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 entered 2026 framing its recent performance as the result of a difficult but transitional period rather than a reflection of deteriorating structural competitiveness.</li><li>The discussion highlighted that 2025 results were pressured by elevated steel imports, weak domestic vehicle production, unfavorable dynamics in the Canadian steel market, and the final year of an onerous slab supply arrangement.</li><li>These factors weighed on shipments, pricing, and asset utilization, but management argued that several of them have either been removed or are beginning to improve.</li></ul>

Cleveland-Cliffs entered 2026 framing its recent performance as the result of a difficult but transitional period rather than a reflection of deteriorating structural competitiveness.The discussion highlighted that 2025 results were pressured by elevated steel imports, weak domestic vehicle production, unfavorable dynamics in the Canadian steel market, and the final year of an onerous slab supply arrangement.These factors weighed on shipments, pricing, and asset utilization, but management argued that several of them have either been removed or are beginning to improve.

Cleveland-Cliffs: Pricing Power, Auto Demand & Cost Discipline—Three Forces Driving the Next Phase!

<ul><li>Cleveland-Cliffs’ 2025 results were marked by significant challenges stemming from systemic issues in the domestic and Canadian steel markets, alongside strategic restructuring to better position the company moving forward.</li><li>The company faced ongoing pressures from steel import competition, which negatively impacted shipments and asset utilization despite emerging federal policies favoring American manufacturing.</li><li>In an effort to streamline operations, Cleveland-Cliffs shut down underperforming assets and exited an unprofitable slab supply contract with ArcelorMittal, which had become burdensome due to misaligned slab pricing relative to finished steel.</li></ul>

Cleveland-Cliffs’ 2025 results were marked by significant challenges stemming from systemic issues in the domestic and Canadian steel markets, alongside strategic restructuring to better position the company moving forward.The company faced ongoing pressures from steel import competition, which negatively impacted shipments and asset utilization despite emerging federal policies favoring American manufacturing.In an effort to streamline operations, Cleveland-Cliffs shut down underperforming assets and exited an unprofitable slab supply contract with ArcelorMittal, which had become burdensome due to misaligned slab pricing relative to finished steel.

Cleveland-Cliffs Inc: What Matters Now Is 2026 Order Recovery Not 2025 Weakness!

Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

Equity, Bottom-up Analyst

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

<ul>
<li>Following our initiation on <a href="https://www.smartkarma.com/entities/mount-gibson-iron-ltd" target="_blank" data-smartkarma-citation="entities:19043:1" rel="noopener">Mount Gibson Iron (MGX AU)</a> and <a href="https://www.smartkarma.com/entities/kumba-iron-ore-ltd" target="_blank" data-smartkarma-citation="entities:25094:1" rel="noopener">Kumba Iron Ore (KIO SJ)</a>, recently we initiate coverage on <a href="https://www.smartkarma.com/entities/champion-iron-ltd" target="_blank" data-smartkarma-citation="entities:19734:1" rel="noopener">Champion Iron (CIA AU)</a>, a pure play with Canadian assets.</li>
<li>Although it is more richly priced than the other two names, it offers a 50% volume expansion opportunity in FY25/26, subject to financing availability. </li>
<li>Trading at 8.6x FY25 (March-end) PE, 4.6x EV-EBITDA, and a 6% dividend yield (subject to capex), this is not our favorite name at the current price due to production uncertainty. </li>
</ul>


Following our initiation on Mount Gibson Iron (MGX AU) and Kumba Iron Ore (KIO SJ), recently we initiate coverage on Champion Iron (CIA AU), a pure play with Canadian assets.
Although it is more richly priced than the other two names, it offers a 50% volume expansion opportunity in FY25/26, subject to financing availability. 
Trading at 8.6x FY25 (March-end) PE, 4.6x EV-EBITDA, and a 6% dividend yield (subject to capex), this is not our favorite name at the current price due to production uncertainty. 


Champion Iron (CIA CN): Another Expansion Iron Ore Pure Play on High-Grade Ore

<ul>
<li>Investics Research will initiate coverage of the materials sector in April 2024, starting with iron ore and then gold, coal, and steel in subsequent months (in that order).</li>
<li>The areas of coverage on asset classes will encompass the underlying commodity and the associated equities. </li>
<li>Areas of differentiation would include in-depth coverage of all equities (small/mid and large cap) and actionable tactical ideas on the commodity.</li>
</ul>


Investics Research will initiate coverage of the materials sector in April 2024, starting with iron ore and then gold, coal, and steel in subsequent months (in that order).
The areas of coverage on asset classes will encompass the underlying commodity and the associated equities. 
Areas of differentiation would include in-depth coverage of all equities (small/mid and large cap) and actionable tactical ideas on the commodity.


Introduction: Initiation of Coverage in the Materials Sector

<ul><li>Cleveland-Cliffs saw its stock jump 21.5% in a single trading session following a Q3 2025 earnings report that significantly beat EBITDA expectations and unveiled a surprise strategic pivot toward rare earth minerals production.</li><li>This dramatic move has reenergized investor enthusiasm, particularly as it aligns with broader U.S. policy goals of reducing critical mineral dependence on China.</li><li>For the third quarter, the company reported adjusted EBITDA of $143 million versus Street estimates of $128 million, with revenue coming in at $4.7 billion.</li></ul>

Cleveland-Cliffs saw its stock jump 21.5% in a single trading session following a Q3 2025 earnings report that significantly beat EBITDA expectations and unveiled a surprise strategic pivot toward rare earth minerals production.This dramatic move has reenergized investor enthusiasm, particularly as it aligns with broader U.S. policy goals of reducing critical mineral dependence on China.For the third quarter, the company reported adjusted EBITDA of $143 million versus Street estimates of $128 million, with revenue coming in at $4.7 billion.

Cleveland-Cliffs Drops A Bombshell: Rare Earths, Auto Demand & Tariffs Drive MASSIVE Jump!

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.

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Cleveland-Cliffs Inc (CLF US)

Cleveland-Cliffs: Pricing Power, Auto Demand & Cost Discipline—Three Forces Driving the Next Phase!

Cleveland-Cliffs entered 2026 framing its recent performance as the result of a difficult but transitional period rather than a reflection of...

Baptista Research

Cleveland-Cliffs Inc: What Matters Now Is 2026 Order Recovery Not 2025 Weakness!

Cleveland-Cliffs’ 2025 results were marked by significant challenges stemming from systemic issues in the domestic and Canadian steel markets,...

Baptista Research

Champion Iron (CIA CN): Another Expansion Iron Ore Pure Play on High-Grade Ore

We further expand our coverage in iron ore names by initiating on Champion Iron (CIA AU). With exposure to high-grade Fe ore at 65%, this could be...

Sameer Taneja

Introduction: Initiation of Coverage in the Materials Sector

We provide readers with an introduction to our initiation on commodities. We also provide a rationale as to how our coverage will be comprehensive...

Sameer Taneja

Cleveland-Cliffs Drops A Bombshell: Rare Earths, Auto Demand & Tariffs Drive MASSIVE Jump!

Cleveland-Cliffs saw its stock jump 21.5% in a single trading session following a Q3 2025 earnings report that significantly beat EBITDA...

Baptista Research

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