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.

Thematic (Sector/Industry)

<ul>
<li>dsm-firmenich delivered a stronger-than-expected start to 2026, with 1Q26 organic revenue growth of 4%, materially ahead of consensus expectations of ~1.5%, supported primarily by volume expansion rather than pricing.</li>
<li>Reported group revenue reached EUR 2.28bn, slightly above market forecasts despite a 6% adverse FX impact and the divestment effect from the animal nutrition business sold to CVC.</li>
<li>Adj. EBITDA of EUR 434m modestly exceeded consensus, demonstrating resilience in margins amid ongoing macroeconomic volatility.</li>
</ul>


dsm-firmenich delivered a stronger-than-expected start to 2026, with 1Q26 organic revenue growth of 4%, materially ahead of consensus expectations of ~1.5%, supported primarily by volume expansion rather than pricing.
Reported group revenue reached EUR 2.28bn, slightly above market forecasts despite a 6% adverse FX impact and the divestment effect from the animal nutrition business sold to CVC.
Adj. EBITDA of EUR 434m modestly exceeded consensus, demonstrating resilience in margins amid ongoing macroeconomic volatility.


<ul>
<li>Research by the University of Groningen on (shipping orchestration platform) Wuunder’s GreenChoice shipping initiative indicates that modest delivery delays could materially improve logistics efficiency.</li>
<li>If ~25% of consumers accept slower delivery, parcel carriers could reduce fleet size by ~20.0–20.5%, driven by smoothing peak demand rather than lowering per-trip emissions.</li>
<li>Peak congestion - caused by ~60% of orders being placed over weekends and delivered Tuesday - forces carriers to maintain excess capacity. </li>
</ul>


Research by the University of Groningen on (shipping orchestration platform) Wuunder’s GreenChoice shipping initiative indicates that modest delivery delays could materially improve logistics efficiency.
If ~25% of consumers accept slower delivery, parcel carriers could reduce fleet size by ~20.0–20.5%, driven by smoothing peak demand rather than lowering per-trip emissions.
Peak congestion - caused by ~60% of orders being placed over weekends and delivered Tuesday - forces carriers to maintain excess capacity. 


<ul>
<li>Ahold Delhaize | Albert Heijn Belgium did not violate the law Albert Heijn did not breach competition or consumer protection laws with its high-profile ‘2+5’ discount promotions, according to an investigation ordered by Belgian Consumer Protection Minister Rob Beenders.</li>
<li>The probe found no evidence of selling below cost or misleading promotions despite complaints about empty shelves and unclear conditions.</li>
<li>Authorities will continue monitoring pricing strategies to ensure transparency and prevent cross-subsidization through price increases on other products.</li>
</ul>


Ahold Delhaize | Albert Heijn Belgium did not violate the law Albert Heijn did not breach competition or consumer protection laws with its high-profile ‘2+5’ discount promotions, according to an investigation ordered by Belgian Consumer Protection Minister Rob Beenders.
The probe found no evidence of selling below cost or misleading promotions despite complaints about empty shelves and unclear conditions.
Authorities will continue monitoring pricing strategies to ensure transparency and prevent cross-subsidization through price increases on other products.


<ul>
<li>The District Court of The Hague has refused to block a proposed Dutch handling surcharge on ecommerce parcels with a value of less that EUR 150 imported from outside the European Union.</li>
<li>The court is of the opinion that intervening would amount to interference in political decision-making.</li>
<li>The case was brought by logistics service provider ViaEurope, which argued that the planned surcharge violates EU customs law and was announced with too little notice, threatening the company’s survival. </li>
</ul>


The District Court of The Hague has refused to block a proposed Dutch handling surcharge on ecommerce parcels with a value of less that EUR 150 imported from outside the European Union.
The court is of the opinion that intervening would amount to interference in political decision-making.
The case was brought by logistics service provider ViaEurope, which argued that the planned surcharge violates EU customs law and was announced with too little notice, threatening the company’s survival. 


Equity Bottom-Up

<ul><li>In this edition: • Shell | LNG Canada Phase 2 FID reinforces integrated gas growth strategy • Vopak | LNG Canada FID strengthens Canadian export infrastructure read-across • TomTom | expands collaboration with Microsoft • Bnode | Flemish press exit by YE27 will have limited P&L and restructuring impact • DHL | DHL eCommerce: Eastern Europe becomes M&A focus</li></ul>

In this edition: • Shell | LNG Canada Phase 2 FID reinforces integrated gas growth strategy • Vopak | LNG Canada FID strengthens Canadian export infrastructure read-across • TomTom | expands collaboration with Microsoft • Bnode | Flemish press exit by YE27 will have limited P&L and restructuring impact • DHL | DHL eCommerce: Eastern Europe becomes M&A focus

What's News in Amsterdam - 30 September (Shell | Vopak | TomTom | Bnode | DHL)

Belgium

bpost SA provides postal delivery services. The Company delivers mail, packages, and parcels, as well as offers direct marketing, market surveys, business databases, and document services.

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bpost SA (BPOST BB)

What's News in Amsterdam

Adj. EBITDA of EUR 434m modestly exceeded consensus, demonstrating resilience in margins amid ongoing macroeconomic volatility.

The IDEA!

What's News in Amsterdam

If ~25% of consumers accept slower delivery, parcel carriers could reduce fleet size by ~20.0–20.5%, driven by smoothing peak demand rather than...

The IDEA!

What's News in Amsterdam

Albert Heijn Belgium did not violate the law Albert Heijn did not breach competition or consumer protection laws with its high-profile ‘2+5’...

The IDEA!

What's News in Amsterdam

The District Court of The Hague has refused to block a proposed Dutch handling surcharge on ecommerce parcels with a value of less that EUR 150...

The IDEA!

What's News in Amsterdam - 30 September (Shell | Vopak | TomTom | Bnode | DHL)

In this edition: • Shell | LNG Canada Phase 2 FID reinforces integrated gas growth strategy • Vopak | LNG Canada FID strengthens Canadian export...

The IDEA!

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52-week Range

Market Cap (USDm)

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