Independent Investment Research, The IDEA!

The IDEA!

Independent Investment Research

The Idea-Driven Equities Analyses company (the IDEA!) is an employee-owned boutique providing independent investment research and financial consultancy services with a clear focus on the Benelux countries. The company was founded in the summer of 2007 by Henk Slotboom and Maarten Verbeek, both with more than 35 years of professional experience in the financial sector. The IDEA! differentiates itself by focusing on adding value through self-initiated in-depth, idea-driven investment research, as well as by bespoke research assignments for institutional investors, hedge funds and private equity. In addition, we provide market intelligence, strategic research and – together with our business partners – consultancy services to businesses. In case you are interested in receiving more information, a sample of our products or an introductory meeting, please send a message to info@theidea.nl.

Equity Bottom-Up

Sligro Food Group N.V. encompasses food retail and foodservice companies selling directly and indirectly to the entire Dutch food and beverages market. The Company distributes food, fresh produce, and related non-food products. Sligro serves both general and specialized food retailers, restaurants, and large-scale caterers.

<ul><li>In this edition: • Ahold Delhaize | experts estimate costs cyber incident ‘in the tens of millions a day’ • PostNL | GOFO launches letterbox parcels service in the Netherlands • Sligro Food Group | 3Q26 revenue trend shows deterioration; impairs on Belgium • TomTom | narrows FY26 outlook and announces organizational change • Austrian Post | local Austrian parcel tax under pressure • Bnode | CEO voices frustration at absence of a new management contract • Zalando | Amazon increases German e-commerce market share to 63%</li></ul>

In this edition: • Ahold Delhaize | experts estimate costs cyber incident ‘in the tens of millions a day’ • PostNL | GOFO launches letterbox parcels service in the Netherlands • Sligro Food Group | 3Q26 revenue trend shows deterioration; impairs on Belgium • TomTom | narrows FY26 outlook and announces organizational change • Austrian Post | local Austrian parcel tax under pressure • Bnode | CEO voices frustration at absence of a new management contract • Zalando | Amazon increases German e-commerce market share to 63%

Sligro Food Group NV - What's News in Amsterdam

Index Rebalance and Special Situations, Quiddity Advisors

Afridi Reyal

Index Rebalance and Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

Bayerische Motoren Werke (BMW) / Index Rebalance

Bayerische Motoren Werke Aktiengesellschaft (BMW) manufactures and sells cars and motorcycles. The Company offers convertible sports cars, sedans, and touring motorcycles with large displacement engines. BMW serves customers worldwide.

<ul>
<li>The ES50 Index is one of the most highly-tracked European indices and the annual index review takes place in September every year.</li>
<li>Currently, we expect no index changes at the September 2027 annual review. But BMW is close to being deleted.</li>
<li>Names moving in or out of eligibility under the supersector threshold test could reshuffle the rankings and change our expectations. </li>
</ul>


The ES50 Index is one of the most highly-tracked European indices and the annual index review takes place in September every year.
Currently, we expect no index changes at the September 2027 annual review. But BMW is close to being deleted.
Names moving in or out of eligibility under the supersector threshold test could reshuffle the rankings and change our expectations. 


Quiddity Leaderboard ES50 Sep27: One Change Is Close to the Border

Research from ACF Equity Research, ACF Equity Research

ACF Equity Research

Research from ACF Equity Research

Accuracy | Clarity | Foresight

ACF was set up to improve the effectiveness of capital markets for smaller and mid-sized companies. The majority of jobs are created by smaller companies not global companies. If we can help improve companies use of capital markets more projects will be completed, more jobs created, more global GDP grown, which in turn helps create more resources for education, leading to equality and opportunity for those who are still oppressed by ignorance and poverty.

ACF Equity Research is an independent research house specialising in the highest specification independent equity research for corporate clients.

We deliver premium independent corporate sponsored equity research characterised by its accuracy, clarity and foresight based upon a fundamental valuation approach.

Our independent research is designed to educate our professional investor readers about your company, with an emphasis on clear and accurate explanations. Our mission is to improve company’s liquidity through credible equity research services, excellent international distribution and reliable access for investment managers.

We believe in the importance and value of clarity, the careful articulation of technical ideas, concepts and solutions.

Our team of analysts are independently minded individuals who believe in thoroughness, technical competence and clear punchy communications.

Ariana Resources is an AIM and ASX-listed mineral exploration and development company focused on precious and technology metals, primarily gold, silver, copper, and zinc. The company is involved in the acquisition, exploration, and development of mineral resources, with interests in active mining projects and investments in exploration companies across Turkey, Zimbabwe, Cyprus, and Kosovo. Ariana Resources plc was incorporated in 2005 and is headquartered in London, United Kingdom.

