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>Cleveland-Cliffs Inc.</li><li>recently conducted an earnings conference call to report their 2023 full year and fourth quarter financial results alongside their M&A strategy and capital allocation priorities going forward.</li><li>The company's comments were predictive and constituted forward-looking statements that may be subject to certain risks and uncertainties.</li></ul>

Cleveland-Cliffs Inc.recently conducted an earnings conference call to report their 2023 full year and fourth quarter financial results alongside their M&A strategy and capital allocation priorities going forward.The company's comments were predictive and constituted forward-looking statements that may be subject to certain risks and uncertainties.

Cleveland-Cliffs Inc: What Is The Big Impact Of M&A Activity On Its Future?  - Major Drivers

<ul><li>Cleveland-Cliffs Inc. managed to exceed analyst expectations in terms of revenue as well as earnings.</li><li>Despite the challenges posed by the UAW strike impacting three automotive sector clients, aggregate shipments to all automotive clients collectively surpassed Q2 levels, reaching 4.1 million net tons.</li><li>Noteworthy cost reduction performance was achieved during Q3, improving by $31 per net ton quarter-over-quarter, with expectations of a further $15 reduction per net ton in the fourth quarter.</li></ul>

Cleveland-Cliffs Inc. managed to exceed analyst expectations in terms of revenue as well as earnings.Despite the challenges posed by the UAW strike impacting three automotive sector clients, aggregate shipments to all automotive clients collectively surpassed Q2 levels, reaching 4.1 million net tons.Noteworthy cost reduction performance was achieved during Q3, improving by $31 per net ton quarter-over-quarter, with expectations of a further $15 reduction per net ton in the fourth quarter.

Cleveland-Cliffs Inc: Conquering Automotive Sector Challenges & Other Major Drivers

<ul><li>Cleveland-Cliffs Inc. delivered mixed results for the previous quarter, with revenues above the analyst consensus.</li><li>Cleveland produced its best free cash flow quarter since 2021, with $756 million.</li><li>The richer mix had an offsetting effect in Q2 on expenses, as Cleveland's unit costs were unchanged from the previous quarter.</li></ul>

Cleveland-Cliffs Inc. delivered mixed results for the previous quarter, with revenues above the analyst consensus.Cleveland produced its best free cash flow quarter since 2021, with $756 million.The richer mix had an offsetting effect in Q2 on expenses, as Cleveland's unit costs were unchanged from the previous quarter.

Cleveland-Cliffs Inc.: A Roller Coaster Ride of Earnings and Revenues! - Major Drivers

Value Investing

Vladimir Dimitrov, CFA

<ul>
<li>Cleveland-Cliffs is becoming too aggressive in its consolidation goals, says author.</li>
<li>Cliffs continues to underperform its peers, I outline some important red flags associated with the company's acquisition spree. I remain sceptical that a deal for U.S.</li>
<li>Steel would be beneficial for shareholders.</li>
</ul>


Cleveland-Cliffs is becoming too aggressive in its consolidation goals, says author.
Cliffs continues to underperform its peers, I outline some important red flags associated with the company's acquisition spree. I remain sceptical that a deal for U.S.
Steel would be beneficial for shareholders.


Cleveland-Cliffs: Consolidation At Any Cost Comes With Strings Attached

<ul><li>It was a successful Q4 for Cleveland-Cliffs as the company managed an all-around beat with lower-than-expected losses.</li><li>Cleveland-Cliffs supplies over 7 million tons of steel to the automotive industry, including 5 million tons of direct sales and over 2 million tons of indirect sales.</li><li>With typical volumes of 5 million tons per year, the company expects its full-year 2023 carbon flat-rolled steel selling price to increase to $1,415 per net ton, a $115 per net ton increase year over year.</li></ul>

It was a successful Q4 for Cleveland-Cliffs as the company managed an all-around beat with lower-than-expected losses.Cleveland-Cliffs supplies over 7 million tons of steel to the automotive industry, including 5 million tons of direct sales and over 2 million tons of indirect sales.With typical volumes of 5 million tons per year, the company expects its full-year 2023 carbon flat-rolled steel selling price to increase to $1,415 per net ton, a $115 per net ton increase year over year.

Cleveland-Cliffs Inc: What Is Its True Moat Source? – Key Drivers

United States

Cleveland-Cliffs Inc. is an American iron ore mining company. The Company supplies iron ore pellets, lumps and fines to blast furnaces in the global steel industry. Cliffs is in the process of expanding its customer base to Electric Arc Furnaces.

Cleveland-Cliffs Inc (CLF US)

Cleveland-Cliffs Inc: What Is The Big Impact Of M&A Activity On Its Future? - Major Drivers

Cleveland-Cliffs Inc. recently conducted an earnings conference call to report their 2023 full year and fourth quarter financial results alongside...

Baptista Research

Cleveland-Cliffs Inc: Conquering Automotive Sector Challenges & Other Major Drivers

Cleveland-Cliffs Inc. managed to exceed analyst expectations in terms of revenue as well as earnings. Despite the challenges posed by the UAW...

Baptista Research

Cleveland-Cliffs Inc.: A Roller Coaster Ride of Earnings and Revenues! - Major Drivers

Cleveland-Cliffs Inc. delivered mixed results for the previous quarter, with revenues above the analyst consensus. Cleveland produced its best...

Baptista Research

Cleveland-Cliffs: Consolidation At Any Cost Comes With Strings Attached

Cliffs continues to underperform its peers, I outline some important red flags associated with the company's acquisition spree. I remain sceptical...

Vladimir Dimitrov, CFA

Cleveland-Cliffs Inc: What Is Its True Moat Source? – Key Drivers

It was a successful Q4 for Cleveland-Cliffs as the company managed an all-around beat with lower-than-expected losses. Cleveland-Cliffs supplies...

Baptista Research