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>Steel Dynamics, Inc. reported its financial performance for the third quarter of 2025, presenting a mixed but overall solid outlook.</li><li>The company achieved record steel shipments of 3.6 million tons, contributing to a revenue of $4.8 billion and an adjusted EBITDA of $664 million.</li><li>The company also generated healthy cash flow from operations totaling $723 million.</li></ul>

Steel Dynamics, Inc. reported its financial performance for the third quarter of 2025, presenting a mixed but overall solid outlook.The company achieved record steel shipments of 3.6 million tons, contributing to a revenue of $4.8 billion and an adjusted EBITDA of $664 million.The company also generated healthy cash flow from operations totaling $723 million.

Steel Dynamics Inc. Fast-Tracks Aluminum Success—Could Early Product Qualification Ignite a New Growth Wave?

<ul><li>Steel Dynamics, Inc. (SDI) reported its financial results for the second quarter of 2025, reflecting a complex operational and market environment.</li><li>Despite facing challenges, SDI demonstrated notable progress and resilience in several key areas, indicating a mixed performance with both positive achievements and persistent challenges.</li><li>The company reported net income of $299 million or $2.01 per diluted share, with adjusted EBITDA standing at $533 million.</li></ul>

Steel Dynamics, Inc. (SDI) reported its financial results for the second quarter of 2025, reflecting a complex operational and market environment.Despite facing challenges, SDI demonstrated notable progress and resilience in several key areas, indicating a mixed performance with both positive achievements and persistent challenges.The company reported net income of $299 million or $2.01 per diluted share, with adjusted EBITDA standing at $533 million.

Steel Dynamics: Sinton Plant Development As a Pivotal Driver For Growth!

<ul><li>Steel Dynamics, Inc. delivered a solid performance in the first quarter of 2025, demonstrating the company's operational and financial stability amidst a challenging market environment.</li><li>The company reported a net income of $217 million or $1.44 per diluted share, supported by adjusted EBITDA of $448 million.</li><li>Total revenue rose to $4.4 billion, showing a 13% increase from the previous quarter, largely due to record steel shipments.</li></ul>

Steel Dynamics, Inc. delivered a solid performance in the first quarter of 2025, demonstrating the company's operational and financial stability amidst a challenging market environment.The company reported a net income of $217 million or $1.44 per diluted share, supported by adjusted EBITDA of $448 million.Total revenue rose to $4.4 billion, showing a 13% increase from the previous quarter, largely due to record steel shipments.

Steel Dynamics: An Insight Into Its Shareholder Value & Strategic Capital Allocation!

<ul><li>Steel Dynamics (STLD) navigated a challenging market environment in 2024, achieving solid financial results while continuing strategic growth initiatives.</li><li>The company reported second-highest annual steel shipments of 12.7 million tons, and cash from operations stood at $1.8 billion, supported by adjusted EBITDA of $2.5 billion.</li><li>Net income for 2024 was recorded at $1.5 billion, reflecting a diluted share value of $9.84, while the fourth quarter net income was $207 million, or $1.36 per diluted share.</li></ul>

Steel Dynamics (STLD) navigated a challenging market environment in 2024, achieving solid financial results while continuing strategic growth initiatives.The company reported second-highest annual steel shipments of 12.7 million tons, and cash from operations stood at $1.8 billion, supported by adjusted EBITDA of $2.5 billion.Net income for 2024 was recorded at $1.5 billion, reflecting a diluted share value of $9.84, while the fourth quarter net income was $207 million, or $1.36 per diluted share.

Steel Dynamics: Expanding Aluminum Operations To Act As A Formidable Player In The Aluminum Market! - Major Drivers

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

Nasdaq-100 Stock Index / Technical Analysis

<ul>
<li>We had a near-term bullish outlook on the S&amp;P 500 (SPX) and Nasdaq 100 (QQQ) from 4/22/25 to 11/19/25.</li>
<li>After being near-term neutral for a week, we flipped back to bullish in our 11/25/25 report last week, all while maintaining our intermediate-term bullish outlook (as of our 5/14/25 report).</li>
<li>We'll stay near-term bullish as long as crucial support levels of 6480-6520 on SPX and $580-$583 on QQQ hold. We believe SPX,QQQ, and IWM are in a new "lockout rally"</li>
</ul>


We had a near-term bullish outlook on the S&amp;P 500 (SPX) and Nasdaq 100 (QQQ) from 4/22/25 to 11/19/25.
After being near-term neutral for a week, we flipped back to bullish in our 11/25/25 report last week, all while maintaining our intermediate-term bullish outlook (as of our 5/14/25 report).
We'll stay near-term bullish as long as crucial support levels of 6480-6520 on SPX and $580-$583 on QQQ hold. We believe SPX,QQQ, and IWM are in a new "lockout rally"


New Lockout Rally Underway on SPX, QQQ, and IWM? Yes. Here Is Why. Still Bullish

United States

Steel Dynamics, Inc. is a diversified carbon-steel steel producer and metals recycler in the U.S, located in Fort Wayne, IN. The Company's operating segments include Steel Operations, Metals Recycling & Ferrous Resources Operations, and Steel Fabrication Operations. Steel Dynamics products include flat rolled steel sheet, engineered bar special-bar-quality, structural beams.

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Steel Dynamics (STLD US)

Steel Dynamics Inc. Fast-Tracks Aluminum Success—Could Early Product Qualification Ignite a New Growth Wave?

Steel Dynamics, Inc. reported its financial performance for the third quarter of 2025, presenting a mixed but overall solid outlook. The company...

Baptista Research

Steel Dynamics: Sinton Plant Development As a Pivotal Driver For Growth!

Steel Dynamics, Inc. (SDI) reported its financial results for the second quarter of 2025, reflecting a complex operational and market...

Baptista Research

Steel Dynamics: An Insight Into Its Shareholder Value & Strategic Capital Allocation!

Steel Dynamics, Inc. delivered a solid performance in the first quarter of 2025, demonstrating the company's operational and financial stability...

Baptista Research

Steel Dynamics: Expanding Aluminum Operations To Act As A Formidable Player In The Aluminum Market! - Major Drivers

Steel Dynamics (STLD) navigated a challenging market environment in 2024, achieving solid financial results while continuing strategic growth...

Baptista Research

New Lockout Rally Underway on SPX, QQQ, and IWM? Yes. Here Is Why. Still Bullish

New Lockout Rally Underway on $SPX, $QQQ, and $IWM? Yes. The last time we made this same claim was in our 5/6/25 Compass report. Still Near-Term...

Vermilion Research

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