<ul><li>Ariana Resources plc (LSE:AAU; ASX:AA2), an AIM and ASX-quoted gold miner, has re-based into a focused, single-asset gold developer: 100% owner of the 1.13Moz JORC Ore Reserve Dokwe project in Zimbabwe, following a phased reduction of its Turkish minority interests.</li><li>The May 2026 PFS values Dokwe at a post-tax NPV10 of US$740m and a 92% IRR at $4,250 toz — against an Ariana post balance sheet event (PBSE) EV of ~£15m, a gap that is central to the investment case.</li><li>The realised Turkish disposal proceeds and a Hong Kong strategic investor (Xinhai) have led to £17.3m of cash and a multi-quarter runway before any Dokwe construction-financing decision is required.</li></ul>

Ariana Resources plc (LSE:AAU; ASX:AA2), an AIM and ASX-quoted gold miner, has re-based into a focused, single-asset gold developer: 100% owner of the 1.13Moz JORC Ore Reserve Dokwe project in Zimbabwe, following a phased reduction of its Turkish minority interests.The May 2026 PFS values Dokwe at a post-tax NPV10 of US$740m and a 92% IRR at $4,250 toz — against an Ariana post balance sheet event (PBSE) EV of ~£15m, a gap that is central to the investment case.The realised Turkish disposal proceeds and a Hong Kong strategic investor (Xinhai) have led to £17.3m of cash and a multi-quarter runway before any Dokwe construction-financing decision is required.

Ariana Resources AAU.L AA2.AX Core Investment Case 14102026

Inclusive Investor Relations, Equity Development

Equity Development

Inclusive Investor Relations

We help companies communicate with all investors. We help all investors better understand those businesses.

Norcros manufactures and markets design-led, sustainable bathroom and kitchen products, including showers, taps, bathroom accessories, tiles, and adhesives. The company operates primarily in the UK, Ireland, and South Africa. Norcros was founded in 1901 and is headquartered in Wilmslow, Cheshire, England.

<ul><li>Norcros continues to navigate uncertain market conditions well, making good y-o-y progress backed by strong cash generation in H127.</li><li>Full year expectations are unchanged, and valuation metrics continue to look attractive.</li><li> Norcros has flagged H127 revenue growth of +19% (reported) and +1.5% (constant currency, LFL, excluding Fibo), generating c.</li></ul>

Norcros continues to navigate uncertain market conditions well, making good y-o-y progress backed by strong cash generation in H127.Full year expectations are unchanged, and valuation metrics continue to look attractive. Norcros has flagged H127 revenue growth of +19% (reported) and +1.5% (constant currency, LFL, excluding Fibo), generating c.

Norcros - strong execution and generating cash

Research from Quam Securities, Quam Securities

Quam Securities Research

Research from Quam Securities

Quam Securities

Since its inception in 1986, Quam Securities Limited (Quam Securities) has grown to become one of the few mid-tier securities brokerages in Hong Kong with global execution capabilities for both private and institutional clients. It boasts a well-established network in Greater China including Taiwan and in major world markets through the Global Alliance Partners (GAP). Quam Securities is well-positioned not only to harness and drive business within the China Tonghai International Financial Limited but also between China and the world markets.

Cross Asset Strategy

<ul><li>Affected by external market sentiment, the HSI opened down 62 pts in the morning and at one point dropped by more than 200 pts in early trading.</li><li>Asian chipmakers rebounded following heavy losses, although concerns over AI valuations, Chinese semiconductor competition and the returns on AI infrastructure spending persisted.</li><li>Producer price inflation climbed to 5.0% from 3.8%, its strongest increase since June 2022, as renewed Middle East hostilities and risks to global oil supplies drove up input costs and squeezed corporate margins.</li></ul>

Affected by external market sentiment, the HSI opened down 62 pts in the morning and at one point dropped by more than 200 pts in early trading.Asian chipmakers rebounded following heavy losses, although concerns over AI valuations, Chinese semiconductor competition and the returns on AI infrastructure spending persisted.Producer price inflation climbed to 5.0% from 3.8%, its strongest increase since June 2022, as renewed Middle East hostilities and risks to global oil supplies drove up input costs and squeezed corporate margins.

Europe
Insights on Europe (EU)

Sligro Food Group NV - What's News in Amsterdam

In this edition: • Ahold Delhaize | experts estimate costs cyber incident ‘in the tens of millions a day’ • PostNL | GOFO launches letterbox...

The IDEA!

Quiddity Leaderboard ES50 Sep27: One Change Is Close to the Border

BMW is inching closer towards an DEL, but sector-test swings in E.ON, UCB, Legrand and Prysmian could still change our expectations for September...

Afridi Reyal

Ariana Resources AAU.L AA2.AX Core Investment Case 14102026

Ariana Resources plc (LSE:AAU; ASX:AA2), an AIM and ASX-quoted gold miner, has re-based into a focused, single-asset gold developer: 100% owner of...

ACF Equity Research

Norcros - strong execution and generating cash

Norcros continues to navigate uncertain market conditions well, making good y-o-y progress backed by strong cash generation in H127. Full year...

Equity Development

Quam Morning Note (15 Oct)

Affected by external market sentiment, the HSI opened down 62 pts in the morning and at one point dropped by more than 200 pts in early...

Quam Securities