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>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

<ul><li>Cleveland-Cliffs is a major steel producer and is benefitting from the strong macro for the metal.<li></li>Despite this unfavourable backdrop of declining HRC prices and weak service centre demand, the company still managed to generate a good level of profitability.<li></li>In this report, we have carried out a fundamental analysis of the historical financial statements of the company.</li></ul>

Cleveland-Cliffs is a major steel producer and is benefitting from the strong macro for the metal.Despite this unfavourable backdrop of declining HRC prices and weak service centre demand, the company still managed to generate a good level of profitability.In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

Cleveland-Cliffs Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report

<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

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: 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

Cleveland-Cliffs Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report

Cleveland-Cliffs is a major steel producer and is benefitting from the strong macro for the metal. Despite this unfavourable backdrop of declining...

Baptista Research

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

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