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: • dsm-firmenich | completes sale of its stake in Feed Enzymes Alliance • Arcadis | awarded digital asset management contract with the City of Calgary • Fugro | awarded major order to perform a site characterisation programme for a deepwater gas field development in Southeast Asia • Dutch CPI | consumer prices increased by 3.3% YoY in May, down from 4.1% in April • Dutch politics | coalition government may fall later today</li></ul>

In this edition: • dsm-firmenich | completes sale of its stake in Feed Enzymes Alliance • Arcadis | awarded digital asset management contract with the City of Calgary • Fugro | awarded major order to perform a site characterisation programme for a deepwater gas field development in Southeast Asia • Dutch CPI | consumer prices increased by 3.3% YoY in May, down from 4.1% in April • Dutch politics | coalition government may fall later today

What's News in Amsterdam - 3 June (dsm-firmenich | Arcadis| Fugro | Dutch CPI | Dutch politics)

<ul><li>In this edition: • Adyen | solid 1Q25 revenue development – reiterates financial objectives • ASM International | better than expected gross margin and cost control resulting in a strong beat in operational profitability • AkzoNobel | PPG beats expectations and reaffirms FY25 guidance • dsm-firmenich | 1Q25 falls slightly short of market expectations; FY25 guidance intact • DHL | 1Q25 shows clear beat of consensus; external environment remains uncertain</li></ul>

In this edition: • Adyen | solid 1Q25 revenue development – reiterates financial objectives • ASM International | better than expected gross margin and cost control resulting in a strong beat in operational profitability • AkzoNobel | PPG beats expectations and reaffirms FY25 guidance • dsm-firmenich | 1Q25 falls slightly short of market expectations; FY25 guidance intact • DHL | 1Q25 shows clear beat of consensus; external environment remains uncertain

What's New(s) in Amsterdam - 30 April (Adyen | AkzoNobel | ASM Int'l | dsm-firmenich | DHL)

<ul><li>In this edition: • ASML Holding | reiterates FY25 outlook – order intake below long-term desired level • dsm-firmenich | deadline for non-binding offers for ANH this Thursday • Van Lanschot Kempen | Bank Delen further expands its presence in the Netherlands • Vopak | partnership with OQ to accelerate development of Duqm as integrated industrial hub • PostNL | main takeaways from yesterday’s AGM • TomTom | change in accounting strongly beneficiary for profitability – no impact on FCF</li></ul>

In this edition: • ASML Holding | reiterates FY25 outlook – order intake below long-term desired level • dsm-firmenich | deadline for non-binding offers for ANH this Thursday • Van Lanschot Kempen | Bank Delen further expands its presence in the Netherlands • Vopak | partnership with OQ to accelerate development of Duqm as integrated industrial hub • PostNL | main takeaways from yesterday’s AGM • TomTom | change in accounting strongly beneficiary for profitability – no impact on FCF

Thematic (Sector/Industry)

<ul>
<li>According to Bloomberg, several private equity parties are looking at a possible takeover of dsmfirmenich 's animal feed division.</li>
<li>CVC Capital Partners, Apollo, Bain Capital and Lone Star are among those interested.</li>
<li>dsm-firmenich announced last year that it would be divesting the division.</li>
</ul>


According to Bloomberg, several private equity parties are looking at a possible takeover of dsmfirmenich 's animal feed division.
CVC Capital Partners, Apollo, Bain Capital and Lone Star are among those interested.
dsm-firmenich announced last year that it would be divesting the division.


What's New(s) in Amsterdam - 7 April (dsm-firmenich | Shell | InPost | B&S Group | TomTom)

<ul>
<li>On February 13, 2025, when publishing in FY24 results, dsm-firmenich announced its intention to repurchase ordinary shares with an aggregate market value of EUR 1bn and reduce its issued capital.</li>
<li>This share repurchase program will start for an initial EUR 500m and will be increased to EUR 1bn upon the completion of the previously announced sale of the company’s stake in the Feed Enzymes Alliance.</li>
<li>As of today, April 1, 2025, the company intends to begin repurchasing ordinary shares for a total amount of EUR 580m, of which EUR 80m to cover commitments under the Group’s share-based compensation plans and EUR 500m to reduce its issued capital.</li>
</ul>


On February 13, 2025, when publishing in FY24 results, dsm-firmenich announced its intention to repurchase ordinary shares with an aggregate market value of EUR 1bn and reduce its issued capital.
This share repurchase program will start for an initial EUR 500m and will be increased to EUR 1bn upon the completion of the previously announced sale of the company’s stake in the Feed Enzymes Alliance.
As of today, April 1, 2025, the company intends to begin repurchasing ordinary shares for a total amount of EUR 580m, of which EUR 80m to cover commitments under the Group’s share-based compensation plans and EUR 500m to reduce its issued capital.


What's New(s) in Amsterdam - 1 April (dsm-firmenich | Shell)

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.

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DSM-Firmenich (DSFIR NA)

What's News in Amsterdam - 3 June (dsm-firmenich | Arcadis| Fugro | Dutch CPI | Dutch politics)

In this edition: • dsm-firmenich | completes sale of its stake in Feed Enzymes Alliance • Arcadis | awarded digital asset management contract with...

The IDEA!

What's New(s) in Amsterdam - 30 April (Adyen | AkzoNobel | ASM Int'l | dsm-firmenich | DHL)

In this edition: • Adyen | solid 1Q25 revenue development – reiterates financial objectives • ASM International | better than expected gross...

The IDEA!

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

In this edition: • ASML Holding | reiterates FY25 outlook – order intake below long-term desired level • dsm-firmenich | deadline for non-binding...

The IDEA!

What's New(s) in Amsterdam - 7 April (dsm-firmenich | Shell | InPost | B&S Group | TomTom)

According to Bloomberg, several private equity parties are looking at a possible takeover of dsmfirmenich 's animal feed division.

The IDEA!

What's New(s) in Amsterdam - 1 April (dsm-firmenich | Shell)

On February 13, 2025, when publishing in FY24 results, dsm-firmenich announced its intention to repurchase ordinary shares with an aggregate market...

The IDEA!

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