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 | Axalta's strong set of 2Q26 results supportive for the proposed merger</li>
<li>AkzoNobel | Sherwin Williams raises FY26 guidance after better than expected 2Q26 </li>
<li>AkzoNobel | PPG’s 2Q26 looks solid, but demand outlook remains the focus </li>
</ul>


In this edition: • AkzoNobel | Axalta's strong set of 2Q26 results supportive for the proposed merger
AkzoNobel | Sherwin Williams raises FY26 guidance after better than expected 2Q26 
AkzoNobel | PPG’s 2Q26 looks solid, but demand outlook remains the focus 


Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

iShares MSCI ACWI ETF / Technical Analysis

<p>The broad global indexes (MSCI ACWI, ACWI ex-US, and EAFE) have pulled back to test key intermediate-term supports, and we expect to see buyers step in near current levels. Market dynamics remain largely healthy and our outlook remains neutral yet constructive overall. We see this pullback as a buying opportunity, however breakdowns would be problematic and would suggest additional downside or consolidation is likely.</p>

The broad global indexes (MSCI ACWI, ACWI ex-US, and EAFE) have pulled back to test key intermediate-term supports, and we expect to see buyers step in near current levels. Market dynamics remain largely healthy and our outlook remains neutral yet constructive overall. We see this pullback as a buying opportunity, however breakdowns would be problematic and would suggest additional downside or consolidation is likely.

MSCI ACWI, ACWI Ex-US, EAFE Testing Key Supports; Buy Ideas in Financials, Materials, Industrials

<ul><li>In this edition: • Unilever | rumored to bid for supplement maker Thorne • IMCD | to acquire Merit Solution • Arcadis | enters into a strategic partnership with Stok • SBM Offshore | completes USD 465m financing of FSO Chalchi • Alfen | CFO Onno Krap to step down per 1 July</li></ul>

In this edition: • Unilever | rumored to bid for supplement maker Thorne • IMCD | to acquire Merit Solution • Arcadis | enters into a strategic partnership with Stok • SBM Offshore | completes USD 465m financing of FSO Chalchi • Alfen | CFO Onno Krap to step down per 1 July

What's New(s) in Amsterdam - 29 June (Unilever | IMCD | Arcadis | SBM Offshore | Alfen)

MSCI Emerging Markets Index / Technical Analysis

<p>Supporting our global bull market thesis, uptrends remain intact for the major global indexes (MSCI ACWI, ACWI ex-US, EAFE, and EM). At this point, concerns surrounding the Wuhan coronavirus have led to some market setbacks and deterioration in market indicators, however they have not resulted in breakdowns. This is true even for areas of the market most-directly affected, including China (MSCI China) and emerging markets (MSCI EM). For these reasons and, as long as there is no significant additional damage, we view recent weakness as a buying opportunity - especially within EM. We see coronavirus concerns as helping correct the excess bullish sentiment and optimism in the short-term.</p>

Supporting our global bull market thesis, uptrends remain intact for the major global indexes (MSCI ACWI, ACWI ex-US, EAFE, and EM). At this point, concerns surrounding the Wuhan coronavirus have led to some market setbacks and deterioration in market indicators, however they have not resulted in breakdowns. This is true even for areas of the market most-directly affected, including China (MSCI China) and emerging markets (MSCI EM). For these reasons and, as long as there is no significant additional damage, we view recent weakness as a buying opportunity - especially within EM. We see coronavirus concerns as helping correct the excess bullish sentiment and optimism in the short-term.

<ul><li>In this edition: • ING | rolls out global subscription banking model • Arcadis | launches PRICE framework for better adaptation investment funding decisions • Sligro Food Group | Dutch household consumption up 1.0% YoY in April • Dutch banking sector | ASN Bank will remain state-owned for at least another year • Bnode | bpost enters partnership with Colruyt Group to accelerate APM expansion • DHL | FedEx and China Southern Air Logistics sign MoU</li></ul>

In this edition: • ING | rolls out global subscription banking model • Arcadis | launches PRICE framework for better adaptation investment funding decisions • Sligro Food Group | Dutch household consumption up 1.0% YoY in April • Dutch banking sector | ASN Bank will remain state-owned for at least another year • Bnode | bpost enters partnership with Colruyt Group to accelerate APM expansion • DHL | FedEx and China Southern Air Logistics sign MoU

Netherlands

Arcadis N.V. offers consulting and engineering services worldwide.  The Company performs feasibility studies, develops projects, offers financial and legal consulting services, assists in the permitting process, and offers design and maintenance services.

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Arcadis NV (ARCAD NA)

What's News in Amsterdam

In this edition: • AkzoNobel | Axalta's strong set of 2Q26 results supportive for the proposed merger AkzoNobel | Sherwin Williams raises FY26...

The IDEA!

MSCI ACWI, ACWI Ex-US, EAFE Testing Key Supports; Buy Ideas in Financials, Materials, Industrials

The MSCI ACWI (ACWI-US), ACWI ex-US (ACWX-US), and EAFE (EFA-US) are testing important intermediate-term support levels of $99, $54, and $76.50...

Vermilion Research

What's New(s) in Amsterdam - 29 June (Unilever | IMCD | Arcadis | SBM Offshore | Alfen)

In this edition: • Unilever | rumored to bid for supplement maker Thorne • IMCD | to acquire Merit Solution • Arcadis | enters into a strategic...

The IDEA!

EM Pullback Opportunity

Supporting our global bull market thesis, uptrends remain intact for the major global indexes (MSCI ACWI, ACWI ex-US, EAFE, and EM). At this point,...

Vermilion Research

bpost SA - What's News in Amsterdam

In this edition: • ING | rolls out global subscription banking model • Arcadis | launches PRICE framework for better adaptation investment funding...

The IDEA!

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