Fundamental Short Selling Research

Eric Fernandez, CFA

TwoRiversAnalytics

Equity Bottom-Up

Scotts Miracle-Gro Co Cl A / Equity Bottom-Up

<ul>
<li>The following names are "on the workbench", ie., names we are working on that look interesting from the short side. They are discussed, with charts, in the PDF attached below.</li>
<li>We like to be as transparent as possible in our short idea generation process.  </li>
<li>Today, we are flagging: Scotts Miracle-Gro, Corsair Gaming, CF Indus, Gap Inc, Hub Group.</li>
</ul>


The following names are "on the workbench", ie., names we are working on that look interesting from the short side. They are discussed, with charts, in the PDF attached below.
We like to be as transparent as possible in our short idea generation process.  
Today, we are flagging: Scotts Miracle-Gro, Corsair Gaming, CF Indus, Gap Inc, Hub Group.


Short Names on Our "Workbench": Scotts Miracle-Gro, Corsair Gaming, CF Indus, Gap Inc, Hub Group.

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.

Cf Industries Holdings / Equity Bottom-Up

<ul><li>CF Industries Holdings delivered mixed results for the previous quarter, with revenues well below analyst expectations but managed an earnings beat.</li><li>The company's ability to generate adjusted EBITDA of over $1.7 billion in the first half 2023 reflected strong demand dynamics.</li><li>CF Industries exceeded sales expectations, selling more products than it produced, resulting in low inventories at the end of the first half.</li></ul>

CF Industries Holdings delivered mixed results for the previous quarter, with revenues well below analyst expectations but managed an earnings beat.The company's ability to generate adjusted EBITDA of over $1.7 billion in the first half 2023 reflected strong demand dynamics.CF Industries exceeded sales expectations, selling more products than it produced, resulting in low inventories at the end of the first half.

CF Industries Holdings: Does It Have A Sustainable Competitive Advantage? - Major Drivers

<ul><li>CF Industries Holdings managed to exceed the revenue expectations as well as the earnings expectations of Wall Street.</li><li>The company had net earnings of $560 million for the first quarter of 2023.</li><li>We give CF Industries Holdings, Inc. a 'Hold' rating with a revised target price.</li></ul>

CF Industries Holdings managed to exceed the revenue expectations as well as the earnings expectations of Wall Street.The company had net earnings of $560 million for the first quarter of 2023.We give CF Industries Holdings, Inc. a 'Hold' rating with a revised target price.

CF Industries: Decarbonization of the Agriculture Supply Chain & Other Drivers

Credit

<ul><li>CF Industries is one of the largest producers of nitrogen products across the globe.</li><li>CF’s overall performance was fairly good against the backdrop of a continually tight global supply-demand balance for nitrogen.</li><li>Baptista Research looks to evaluate the different credit strengths and credit risks of the company as well as a line-by-line analysis of the financial statements of the company for the past four years.</li></ul>

CF Industries is one of the largest producers of nitrogen products across the globe.CF’s overall performance was fairly good against the backdrop of a continually tight global supply-demand balance for nitrogen.Baptista Research looks to evaluate the different credit strengths and credit risks of the company as well as a line-by-line analysis of the financial statements of the company for the past four years.

CF Industries Holdings Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report

Equity Capital Markets

Cf Industries Holdings / Equity Capital Markets

<ul><li>This is our first report on one of the largest producers of nitrogen products in the world – CF Industries.</li><li>CF’s overall performance was fairly good against the backdrop of a continually tight global supply-demand balance for nitrogen.</li><li>We initiate coverage on the stock of CF Industries with an 'Outperform' rating.</li></ul>

This is our first report on one of the largest producers of nitrogen products in the world – CF Industries.CF’s overall performance was fairly good against the backdrop of a continually tight global supply-demand balance for nitrogen.We initiate coverage on the stock of CF Industries with an 'Outperform' rating.

CF Industries Holdings Inc.: Initiation of Coverage – Business Strategy & Key Drivers

United States

CF Industries Holdings, Inc. manufactures and distributes nitrogen and phosphate fertilizer products globally. The Company's principal products in the nitrogen segment are ammonia, urea, urea ammonium nitrate solution, ammonium nitrate, diesel exhaust fluid and aqua ammonia. The principal products in the phosphate segment are diammonium phosphate and  monoammonium phosphate.

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Cf Industries Holdings (CF US)

Short Names on Our "Workbench": Scotts Miracle-Gro, Corsair Gaming, CF Indus, Gap Inc, Hub Group.

Short names on our workbench (under research) provide a window into our idea generation process. Today, we are flagging They are: Scotts Miracle...

Eric Fernandez, CFA

CF Industries Holdings: Does It Have A Sustainable Competitive Advantage? - Major Drivers

CF Industries Holdings delivered mixed results for the previous quarter, with revenues well below analyst expectations but managed an earnings...

Baptista Research

CF Industries: Decarbonization of the Agriculture Supply Chain & Other Drivers

CF Industries Holdings managed to exceed the revenue expectations as well as the earnings expectations of Wall Street. The company had net...

Baptista Research

CF Industries Holdings Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report

CF Industries is one of the largest producers of nitrogen products across the globe. CF’s overall performance was fairly good against the backdrop...

Baptista Research

CF Industries Holdings Inc.: Initiation of Coverage – Business Strategy & Key Drivers

This is our first report on one of the largest producers of nitrogen products in the world – CF Industries. CF’s overall performance was fairly...

Baptista Research

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