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: • KPN | Delta Fiber: solid growth in Wholesale in FY25; targets 1m clients by 2030 • Unilever | shareholders express discontent for having no say on the McCormick deal • E-commerce & Logistics | French unilateral tax on non-EU parcels not effective</li></ul>

In this edition: • KPN | Delta Fiber: solid growth in Wholesale in FY25; targets 1m clients by 2030 • Unilever | shareholders express discontent for having no say on the McCormick deal • E-commerce & Logistics | French unilateral tax on non-EU parcels not effective

What's News in Amsterdam - 15 May (KPN | Unilever | E-commerce & Logistics)

<ul><li>In this edition: • ING | clear beat of consensus across the board; new EUR 1.0bn share buyback • IMCD | revenue growth driven by acquisitions – organic performance negative • Arcadis | encouraging start to the year – reiterates guidance for the year • DHL | better than expected EBIT despite lower revenues • Dutch housing market | showing some early signs of cooling • Dutch CPI | up 0.1% YoY at 2.8%; sequential increase suggests acceleration though</li></ul>

In this edition: • ING | clear beat of consensus across the board; new EUR 1.0bn share buyback • IMCD | revenue growth driven by acquisitions – organic performance negative • Arcadis | encouraging start to the year – reiterates guidance for the year • DHL | better than expected EBIT despite lower revenues • Dutch housing market | showing some early signs of cooling • Dutch CPI | up 0.1% YoY at 2.8%; sequential increase suggests acceleration though

Koninklijke Ahold Delhaize NV / Equity Bottom-Up

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<li>Ahold Delhaize | Lidl main beneficiary of shift in consumer behaviour on rising fuel costs Accurat’s location-based footfall analysis of the Dutch supermarkets (weeks 6–13) reveals an immediate, measurable shift in consumer behaviour following the first energy-price shock linked to the Iran conflict.</li>
<li>Discount formats have gained ground at the expense of the mid-to-high price segment: Lidl has emerged as the clear national winner in visitor share, Aldi has posted modest gains, and Jumbo has remained stable.</li>
<li>Albert Heijn recorded the sharpest decline, losing the largest number of customers primarily to Lidl, with secondary leakage to Aldi and Jumbo. Plus and Dirk also ceded traffic to Lidl.</li>
</ul>


Ahold Delhaize | Lidl main beneficiary of shift in consumer behaviour on rising fuel costs Accurat’s location-based footfall analysis of the Dutch supermarkets (weeks 6–13) reveals an immediate, measurable shift in consumer behaviour following the first energy-price shock linked to the Iran conflict.
Discount formats have gained ground at the expense of the mid-to-high price segment: Lidl has emerged as the clear national winner in visitor share, Aldi has posted modest gains, and Jumbo has remained stable.
Albert Heijn recorded the sharpest decline, losing the largest number of customers primarily to Lidl, with secondary leakage to Aldi and Jumbo. Plus and Dirk also ceded traffic to Lidl.


Oesterreichische Post Ag / Equity Bottom-Up

<ul><li>In this edition: • PostNL | Amazon to deploy APMs at 6 Wereldhave shopping centres • E-commerce & Logistics | Austria threatens to block sale of Ceconomy to JD.com</li></ul>

In this edition: • PostNL | Amazon to deploy APMs at 6 Wereldhave shopping centres • E-commerce & Logistics | Austria threatens to block sale of Ceconomy to JD.com

What's News in Amsterdam - 30 March (PostNL | E-commerce & Logistics)

<ul><li>In this edition: • ABN Amro | to start EUR 250m share buyback today • KPN | two formal investigations into Odido following last month’s major data breach • Philips | request to the Enterprise Chamber to investigate role of Management Board in the sleep apnea devices controversy • E-commerce & Logistics | EU to hold platforms liable for safety products</li></ul>

In this edition: • ABN Amro | to start EUR 250m share buyback today • KPN | two formal investigations into Odido following last month’s major data breach • Philips | request to the Enterprise Chamber to investigate role of Management Board in the sleep apnea devices controversy • E-commerce & Logistics | EU to hold platforms liable for safety products

What's New(s) in Amsterdam 27 March (ABN Amro | KPN/Odido | Philips | E-commerce & Logistics)

Germany

Deutsche Post AG provides mail delivery and other services to the public and businesses. The Company offers domestic mail delivery, international parcel and mail delivery services, and freight delivery and logistics services.

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Deutsche Post (DHL GR)

What's News in Amsterdam - 15 May (KPN | Unilever | E-commerce & Logistics)

In this edition: • KPN | Delta Fiber: solid growth in Wholesale in FY25; targets 1m clients by 2030 • Unilever | shareholders express discontent...

The IDEA!

IMCD Group NV - What's News in Amsterdam

In this edition: • ING | clear beat of consensus across the board; new EUR 1.0bn share buyback • IMCD | revenue growth driven by acquisitions –...

The IDEA!

What's News in Amsterdam

Albert Heijn recorded the sharpest decline, losing the largest number of customers primarily to Lidl, with secondary leakage to Aldi and Jumbo....

The IDEA!

What's News in Amsterdam - 30 March (PostNL | E-commerce & Logistics)

In this edition: • PostNL | Amazon to deploy APMs at 6 Wereldhave shopping centres • E-commerce & Logistics | Austria threatens to block sale...

The IDEA!

What's New(s) in Amsterdam 27 March (ABN Amro | KPN/Odido | Philips | E-commerce & Logistics)

In this edition: • ABN Amro | to start EUR 250m share buyback today • KPN | two formal investigations into Odido following last month’s major data...

The IDEA!

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