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

International Distribution Services / Equity Bottom-Up

International Distribution Services (IDS LN)

<ul><li>In this edition: • AkzoNobel | Cevian declares an approx. 3% holding in the company • Heineken | Poland intends to increase excise duty on beer by 15% • Corbion | to cooperate with BRAIN Biotech developing novel biobased antimicrobial compounds • JDE Peet’s | agrees on takeover offer of EUR 31.85 per share in cash by Keurig Dr Pepper • PostNL | Royal Mail’s delivery quality still falls short of minimum required targets • Dutch politics | NSC cabinet members have resigned as well; risk of political deadlock • Corporate agenda | week 35 - 39</li></ul>

In this edition: • AkzoNobel | Cevian declares an approx. 3% holding in the company • Heineken | Poland intends to increase excise duty on beer by 15% • Corbion | to cooperate with BRAIN Biotech developing novel biobased antimicrobial compounds • JDE Peet’s | agrees on takeover offer of EUR 31.85 per share in cash by Keurig Dr Pepper • PostNL | Royal Mail’s delivery quality still falls short of minimum required targets • Dutch politics | NSC cabinet members have resigned as well; risk of political deadlock • Corporate agenda | week 35 - 39

International Distributions Services PLC - What's New(s) in Amsterdam

<ul><li>In this edition: • AkzoNobel | PPG reiterates FY25 guidance; strong quarter Performance Coatings • Wolters Kluwer | clear beat of market expectations • Basic-Fit | front-loaded cost impacting 25H1 results - reiterates FY24 outlook • JDE Peet’s | results strongly impact by price increases and FX – FY25outlook adjusted upwards</li></ul>

In this edition: • AkzoNobel | PPG reiterates FY25 guidance; strong quarter Performance Coatings • Wolters Kluwer | clear beat of market expectations • Basic-Fit | front-loaded cost impacting 25H1 results - reiterates FY24 outlook • JDE Peet’s | results strongly impact by price increases and FX – FY25outlook adjusted upwards

What's New(s) in Amsterdam - 30 July (AkzoNobel | Wolters Kluwer | JDE Peet's | Basic-Fit)

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.

<ul><li>Akzo Nobel's results for the first quarter of 2025 demonstrated resilience amidst a challenging economic backdrop.</li><li>The company reported flat organic sales with a slight volume decline of 2%, offset by a positive price/mix of 2%.</li><li>This was partly due to strong pricing strategies and cost reduction efforts that mitigated softer market conditions and inflationary pressures.</li></ul>

Akzo Nobel's results for the first quarter of 2025 demonstrated resilience amidst a challenging economic backdrop.The company reported flat organic sales with a slight volume decline of 2%, offset by a positive price/mix of 2%.This was partly due to strong pricing strategies and cost reduction efforts that mitigated softer market conditions and inflationary pressures.

Akzo Nobel: Initiation of Coverage- Will Its Focus On China's Domestic Consumption Pay Off?

<ul><li>In this edition: • AkzoNobel | sells its 75% stake in Akzo Nobel India; announces EUR 400m share buyback • dsm-firmenich | ups the side of its share buyback • IMCD | acquires Trichem in India • JDE Peet’s | in tough discussions with Dutch supermarkets on higher coffee prices</li></ul>

In this edition: • AkzoNobel | sells its 75% stake in Akzo Nobel India; announces EUR 400m share buyback • dsm-firmenich | ups the side of its share buyback • IMCD | acquires Trichem in India • JDE Peet’s | in tough discussions with Dutch supermarkets on higher coffee prices

What's New(s) in Amsterdam - 27 June (AkzoNobel | dsm-firmenich | IMCD | JDE Peet's)

<ul><li>In this edition: • AkzoNobel | believed to be close to a final deal with JSW Paints on Akzo Nobel India • KPN | VodafoneZiggo investigating possible sale of transmission towers • InPost | poor delivery quality in to-door segment damaging to e-commerce growth • Just Eat TakeAway.com (“JET”) | Prosus launches recommended cash offer • Corporate agenda | week 21 - 24</li></ul>

In this edition: • AkzoNobel | believed to be close to a final deal with JSW Paints on Akzo Nobel India • KPN | VodafoneZiggo investigating possible sale of transmission towers • InPost | poor delivery quality in to-door segment damaging to e-commerce growth • Just Eat TakeAway.com (“JET”) | Prosus launches recommended cash offer • Corporate agenda | week 21 - 24

Koninklijke KPN NV - What's News in Amsterdam

Netherlands

Akzo Nobel N.V. manufactures specialty chemicals. The Company offers decorative paints and coatings, surfactants, polymer, pulp and paper, bleaching and oxidizing, salt-chlorine, and other chemical products. Akzo Nobel serves customers worldwide.

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Akzo Nobel NV (AKZA NA)

International Distributions Services PLC - What's New(s) in Amsterdam

In this edition: • AkzoNobel | Cevian declares an approx. 3% holding in the company • Heineken | Poland intends to increase excise duty on beer...

The IDEA!

What's New(s) in Amsterdam - 30 July (AkzoNobel | Wolters Kluwer | JDE Peet's | Basic-Fit)

In this edition: • AkzoNobel | PPG reiterates FY25 guidance; strong quarter Performance Coatings • Wolters Kluwer | clear beat of market...

The IDEA!

Akzo Nobel: Initiation of Coverage- Will Its Focus On China's Domestic Consumption Pay Off?

Akzo Nobel's results for the first quarter of 2025 demonstrated resilience amidst a challenging economic backdrop. The company reported flat...

Baptista Research

What's New(s) in Amsterdam - 27 June (AkzoNobel | dsm-firmenich | IMCD | JDE Peet's)

In this edition: • AkzoNobel | sells its 75% stake in Akzo Nobel India; announces EUR 400m share buyback • dsm-firmenich | ups the side of its...

The IDEA!

Koninklijke KPN NV - What's News in Amsterdam

In this edition: • AkzoNobel | believed to be close to a final deal with JSW Paints on Akzo Nobel India • KPN | VodafoneZiggo investigating...

The IDEA!

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