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

Ctt-Correios De Portugal Sa / Equity Bottom-Up

<ul><li>In this edition: • Bnode | BIPT signals regulatory relief for Bpost on priority mail • E-commerce & Logistics | early evidence of demand shock for Chinese online platforms • Corporate agenda | week 34 - 38</li></ul>

In this edition: • Bnode | BIPT signals regulatory relief for Bpost on priority mail • E-commerce & Logistics | early evidence of demand shock for Chinese online platforms • Corporate agenda | week 34 - 38

What's News in Amsterdam - 17 August (Bnode |  E-commerce & Logistics | Corporate agenda)

<ul><li>In this edition: • ASM International – ASML Holding – BE Semiconductor Industries | WSTS revises worldwide semiconductor market outlook upward again just two months after initial dizzying revision • bnode | lowers FY26 adj. EBIT guidance due to strikes and Paxon • Austrian Post | 1H26 revenue up, earnings down as expected; outlook reaffirmed • E-commerce & Logistics | Cainiao launches ‘Global 3-Day Delivery’ on 15 routes</li></ul>

In this edition: • ASM International – ASML Holding – BE Semiconductor Industries | WSTS revises worldwide semiconductor market outlook upward again just two months after initial dizzying revision • bnode | lowers FY26 adj. EBIT guidance due to strikes and Paxon • Austrian Post | 1H26 revenue up, earnings down as expected; outlook reaffirmed • E-commerce & Logistics | Cainiao launches ‘Global 3-Day Delivery’ on 15 routes

CTT-Correios de Portugal SA - What's News in Amsterdam

<ul><li>In this edition: • dsm-firmenich | 1H26 slightly ahead of consensus; initiates EUR 100m savings program • ING | 2Q26 shows another beat; ups guidance for both FY26 and FY27 • Magnum Ice Cream Co | strong operational execution underpins reaffirmed outlook • Arcadis | rejects takeover proposal from WSP Global • Arcadis | raises FY26 organic growth guidance and presents strategic targets for 2027 to 2029 ahead of its CMD in September • Fagron | reiterates FY26 outlook – continues strong growth and profitability trajectory • AMG Critical Materials | increases its FY26 adjusted EBITDA outlook driven Lithium and Vanadium • E-Commerce & Logistics | EU e-commerce levy faces scrutiny over consumer charges</li></ul>

In this edition: • dsm-firmenich | 1H26 slightly ahead of consensus; initiates EUR 100m savings program • ING | 2Q26 shows another beat; ups guidance for both FY26 and FY27 • Magnum Ice Cream Co | strong operational execution underpins reaffirmed outlook • Arcadis | rejects takeover proposal from WSP Global • Arcadis | raises FY26 organic growth guidance and presents strategic targets for 2027 to 2029 ahead of its CMD in September • Fagron | reiterates FY26 outlook – continues strong growth and profitability trajectory • AMG Critical Materials | increases its FY26 adjusted EBITDA outlook driven Lithium and Vanadium • E-Commerce & Logistics | EU e-commerce levy faces scrutiny over consumer charges

Thematic (Sector/Industry)

<ul>
<li>In yesterday’s edition, we cited French customs data showing a 30-40% drop in small parcel volumes coming from China as a result of the abolition of the de minimis rule.</li>
<li>Dutch customs data for July and August show an even bigger drop in non-EU small parcel volumes of 46% versus the prior sixmonth average.</li>
<li>Dutch Customs reports that e-commerce platforms and sellers are increasingly consolidating shipments into containerised bulk imports, storing inventory within the EU, and then dispatching domestic or intra-EU parcels to end consumers. </li>
</ul>


In yesterday’s edition, we cited French customs data showing a 30-40% drop in small parcel volumes coming from China as a result of the abolition of the de minimis rule.
Dutch customs data for July and August show an even bigger drop in non-EU small parcel volumes of 46% versus the prior sixmonth average.
Dutch Customs reports that e-commerce platforms and sellers are increasingly consolidating shipments into containerised bulk imports, storing inventory within the EU, and then dispatching domestic or intra-EU parcels to end consumers. 


What's News in Amsterdam - 2 September (E-commerce & Logistics)

<ul>
<li>Ahold Delhaize | demonstrated its resilience in 2Q26</li>
<li>Heineken | 1H26 results in broadly in line with consensus; momentum improving</li>
<li>Wolters Kluwer | solid first half year; reiterates FY26 guidance. TKH Group | two inter-array cable orders pending after Vattenfall’s award wins</li>
</ul>


Ahold Delhaize | demonstrated its resilience in 2Q26
Heineken | 1H26 results in broadly in line with consensus; momentum improving
Wolters Kluwer | solid first half year; reiterates FY26 guidance. TKH Group | two inter-array cable orders pending after Vattenfall’s award wins


Portugal

CTT-Correios de Portugal SA provides commercial services. The Company offers multi-services platform including efficient postal delivery services, and financial services. CTT-Correios delivers letters and packages worldwide.

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Ctt-Correios De Portugal Sa (CTT PL)

What's News in Amsterdam - 17 August (Bnode | E-commerce & Logistics | Corporate agenda)

In this edition: • Bnode | BIPT signals regulatory relief for Bpost on priority mail • E-commerce & Logistics | early evidence of demand shock...

The IDEA!

CTT-Correios de Portugal SA - What's News in Amsterdam

In this edition: • ASM International – ASML Holding – BE Semiconductor Industries | WSTS revises worldwide semiconductor market outlook upward...

The IDEA!

CTT-Correios de Portugal SA - What's News in Amsterdam

In this edition: • dsm-firmenich | 1H26 slightly ahead of consensus; initiates EUR 100m savings program • ING | 2Q26 shows another beat; ups...

The IDEA!

What's News in Amsterdam - 2 September (E-commerce & Logistics)

In yesterday’s edition, we cited French customs data showing a 30-40% drop in small parcel volumes coming from China as a result of the abolition...

The IDEA!

What's News in Amsterdam

Ahold Delhaize | demonstrated its resilience in 2Q26 Heineken | 1H26 results in broadly in line with consensus; momentum improving Wolters Kluwer...

The IDEA!

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