Independent research on the U.S. markets, Baptista Research

Baptista Research

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.

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>Cleveland-Cliffs reported a second quarter 2026 adjusted EBITDA of $286 million, marking its strongest quarter in two years, alongside a return to positive free cash flow after two years of negative results.</li><li>Despite a sequential decline in shipments largely due to maintenance outages and contract timing, the company expects shipments to surpass 4.3 million tons in the third quarter, supported by a strong order book and extended backlogs.</li><li>Pricing improvements contributed significantly to the quarter’s results, with average selling prices increasing by $76 per ton, driven by favorable hot-rolled coil (HRC) and cold-rolled coil price trajectories.</li></ul>

Cleveland-Cliffs reported a second quarter 2026 adjusted EBITDA of $286 million, marking its strongest quarter in two years, alongside a return to positive free cash flow after two years of negative results.Despite a sequential decline in shipments largely due to maintenance outages and contract timing, the company expects shipments to surpass 4.3 million tons in the third quarter, supported by a strong order book and extended backlogs.Pricing improvements contributed significantly to the quarter’s results, with average selling prices increasing by $76 per ton, driven by favorable hot-rolled coil (HRC) and cold-rolled coil price trajectories.

Cleveland-Cliffs Targets 4.3 Million Tons: Can Volume And Pricing Align?

Cleveland-Cliffs Inc

Cleveland-Cliffs Targets 4.3 Million Tons: Can Volume And Pricing Align?