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>Alcoa Corporation reported a strong first quarter for 2025, highlighted by improved safety performance and stable production across most operations.</li><li>The company maintained a commitment to operational excellence, focusing on safety, stability, and continuous improvement amid positive market conditions.</li><li>A key development was the improvement at the Alumar smelter in Brazil, which is now operating at 91% capacity.</li></ul>

Alcoa Corporation reported a strong first quarter for 2025, highlighted by improved safety performance and stable production across most operations.The company maintained a commitment to operational excellence, focusing on safety, stability, and continuous improvement amid positive market conditions.A key development was the improvement at the Alumar smelter in Brazil, which is now operating at 91% capacity.

Alcoa's Strategic Pivot Under Fire: Will Its Bold Moves Be Enough to Weather the Tariff Storm?

Materials| Industrials |Commodities

Rahul Jain

<ul>
<li>Lagged results: Q1 EPS surged 171% QoQ on aluminum price strength, offsetting alumina softness; EBITDA rose to $855M despite weaker volumes.</li>
<li>Tariff overhang: $105M quarterly drag from Section 232 now embedded; net annual impact ~$100M—yet Midwest premium offsets buffer U.S. exposure.</li>
<li>Trading near book at 1.04x P/B—cycle pessimism and policy risks may present contrarian upside.</li>
</ul>


Lagged results: Q1 EPS surged 171% QoQ on aluminum price strength, offsetting alumina softness; EBITDA rose to $855M despite weaker volumes.
Tariff overhang: $105M quarterly drag from Section 232 now embedded; net annual impact ~$100M—yet Midwest premium offsets buffer U.S. exposure.
Trading near book at 1.04x P/B—cycle pessimism and policy risks may present contrarian upside.


Tariffs and Troughs: Alcoa’s Pain May Be the Entry Point

<ul><li>Alcoa Corporation's fourth quarter and full-year 2024 earnings report presents a multifaceted picture of the company's performance and future outlook, highlighting both positive achievements and areas of concern.</li><li>In 2024, Alcoa achieved significant operational and financial milestones.</li><li>The company witnessed improved safety metrics and recorded no fatalities or life-altering injuries, which underscores its commitment to creating a safer work environment.</li></ul>

Alcoa Corporation's fourth quarter and full-year 2024 earnings report presents a multifaceted picture of the company's performance and future outlook, highlighting both positive achievements and areas of concern.In 2024, Alcoa achieved significant operational and financial milestones.The company witnessed improved safety metrics and recorded no fatalities or life-altering injuries, which underscores its commitment to creating a safer work environment.

Alcoa’s Surprising Bauxite Boom: The Hidden Catalyst Driving Market Domination! - Major Drivers

<ul><li>Alcoa Corporation's third-quarter 2024 earnings presentation exhibited a blend of strategic progress and challenges, shedding light on both the strengths and potential concerns facing the company.</li><li>The report showcased Alcoa’s resilience and adaptability in navigating the complex global market landscape for aluminum and alumina.</li><li>On the positive side, Alcoa Corporation displayed commendable operational consistency and strategic foresight.</li></ul>

Alcoa Corporation's third-quarter 2024 earnings presentation exhibited a blend of strategic progress and challenges, shedding light on both the strengths and potential concerns facing the company.The report showcased Alcoa’s resilience and adaptability in navigating the complex global market landscape for aluminum and alumina.On the positive side, Alcoa Corporation displayed commendable operational consistency and strategic foresight.

Alcoa Corporation: Alumina Market Dynamics and Pricing Strategies Driving Our Optimism! - Major Drivers

<ul><li>Alcoa's revenue increased sequentially to $2.9 billion, driven by higher alumina and aluminum prices.</li><li>In the Alumina segment, third-party revenue saw a 5% rise due to increased average realized prices, despite lower shipments.</li><li>The Aluminum segment reported a 16% increase in third-party revenue, attributed to higher prices and increased shipments.</li></ul>

Alcoa's revenue increased sequentially to $2.9 billion, driven by higher alumina and aluminum prices.In the Alumina segment, third-party revenue saw a 5% rise due to increased average realized prices, despite lower shipments.The Aluminum segment reported a 16% increase in third-party revenue, attributed to higher prices and increased shipments.

Alcoa Corporation: What Is The Impact Of Increasing Alumina and Aluminum Prices? - Major Drivers

United States

Alcoa Corporation manufactures metal products. The Company produces and sells bauxite, alumina, and aluminum products. Alcoa serves aluminum industry worldwide.

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Alcoa (AA US)

Alcoa's Strategic Pivot Under Fire: Will Its Bold Moves Be Enough to Weather the Tariff Storm?

Alcoa Corporation reported a strong first quarter for 2025, highlighted by improved safety performance and stable production across most...

Baptista Research

Tariffs and Troughs: Alcoa’s Pain May Be the Entry Point

Lagged results. Valuation reset offers value despite tariff overhang and policy risks. Trading near book at 1.04x P/B presents contrarian upside.

Rahul Jain

Alcoa’s Surprising Bauxite Boom: The Hidden Catalyst Driving Market Domination! - Major Drivers

Alcoa Corporation's fourth quarter and full-year 2024 earnings report presents a multifaceted picture of the company's performance and future...

Baptista Research

Alcoa Corporation: Alumina Market Dynamics and Pricing Strategies Driving Our Optimism! - Major Drivers

Alcoa Corporation's third-quarter 2024 earnings presentation exhibited a blend of strategic progress and challenges, shedding light on both the...

Baptista Research

Alcoa Corporation: What Is The Impact Of Increasing Alumina and Aluminum Prices? - Major Drivers

Alcoa's revenue increased sequentially to $2.9 billion, driven by higher alumina and aluminum prices. In the Alumina segment, third-party revenue...

Baptista Research

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