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>dsm-firmenich | increases shareholding in Yantai DSM Andre Pectin Company dsm-firmenich completed the shareholding increase in Yantai DSM Andre Pectin Company to 90.5% from 75%.</li>
<li>Andre Pectin is a leading specialty food ingredient producer. The remaining 9.5% of the shares in Andre Pectin continue to be held by Rich Spring Holdings.</li>
<li>DSM acquired a 29% stake in Andre Pectin in 2013. In 2019 it raised its interest purchasing an additional 46% stake in Andre Pectin for a consideration of about EUR 150m.</li>
</ul>


dsm-firmenich | increases shareholding in Yantai DSM Andre Pectin Company dsm-firmenich completed the shareholding increase in Yantai DSM Andre Pectin Company to 90.5% from 75%.
Andre Pectin is a leading specialty food ingredient producer. The remaining 9.5% of the shares in Andre Pectin continue to be held by Rich Spring Holdings.
DSM acquired a 29% stake in Andre Pectin in 2013. In 2019 it raised its interest purchasing an additional 46% stake in Andre Pectin for a consideration of about EUR 150m.


What's New(s) in Amsterdam - 3 April (dsm-firmenich | Avantium)

<ul><li>In this edition: • AkzoNobel | Berger Paints steps aside from the race for Akzo Nobel India • dsm-firmenich | to sell its stake in Feed Enzymes Alliance to Novonesis for EUR 1.5bn • Unilever | believed to be close to a deal on the acquisition of Wild</li></ul>

In this edition: • AkzoNobel | Berger Paints steps aside from the race for Akzo Nobel India • dsm-firmenich | to sell its stake in Feed Enzymes Alliance to Novonesis for EUR 1.5bn • Unilever | believed to be close to a deal on the acquisition of Wild

What's News in Amsterdam - 11 February (AkzoNobel | dsm-firmenich | Unilever)

<ul>
<li>In today's edition: • dsm-firmenich | sold its remainder ~1% stake in Robertet</li>
<li>KPN | Delta announced tariff increases as per 1 January 2025</li>
<li>Unilever | puts its efforts to sell its ice cream business to private equity on ice </li>
</ul>


In today's edition: • dsm-firmenich | sold its remainder ~1% stake in Robertet
KPN | Delta announced tariff increases as per 1 January 2025
Unilever | puts its efforts to sell its ice cream business to private equity on ice 


What's News in Amsterdam - 21 November (Dsm-Firmenich | KPN | Unilever | ForFarmers | PostNL)

Equity Long-Short Analyst

Pyari Menon

<ul>
<li>Innovation trends and patent filings within the food industry saw significant upswing over the year in the areas of natural ingredients and methods to manufacture vegan proteins.</li>
<li>Ingredion <a href="https://www.smartkarma.com/entities/ingredion-inc" target="_blank" data-smartkarma-citation="entities:4284:1" rel="noopener">Ingredion Inc (INGR US)</a> has a leadership position in  the fast growing Clean Label, Sugar Reduction and Plant-Based Protein Technologies</li>
<li>On a relative basis the stock despite better profitability metrics trades at a discount to the country-sector median and on an absolute basis at about 20% discount to FV.</li>
</ul>


Innovation trends and patent filings within the food industry saw significant upswing over the year in the areas of natural ingredients and methods to manufacture vegan proteins.
Ingredion Ingredion Inc (INGR US) has a leadership position in  the fast growing Clean Label, Sugar Reduction and Plant-Based Protein Technologies
On a relative basis the stock despite better profitability metrics trades at a discount to the country-sector median and on an absolute basis at about 20% discount to FV.


Ingredion: Innovations Redefining the Taste and Texture of Modern Food

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The ES50 Index is one of the most highly-tracked indices in Europe and the annual index review takes place in September every year.</li>
<li>In this insight, we take a look at Quiddity's estimation of the latest ranks of potential ADDs and DELs for the upcoming index rebal event in September 2024.</li>
<li>The rankings will be finalized at the end of this week. Currently, we see one expected ADD/DEL but the expectations can change since there are three more trading days left.</li>
</ul>


The ES50 Index is one of the most highly-tracked indices in Europe and the annual index review takes place in September every year.
In this insight, we take a look at Quiddity's estimation of the latest ranks of potential ADDs and DELs for the upcoming index rebal event in September 2024.
The rankings will be finalized at the end of this week. Currently, we see one expected ADD/DEL but the expectations can change since there are three more trading days left.


Quiddity Leaderboard ES50 Sep 24: DSM Addition Unlikely; Engie Could Replace Kering (US$1bn+ Flows)

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 New(s) in Amsterdam - 3 April (dsm-firmenich | Avantium)

dsm-firmenich | increases shareholding in Yantai DSM Andre Pectin Company dsm-firmenich completed the shareholding increase in Yantai DSM Andre...

The IDEA!

What's News in Amsterdam - 11 February (AkzoNobel | dsm-firmenich | Unilever)

In this edition: • AkzoNobel | Berger Paints steps aside from the race for Akzo Nobel India • dsm-firmenich | to sell its stake in Feed Enzymes...

The IDEA!

What's News in Amsterdam - 21 November (Dsm-Firmenich | KPN | Unilever | ForFarmers | PostNL)

In today's edition: • dsm-firmenich | sold its remainder ~1% stake in Robertet • KPN | Delta announced tariff increases as per 1 January...

The IDEA!

Ingredion: Innovations Redefining the Taste and Texture of Modern Food

Ingredion leads clean label innovation, transforming grains, fruits, and plants into value-added ingredients for food, beverages, and beyond....

Pyari Menon

Quiddity Leaderboard ES50 Sep 24: DSM Addition Unlikely; Engie Could Replace Kering (US$1bn+ Flows)

The ES50 Sep 24 index review results will be announced later today. We see Kering (KER FP) as an expected DEL and Engie (ENGI FP) as an expected...

Janaghan Jeyakumar, CFA

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