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. reported its financial and operational results for the second quarter and first half of 2026, reflecting a mixed but generally steady performance across its key business segments in a dynamic global agricultural environment.</li><li>The company delivered record potash sales volumes in the first half, driven by production from its low-cost six-mine network and supported by automation initiatives that increased ore mining efficiency to 53%, exceeding earlier targets.</li><li>These automation efforts have contributed to maintaining controllable cash costs below $60 per tonne, which is in line with prior guidance, thereby supporting cost discipline and capital efficiency.</li></ul>

Nutrien Ltd. reported its financial and operational results for the second quarter and first half of 2026, reflecting a mixed but generally steady performance across its key business segments in a dynamic global agricultural environment.The company delivered record potash sales volumes in the first half, driven by production from its low-cost six-mine network and supported by automation initiatives that increased ore mining efficiency to 53%, exceeding earlier targets.These automation efforts have contributed to maintaining controllable cash costs below $60 per tonne, which is in line with prior guidance, thereby supporting cost discipline and capital efficiency.

Nutrien’s Potash Powerhouse — Record Volumes Meet Sub-$60 Costs!

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
  <li>Nutrien's position as the world's largest fertilizer producer, with a low-cost and large-scale asset base in potash and nitrogen, provides a significant competitive advantage.</li>
  <li>The company's integrated business model, combining upstream nutrient production with a vast downstream retail network (<a href="https://smartkarma.com/entities/nutrien-ltd-475af2c1-baf4-472a-93c1-f3ac6f4acea3">Nutrien </a>Ag Solutions), helps to mitigate the inherent volatility of commodity markets and enhances margin capture.</li>
  <li>While facing near-term headwinds from volatile fertilizer prices and geopolitical uncertainty, the long-term outlook is supported by structural demand growth from emerging markets and a focus on operational efficiency, including mine automation.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  Nutrien's position as the world's largest fertilizer producer, with a low-cost and large-scale asset base in potash and nitrogen, provides a significant competitive advantage.
  The company's integrated business model, combining upstream nutrient production with a vast downstream retail network (Nutrien Ag Solutions), helps to mitigate the inherent volatility of commodity markets and enhances margin capture.
  While facing near-term headwinds from volatile fertilizer prices and geopolitical uncertainty, the long-term outlook is supported by structural demand growth from emerging markets and a focus on operational efficiency, including mine automation.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

<ul><li>Nutrien Ltd. reported first quarter 2026 financial and operational results amid ongoing geopolitical challenges impacting global fertilizer and energy markets.</li><li>Despite disruptions related to the conflict in the Middle East, the company maintained its full-year guidance and continued its focus on operational efficiency, asset reliability, and customer service.</li><li>In the upstream segment, Nutrien achieved record potash sales volumes exceeding 3.5 million tonnes, supported by production increases from its low-cost six-mine network and progress on mine automation initiatives that enhance safety and cost management.</li></ul>

Nutrien Ltd. reported first quarter 2026 financial and operational results amid ongoing geopolitical challenges impacting global fertilizer and energy markets.Despite disruptions related to the conflict in the Middle East, the company maintained its full-year guidance and continued its focus on operational efficiency, asset reliability, and customer service.In the upstream segment, Nutrien achieved record potash sales volumes exceeding 3.5 million tonnes, supported by production increases from its low-cost six-mine network and progress on mine automation initiatives that enhance safety and cost management.

Nutrien’s Record 3.5 Million-Tonne Potash Quarter; But Can Fertilizer Demand Hold?

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>Our outlook as of last week (3/3/26 Compass) remains near-term neutral on the S&amp;P 500 (SPX), after being bullish for all but one week since 4/22/25 (we went neutral 11/19/25-11/25/25).</li>
<li>However, signs point to a local low being made yesterday after indexes went from heavily red, to firmly green as Trump signaled the war with Iran is nearing an end</li>
<li>Russell 2000 (IWM) held at 4+year base support $245 , S&amp;P 500 futures(ES) held at its 200-day MA and Nasdaq 100 futures(NQ) held above 6-month support at 24,000 late-Sunday night</li>
</ul>


Our outlook as of last week (3/3/26 Compass) remains near-term neutral on the S&amp;P 500 (SPX), after being bullish for all but one week since 4/22/25 (we went neutral 11/19/25-11/25/25).
However, signs point to a local low being made yesterday after indexes went from heavily red, to firmly green as Trump signaled the war with Iran is nearing an end
Russell 2000 (IWM) held at 4+year base support $245 , S&amp;P 500 futures(ES) held at its 200-day MA and Nasdaq 100 futures(NQ) held above 6-month support at 24,000 late-Sunday night


Local Low in Place; Russell 2000 (IWM) Holds at $245; Semiconductors (SMH) Hold at $375

<ul><li>Nutrien's 2025 performance showcased a balanced mix of strategic execution and market dynamics, which has implications for investors weighing the company's near to mid-term prospects.</li><li>Nutrien reported significant growth in its adjusted EBITDA, which rose by 13% to $6.05 billion.</li><li>This increase was largely driven by record fertilizer sales volumes and a strong supply chain, allowing the company to meet elevated demand despite a condensed fall application season in North America.</li></ul>

Nutrien's 2025 performance showcased a balanced mix of strategic execution and market dynamics, which has implications for investors weighing the company's near to mid-term prospects.Nutrien reported significant growth in its adjusted EBITDA, which rose by 13% to $6.05 billion.This increase was largely driven by record fertilizer sales volumes and a strong supply chain, allowing the company to meet elevated demand despite a condensed fall application season in North America.

Nutrien Ltd.: Is Brazil Finally Turning From a Drag Into a Strategic Reset Opportunity?

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’s Potash Powerhouse — Record Volumes Meet Sub-$60 Costs!

Nutrien Ltd. reported its financial and operational results for the second quarter and first half of 2026, reflecting a mixed but generally steady...

Baptista Research

Primer: Nutrien (NTR US) - Aug 2026

Nutrien's position as the world's largest fertilizer producer, with a low-cost and large-scale asset base in potash and nitrogen, provides a...

αSK Primers

Nutrien’s Record 3.5 Million-Tonne Potash Quarter; But Can Fertilizer Demand Hold?

Nutrien Ltd. reported first quarter 2026 financial and operational results amid ongoing geopolitical challenges impacting global fertilizer and...

Baptista Research

Local Low in Place; Russell 2000 (IWM) Holds at $245; Semiconductors (SMH) Hold at $375

Local Low in Place $SPX; Russell 2000 $IWM Holds at $245; Semiconductors $SMH Hold at $365-$375; Cannot be too Bearish if these supports hold....

Vermilion Research

Nutrien Ltd.: Is Brazil Finally Turning From a Drag Into a Strategic Reset Opportunity?

Nutrien's 2025 performance showcased a balanced mix of strategic execution and market dynamics, which has implications for investors weighing the...

Baptista Research

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