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: • Heineken | Femsa exits Heineken after 15 years • InPost | High Court injunction: Yodel acquisition placed on pause • InPost/PostNL/DHL | 22% Dutch online shoppers abandon shopping carts due to delivery concerns • E-commerce/E-commerce logistics | EU to impose EUR 2 tax on low-cost items from China • Consumer confidence | stabilized at 19 months’ low in May</li></ul>

In this edition: • Heineken | Femsa exits Heineken after 15 years • InPost | High Court injunction: Yodel acquisition placed on pause • InPost/PostNL/DHL | 22% Dutch online shoppers abandon shopping carts due to delivery concerns • E-commerce/E-commerce logistics | EU to impose EUR 2 tax on low-cost items from China • Consumer confidence | stabilized at 19 months’ low in May

<ul><li>In this edition: • Ahold Delhaize | Delhaize aims for market leadership in online groceries in Belgium • ASM International | looking for bolt-on acquisitions • Heineken | row with Jumbo not only on price gap but also on lower discount • InPost | signs contract with ASOS for D+1 OOH delivery in the UK • TKH Group | slow start of the year as expected, reiterates FY25 guidance • Alfen | revises both FY25 revenue and adjusted EBITDA guidance downward • Kendrion | Mobility continues its strong growth, Industrial mixed performance</li></ul>

In this edition: • Ahold Delhaize | Delhaize aims for market leadership in online groceries in Belgium • ASM International | looking for bolt-on acquisitions • Heineken | row with Jumbo not only on price gap but also on lower discount • InPost | signs contract with ASOS for D+1 OOH delivery in the UK • TKH Group | slow start of the year as expected, reiterates FY25 guidance • Alfen | revises both FY25 revenue and adjusted EBITDA guidance downward • Kendrion | Mobility continues its strong growth, Industrial mixed performance

Alfen Beheer BV - What's News in Amsterdam

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Discounts to NAV of covered holdcos mainly widened during April. CF Alba was delisted following conclusion of the takeover acceptance period. Discounts: GBL, 35.3% as of 2 May (vs. 37.6%);</li>
<li>Heineken Holding, 12.3% (vs. 11.2%); Industrivärden C, 9.1% (vs. 2.9%); Investor B, 5.8% (vs. 4.2%); Porsche Automobile Holding, 29.2% (vs. 31.9%); Rio DLC 25.8% (vs. 21.7%); Vivendi 40% (vs. 40.1%). </li>
<li>What seems interesting (unchanged views): Porsche SE vs. listed assets and the Rio DLC (long RIO LN/short RIO AU).</li>
</ul>


Discounts to NAV of covered holdcos mainly widened during April. CF Alba was delisted following conclusion of the takeover acceptance period. Discounts: GBL, 35.3% as of 2 May (vs. 37.6%);
Heineken Holding, 12.3% (vs. 11.2%); Industrivärden C, 9.1% (vs. 2.9%); Investor B, 5.8% (vs. 4.2%); Porsche Automobile Holding, 29.2% (vs. 31.9%); Rio DLC 25.8% (vs. 21.7%); Vivendi 40% (vs. 40.1%). 
What seems interesting (unchanged views): Porsche SE vs. listed assets and the Rio DLC (long RIO LN/short RIO AU).


Selected European HoldCos and DLC: April 2025 Report

<ul><li>In this edition: • Heineken | main takeaways earnings call • Basic-Fit | solid start of the year – reiterates FY25 guidance – secures EUR 200m RCF • InPost | acquisition of Yodel a real opportunity • Sligro Food Group | modest revenue growth when adjusted for exceptionals</li></ul>

In this edition: • Heineken | main takeaways earnings call • Basic-Fit | solid start of the year – reiterates FY25 guidance – secures EUR 200m RCF • InPost | acquisition of Yodel a real opportunity • Sligro Food Group | modest revenue growth when adjusted for exceptionals

What's New(s) in Amsterdam - 17 April (Heineken | Basic-Fit | InPost | Sligro Food Group)

