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: • Aegon | 1H25 OCG looks a bit light; review to relocate legal domicile and head office to US • a.s.r. Nederland | post earnings call comment • dsm-firmenich | in exclusive talks with CVC on its AHN division; may keep minority stake • Alfen | reiterates FY25 guidance, however, revises FY26 ambition downward • bpostgroup | temporarily suspends individual parcel shipments to the US</li></ul>

In today's edition: • Aegon | 1H25 OCG looks a bit light; review to relocate legal domicile and head office to US • a.s.r. Nederland | post earnings call comment • dsm-firmenich | in exclusive talks with CVC on its AHN division; may keep minority stake • Alfen | reiterates FY25 guidance, however, revises FY26 ambition downward • bpostgroup | temporarily suspends individual parcel shipments to the US

What's News in Amsterdam - 21 August (Aegon | a.s.r. Nederland | dsm-firmenich | Alfen | bpostgroup)

<ul><li>In this edition: • dsm-firmenich | results broadly in line with expectations; adj. EBITDA guidance lowered • ING | clear beat of market expectations; ups FY25 guidance • Arcadis | results in line with consensus, however, not strong – mid-term organic revenue growth not realistic anymore • Fagron | reiterates FY25 outlook; enters new geographies through bolt-on acquisitions • Vopak | FY25 guidance modestly increased • AMG Critical Materials | increases its FY25 adjusted EBITDA outlook driven by antimony</li></ul>

In this edition: • dsm-firmenich | results broadly in line with expectations; adj. EBITDA guidance lowered • ING | clear beat of market expectations; ups FY25 guidance • Arcadis | results in line with consensus, however, not strong – mid-term organic revenue growth not realistic anymore • Fagron | reiterates FY25 outlook; enters new geographies through bolt-on acquisitions • Vopak | FY25 guidance modestly increased • AMG Critical Materials | increases its FY25 adjusted EBITDA outlook driven by antimony

<ul><li>In this edition: • ABN Amro | Dutch state’s stake drops below one-third • dsm-firmenich | banks prepared to provide more debt to the buyer of the ANH unit • Heineken | operating profit (beia) shows beat thanks to more costs savings and mix effects • KPN | EUR 250m share buyback completed • Corporate agenda | week 31 – 36</li></ul>

In this edition: • ABN Amro | Dutch state’s stake drops below one-third • dsm-firmenich | banks prepared to provide more debt to the buyer of the ANH unit • Heineken | operating profit (beia) shows beat thanks to more costs savings and mix effects • KPN | EUR 250m share buyback completed • Corporate agenda | week 31 – 36

What's News in Amsterdam - 28 July (ABN Amro | dsm-firmenich | Heineken | KPN | Corporate calendar)

Investment Advisor, Upslope Capital Management

Upslope Capital Management

Investment Advisor

Investment advisor for Upslope Partners Fund, LP, a global long/short equity hedge fund.

<ul><li>Q2 saw markets whipsawed in an unprecedentedly deliberate fashion. Markets got slammed when aggressive tariffs were announced.</li><li>They quickly rebounded when relief extensions were granted and “deals” announced. Then they rebounded some more.</li><li>Where does that leave us? No one believes harsh tariffs will be widely implemented. This (lack of tariffs) is a good thing, and it is well reflected in markets and valuations. But markets are now extremely frothy.</li></ul>

Q2 saw markets whipsawed in an unprecedentedly deliberate fashion. Markets got slammed when aggressive tariffs were announced.They quickly rebounded when relief extensions were granted and “deals” announced. Then they rebounded some more.Where does that leave us? No one believes harsh tariffs will be widely implemented. This (lack of tariffs) is a good thing, and it is well reflected in markets and valuations. But markets are now extremely frothy.

Upslope's Quarterly Investor Letter: 2025-Q2 Update

Thematic (Sector/Industry)

<ul>
<li>Three candidates remain for the purchase of dsm-firmenich's Animal Health &amp; Nutrition (AHN) division: private equity firms CVC and Apollo, and Dutch feed producer Nutreco.</li>
<li>This is reported by Dutch financial daily FD, citing anonymous sources. This deal, which has an estimated value of approx.</li>
<li>EUR 2.8bn, is among the largest Dutch transactions of the year, though the acquisition environment remains subdued.</li>
</ul>


Three candidates remain for the purchase of dsm-firmenich's Animal Health &amp; Nutrition (AHN) division: private equity firms CVC and Apollo, and Dutch feed producer Nutreco.
This is reported by Dutch financial daily FD, citing anonymous sources. This deal, which has an estimated value of approx.
EUR 2.8bn, is among the largest Dutch transactions of the year, though the acquisition environment remains subdued.


What's New(s) in Amsterdam - 7 July (dsm-firmenich | Philips | TomTom)

Switzerland

DSM-Firmenich AG is an innovator in nutrition, health, and beauty products. The Company reinvents, manufactures, and combines vital nutrients, flavors, and fragrances. DSM-Firmenich serves customers worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

DSM-Firmenich (DSFIR NA)

What's News in Amsterdam - 21 August (Aegon | a.s.r. Nederland | dsm-firmenich | Alfen | bpostgroup)

In today's edition: • Aegon | 1H25 OCG looks a bit light; review to relocate legal domicile and head office to US • a.s.r. Nederland | post...

The IDEA!

What's News in Amsterdam - 31 July (dsm-firmenich | ING | Arcadis | Fagron | Vopak | AMG)

In this edition: • dsm-firmenich | results broadly in line with expectations; adj. EBITDA guidance lowered • ING | clear beat of market...

The IDEA!

What's News in Amsterdam - 28 July (ABN Amro | dsm-firmenich | Heineken | KPN | Corporate calendar)

In this edition: • ABN Amro | Dutch state’s stake drops below one-third • dsm-firmenich | banks prepared to provide more debt to the buyer of the...

The IDEA!

Upslope's Quarterly Investor Letter: 2025-Q2 Update

Q2 saw markets whipsawed in an unprecedentedly deliberate fashion. Markets got slammed when aggressive tariffs were announced. They quickly...

Upslope Capital Management

What's New(s) in Amsterdam - 7 July (dsm-firmenich | Philips | TomTom)

Three candidates remain for the purchase of dsm-firmenich's Animal Health & Nutrition (AHN) division: private equity firms CVC and Apollo, and...

The IDEA!

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)