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

<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)

Thematic (Sector/Industry)

<ul>
<li>Ahold Delhaize | company’s online sales growth in the US lagging that of most of its peers In a Dutch equivalent of the Lex Column, Het Financieele Dagblad wrote an analysis on Ahold Delhaize’s online business in the USA.</li>
<li>In contrast to Ahold, most of its US peers try to lock in online shoppers by means of special rewards.</li>
<li>Kroger, America's largest traditional supermarket chain, now offers TV streaming subscriptions— Disney+, Hulu, or ESPN+—as part of a USD 12.99 monthly membership that also includes free grocery delivery and fuel discounts. </li>
</ul>


Ahold Delhaize | company’s online sales growth in the US lagging that of most of its peers In a Dutch equivalent of the Lex Column, Het Financieele Dagblad wrote an analysis on Ahold Delhaize’s online business in the USA.
In contrast to Ahold, most of its US peers try to lock in online shoppers by means of special rewards.
Kroger, America's largest traditional supermarket chain, now offers TV streaming subscriptions— Disney+, Hulu, or ESPN+—as part of a USD 12.99 monthly membership that also includes free grocery delivery and fuel discounts. 


What's News in Amsterdam - 22 May (Ahold Delhaize | AkzoNobel | InPost | Vopak)

<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

Global Materials | Industrials | Commodities

Rahul Jain

<ul>
<li>Akzo Nobel N.V. earlier announced its plans to exit India to focus on core markets where it holds a position of “differentiating scale.</li>
<li>JSW Paints has reportedly entered exclusive talks to acquire Akzo India, edging out Advent–Indigo and Pidilite.</li>
<li>Shareholders may tender in the open offer or stay invested for potential upside via JSW which has a long stellar track-record.</li>
</ul>


Akzo Nobel N.V. earlier announced its plans to exit India to focus on core markets where it holds a position of “differentiating scale.
JSW Paints has reportedly entered exclusive talks to acquire Akzo India, edging out Advent–Indigo and Pidilite.
Shareholders may tender in the open offer or stay invested for potential upside via JSW which has a long stellar track-record.


Akzo Nobel India [India M&A]: JSW Likely Buyer – Investors Should Assess Strategic Impact

<ul><li>In this edition: • Adyen | solid 1Q25 revenue development – reiterates financial objectives • ASM International | better than expected gross margin and cost control resulting in a strong beat in operational profitability • AkzoNobel | PPG beats expectations and reaffirms FY25 guidance • dsm-firmenich | 1Q25 falls slightly short of market expectations; FY25 guidance intact • DHL | 1Q25 shows clear beat of consensus; external environment remains uncertain</li></ul>

In this edition: • Adyen | solid 1Q25 revenue development – reiterates financial objectives • ASM International | better than expected gross margin and cost control resulting in a strong beat in operational profitability • AkzoNobel | PPG beats expectations and reaffirms FY25 guidance • dsm-firmenich | 1Q25 falls slightly short of market expectations; FY25 guidance intact • DHL | 1Q25 shows clear beat of consensus; external environment remains uncertain

What's New(s) in Amsterdam - 30 April (Adyen | AkzoNobel | ASM Int'l | dsm-firmenich | DHL)

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)

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!

What's News in Amsterdam - 22 May (Ahold Delhaize | AkzoNobel | InPost | Vopak)

Ahold Delhaize | company’s online sales growth in the US lagging that of most of its peers In a Dutch equivalent of the Lex Column...

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!

Akzo Nobel India [India M&A]: JSW Likely Buyer – Investors Should Assess Strategic Impact

Akzo Nobel N.V. plans to exit India, focusing on core markets; JSW Paints likely in exclusive talks to acquire Akzo India.

Rahul Jain

What's New(s) in Amsterdam - 30 April (Adyen | AkzoNobel | ASM Int'l | dsm-firmenich | DHL)

In this edition: • Adyen | solid 1Q25 revenue development – reiterates financial objectives • ASM International | better than expected gross...

The IDEA!

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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!

What's News in Amsterdam - 22 May (Ahold Delhaize | AkzoNobel | InPost | Vopak)

Ahold Delhaize | company’s online sales growth in the US lagging that of most of its peers In a Dutch equivalent of the Lex Column...

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!

Akzo Nobel India [India M&A]: JSW Likely Buyer – Investors Should Assess Strategic Impact

​Akzo Nobel N.V. plans to exit India, focusing on core markets; JSW Paints likely in exclusive talks to acquire Akzo India.

Rahul Jain

What's New(s) in Amsterdam - 30 April (Adyen | AkzoNobel | ASM Int'l | dsm-firmenich | DHL)

In this edition: • Adyen | solid 1Q25 revenue development – reiterates financial objectives • ASM International | better than expected gross...

The IDEA!

Akzo Nobel N.V. plans to exit India, focusing on core markets; JSW Paints likely in exclusive talks to acquire Akzo India.