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>Steel Dynamics had a disappointing second quarter with revenues below Wall Street expectations though they did manage to report improved net income and EBITDA.</li><li>The management noted increased pricing and metal spread across flat-rolled and long-product steel operations.</li><li>Steel Dynamics' net income stood at $812 million, operating income at $1.1 billion, and EBITDA at $1.2 billion.</li></ul>

Steel Dynamics had a disappointing second quarter with revenues below Wall Street expectations though they did manage to report improved net income and EBITDA.The management noted increased pricing and metal spread across flat-rolled and long-product steel operations.Steel Dynamics' net income stood at $812 million, operating income at $1.1 billion, and EBITDA at $1.2 billion.

Steel Dynamics Inc: 4 Surprising Reasons For Their Growth - Financial Forecasts

Equity Capital Markets

<ul><li>Steel Dynamics delivered a mixed result in the recent quarter with revenues below analyst expectations but managed an earnings beat.</li><li>Its first-quarter operating income of $835 million was 10% higher than the fourth-quarter results, owing to significant steel volume.</li><li>Steel Dynamics' steel operations earned a solid operating income of $345 million in the first quarter.</li></ul>

Steel Dynamics delivered a mixed result in the recent quarter with revenues below analyst expectations but managed an earnings beat.Its first-quarter operating income of $835 million was 10% higher than the fourth-quarter results, owing to significant steel volume.Steel Dynamics' steel operations earned a solid operating income of $345 million in the first quarter.

Steel Dynamics Inc.: Does The Steel Fabrication Giant Have A Sustainable Competitive Advantage? – Key Drivers

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>SPX is holding above its 200-day MA/3940 coinciding with its prior downtrend from 2022 near 3915; 3915-3940 remains critical support, and is the gateway to a much deeper pullback.</li>
<li>Additionally, the Nasdaq 100 (QQQ) is breaking back above $297, another important line in the sand for us.</li>
<li>The SPX holding at 3915-3940 could be the spark that allows another run toward YTD highs, but we continue to expect 4165-4200 to cap upside on the S&amp;P 500.</li>
</ul>


SPX is holding above its 200-day MA/3940 coinciding with its prior downtrend from 2022 near 3915; 3915-3940 remains critical support, and is the gateway to a much deeper pullback.
Additionally, the Nasdaq 100 (QQQ) is breaking back above $297, another important line in the sand for us.
The SPX holding at 3915-3940 could be the spark that allows another run toward YTD highs, but we continue to expect 4165-4200 to cap upside on the S&amp;P 500.


Still Expecting 4165-4200 on S&P 500 to Cap Upside; Buys Within Insurance and Steel/Metals

<ul><li>Steel Dynamics had a strong quarter, generating sales, earnings, and cash flow above market expectations.</li><li>Sinton is demonstrating considerable operating improvement and has a clear path to profitability in the second quarter of 2023.</li><li>While metal spreads continue to widen due to stable product pricing and decreased steel input costs, steel fabrication businesses had a solid quarterly operating income of $682 million.</li></ul>

Steel Dynamics had a strong quarter, generating sales, earnings, and cash flow above market expectations.Sinton is demonstrating considerable operating improvement and has a clear path to profitability in the second quarter of 2023.While metal spreads continue to widen due to stable product pricing and decreased steel input costs, steel fabrication businesses had a solid quarterly operating income of $682 million.

<ul>
<li>Despite $IWM already hitting our price target at 200-day MA/YTD downtrend, and the $SPX getting to within 1% of our target at 200-day MA, we see this 1.5-month rally continuing.</li>
<li>We expect further upside as long as the 1.5-month uptrend channels remain intact on the SPX and IWM, and we believe that breakouts above their 200-day MAs could be coming</li>
<li>Breakouts above their 200-day MAs that would likely signal the end to this bear market.</li>
</ul>


Despite $IWM already hitting our price target at 200-day MA/YTD downtrend, and the $SPX getting to within 1% of our target at 200-day MA, we see this 1.5-month rally continuing.
We expect further upside as long as the 1.5-month uptrend channels remain intact on the SPX and IWM, and we believe that breakouts above their 200-day MAs could be coming
Breakouts above their 200-day MAs that would likely signal the end to this bear market.


Small- And Mid-Cap Indexes Poised to Break Out?; Further Upside Expected; Buys Within Cyclicals

United States

Steel Dynamics, Inc. is a diversified carbon-steel steel producer and metals recycler in the U.S, located in Fort Wayne, IN. The Company's operating segments include Steel Operations, Metals Recycling & Ferrous Resources Operations, and Steel Fabrication Operations. Steel Dynamics products include flat rolled steel sheet, engineered bar special-bar-quality, structural beams.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Steel Dynamics (STLD US)

Steel Dynamics Inc: 4 Surprising Reasons For Their Growth - Financial Forecasts

Steel Dynamics had a disappointing second quarter with revenues below Wall Street expectations though they did manage to report improved net...

Baptista Research

Steel Dynamics Inc.: Does The Steel Fabrication Giant Have A Sustainable Competitive Advantage? – Key Drivers

Steel Dynamics delivered a mixed result in the recent quarter with revenues below analyst expectations but managed an earnings beat. Its...

Baptista Research

Still Expecting 4165-4200 on S&P 500 to Cap Upside; Buys Within Insurance and Steel/Metals

The $SPX holding at 3915-3940 could be the spark that allows another run toward YTD highs, but we continue to expect 4165-4200 to cap upside and...

Vermilion Research

Steel Dynamics Inc.: Major Drivers

Steel Dynamics had a strong quarter, generating sales, earnings, and cash flow above market expectations. Sinton is demonstrating considerable...

Baptista Research

Small- And Mid-Cap Indexes Poised to Break Out?; Further Upside Expected; Buys Within Cyclicals

Despite $IWM already hitting our price target at its 200-day MA/YTD downtrend, & the $SPX getting to within 1% of our target at its 200-day MA, we...

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)