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 today's edition: • a.s.r. | very strong performance on all fronts in 1H25 • Corbion | to cooperate with KAS developing natural Astaxanthin • SBM Offshore | Petrobras postpones Campos basin FPSO tender</li></ul>

In today's edition: • a.s.r. | very strong performance on all fronts in 1H25 • Corbion | to cooperate with KAS developing natural Astaxanthin • SBM Offshore | Petrobras postpones Campos basin FPSO tender

What's New(s) in Amsterdam - 20 August (a.s.r. Nederland | Corbion | SBM Offshore)

<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: • Aalberts | takes large restructuring charge to improve profitability • AMG Critical Materials | increases its FY25 adjusted outlook to more than USD 150m • Corbion | expects FY25 organic EBITDA growth of more than 25% • Van Lanschot Kempen | solid FY24; EUR 1.40/share excess cash return on top of dividend</li></ul>

In this edition: • Aalberts | takes large restructuring charge to improve profitability • AMG Critical Materials | increases its FY25 adjusted outlook to more than USD 150m • Corbion | expects FY25 organic EBITDA growth of more than 25% • Van Lanschot Kempen | solid FY24; EUR 1.40/share excess cash return on top of dividend

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The European Benchmark Indices (BMI) of the STOXX family are reviewed on a quarterly basis in March, June, September and December. The December 2021 constituent changes were announced recently.</li>
<li>In this insight, we mainly focus on the constituent changes for the STOXX Europe 600 Index and the EURO STOXX Index.</li>
<li>In addition, we also take a look at the timeline, expected Inclusion/Exclusion Parameters for these candidates, historical performance of past rebalance events, and a potential trading strategy for December 2021.</li>
</ul>


The European Benchmark Indices (BMI) of the STOXX family are reviewed on a quarterly basis in March, June, September and December. The December 2021 constituent changes were announced recently.
In this insight, we mainly focus on the constituent changes for the STOXX Europe 600 Index and the EURO STOXX Index.
In addition, we also take a look at the timeline, expected Inclusion/Exclusion Parameters for these candidates, historical performance of past rebalance events, and a potential trading strategy for December 2021.


STOXX Europe Indices: Constituent Changes and Trading Strategy December 2021

Event-Driven

<ul>
<li>The European Benchmark Indices (BMI) of the STOXX Index family are reviewed on a quarterly basis in March, June, September and December. </li>
<li>In <a href="https://www.smartkarma.com/insights/stoxx-europe-indices-quiddity-leaderboard-for-december-2021-rebalance" target="_blank" data-smartkarma-citation="insights:58845" rel="noopener">STOXX Europe Indices: Quiddity Leaderboard for December 2021 Rebalance</a>, we looked at potential adds and deletes for the December 2021 review for STOXX Europe 600 and EURO STOXX Indices. </li>
<li>With official rebalance results to be announced in a few days, below is an update on the evolution of this Leaderboard. </li>
</ul>


The European Benchmark Indices (BMI) of the STOXX Index family are reviewed on a quarterly basis in March, June, September and December. 
In STOXX Europe Indices: Quiddity Leaderboard for December 2021 Rebalance, we looked at potential adds and deletes for the December 2021 review for STOXX Europe 600 and EURO STOXX Indices. 
With official rebalance results to be announced in a few days, below is an update on the evolution of this Leaderboard. 


STOXX Europe Indices: Quiddity Leaderboard for December 2021 Rebalance 2.0

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 - 20 August (a.s.r. Nederland | Corbion | SBM Offshore)

In today's edition: • a.s.r. | very strong performance on all fronts in 1H25 • Corbion | to cooperate with KAS developing natural...

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!

Corbion NV - What's New(s) in Amsterdam

In this edition: • Aalberts | takes large restructuring charge to improve profitability • AMG Critical Materials | increases its FY25 adjusted...

The IDEA!

STOXX Europe Indices: Constituent Changes and Trading Strategy December 2021

A discussion of the constituent changes for the STOXX Europe 600 Index and the EURO STOXX Index in the December 2021 Quarterly Index Review and...

Janaghan Jeyakumar, CFA

STOXX Europe Indices: Quiddity Leaderboard for December 2021 Rebalance 2.0

Discussion on the potential ADDs and DELETEs for STOXX Europe 600 and EUROSTOXX Indices for December 2021 and a look at potential trading...

Janaghan Jeyakumar, CFA

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