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>ABN Amro | post earnings call comment In yesterday’s initial comment on the bank’s 4Q25 and FY25 results, we concluded that an investment in ABN Amro will require some patience.</li>
<li>A closer look at the results and the main takeaways from the earnings call have strengthened our confidence that the bank is taking the right steps in the implementation of its strategy.</li>
<li>Cost savings are well on track with 30% (or ~1,500) of the FTE reductions for 2028 had already been realized by YE25. More than one-third (580 FTE) of this was realized in 4Q25.</li>
</ul>


ABN Amro | post earnings call comment In yesterday’s initial comment on the bank’s 4Q25 and FY25 results, we concluded that an investment in ABN Amro will require some patience.
A closer look at the results and the main takeaways from the earnings call have strengthened our confidence that the bank is taking the right steps in the implementation of its strategy.
Cost savings are well on track with 30% (or ~1,500) of the FTE reductions for 2028 had already been realized by YE25. More than one-third (580 FTE) of this was realized in 4Q25.


<ul>
<li>Heineken | no real triggers for the near term; October may bring more clarity</li>
<li>The key-question that remains after yesterday’s earnings call is whether Heineken’s decision to hold on to its earlier FY25 guidance is an attempt to under promise and overdeliver or rather a signal that the current market environment is still rather challenging.</li>
<li>In case of the latter, management would have an additional buffer to avoid new disappointments.</li>
</ul>


Heineken | no real triggers for the near term; October may bring more clarity
The key-question that remains after yesterday’s earnings call is whether Heineken’s decision to hold on to its earlier FY25 guidance is an attempt to under promise and overdeliver or rather a signal that the current market environment is still rather challenging.
In case of the latter, management would have an additional buffer to avoid new disappointments.


What's New(S) In Amsterdam - 29 July (Heineken | Philips | JET | E-Com | Housing Market)

<ul>
<li>According to an article in the La Lettre website, Ahold Delhaize entered preliminary discussions to acquire all or part of French supermarket chain Carrefour at the end of 2024.</li>
<li>However, talks ended in January 2025 without a deal.</li>
<li>Ahold Delhaize, with a 2024 turnover of EUR 89.4bn and strong U.S. operations, sought expansion into the French market and saw potential synergies, particularly in private-label products and Carrefour’s Brazilian assets. </li>
</ul>


According to an article in the La Lettre website, Ahold Delhaize entered preliminary discussions to acquire all or part of French supermarket chain Carrefour at the end of 2024.
However, talks ended in January 2025 without a deal.
Ahold Delhaize, with a 2024 turnover of EUR 89.4bn and strong U.S. operations, sought expansion into the French market and saw potential synergies, particularly in private-label products and Carrefour’s Brazilian assets. 


What's News in Amsterdam - 26 May (Ahold Delhaize | Heineken | PostNL)

<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)

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 News in Amsterdam

ABN Amro | post earnings call comment In yesterday’s initial comment on the bank’s 4Q25 and FY25 results, we concluded that an investment in ABN...

The IDEA!

What's New(S) In Amsterdam - 29 July (Heineken | Philips | JET | E-Com | Housing Market)

The key-question that remains after yesterday’s earnings call is whether Heineken’s decision to hold on to its earlier FY25 guidance is an attempt...

The IDEA!

What's News in Amsterdam - 26 May (Ahold Delhaize | Heineken | PostNL)

According to an article in the La Lettre website, Ahold Delhaize entered preliminary discussions to acquire all or part of French supermarket chain...

The IDEA!

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!

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)