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>The Enterprise Chamber will not launch an in-depth inquiry into the actions of Philips' management regarding issues with malfunctioning ventilators.</li>
<li>According to the court, there are insufficient grounds to believe that the company withheld crucial information or treated complaints lightly.</li>
<li>With this decision, the court rejects a request filed by parties including the Dutch Investors' Association (VEB) and the Belgian litigation funder Deminor. </li>
</ul>


The Enterprise Chamber will not launch an in-depth inquiry into the actions of Philips' management regarding issues with malfunctioning ventilators.
According to the court, there are insufficient grounds to believe that the company withheld crucial information or treated complaints lightly.
With this decision, the court rejects a request filed by parties including the Dutch Investors' Association (VEB) and the Belgian litigation funder Deminor. 


Equity Bottom-Up

<ul><li>We issued a company report (13 pages) featuring Corbion.</li><li>Underneath an overview of the main topics addressed in this report.</li><li>Please contact us if you are interested in receiving a copy of this report.</li></ul>

We issued a company report (13 pages) featuring Corbion.Underneath an overview of the main topics addressed in this report.Please contact us if you are interested in receiving a copy of this report.

Corbion | 5 reasons why this company will outperform

<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)

<ul><li>In this edition: • Shell | to divest European onshore renewables portfolio to TotalEnergies • Corbion | fish oil prices continue to rise • PostNL | cost control impresses, but the investment case still hinges on restoring volume growth • VodafoneZiggo | Liberty Global completes VodafoneZiggo buyout; creates Ziggo Group • Zalando | growth quality continues to improve despite modest miss • Dutch retail sales | steady growth momentum in June</li></ul>

In this edition: • Shell | to divest European onshore renewables portfolio to TotalEnergies • Corbion | fish oil prices continue to rise • PostNL | cost control impresses, but the investment case still hinges on restoring volume growth • VodafoneZiggo | Liberty Global completes VodafoneZiggo buyout; creates Ziggo Group • Zalando | growth quality continues to improve despite modest miss • Dutch retail sales | steady growth momentum in June

Koninklijke KPN NV - What's News in Amsterdam

Universal Music Group NV / Equity Bottom-Up

<ul><li>In this edition: • DSM-Firmenich | post earnings call comment • Magnum Ince Cream Co | post earnings call comment • Shell | 2Q26 result is the second best on record; new USD 3bn share buyback • Shell | agreement to sell BG Cyprus Ltd to MOL Group for up to USD 720m • Universal Music Group | soft 26Q2 performance recording marked decrease in profitability • Corbion | 26Q2 results ahead of expectations – finetunes FY26 adjusted EBITDA margin downward • Fugro | no longer expects FY26 margins to improve</li></ul>

In this edition: • DSM-Firmenich | post earnings call comment • Magnum Ince Cream Co | post earnings call comment • Shell | 2Q26 result is the second best on record; new USD 3bn share buyback • Shell | agreement to sell BG Cyprus Ltd to MOL Group for up to USD 720m • Universal Music Group | soft 26Q2 performance recording marked decrease in profitability • Corbion | 26Q2 results ahead of expectations – finetunes FY26 adjusted EBITDA margin downward • Fugro | no longer expects FY26 margins to improve

Netherlands

Corbion NV delivers biobased products made from renewable resources. The Company's key products are lactic acid, lactic acid derivatives and lactides, and functional blends containing enzymes, emulsifiers, minerals and vitamins for global markets such as bakery, meat, pharmaceuticals and medical devices, home and personal care, packaging, automotive, coatings and resins.

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Corbion NV (CRBN NA)

What's New(s) in Amsterdam

The Enterprise Chamber will not launch an in-depth inquiry into the actions of Philips' management regarding issues with malfunctioning ventilators.

The IDEA!

Corbion | 5 reasons why this company will outperform

We issued a company report (13 pages) featuring Corbion. Underneath an overview of the main topics addressed in this report. Please contact us if...

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!

Koninklijke KPN NV - What's News in Amsterdam

In this edition: • Shell | to divest European onshore renewables portfolio to TotalEnergies • Corbion | fish oil prices continue to rise • PostNL...

The IDEA!

What's News in Amsterdam - 31 July (dsm-firmenich | MICC | Shell | UMG | Corbion | Fugro)

In this edition: • DSM-Firmenich | post earnings call comment • Magnum Ince Cream Co | post earnings call comment • Shell | 2Q26 result is the...

The IDEA!

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