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: • ING | rolls out global subscription banking model • Arcadis | launches PRICE framework for better adaptation investment funding decisions • Sligro Food Group | Dutch household consumption up 1.0% YoY in April • Dutch banking sector | ASN Bank will remain state-owned for at least another year • Bnode | bpost enters partnership with Colruyt Group to accelerate APM expansion • DHL | FedEx and China Southern Air Logistics sign MoU</li></ul>

In this edition: • ING | rolls out global subscription banking model • Arcadis | launches PRICE framework for better adaptation investment funding decisions • Sligro Food Group | Dutch household consumption up 1.0% YoY in April • Dutch banking sector | ASN Bank will remain state-owned for at least another year • Bnode | bpost enters partnership with Colruyt Group to accelerate APM expansion • DHL | FedEx and China Southern Air Logistics sign MoU

<ul><li>In this edition: • InPost | reputation making steady progress in the UK • Arcadis | disappointing 25Q4 performance; to implement restructuring measure and refocus its strategy • Brunel International | intends to propose a super dividend of EUR 0.29 per share, bringing total to EUR 0.35 per share • E-commerce & online banking | a lot of websites use fingerprinting without prior consent</li></ul>

In this edition: • InPost | reputation making steady progress in the UK • Arcadis | disappointing 25Q4 performance; to implement restructuring measure and refocus its strategy • Brunel International | intends to propose a super dividend of EUR 0.29 per share, bringing total to EUR 0.35 per share • E-commerce & online banking | a lot of websites use fingerprinting without prior consent

Hennes & Mauritz AB - What's News in Amsterdam

United Parcel Service Cl B / Equity Bottom-Up

<ul><li>We issued a company report (10 pages) featuring InPost.</li><li> Summary & Conclusions A consortium comprising FedEx (37%), Advent (37%), A&R Investment (16%), and PPF (10%) has launched an all-cash offer of EUR 15.60 per share for 100% of InPost, valuing its shares at ~EUR 7.8 bn.</li><li>This represents a 50% premium to the undisturbed share price on 2 January 2026 and 53% above the three-month VWAP.</li></ul>

We issued a company report (10 pages) featuring InPost. Summary & Conclusions A consortium comprising FedEx (37%), Advent (37%), A&R Investment (16%), and PPF (10%) has launched an all-cash offer of EUR 15.60 per share for 100% of InPost, valuing its shares at ~EUR 7.8 bn.This represents a 50% premium to the undisturbed share price on 2 January 2026 and 53% above the three-month VWAP.

United Parcel Service Cl B - Company Report: InPost | This (Fed)Exit Deserves A Better Price

<ul><li>We issued a company report (10 pages) featuring InPost.</li><li> Although we support the view that InPost may be better off as a private company, we feel that the proposed EUR 15.60/share all cash offer fundamentally undervalues the company.</li><li>In this report, we will explain why.</li></ul>

We issued a company report (10 pages) featuring InPost. Although we support the view that InPost may be better off as a private company, we feel that the proposed EUR 15.60/share all cash offer fundamentally undervalues the company.In this report, we will explain why.

Research alert: InPost | This (Fed)Exit Deserves A Better Price

Event-Driven

<ul>
<li>InPost’s disclosure that it has received an indicative proposal for the acquisition of all outstanding shares has materially increased the likelihood of a take-private transaction.</li>
<li>While the company initially provided no details, subsequent reporting by Bloomberg strongly supports the scenario outlined in our earlier analysis.</li>
<li>Strategically, a take-private makes sense.</li>
</ul>


InPost’s disclosure that it has received an indicative proposal for the acquisition of all outstanding shares has materially increased the likelihood of a take-private transaction.
While the company initially provided no details, subsequent reporting by Bloomberg strongly supports the scenario outlined in our earlier analysis.
Strategically, a take-private makes sense.


InPost | Coming Back to the Nest? (Part II)

United States

FedEx Corp. delivers packages and freight to multiple countries and territories through an integrated global network.  The Company provides worldwide express delivery, ground small-parcel delivery, less-than-truckload freight delivery, supply chain management services, customs brokerage services, and trade facilitation and electronic commerce solutions.

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FedEx Corp (FDX US)

bpost SA - What's News in Amsterdam

In this edition: • ING | rolls out global subscription banking model • Arcadis | launches PRICE framework for better adaptation investment funding...

The IDEA!

Hennes & Mauritz AB - What's News in Amsterdam

In this edition: • InPost | reputation making steady progress in the UK • Arcadis | disappointing 25Q4 performance; to implement restructuring...

The IDEA!

United Parcel Service Cl B - Company Report: InPost | This (Fed)Exit Deserves A Better Price

We issued a company report (10 pages) featuring InPost. Summary & Conclusions A consortium comprising FedEx (37%), Advent (37%), A&R...

The IDEA!

Research alert: InPost | This (Fed)Exit Deserves A Better Price

We issued a company report (10 pages) featuring InPost. Although we support the view that InPost may be better off as a private company, we feel...

The IDEA!

InPost | Coming Back to the Nest? (Part II)

We issued a follow-up report (5 pages) featuring InPost. IWe issued a follow-up report (5 pages) featuring InPost. Earlier this week, we...

The IDEA!

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