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: • Arcadis | Ms Heather Polinsky to take over Mr Alan Brookes as CEO • bnode (bpostgroup) | Belgian federal government agrees on revision rules for night labour • E-commerce & Logistics | EU to Impose 10% Import Duty on Low-Value Chinese Parcels</li></ul>

In this edition: • Arcadis | Ms Heather Polinsky to take over Mr Alan Brookes as CEO • bnode (bpostgroup) | Belgian federal government agrees on revision rules for night labour • E-commerce & Logistics | EU to Impose 10% Import Duty on Low-Value Chinese Parcels

What's New(s) in Amsterdam - 12 December (Arcadis | bnode (bpostgroup) | E-commerce & Logistics)

<ul><li>In this edition: • Ahold Delhaize / PostNL | EUR 2/parcel levy on non-EU parcels as of 1 January 2026 • Unilever | sells Graze to Katjes International • CM.com | clients are offered migration program to switch to Bird • Black Friday week sales | online transactions up by approx. 5% YoY • Dutch retail sales | up 3.1% YoY in October; no meaningful change in the growth trend</li></ul>

In this edition: • Ahold Delhaize / PostNL | EUR 2/parcel levy on non-EU parcels as of 1 January 2026 • Unilever | sells Graze to Katjes International • CM.com | clients are offered migration program to switch to Bird • Black Friday week sales | online transactions up by approx. 5% YoY • Dutch retail sales | up 3.1% YoY in October; no meaningful change in the growth trend

<ul><li>In this edition: • ABN Amro | significant risk transfer transaction with Blackstone • AkzoNobel | closing of the Akzo Nobel India deal with JSW • TKH Group - Alfen | EU presents European Grids Package • E-commerce & Logistics | European Commission has raided the EU offices of Temu • Dutch politics | coalition talks between D66, CDA and VVD with 30 January deadline</li></ul>

In this edition: • ABN Amro | significant risk transfer transaction with Blackstone • AkzoNobel | closing of the Akzo Nobel India deal with JSW • TKH Group - Alfen | EU presents European Grids Package • E-commerce & Logistics | European Commission has raided the EU offices of Temu • Dutch politics | coalition talks between D66, CDA and VVD with 30 January deadline

Alfen Beheer BV - What's New(s) in Amsterdam

<ul><li>In this edition: • Ahold Delhaize | agrees to buy Delfood • Philips | another challenging year for Philips’ sales in China; software problem detected • InPost / Allegro | Temu close to taking over Allegro’s position as market leader in Poland</li></ul>

In this edition: • Ahold Delhaize | agrees to buy Delfood • Philips | another challenging year for Philips’ sales in China; software problem detected • InPost / Allegro | Temu close to taking over Allegro’s position as market leader in Poland

ALE PW - What's News in Amsterdam - 14 January 2025 (Ahold Delhaize | Philips | InPost / Allegro)

Thematic (Sector/Industry)

<ul>
<li>Artisan Partners’ Global Value Team, a USD 35bn asset manager holding 1.4 million Axalta shares, has come out against the proposed all-stock “merger of equals” between AkzoNobel and Axalta.</li>
<li>The firm argues the deal is poorly timed given Axalta’s strong momentum: 12 consecutive quarters of EBITDA and margin growth, stable net leverage at 2.5×, and significant share repurchases planned, with over 90% of free cash flow targeted for buybacks this year.</li>
<li>In contrast, Artisan highlights Akzo Nobel’s long-term deterioration, citing revenue declines from EUR 14.9bn in 2015 to EUR 7.8 billion YTD 2025 and EPS erosion from EUR 4.02 to EUR 3.07</li>
</ul>


Artisan Partners’ Global Value Team, a USD 35bn asset manager holding 1.4 million Axalta shares, has come out against the proposed all-stock “merger of equals” between AkzoNobel and Axalta.
The firm argues the deal is poorly timed given Axalta’s strong momentum: 12 consecutive quarters of EBITDA and margin growth, stable net leverage at 2.5×, and significant share repurchases planned, with over 90% of free cash flow targeted for buybacks this year.
In contrast, Artisan highlights Akzo Nobel’s long-term deterioration, citing revenue declines from EUR 14.9bn in 2015 to EUR 7.8 billion YTD 2025 and EPS erosion from EUR 4.02 to EUR 3.07


What's News in Amsterdam - 20 November (AkzoNobel | Corbion | Allegro | Consumer confidence)

Poland

Allegro.eu SA operates shopping e-commerce platform. The Company offers products in categories such as automotive, fashion, home and garden, electronics, books and collectibles, and health and beauty. Allegro.eu serves customers in Europe.

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Allegro.eu (ALE PW)

What's New(s) in Amsterdam - 12 December (Arcadis | bnode (bpostgroup) | E-commerce & Logistics)

In this edition: • Arcadis | Ms Heather Polinsky to take over Mr Alan Brookes as CEO • bnode (bpostgroup) | Belgian federal government agrees on...

The IDEA!

Allegro.eu SA - What's News in Amsterdam

In this edition: • Ahold Delhaize / PostNL | EUR 2/parcel levy on non-EU parcels as of 1 January 2026 • Unilever | sells Graze to Katjes...

The IDEA!

Alfen Beheer BV - What's New(s) in Amsterdam

In this edition: • ABN Amro | significant risk transfer transaction with Blackstone • AkzoNobel | closing of the Akzo Nobel India deal with...

The IDEA!

ALE PW - What's News in Amsterdam - 14 January 2025 (Ahold Delhaize | Philips | InPost / Allegro)

In this edition: • Ahold Delhaize | agrees to buy Delfood • Philips | another challenging year for Philips’ sales in China; software problem...

The IDEA!

What's News in Amsterdam - 20 November (AkzoNobel | Corbion | Allegro | Consumer confidence)

Artisan Partners’ Global Value Team, a USD 35bn asset manager holding 1.4 million Axalta shares, has come out against the proposed all-stock...

The IDEA!

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