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 | proposes merger with Axalta in an all share deal</li></ul>

In this edition: • AkzoNobel | proposes merger with Axalta in an all share deal

What's News in Amsterdam - 18 November (AkzoNobel)

<ul><li>In this edition: • AkzoNobel | a Janus-faced case?</li><li>• BE Semiconductor Industries | as forecasted, order intake improved strongly; launches new EUR 60m share buyback program • Heineken | presents new medium term strategy and targets at today’s CMD • RELX Group | 9M25 trading update shows no surprises (as it should be) • Aalberts | foresees FY25 EBITA-margin of 13%, 50bps below market consensus • Kendrion | completes sale of its China business</li></ul>

In this edition: • AkzoNobel | a Janus-faced case?• BE Semiconductor Industries | as forecasted, order intake improved strongly; launches new EUR 60m share buyback program • Heineken | presents new medium term strategy and targets at today’s CMD • RELX Group | 9M25 trading update shows no surprises (as it should be) • Aalberts | foresees FY25 EBITA-margin of 13%, 50bps below market consensus • Kendrion | completes sale of its China business

<ul><li>In today's edition: • AkzoNobel | no major surprises, yet slightly improving underlying trends • BE Semiconductor Industries | order intake remains depressed • Randstad | modest beat of consensus – valuation at attractive level due to share price decline • Corbion | strongly beating consensus – reiterates FY25 guidance • Corbion | another letter from Inclusive Capital • InPost | signs multi-year contact with Vinted • Just Eat TakeAway.com | reiterates FY25 guidance, expects offer to commence in 2Q25 • PostNL/DHL | DHL deploys first APMs at Praxis DIY stores • Corporate agenda | week 17 - 21</li></ul>

In today's edition: • AkzoNobel | no major surprises, yet slightly improving underlying trends • BE Semiconductor Industries | order intake remains depressed • Randstad | modest beat of consensus – valuation at attractive level due to share price decline • Corbion | strongly beating consensus – reiterates FY25 guidance • Corbion | another letter from Inclusive Capital • InPost | signs multi-year contact with Vinted • Just Eat TakeAway.com | reiterates FY25 guidance, expects offer to commence in 2Q25 • PostNL/DHL | DHL deploys first APMs at Praxis DIY stores • Corporate agenda | week 17 - 21

<ul><li>In this edition: • AkzoNobel | Sherwin Williams buys BASF’s Architectural Paints business in Brazil • AkzoNobel | private equity appetite for AkzoNobel’s SE Asian Deco business?</li></ul>

In this edition: • AkzoNobel | Sherwin Williams buys BASF’s Architectural Paints business in Brazil • AkzoNobel | private equity appetite for AkzoNobel’s SE Asian Deco business?

What's News in Amsterdam - 18 February 2025 (AkzoNobel)

<ul><li>In this edition: • AkzoNobel | JSW (backed by TPG) seen as front-runner for buying Akzo Nobel India • Philips | EUR 800m claim from a group of investors • Ferrari Group | IPO already oversubscribed on the first day</li></ul>

In this edition: • AkzoNobel | JSW (backed by TPG) seen as front-runner for buying Akzo Nobel India • Philips | EUR 800m claim from a group of investors • Ferrari Group | IPO already oversubscribed on the first day

What's New(s) in Amsterdam - 7 February 2025 (AkzoNobel | Philips | Ferrari Group)

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 News in Amsterdam - 18 November (AkzoNobel)

In this edition: • AkzoNobel | proposes merger with Axalta in an all share deal

The IDEA!

What's New(s) in Amsterdam - 23 October (AkzoNobel | Besi | Heineken | RELX | Aalberts | Kendrion)

In this edition: • AkzoNobel | a Janus-faced case? • BE Semiconductor Industries | as forecasted, order intake improved strongly; launches new...

The IDEA!

Akzo Nobel NV - What's News in Amsterdam

In today's edition: • AkzoNobel | no major surprises, yet slightly improving underlying trends • BE Semiconductor Industries | order intake...

The IDEA!

What's News in Amsterdam - 18 February 2025 (AkzoNobel)

In this edition: • AkzoNobel | Sherwin Williams buys BASF’s Architectural Paints business in Brazil • AkzoNobel | private equity appetite for...

The IDEA!

What's New(s) in Amsterdam - 7 February 2025 (AkzoNobel | Philips | Ferrari Group)

In this edition: • AkzoNobel | JSW (backed by TPG) seen as front-runner for buying Akzo Nobel India • Philips | EUR 800m claim from a group of...

The IDEA!

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