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. 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

Independent Research, Turtles all the way down

Turtles all the way down

Independent Research

Writing short articles about mis-priced boring stocks around the world.

<ul><li>In this post I tracked my performance on stock mentioned in my blog, and I would like to officially close some ideas here.</li><li>I will start doing that from now on. Something I did privately but not on the blog publicly.</li><li>Either because they have worked out and upside is no more attractive, or because the facts have changed.</li></ul>

In this post I tracked my performance on stock mentioned in my blog, and I would like to officially close some ideas here.I will start doing that from now on. Something I did privately but not on the blog publicly.Either because they have worked out and upside is no more attractive, or because the facts have changed.

Credit

<ul><li>With Cleveland-Cliffs’ results just around the corner, it is to be seen how the management has progressed with their execution in terms of profitability and their attempts towards free cash-flow-driven reduction in debt.</li><li>However, higher costs and inflation led to a drop in margins and it had missed out on earnings.</li><li>The gross inventory values in terms of the working capital increased in the last quarter because of higher costs, and the overall steel inventory volumes decreased.</li></ul>

With Cleveland-Cliffs’ results just around the corner, it is to be seen how the management has progressed with their execution in terms of profitability and their attempts towards free cash-flow-driven reduction in debt.However, higher costs and inflation led to a drop in margins and it had missed out on earnings.The gross inventory values in terms of the working capital increased in the last quarter because of higher costs, and the overall steel inventory volumes decreased.

Cleveland-Cliffs Inc: Labor Agreement & Other Developments

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 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

Closing Some Idea's

In this post I tracked my performance on stock mentioned in my blog, and I would like to officially close some ideas here. I will start doing that...

Turtles all the way down

Cleveland-Cliffs Inc: Labor Agreement & Other Developments

With Cleveland-Cliffs’ results just around the corner, it is to be seen how the management has progressed with their execution in terms of...

Baptista Research

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