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>Cleveland-Cliffs Inc in their Q1 2024 Earnings has placed particular emphasize on their tactic of share buybacks as an essential capital allocation method.</li><li>During this time period, the firm was able to procure over 30 million of its own shares, utilizing approximately $608 million from a previous $1 billion share buyback program announced in 2022.</li><li>Over the past few years, the company's diluted share count has been lowered by over 100 million shares, reflecting a significant 17% reduction and pointing to an average purchase price of $18.79 per share, a price point considerably lower than the current trading price.</li></ul>

Cleveland-Cliffs Inc in their Q1 2024 Earnings has placed particular emphasize on their tactic of share buybacks as an essential capital allocation method.During this time period, the firm was able to procure over 30 million of its own shares, utilizing approximately $608 million from a previous $1 billion share buyback program announced in 2022.Over the past few years, the company's diluted share count has been lowered by over 100 million shares, reflecting a significant 17% reduction and pointing to an average purchase price of $18.79 per share, a price point considerably lower than the current trading price.

Cleveland-Cliffs Inc.: Focus On Decarbonization

Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

Equity, Bottom-up Analyst

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

Commodities

<ul>
<li>Following our initiation on <a href="https://www.smartkarma.com/entities/mount-gibson-iron-ltd" target="_blank" data-smartkarma-citation="entities:19043:1" rel="noopener">Mount Gibson Iron (MGX AU)</a> and <a href="https://www.smartkarma.com/entities/kumba-iron-ore-ltd" target="_blank" data-smartkarma-citation="entities:25094:1" rel="noopener">Kumba Iron Ore (KIO SJ)</a>, recently we initiate coverage on <a href="https://www.smartkarma.com/entities/champion-iron-ltd" target="_blank" data-smartkarma-citation="entities:19734:1" rel="noopener">Champion Iron (CIA AU)</a>, a pure play with Canadian assets.</li>
<li>Although it is more richly priced than the other two names, it offers a 50% volume expansion opportunity in FY25/26, subject to financing availability. </li>
<li>Trading at 8.6x FY25 (March-end) PE, 4.6x EV-EBITDA, and a 6% dividend yield (subject to capex), this is not our favorite name at the current price due to production uncertainty. </li>
</ul>


Following our initiation on Mount Gibson Iron (MGX AU) and Kumba Iron Ore (KIO SJ), recently we initiate coverage on Champion Iron (CIA AU), a pure play with Canadian assets.
Although it is more richly priced than the other two names, it offers a 50% volume expansion opportunity in FY25/26, subject to financing availability. 
Trading at 8.6x FY25 (March-end) PE, 4.6x EV-EBITDA, and a 6% dividend yield (subject to capex), this is not our favorite name at the current price due to production uncertainty. 


Champion Iron (CIA CN): Another Expansion Iron Ore Pure Play on High-Grade Ore

<ul><li>Cleveland-Cliffs Inc.</li><li>recently conducted an earnings conference call to report their 2023 full year and fourth quarter financial results alongside their M&A strategy and capital allocation priorities going forward.</li><li>The company's comments were predictive and constituted forward-looking statements that may be subject to certain risks and uncertainties.</li></ul>

Cleveland-Cliffs Inc.recently conducted an earnings conference call to report their 2023 full year and fourth quarter financial results alongside their M&A strategy and capital allocation priorities going forward.The company's comments were predictive and constituted forward-looking statements that may be subject to certain risks and uncertainties.

Cleveland-Cliffs Inc: What Is The Big Impact Of M&A Activity On Its Future?  - Major Drivers

<ul><li>Cleveland-Cliffs Inc. managed to exceed analyst expectations in terms of revenue as well as earnings.</li><li>Despite the challenges posed by the UAW strike impacting three automotive sector clients, aggregate shipments to all automotive clients collectively surpassed Q2 levels, reaching 4.1 million net tons.</li><li>Noteworthy cost reduction performance was achieved during Q3, improving by $31 per net ton quarter-over-quarter, with expectations of a further $15 reduction per net ton in the fourth quarter.</li></ul>

Cleveland-Cliffs Inc. managed to exceed analyst expectations in terms of revenue as well as earnings.Despite the challenges posed by the UAW strike impacting three automotive sector clients, aggregate shipments to all automotive clients collectively surpassed Q2 levels, reaching 4.1 million net tons.Noteworthy cost reduction performance was achieved during Q3, improving by $31 per net ton quarter-over-quarter, with expectations of a further $15 reduction per net ton in the fourth quarter.

Cleveland-Cliffs Inc: Conquering Automotive Sector Challenges & Other Major Drivers

<ul><li>Cleveland-Cliffs Inc. delivered mixed results for the previous quarter, with revenues above the analyst consensus.</li><li>Cleveland produced its best free cash flow quarter since 2021, with $756 million.</li><li>The richer mix had an offsetting effect in Q2 on expenses, as Cleveland's unit costs were unchanged from the previous quarter.</li></ul>

Cleveland-Cliffs Inc. delivered mixed results for the previous quarter, with revenues above the analyst consensus.Cleveland produced its best free cash flow quarter since 2021, with $756 million.The richer mix had an offsetting effect in Q2 on expenses, as Cleveland's unit costs were unchanged from the previous quarter.

Cleveland-Cliffs Inc.: A Roller Coaster Ride of Earnings and Revenues! - Major Drivers

United States

Cleveland-Cliffs Inc. is an American iron ore mining company. The Company supplies iron ore pellets, lumps and fines to blast furnaces in the global steel industry. Cliffs is in the process of expanding its customer base to Electric Arc Furnaces.

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Cleveland-Cliffs Inc (CLF US)

Cleveland-Cliffs Inc.: Focus On Decarbonization

Cleveland-Cliffs Inc in their Q1 2024 Earnings has placed particular emphasize on their tactic of share buybacks as an essential capital...

Baptista Research

Champion Iron (CIA CN): Another Expansion Iron Ore Pure Play on High-Grade Ore

We further expand our coverage in iron ore names by initiating on Champion Iron (CIA AU). With exposure to high-grade Fe ore at 65%, this could be...

Sameer Taneja

Cleveland-Cliffs Inc: What Is The Big Impact Of M&A Activity On Its Future? - Major Drivers

Cleveland-Cliffs Inc. recently conducted an earnings conference call to report their 2023 full year and fourth quarter financial results alongside...

Baptista Research

Cleveland-Cliffs Inc: Conquering Automotive Sector Challenges & Other Major Drivers

Cleveland-Cliffs Inc. managed to exceed analyst expectations in terms of revenue as well as earnings. Despite the challenges posed by the UAW...

Baptista Research

Cleveland-Cliffs Inc.: A Roller Coaster Ride of Earnings and Revenues! - Major Drivers

Cleveland-Cliffs Inc. delivered mixed results for the previous quarter, with revenues above the analyst consensus. Cleveland produced its best...

Baptista Research

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