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>Nutrien Ltd's third-quarter earnings for 2025 demonstrate a mixed bag of achievements and challenges, offering considerable detail on the company's operational dynamics and strategic moves.</li><li>The company has evidenced strong structural earnings growth over the first nine months of the year, driven by record upstream fertilizer sales and improvements in the retail segment.</li><li>Noteworthy is the raised sales volume guidance for potash and the maintenance of retail adjusted EBITDA guidance, signifying a steady operational environment.</li></ul>

Nutrien Ltd's third-quarter earnings for 2025 demonstrate a mixed bag of achievements and challenges, offering considerable detail on the company's operational dynamics and strategic moves.The company has evidenced strong structural earnings growth over the first nine months of the year, driven by record upstream fertilizer sales and improvements in the retail segment.Noteworthy is the raised sales volume guidance for potash and the maintenance of retail adjusted EBITDA guidance, signifying a steady operational environment.

Nutrien Stuns Investors With $900 Million From Non-Core Divestitures; What Lies Ahead?

<ul><li>Nutrien's second-quarter 2025 financial results reflect a strong operational performance and progress toward its strategic goals, with a notable increase in fertilizer sales volumes and improved cost management.</li><li>The company's adjusted EBITDA rose by 11% to $2.5 billion from the previous year, while cash flow from operations surged by 40%.</li><li>This was driven by advancements in potash and nitrogen operations and strategic initiatives across its portfolio.</li></ul>

Nutrien's second-quarter 2025 financial results reflect a strong operational performance and progress toward its strategic goals, with a notable increase in fertilizer sales volumes and improved cost management.The company's adjusted EBITDA rose by 11% to $2.5 billion from the previous year, while cash flow from operations surged by 40%.This was driven by advancements in potash and nitrogen operations and strategic initiatives across its portfolio.

Nutrien Ltd: Is The Growth in Potash Demand Here To Stay?

<ul><li>Nutrien presented its first-quarter 2025 results amidst a dynamic market landscape influenced by geopolitical events and trade disruptions.</li><li>The results indicate a nuanced performance across its business segments, underscored by both opportunities and challenges.</li><li>For investors analyzing Nutrien, these results provide a layered view of current operations and future prospects.</li></ul>

Nutrien presented its first-quarter 2025 results amidst a dynamic market landscape influenced by geopolitical events and trade disruptions.The results indicate a nuanced performance across its business segments, underscored by both opportunities and challenges.For investors analyzing Nutrien, these results provide a layered view of current operations and future prospects.

Nutrien Seizes Global Crop Boom—Can Potash & Phosphates Fuel A Revenue Surge?

<ul><li>Nutrien's recent financial results and strategic outlook provide a complex picture of the company's current standing and future prospects.</li><li>In 2024, Nutrien achieved an adjusted EBITDA of $5.4 billion, reflecting the challenges and opportunities presented by varying market conditions.</li><li>The year saw a decrease in fertilizer prices, which negatively impacted overall earnings despite higher volumes and improved downstream retail performance.</li></ul>

Nutrien's recent financial results and strategic outlook provide a complex picture of the company's current standing and future prospects.In 2024, Nutrien achieved an adjusted EBITDA of $5.4 billion, reflecting the challenges and opportunities presented by varying market conditions.The year saw a decrease in fertilizer prices, which negatively impacted overall earnings despite higher volumes and improved downstream retail performance.

Nutrien’s Gas Price Advantage: How North America’s Edge Boosts Profits!

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).</li>
<li>We will maintain our bullish view as long as market dynamics remain healthy and the S&amp;P 500 (SPX) is above 5500.</li>
<li>Our base case expectation is that SPX holds above short-term gap support at 5700-5785 (which is also where the 20-day, 100-day, and 200-day MAs all converge).</li>
</ul>


We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).
We will maintain our bullish view as long as market dynamics remain healthy and the S&amp;P 500 (SPX) is above 5500.
Our base case expectation is that SPX holds above short-term gap support at 5700-5785 (which is also where the 20-day, 100-day, and 200-day MAs all converge).


Gap Supports Holding; Expecting Test of All-Time Highs; Long-Term Treasury Yields Rolling Over?

Canada

Nutrien Ltd. provides crop inputs and services. The Company produces and distributes potash, nitrogen, and phosphate products for agricultural, industrial, and feed customers. Nutrien serves the agriculture industry worldwide.

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Nutrien (NTR US)

Nutrien Stuns Investors With $900 Million From Non-Core Divestitures; What Lies Ahead?

Nutrien Ltd's third-quarter earnings for 2025 demonstrate a mixed bag of achievements and challenges, offering considerable detail on the...

Baptista Research

Nutrien Ltd: Is The Growth in Potash Demand Here To Stay?

Nutrien's second-quarter 2025 financial results reflect a strong operational performance and progress toward its strategic goals, with a notable...

Baptista Research

Nutrien Seizes Global Crop Boom—Can Potash & Phosphates Fuel A Revenue Surge?

Nutrien presented its first-quarter 2025 results amidst a dynamic market landscape influenced by geopolitical events and trade disruptions. The...

Baptista Research

Nutrien’s Gas Price Advantage: How North America’s Edge Boosts Profits!

Nutrien's recent financial results and strategic outlook provide a complex picture of the company's current standing and future prospects. In...

Baptista Research

Gap Supports Holding; Expecting Test of All-Time Highs; Long-Term Treasury Yields Rolling Over?

Gap Supports Holding; Expecting Test of All-Time Highs $SPX $QQQ $NDX; 10- and 30-Year Treasury Yields Rolling Over?; Watching $209-210 resistance...

Vermilion Research

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