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: • ASML | strategic redesign to improve the make the company more agile • ING | another clear beat of consensus; ups 2027 ambitions • dsm-firmenich | deal with CVC on AHN business expected to be announced soon • Unilever | sells its Home Care business in Colombia and Ecuador • BAM Group | acquisition strengthens position in Dutch residential market • Dutch politics | fiscally tight budget policy and no to Eurobonds</li></ul>

In this edition: • ASML | strategic redesign to improve the make the company more agile • ING | another clear beat of consensus; ups 2027 ambitions • dsm-firmenich | deal with CVC on AHN business expected to be announced soon • Unilever | sells its Home Care business in Colombia and Ecuador • BAM Group | acquisition strengthens position in Dutch residential market • Dutch politics | fiscally tight budget policy and no to Eurobonds

ASML Holding NV - What's News in Amsterdam

<ul><li>In this edition: • ING | less than expected drop in earnings; new EUR 1.6bn share buyback • dsm-firmenich (‘DSFIR’) | results broadly in line; lowers FY25 guidance • Arcadis | 25Q3 results lagging market consensus (even helped by lower depreciation rate) • General Elections | D66 emerges as big winner; hard to predict new coalition</li></ul>

In this edition: • ING | less than expected drop in earnings; new EUR 1.6bn share buyback • dsm-firmenich (‘DSFIR’) | results broadly in line; lowers FY25 guidance • Arcadis | 25Q3 results lagging market consensus (even helped by lower depreciation rate) • General Elections | D66 emerges as big winner; hard to predict new coalition

What's News in Amsterdam - 30 October (dsm-firmenich | ING | Arcadis | General Elections)

<ul>
<li>EU member states have unanimously backed a Dutch-led proposal to commit tens of billions of euros in future support for the European chip industry, underscoring the sector’s strategic importance.</li>
<li>Outgoing Dutch Economic Affairs Minister Vincent Karremans stressed that continued investment is a “pure necessity” to reduce dependence on the US and China and to safeguard Europe’s economic and geopolitical resilience.</li>
<li>The initiative calls for a follow-up to the 2023 EU Chips Act, which mobilized EUR 43bn for semiconductor R&amp;D, start-ups, and manufacturing capacity.</li>
</ul>


EU member states have unanimously backed a Dutch-led proposal to commit tens of billions of euros in future support for the European chip industry, underscoring the sector’s strategic importance.
Outgoing Dutch Economic Affairs Minister Vincent Karremans stressed that continued investment is a “pure necessity” to reduce dependence on the US and China and to safeguard Europe’s economic and geopolitical resilience.
The initiative calls for a follow-up to the 2023 EU Chips Act, which mobilized EUR 43bn for semiconductor R&amp;D, start-ups, and manufacturing capacity.


External reports (aggregated public sources), Value Investors Club

Value Investors Club (VIC)

External reports (aggregated public sources)

Value Investors Club

Key points (machine generated)<ul><li>DSM-Firmenich was formed through a €20 billion merger between DSM and Firmenich, combining expertise in nutrition, health, and fragrances.</li><li>Concerns arose about the merger's synergies due to minimal overlap between the companies and skepticism about achieving targeted revenue and EBITDA synergies.</li><li>The merger coincided with a downturn in DSM's markets, leading to falling vitamin prices, but it also presents a unique opportunity for the new entity.</li></ul>This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Key points (machine generated)DSM-Firmenich was formed through a €20 billion merger between DSM and Firmenich, combining expertise in nutrition, health, and fragrances.Concerns arose about the merger's synergies due to minimal overlap between the companies and skepticism about achieving targeted revenue and EBITDA synergies.The merger coincided with a downturn in DSM's markets, leading to falling vitamin prices, but it also presents a unique opportunity for the new entity.This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Dsm Firmenich Ag (DSFIY) - Tuesday, Jun 3, 2025

<ul><li>In this edition: • ABN Amro / ING | both exposed to UK altnet financing • dsm-firmenich | new Executive Committee role seems to signal appetite for M&A • InPost | buys 20,000 APMs from and a minority stake in Bloq.it • Corporate agenda | week 36 – 39</li></ul>

In this edition: • ABN Amro / ING | both exposed to UK altnet financing • dsm-firmenich | new Executive Committee role seems to signal appetite for M&A • InPost | buys 20,000 APMs from and a minority stake in Bloq.it • Corporate agenda | week 36 – 39

What's News in Amsterdam - 1 September (ABN Amro/ING | dsm-firmenich | InPost | Corporate calendar)

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)

ASML Holding NV - What's News in Amsterdam

In this edition: • ASML | strategic redesign to improve the make the company more agile • ING | another clear beat of consensus; ups 2027...

The IDEA!

What's News in Amsterdam - 30 October (dsm-firmenich | ING | Arcadis | General Elections)

In this edition: • ING | less than expected drop in earnings; new EUR 1.6bn share buyback • dsm-firmenich (‘DSFIR’) | results broadly in line;...

The IDEA!

What's News in Amsterdam

EU member states have unanimously backed a Dutch-led proposal to commit tens of billions of euros in future support for the European chip industry,...

The IDEA!

Dsm Firmenich Ag (DSFIY) - Tuesday, Jun 3, 2025

DSM-Firmenich, formed from a €20 billion merger, faces skepticism over integration and synergy goals amid market challenges, yet presents a unique...

Value Investors Club (VIC)

What's News in Amsterdam - 1 September (ABN Amro/ING | dsm-firmenich | InPost | Corporate calendar)

In this edition: • ABN Amro / ING | both exposed to UK altnet financing • dsm-firmenich | new Executive Committee role seems to signal appetite...

The IDEA!

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