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.

Credit

<ul><li>This is our first report on major steel producer, Cleveland-Cliffs.<li></li>The slight drawback was the management seeing relatively weak service centre demand in the past few months due to generally high inventory levels.<li></li>Despite this unfavourable backdrop of declining HRC prices and weak service centre demand, the company still managed to produce an earnings beat.</li></ul>

This is our first report on major steel producer, Cleveland-Cliffs.The slight drawback was the management seeing relatively weak service centre demand in the past few months due to generally high inventory levels.Despite this unfavourable backdrop of declining HRC prices and weak service centre demand, the company still managed to produce an earnings beat.

Cleveland-Cliffs Inc.: Initiation of Coverage – Business Overhaul

Value Investing

Vladimir Dimitrov, CFA

Equity Bottom-Up

<ul>
<li>Cleveland-Cliffs has been one of the greatest transformation stories, returning 150% since my first bullish thesis in 2019.</li>
<li>Strategic capital allocation and long-term perspective of the management created solid competitive advantages that are almost impossible to replicate.</li>
<li>In spite of the extremely bullish investor sentiment, I took the hard decision to sell my stake in the company.</li>
</ul>


Cleveland-Cliffs has been one of the greatest transformation stories, returning 150% since my first bullish thesis in 2019.
Strategic capital allocation and long-term perspective of the management created solid competitive advantages that are almost impossible to replicate.
In spite of the extremely bullish investor sentiment, I took the hard decision to sell my stake in the company.


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.

<p>Whenever I get a bit too interested in macro economics I see it as a signal that I need reduce my commodity exposure. I wrote short write-ups on CLF (steel), PXD (mostly oil) and TOU (mostly gas) in the past month or so. And was long all three. I still like them, but not enough to hold on to them.</p>

Whenever I get a bit too interested in macro economics I see it as a signal that I need reduce my commodity exposure. I wrote short write-ups on CLF (steel), PXD (mostly oil) and TOU (mostly gas) in the past month or so. And was long all three. I still like them, but not enough to hold on to them.

Cleveland-Cliffs, Pioneer Natural Resources, Tourmaline Oil: Too Much Commodity Exposure

<ul>
<li>Trading at 10-12x FCF, debt free and ~10% ROIC at 2019 steel prices</li>
<li>2019 steel prices were reflective of past decade average</li>
<li>Likely trading at 20-25% FCF yield going forward</li>
<li>Company will have low cost advantage</li>
<li>Everything set up perfectly for higher steel prices in medium term</li>
</ul>


Trading at 10-12x FCF, debt free and ~10% ROIC at 2019 steel prices
2019 steel prices were reflective of past decade average
Likely trading at 20-25% FCF yield going forward
Company will have low cost advantage
Everything set up perfectly for higher steel prices in medium term


<ul><li>As a long-term investor in Cleveland-Cliffs with cost basis in mid-single digits, I remain committed to my investment thesis.</li><li>The previously skeptical sell-side analysts are suddenly recognizing the potential behind CLF, after the stock returned nearly 500%.</li><li>Trading volumes are also extremely high, partly driven by the sharp increase in steel prices and renewed investors' interest.</li><li>I am keeping CLF as a Hold at this point time, meaning that I will not be increasing my position for the time being.</li></ul>

As a long-term investor in Cleveland-Cliffs with cost basis in mid-single digits, I remain committed to my investment thesis.The previously skeptical sell-side analysts are suddenly recognizing the potential behind CLF, after the stock returned nearly 500%.Trading volumes are also extremely high, partly driven by the sharp increase in steel prices and renewed investors' interest.I am keeping CLF as a Hold at this point time, meaning that I will not be increasing my position for the time being.

Cleveland-Cliffs Is A Long-Term Buy, But Don't Get Caught In The Short-Sighted Mania

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Cleveland-Cliffs Inc (CLF US)

Cleveland-Cliffs Inc.: Initiation of Coverage – Business Overhaul

This is our first report on major steel producer, Cleveland-Cliffs. The slight drawback was the management seeing relatively weak service centre...

Baptista Research

Cleveland-Cliffs: Proceed With Caution

Cleveland-Cliffs has been one of the greatest transformation stories, returning 150% since my first bullish thesis in 2019. Strategic capital...

Vladimir Dimitrov, CFA

Cleveland-Cliffs, Pioneer Natural Resources, Tourmaline Oil: Too Much Commodity Exposure

Whenever I get a bit too interested in macro economics I see it as a signal that I need reduce my commodity exposure. I wrote short write-ups on...

Turtles all the way down