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>Albemarle Corporation's fourth quarter results were mixed as the company failed to meet the revenue expectations of Wall Street.</li><li>However, its adjusted EBITDA increased by more than 400% yearly resulting in an earnings beat.</li><li>While higher lithium prices were a factor in these outcomes, there was also a notable increase in volume growth.</li></ul>

Albemarle Corporation's fourth quarter results were mixed as the company failed to meet the revenue expectations of Wall Street.However, its adjusted EBITDA increased by more than 400% yearly resulting in an earnings beat.While higher lithium prices were a factor in these outcomes, there was also a notable increase in volume growth.

Albemarle Corporation: Launch Of The Ketjen Brand & 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.


Weekly Overearning Short Candidates:  Albemarle, Builders FirstSource, Mueller Indus., Carlisle Cos.

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/essential-metals-ltd" target="_blank" data-smartkarma-citation="entities:9645:1" rel="noopener">Essential Metals (ESS AU)</a> has entered a SID with a <a href="https://www.smartkarma.com/entities/sichuan-tianqi-lithium-industries-inc" target="_blank" data-smartkarma-citation="entities:5698:1" rel="noopener">Tianqi Lithium (002466 CH)</a>/<a href="https://www.smartkarma.com/entities/igo-ltd" target="_blank" data-smartkarma-citation="entities:462:1" rel="noopener">IGO Ltd (IGO AU)</a> JV at A$0.50, a 44.9% premium to the undisturbed price (6 January).</li>
<li>The scheme is subject to shareholder and FIRB approval. The FIRB should approve a 49% Aussie-owned offeror for a project to be processed in Australia.</li>
<li>There is a possibility of a competing bid as the offer is far from a knockout bid and ESS lacks substantial shareholders. The scheme meeting is in April. </li>
</ul>



Essential Metals (ESS AU) has entered a SID with a Tianqi Lithium (002466 CH)/IGO Ltd (IGO AU) JV at A$0.50, a 44.9% premium to the undisturbed price (6 January).
The scheme is subject to shareholder and FIRB approval. The FIRB should approve a 49% Aussie-owned offeror for a project to be processed in Australia.
There is a possibility of a competing bid as the offer is far from a knockout bid and ESS lacks substantial shareholders. The scheme meeting is in April. 


Essential Metals (ESS AU)’s Enters a SID at A$0.50 with a Tianqi/IGO JV

Credit

<ul><li>Albemarle Corporation is one of the largest producers of lithium, bromine, and other related specialty chemicals across the world.</li><li>The strong performance for its lithium business has been driven by higher volumes and higher realized pricing.</li><li>Albemarle is realigning its core bromine and lithium businesses to energy specialties and storage and expects it to be effective next month.</li></ul>

Albemarle Corporation is one of the largest producers of lithium, bromine, and other related specialty chemicals across the world.The strong performance for its lithium business has been driven by higher volumes and higher realized pricing.Albemarle is realigning its core bromine and lithium businesses to energy specialties and storage and expects it to be effective next month.

Albemarle Corporation: Detailed Credit Analysis & Financial Strength Evaluation Report

<ul><li>This is our first report on Albemarle Corporation, one of the largest producers of lithium, bromine, and other related specialty chemicals across the globe.</li><li>The strong performance for its lithium segment was driven by higher volumes and higher realized pricing.</li><li>Albemarle is realigning its core bromine and lithium businesses to energy specialties and storage and expects it to be effective next month.</li></ul>

This is our first report on Albemarle Corporation, one of the largest producers of lithium, bromine, and other related specialty chemicals across the globe.The strong performance for its lithium segment was driven by higher volumes and higher realized pricing.Albemarle is realigning its core bromine and lithium businesses to energy specialties and storage and expects it to be effective next month.

Albemarle Corporation: Initiation of Coverage – Financial Forecasts

United States

Albemarle Corporation produces specialty and fine chemicals.  The Company's chemicals are additives to or intermediates for plastics, polymers and elastomers, cleaning products, agricultural compounds, pharmaceuticals, photographic chemicals, drilling compounds, and biocides.  Albemarle produces the majority of its products in the United States.

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Albemarle Corp (ALB US)

Albemarle Corporation: Launch Of The Ketjen Brand & Other Drivers

Albemarle Corporation's fourth quarter results were mixed as the company failed to meet the revenue expectations of Wall Street. However, its...

Baptista Research

Weekly Overearning Short Candidates: Albemarle, Builders FirstSource, Mueller Indus., Carlisle Cos.

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

Eric Fernandez, CFA

Essential Metals (ESS AU)’s Enters a SID at A$0.50 with a Tianqi/IGO JV

FIRB approval is a risk. The offer is far from a knockout bid which raises the possibility of a competing bid. At the last close and for a May end...

Arun George

Albemarle Corporation: Detailed Credit Analysis & Financial Strength Evaluation Report

Albemarle Corporation is one of the largest producers of lithium, bromine, and other related specialty chemicals across the world. The strong...

Baptista Research

Albemarle Corporation: Initiation of Coverage – Financial Forecasts

This is our first report on Albemarle Corporation, one of the largest producers of lithium, bromine, and other related specialty chemicals across...

Baptista Research

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