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>Nucor delivered mixed results for the quarter, with revenues falling short of Wall Street expectations but managed earnings beat.</li><li>The company's three reporting segments saw higher earnings in the quarter, with the largest gains arriving from steel mill segments that saw higher realized pricing.</li><li>In the company's sheet mill group, Nucor continues its ramp-up in the Nucor Steel Gallatin.</li></ul>

Nucor delivered mixed results for the quarter, with revenues falling short of Wall Street expectations but managed earnings beat.The company's three reporting segments saw higher earnings in the quarter, with the largest gains arriving from steel mill segments that saw higher realized pricing.In the company's sheet mill group, Nucor continues its ramp-up in the Nucor Steel Gallatin.

Nucor Corporation: What Is Its Competitive Advantage? – Key Drivers

Equity Capital Markets

<ul><li>Nucor Corporation delivered a mixed set of results in the quarter, failing to meet revenue expectations of Wall Street but managing an earnings beat.</li><li>Its result was largely attributed to Nucor's steel products segments' continued profitability as well as higher volumes and margins at its steel mills segment.</li><li>Shipments from Nucor's steel mills increased by 18%, increasing their utilization to almost 80% in Q1 from 70% in Q1 of last year.</li></ul>

Nucor Corporation delivered a mixed set of results in the quarter, failing to meet revenue expectations of Wall Street but managing an earnings beat.Its result was largely attributed to Nucor's steel products segments' continued profitability as well as higher volumes and margins at its steel mills segment.Shipments from Nucor's steel mills increased by 18%, increasing their utilization to almost 80% in Q1 from 70% in Q1 of last year.

Nucor Corporation: Upside From Steel Recycling & Other Drivers

<ul><li>Nucor had a mediocre quarter as its earnings dropped compared to the previous two quarters due to reduced shipping volumes and metal margin contraction, particularly at the company’s plate and sheet mills.</li><li>The startup and construction of the company’s Nucor Stell Brandenburg mill continue progressing incredibly great with respect to schedule, budget, and safety.</li><li>Lastly, at the end of this quarter, the company announced the approval of the construction of the galvanizing line at its Nucor Steel Berkeley mill.</li></ul>

Nucor had a mediocre quarter as its earnings dropped compared to the previous two quarters due to reduced shipping volumes and metal margin contraction, particularly at the company’s plate and sheet mills.The startup and construction of the company’s Nucor Stell Brandenburg mill continue progressing incredibly great with respect to schedule, budget, and safety.Lastly, at the end of this quarter, the company announced the approval of the construction of the galvanizing line at its Nucor Steel Berkeley mill.

Nucor Corp: Launch Of Elcyon & Other Developments

<ul><li>Nucor managed to deliver an all-around beat as a result of strong performance in raw material operations, tabular, buildings, deck, joist, structural, sheet, plate, and bar.</li><li>The flexible and sustainable business model of Nucor proves its ability to grow and create values for its shareholders.</li><li>Nucor Corporation has recently announced that it has joined an agreement to acquire Summit Utility Structures LLC and Sovereign Steel Manufacturing LLC.</li></ul>

Nucor managed to deliver an all-around beat as a result of strong performance in raw material operations, tabular, buildings, deck, joist, structural, sheet, plate, and bar.The flexible and sustainable business model of Nucor proves its ability to grow and create values for its shareholders.Nucor Corporation has recently announced that it has joined an agreement to acquire Summit Utility Structures LLC and Sovereign Steel Manufacturing LLC.

Nucor Corp: Recent Acquisitions & Other Drivers

Fundamental Short Selling Research

Eric Fernandez, CFA

TwoRiversAnalytics

<ul>
<li>This model seeks companies that are potentially “overearning”, defined as companies with unusually high margins relative to their own history or relative to the industry. </li>
<li>The reasons for the margin increases are sometimes unsustainable or fraudulent. The  critical judgement involves to what extent unsustainable margins are embedded in a company’s forecasts and/or the stock’s valuation. </li>
<li>These shorts tend to have moderate to higher betas, higher valuations due to recent strong results and good short responses to subsequently disappointing earnings. </li>
</ul>


This model seeks companies that are potentially “overearning”, defined as companies with unusually high margins relative to their own history or relative to the industry. 
The reasons for the margin increases are sometimes unsustainable or fraudulent. The  critical judgement involves to what extent unsustainable margins are embedded in a company’s forecasts and/or the stock’s valuation. 
These shorts tend to have moderate to higher betas, higher valuations due to recent strong results and good short responses to subsequently disappointing earnings. 


Overearning Short Candidates: Photronics, LSB Industries, Otter Tail, Kulicke & Soffa

United States

Nucor Corporation manufactures steel products.  The Company's products include carbon and alloy steel, steel joists, steel deck, cold finished steel, steel grinding balls, steel bearing products, and metal buildingsystems. Nucor also brokers ferrous and nonferrous metals, pig iron and HBI/DRI; supplies ferro-alloys; and processes ferrous and nonferrous scrap.

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Nucor Corp (NUE US)

Nucor Corporation: What Is Its Competitive Advantage? – Key Drivers

Nucor delivered mixed results for the quarter, with revenues falling short of Wall Street expectations but managed earnings beat. The company's...

Baptista Research

Nucor Corporation: Upside From Steel Recycling & Other Drivers

Nucor Corporation delivered a mixed set of results in the quarter, failing to meet revenue expectations of Wall Street but managing an earnings...

Baptista Research

Nucor Corp: Launch Of Elcyon & Other Developments

Nucor had a mediocre quarter as its earnings dropped compared to the previous two quarters due to reduced shipping volumes and metal margin...

Baptista Research

Nucor Corp: Recent Acquisitions & Other Drivers

Nucor managed to deliver an all-around beat as a result of strong performance in raw material operations, tabular, buildings, deck, joist,...

Baptista Research

Overearning Short Candidates: Photronics, LSB Industries, Otter Tail, Kulicke & Soffa

Margin over-earners are fertile hunting ground for shorts if the reasons for the margin increase are unsustainable or fraudulent. This week:...

Eric Fernandez, CFA

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