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 presented its third-quarter 2024 results during a challenging period of weaker steel demand and pricing, largely attributed to reduced automotive production and high interest rates affecting consumer decisions.</li><li>The company's acquisition of Stelco, a Canadian steelmaker, was a notable development during this period, promising operational agility and cost efficiency.Cleveland-Cliffs reported a quarterly adjusted EBITDA of $124 million on 3.8 million tons of shipments.</li><li>This was a decline from previous performance levels, which the company attributed to reduced activity in the automotive industry.</li></ul>

Cleveland-Cliffs presented its third-quarter 2024 results during a challenging period of weaker steel demand and pricing, largely attributed to reduced automotive production and high interest rates affecting consumer decisions.The company's acquisition of Stelco, a Canadian steelmaker, was a notable development during this period, promising operational agility and cost efficiency.Cleveland-Cliffs reported a quarterly adjusted EBITDA of $124 million on 3.8 million tons of shipments.This was a decline from previous performance levels, which the company attributed to reduced activity in the automotive industry.

Cleveland-Cliffs Inc.: Can The Stelco Acquisition Be A Game Changer?  - Major Drivers

<ul><li>Cleveland-Cliffs Inc. reported solid second-quarter 2024 financial results, crediting its encouraging performance mainly to robust cash flow generation that has been bolstered by increased shipments, sustained cost-reduction initiatives, and successful inventory level management.</li><li>The company’s substantial reduction of its net debt balance to $3.4 billion, achieved by applying 65% of the quarter's $362 million in free cash flow towards debt reduction, was a highlight of the period.</li><li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

Cleveland-Cliffs Inc. reported solid second-quarter 2024 financial results, crediting its encouraging performance mainly to robust cash flow generation that has been bolstered by increased shipments, sustained cost-reduction initiatives, and successful inventory level management.The company’s substantial reduction of its net debt balance to $3.4 billion, achieved by applying 65% of the quarter's $362 million in free cash flow towards debt reduction, was a highlight of the period.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Cleveland-Cliffs Inc.: Will The Stelco Acquisition Be A Game Changer? - Major Drivers

<ul><li>Cleveland-Cliffs Inc in their Q1 2024 Earnings has placed particular emphasize on their tactic of share buybacks as an essential capital allocation method.</li><li>During this time period, the firm was able to procure over 30 million of its own shares, utilizing approximately $608 million from a previous $1 billion share buyback program announced in 2022.</li><li>Over the past few years, the company's diluted share count has been lowered by over 100 million shares, reflecting a significant 17% reduction and pointing to an average purchase price of $18.79 per share, a price point considerably lower than the current trading price.</li></ul>

Cleveland-Cliffs Inc in their Q1 2024 Earnings has placed particular emphasize on their tactic of share buybacks as an essential capital allocation method.During this time period, the firm was able to procure over 30 million of its own shares, utilizing approximately $608 million from a previous $1 billion share buyback program announced in 2022.Over the past few years, the company's diluted share count has been lowered by over 100 million shares, reflecting a significant 17% reduction and pointing to an average purchase price of $18.79 per share, a price point considerably lower than the current trading price.

Cleveland-Cliffs Inc.: Focus On Decarbonization

<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

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.: Can The Stelco Acquisition Be A Game Changer? - Major Drivers

Cleveland-Cliffs presented its third-quarter 2024 results during a challenging period of weaker steel demand and pricing, largely attributed to...

Baptista Research

Cleveland-Cliffs Inc.: Will The Stelco Acquisition Be A Game Changer? - Major Drivers

Cleveland-Cliffs Inc. reported solid second-quarter 2024 financial results, crediting its encouraging performance mainly to robust cash flow...

Baptista Research

Cleveland-Cliffs Inc.: Focus On Decarbonization

Cleveland-Cliffs Inc in their Q1 2024 Earnings has placed particular emphasize on their tactic of share buybacks as an essential capital...

Baptista Research

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

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