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.

Thematic (Sector/Industry)

<ul>
<li>In yesterday’s initial comment, we already zoomed in on the bank’s 4Q24 and FY24 results. On an overall, basis, we were pleased with the results and with NII in particular.</li>
<li>We feel that the FY25 NII guidance has been adequately substantiated in the FY25 results presentation slides.</li>
<li>We were also pleased wit the development in costs on an underlying basis. We feel that management’s guidance of flattish costs (excl. one-offs) is based on a clear foundation. </li>
</ul>


In yesterday’s initial comment, we already zoomed in on the bank’s 4Q24 and FY24 results. On an overall, basis, we were pleased with the results and with NII in particular.
We feel that the FY25 NII guidance has been adequately substantiated in the FY25 results presentation slides.
We were also pleased wit the development in costs on an underlying basis. We feel that management’s guidance of flattish costs (excl. one-offs) is based on a clear foundation. 


<ul>
<li>Following a review of its asset-based financing (“ABF”) activities, ~ABN Amro has taken the decision to materially reduce the international footprint of its ABF division.</li>
<li>This will be accompanied by an orderly wind down of non-strategic client portfolios, especially in the UK, and a reorganisation in Germany.</li>
<li>This strategic alignment aims to strengthen the position of the bank and ensure long-term profitability. </li>
</ul>


Following a review of its asset-based financing (“ABF”) activities, ~ABN Amro has taken the decision to materially reduce the international footprint of its ABF division.
This will be accompanied by an orderly wind down of non-strategic client portfolios, especially in the UK, and a reorganisation in Germany.
This strategic alignment aims to strengthen the position of the bank and ensure long-term profitability. 


What's News in Amsterdam - 27 November (ABN Amro | Heineken | Unilever | PostNL / retail sector)

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Dispersion persists across European holdcos, with discounts anchored by structure and governance rather than valuation. Convergence remains selective and catalyst-driven, not a broad-based re-rating.</li>
<li>Event-Driven asymmetry remains concentrated, with Vivendi offering legal-driven optionality and Rio conditional on strategic pressure, while most structures trade within stable equilibrium ranges.</li>
<li>Elsewhere, discounts reflect steady-state positioning, with GBL tightening on execution, Porsche stable at structural levels, and Nordic holdcos trading near parity as quality proxies.</li>
</ul>


Dispersion persists across European holdcos, with discounts anchored by structure and governance rather than valuation. Convergence remains selective and catalyst-driven, not a broad-based re-rating.
Event-Driven asymmetry remains concentrated, with Vivendi offering legal-driven optionality and Rio conditional on strategic pressure, while most structures trade within stable equilibrium ranges.
Elsewhere, discounts reflect steady-state positioning, with GBL tightening on execution, Porsche stable at structural levels, and Nordic holdcos trading near parity as quality proxies.


Selected European HoldCos and DLC: April 2026 Report

Equity Bottom-Up

<ul><li>In this edition: • BE Semiconductor Industries | order intake continues to develop strongly • Heineken | solid 1Q26, yet the macro environment increasingly challenging • RELX Group | good start of the year; reiterates FY26 guidance • Fugro | anticipates lower offshore wind activities • Vopak | solid 1Q26 shows resilient (yet not immune) business model • Triodos Bank | DNB removes the bank’s MREL requirements • Bnode | strike about to enter its fourth week</li></ul>

In this edition: • BE Semiconductor Industries | order intake continues to develop strongly • Heineken | solid 1Q26, yet the macro environment increasingly challenging • RELX Group | good start of the year; reiterates FY26 guidance • Fugro | anticipates lower offshore wind activities • Vopak | solid 1Q26 shows resilient (yet not immune) business model • Triodos Bank | DNB removes the bank’s MREL requirements • Bnode | strike about to enter its fourth week

<ul><li>In this edition: • Heineken | divests its interests in the Democratic Republic of Congo • Dutch domestic household consumption | down 0.5% YoY in February • Corporate agenda | week 16 - 20</li></ul>

In this edition: • Heineken | divests its interests in the Democratic Republic of Congo • Dutch domestic household consumption | down 0.5% YoY in February • Corporate agenda | week 16 - 20

What's News in Amsterdam - 13 April (Heineken | February household spending | Corporate agenda)

Netherlands

Heineken Holding NV, through its subsidiary produces and distributes beverages internationally.  The Company produces beers, spirits, wines, and soft drinks under various brand names. Heineken operates through numerous subsidiaries and associated companies worldwide.

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Heineken Holding NV (HEIO NA)

What's New(s) in Amsterdam

In yesterday’s initial comment, we already zoomed in on the bank’s 4Q24 and FY24 results. On an overall, basis, we were pleased with the results...

The IDEA!

What's News in Amsterdam - 27 November (ABN Amro | Heineken | Unilever | PostNL / retail sector)

Following a review of its asset-based financing (“ABF”) activities, ~ABN Amro has taken the decision to materially reduce the international...

The IDEA!

Selected European HoldCos and DLC: April 2026 Report

European holdcos remain dispersed: Vivendi at deep discount, Rio offers conditional optionality, while most trade near equilibrium. Convergence...

Jesus Rodriguez Aguilar

bpost SA - What's News in Amsterdam

In this edition: • BE Semiconductor Industries | order intake continues to develop strongly • Heineken | solid 1Q26, yet the macro environment...

The IDEA!

What's News in Amsterdam - 13 April (Heineken | February household spending | Corporate agenda)

In this edition: • Heineken | divests its interests in the Democratic Republic of Congo • Dutch domestic household consumption | down 0.5% YoY in...

The IDEA!

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