $1.4 billion for the first half, evidencing strong operational performance amidst a tight global nitrogen supply-demand balance.</li><li>CF Industries has successfully launched the Donaldsonville Carbon Capture and Sequestration (CCS) Project, which began operations in July and is anticipated to generate significant returns due to tax benefits and low-carbon product premiums.</li></ul>

CF Industries' first half and second quarter of 2025 financial results reveal a mixture of operational successes and broader market challenges.The company reported an adjusted EBITDA of $1.4 billion for the first half, evidencing strong operational performance amidst a tight global nitrogen supply-demand balance.CF Industries has successfully launched the Donaldsonville Carbon Capture and Sequestration (CCS) Project, which began operations in July and is anticipated to generate significant returns due to tax benefits and low-carbon product premiums.

CF Industries: An Insight Into Its Carbon Capture & Sequestration Initiatives & Critical Growth Levers!

<ul><li>CF Industries recently reported its first-quarter 2025 results, showing a robust financial performance, which is attributed to favorable global nitrogen market conditions and efficient operational execution.</li><li>The company achieved an adjusted EBITDA of $644 million for the quarter, reflecting effective management in a competitive environment.</li><li>The quarter also marked a significant net earning attributable to common stockholders of $312 million, an increase of 60% compared to the same quarter in the previous year, which translated to $1.85 per diluted share.</li></ul>

CF Industries recently reported its first-quarter 2025 results, showing a robust financial performance, which is attributed to favorable global nitrogen market conditions and efficient operational execution.The company achieved an adjusted EBITDA of $644 million for the quarter, reflecting effective management in a competitive environment.The quarter also marked a significant net earning attributable to common stockholders of $312 million, an increase of 60% compared to the same quarter in the previous year, which translated to $1.85 per diluted share.

CF Industries: The Top 6 Influences on Its Performance for 2025 & the Future!

<ul><li>CF Industries reported strong financial performance for the full year and fourth quarter of 2024, with a full-year adjusted EBITDA of $2.3 billion and a fourth-quarter adjusted EBITDA of $562 million.</li><li>The company returned $1.9 billion to shareholders through dividends and share repurchases, marking the highest level of capital return in over a decade.</li><li>This robust performance allowed for an increase in shareholder value, despite some concerns over cost increases and market volatility.</li></ul>

CF Industries reported strong financial performance for the full year and fourth quarter of 2024, with a full-year adjusted EBITDA of $2.3 billion and a fourth-quarter adjusted EBITDA of $562 million.The company returned $1.9 billion to shareholders through dividends and share repurchases, marking the highest level of capital return in over a decade.This robust performance allowed for an increase in shareholder value, despite some concerns over cost increases and market volatility.

CF Industries: Growth of Low Carbon Ammonia to Reinforce Leadership Position In Green Transitions!

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).</li>
<li>We will maintain our bullish view as long as market dynamics remain healthy and the S&amp;P 500 (SPX) is above 5500.</li>
<li>Our base case expectation is that SPX holds above short-term gap support at 5700-5785 (which is also where the 20-day, 100-day, and 200-day MAs all converge).</li>
</ul>


We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).
We will maintain our bullish view as long as market dynamics remain healthy and the S&amp;P 500 (SPX) is above 5500.
Our base case expectation is that SPX holds above short-term gap support at 5700-5785 (which is also where the 20-day, 100-day, and 200-day MAs all converge).


Gap Supports Holding; Expecting Test of All-Time Highs; Long-Term Treasury Yields Rolling Over?

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 Pushes Into a Tight Ammonia Market—Could Prices Explode?

CF Industries presented its third-quarter results for 2025, revealing key financial and operational developments. The company provided an adjusted...

Baptista Research

CF Industries: An Insight Into Its Carbon Capture & Sequestration Initiatives & Critical Growth Levers!

CF Industries' first half and second quarter of 2025 financial results reveal a mixture of operational successes and broader market...

Baptista Research

CF Industries: The Top 6 Influences on Its Performance for 2025 & the Future!

CF Industries recently reported its first-quarter 2025 results, showing a robust financial performance, which is attributed to favorable global...

Baptista Research

CF Industries: Growth of Low Carbon Ammonia to Reinforce Leadership Position In Green Transitions!

CF Industries reported strong financial performance for the full year and fourth quarter of 2024, with a full-year adjusted EBITDA of $2.3 billion...

Baptista Research

Gap Supports Holding; Expecting Test of All-Time Highs; Long-Term Treasury Yields Rolling Over?

Gap Supports Holding; Expecting Test of All-Time Highs $SPX $QQQ $NDX; 10- and 30-Year Treasury Yields Rolling Over?; Watching $209-210 resistance...

Vermilion Research

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