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>Kinross Gold Corporation reported a solid operational and financial start to 2026, continuing the momentum from a strong 2025 performance.</li><li>The company produced 493,000 ounces of gold in the first quarter, with Tasiast and Paracatu mines contributing over half of output.</li><li>Paracatu achieved record mill recoveries due to process improvements, while Tasiast benefited from higher grades and strong recoveries, resulting in robust free cash flow generation.</li></ul>

Kinross Gold Corporation reported a solid operational and financial start to 2026, continuing the momentum from a strong 2025 performance.The company produced 493,000 ounces of gold in the first quarter, with Tasiast and Paracatu mines contributing over half of output.Paracatu achieved record mill recoveries due to process improvements, while Tasiast benefited from higher grades and strong recoveries, resulting in robust free cash flow generation.

Kinross Gold: Why Lobo-Marte And La Coipa Are Critical To Its Next Growth Cycle!

<ul><li>Kinross Gold Corporation reported a strong operating and financial outcome for 2025, reflecting consistent execution across its asset base and a favorable gold price environment, while also outlining a stable multiyear production profile and disciplined capital allocation framework.</li><li>The company produced just over two million ounces for the year, in line with guidance, and maintained cost control despite rising royalties and inflationary pressures.</li><li>Margin expansion outpaced the increase in gold prices due to operational leverage and cost discipline, resulting in record free cash flow generation and a materially strengthened balance sheet with a net cash position.</li></ul>

Kinross Gold Corporation reported a strong operating and financial outcome for 2025, reflecting consistent execution across its asset base and a favorable gold price environment, while also outlining a stable multiyear production profile and disciplined capital allocation framework.The company produced just over two million ounces for the year, in line with guidance, and maintained cost control despite rising royalties and inflationary pressures.Margin expansion outpaced the increase in gold prices due to operational leverage and cost discipline, resulting in record free cash flow generation and a materially strengthened balance sheet with a net cash position.

Kinross Gold Corporation: Are US-Based Projects Quietly Transforming the Portfolio Mix?

Global Commodities, Mint Finance

Srinidhi Raghavendra

Global Commodities

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

<ul>
<li>
Unmatched Operating Leverage: As gold prices surge, miners’ fixed costs allow for disproportionate earnings growth; Kinross leads this trend with a staggering 259% price rally since early 2025.</li>
<li>
 Self-Funded Strategic Expansion: Kinross’s three new U.S. projects boast a 55% IRR and $4.1 billion NPV, fully funded by robust cash flows without compromising a lean, debt-reduced balance sheet.</li>
<li>
Valuation Disconnect: Despite record production and rising ROE, Kinross trades at a discount to peers, offering a high free cash flow yield and significant untapped upside potential.</li>
</ul>



Unmatched Operating Leverage: As gold prices surge, miners’ fixed costs allow for disproportionate earnings growth; Kinross leads this trend with a staggering 259% price rally since early 2025.

 Self-Funded Strategic Expansion: Kinross’s three new U.S. projects boast a 55% IRR and $4.1 billion NPV, fully funded by robust cash flows without compromising a lean, debt-reduced balance sheet.

Valuation Disconnect: Despite record production and rising ROE, Kinross trades at a discount to peers, offering a high free cash flow yield and significant untapped upside potential.


Kinross Gold Is Self Funded, High Yield & Still Cheap

<ul><li>Kinross Gold Corporation's latest financial performance shows a blend of optimism and caution for investors.</li><li>The company reported a strong third quarter, indicating an efficient operational execution across its global mining assets.</li><li>Production was in line with expectations at approximately 504,000 ounces at a cost of sales of $1,145 per ounce.</li></ul>

Kinross Gold Corporation's latest financial performance shows a blend of optimism and caution for investors.The company reported a strong third quarter, indicating an efficient operational execution across its global mining assets.Production was in line with expectations at approximately 504,000 ounces at a cost of sales of $1,145 per ounce.

Kinross Gold: Sensitivity to Gold Price Movements Given Mid-Cost Curve Positioning & 4 Critical Challenges!

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>At a gold price of USD 4,200/oz, miners are generating cash flow well in excess of sustaining capital and operating requirements, supporting balance sheet deleveraging and shareholder returns.</li>
<li>Following our prior insight, <a href="https://www.smartkarma.com/insights/gold-equities-a-detailed-look-at-the-capital-allocation-plans-of-our-universe-barrick-gold-b-us" target="_blank" data-smartkarma-citation="insights:273679" rel="noopener">Gold Equities: A Detailed Look At The Capital Allocation Plans Of Our Universe - Barrick Gold (B US)</a>, we follow up on <a href="https://www.smartkarma.com/entities/newmont-mining-corp" target="_blank" data-smartkarma-citation="entities:14503:1" rel="noopener">Newmont Mining (NEM US)</a>  </li>
<li>We like <a href="https://www.smartkarma.com/entities/oceanagold-philippines-inc" target="_blank" data-smartkarma-citation="entities:40897:1" rel="noopener">OceanaGold Philippines (OGP PM)</a> for its 11% dividend yield. For the large caps, <a href="https://www.smartkarma.com/entities/newmont-mining-corp" target="_blank" data-smartkarma-citation="entities:14503:1" rel="noopener">Newmont Mining (NEM US)</a> and <a href="https://www.smartkarma.com/entities/barrick-mining-corporation" target="_blank" data-smartkarma-citation="entities:21023:1" rel="noopener">Barrick Mining (B US)</a>  have impressive capital return programs.</li>
</ul>


At a gold price of USD 4,200/oz, miners are generating cash flow well in excess of sustaining capital and operating requirements, supporting balance sheet deleveraging and shareholder returns.
Following our prior insight, Gold Equities: A Detailed Look At The Capital Allocation Plans Of Our Universe - Barrick Gold (B US), we follow up on Newmont Mining (NEM US)  
We like OceanaGold Philippines (OGP PM) for its 11% dividend yield. For the large caps, Newmont Mining (NEM US) and Barrick Mining (B US)  have impressive capital return programs.


Gold Equities: A Detailed Look At The Capital Allocation Plans Of Our Universe - Newmont (NEM US)

Canada

Kinross Gold Corporation is involved in the exploration, development, and production of gold in countries located around the world.  The Company currently has operations in the United States, Brazil, Chile, Mauritania, Ghana and Russia.

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Kinross Gold Corp (KGC US)

Kinross Gold: Why Lobo-Marte And La Coipa Are Critical To Its Next Growth Cycle!

Kinross Gold Corporation reported a solid operational and financial start to 2026, continuing the momentum from a strong 2025 performance. The...

Baptista Research

Kinross Gold Corporation: Are US-Based Projects Quietly Transforming the Portfolio Mix?

Kinross Gold Corporation reported a strong operating and financial outcome for 2025, reflecting consistent execution across its asset base and a...

Baptista Research

Kinross Gold Is Self Funded, High Yield & Still Cheap

Kinross growth plans are self-funded, delivers high yield and is still cheap. How Kinross turned a 72% gold rally into a 259% gain?

Mint Finance

Kinross Gold: Sensitivity to Gold Price Movements Given Mid-Cost Curve Positioning & 4 Critical Challenges!

Kinross Gold Corporation's latest financial performance shows a blend of optimism and caution for investors. The company reported a strong third...

Baptista Research

Gold Equities: A Detailed Look At The Capital Allocation Plans Of Our Universe - Newmont (NEM US)

Newmont now returns ~75% of free cash flow: a fixed $1.1bn dividend plus formula buybacks ($7.7bn done, $4.3bn left), with $3.4bn net cash. Gold...

Sameer Taneja

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