<ul>
<li>Discounts to NAV of covered holdcos <strong>didn't show a clear trend during March</strong>. Discounts: C.F.Alba, 14.9% as of 31 March (vs 14.1% as of 28 February); GBL, 37.6% (vs. 38.7%);</li>
<li>Heineken Holding, 11.2% (vs. 13%); Industrivärden C, 2.9% (vs. 5.1%); Investor B, 4.2% (vs. 2.3%); Porsche Automobile Holding, 31.9% (vs. 38.1%); Rio DLC 21.7% (vs. 17%). Vivendi 40.1% (vs. 38.7%). </li>
<li>What seems interesting (unchanged views): Porsche SE vs. listed assets and the Rio DLC (long RIO LN/short RIO AU).</li>
</ul>


Discounts to NAV of covered holdcos didn't show a clear trend during March. Discounts: C.F.Alba, 14.9% as of 31 March (vs 14.1% as of 28 February); GBL, 37.6% (vs. 38.7%);
Heineken Holding, 11.2% (vs. 13%); Industrivärden C, 2.9% (vs. 5.1%); Investor B, 4.2% (vs. 2.3%); Porsche Automobile Holding, 31.9% (vs. 38.1%); Rio DLC 21.7% (vs. 17%). Vivendi 40.1% (vs. 38.7%). 
What seems interesting (unchanged views): Porsche SE vs. listed assets and the Rio DLC (long RIO LN/short RIO AU).


Selected European HoldCos and DLC: March 2025 Report, Adding Vivendi

Netherlands

Heineken NV produces and distributes beverages internationally. The Company produces beers, spirits, wines, and soft drinks under various brand names.

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Heineken NV (HEIA NA)

Zalando SE - What's News in Amsterdam

In this edition: • Heineken | Femsa exits Heineken after 15 years • InPost | High Court injunction: Yodel acquisition placed on...

The IDEA!

Alfen Beheer BV - What's News in Amsterdam

In this edition: • Ahold Delhaize | Delhaize aims for market leadership in online groceries in Belgium • ASM International | looking for bolt-on...

The IDEA!

Selected European HoldCos and DLC: April 2025 Report

Discounts to NAV of covered holdcos mainly widened during April. CF Alba was delisted following conclusion of the takeover acceptance period.

Jesus Rodriguez Aguilar

What's New(s) in Amsterdam - 17 April (Heineken | Basic-Fit | InPost | Sligro Food Group)

In this edition: • Heineken | main takeaways earnings call • Basic-Fit | solid start of the year – reiterates FY25 guidance – secures EUR 200m...

The IDEA!

Selected European HoldCos and DLC: March 2025 Report, Adding Vivendi

March discounts to NAV of covered holdcos showed no clear trend. Interesting points include Porsche SE vs. listed assets and Rio DLC (long RIO LN...

Jesus Rodriguez Aguilar

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Zalando SE - What's News in Amsterdam

In this edition: • Heineken | Femsa exits Heineken after 15 years • InPost | High Court injunction: Yodel acquisition placed on...

The IDEA!

Alfen Beheer BV - What's News in Amsterdam

In this edition: • Ahold Delhaize | Delhaize aims for market leadership in online groceries in Belgium • ASM International | looking for bolt-on...

The IDEA!

Selected European HoldCos and DLC: April 2025 Report

Discounts to NAV of covered holdcos mainly widened during April. CF Alba was delisted following conclusion of the takeover acceptance period.

Jesus Rodriguez Aguilar

What's New(s) in Amsterdam - 17 April (Heineken | Basic-Fit | InPost | Sligro Food Group)

In this edition: • Heineken | main takeaways earnings call • Basic-Fit | solid start of the year – reiterates FY25 guidance – secures EUR 200m...

The IDEA!

Selected European HoldCos and DLC: March 2025 Report, Adding Vivendi

​March discounts to NAV of covered holdcos showed no clear trend. Interesting points include Porsche SE vs. listed assets and Rio DLC (long RIO LN...

Jesus Rodriguez Aguilar

March discounts to NAV of covered holdcos showed no clear trend. Interesting points include Porsche SE vs. listed assets and Rio DLC (long RIO LN...