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

Amsterdam Commodities Nv / Equity Bottom-Up

<ul><li>In this edition: • Heineken | additional thoughts on a potential acquisition of Haacht • Acomo | closes the acquisition of Citromil in Spain • ForFarmers | temporarily adopting a neutral stance ahead of 1H26 results • Allegro | AI, deeper platform integration and partnerships core elements of its strategy</li></ul>

In this edition: • Heineken | additional thoughts on a potential acquisition of Haacht • Acomo | closes the acquisition of Citromil in Spain • ForFarmers | temporarily adopting a neutral stance ahead of 1H26 results • Allegro | AI, deeper platform integration and partnerships core elements of its strategy

What's News in Amsterdam - 17 July (Heineken | Acomo | ForFarmers | Allegro)

<ul><li>In this edition: • Heineken | has its eyes on Brouwerij Haacht • TKH Group | Mr. Grandi to succeed Mr. van de Lof as CEO, who is becoming CEO of TKH Electrification</li></ul>

In this edition: • Heineken | has its eyes on Brouwerij Haacht • TKH Group | Mr. Grandi to succeed Mr. van de Lof as CEO, who is becoming CEO of TKH Electrification

What's News in Amsterdam - 16 July (Heineken | TKH Group)

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Discount dispersion remains structural rather than market-driven. Governance, balance-sheet quality and catalyst visibility continue to explain valuation gaps across European holding companies better than underlying portfolio performance.</li>
<li>GBL and Vivendi remain our preferred opportunities. GBL offers long-term NAV compounding after recent widening, while Vivendi still trades at a substantial discount despite improving strategic optionality.</li>
<li>Nordic investment companies remain fully valued. Investor AB trades around NAV and Industrivärden at a premium, while Porsche SE and Rio continue reflecting persistent structural valuation anomalies.</li>
</ul>


Discount dispersion remains structural rather than market-driven. Governance, balance-sheet quality and catalyst visibility continue to explain valuation gaps across European holding companies better than underlying portfolio performance.
GBL and Vivendi remain our preferred opportunities. GBL offers long-term NAV compounding after recent widening, while Vivendi still trades at a substantial discount despite improving strategic optionality.
Nordic investment companies remain fully valued. Investor AB trades around NAV and Industrivärden at a premium, while Porsche SE and Rio continue reflecting persistent structural valuation anomalies.


Selected European HoldCos and DLC: June 2026 Report

<ul><li>In this edition: • Adyen | responds to analyst report following sharp share price drop • Heineken | Artisan Partners and First Eagle Investments prefer outsider as new CEO • ING Group | pioneering AI in Dutch mortgage underwriting • ING Group | appoints Andrea Cesaroni as Chief Risk Officer • KPN | Revolut to enter the Dutch market as a MVNO • M&A regulation | Dutch government proposes to expand foreign investment screening regime</li></ul>

In this edition: • Adyen | responds to analyst report following sharp share price drop • Heineken | Artisan Partners and First Eagle Investments prefer outsider as new CEO • ING Group | pioneering AI in Dutch mortgage underwriting • ING Group | appoints Andrea Cesaroni as Chief Risk Officer • KPN | Revolut to enter the Dutch market as a MVNO • M&A regulation | Dutch government proposes to expand foreign investment screening regime

What's News in Amsterdam - 8 June (Adyen | Heineken | ING | KPN | M&A regulation)

<ul>
<li>Vivendi remains our highest-conviction idea, trading at a 43.6% discount to NAV despite UMG representing over 80% of value and potential corporate optionality.</li>
<li>Dispersion widened in May, with Vivendi rerating, Porsche SE's discount expanding, Rio's DLC premium increasing and Nordic holding companies remaining near NAV.</li>
<li>Catalysts continue to matter more than valuation: discounts converged only where strategic triggers emerged, while structurally cheap names without catalysts remained cheap.</li>
</ul>


Vivendi remains our highest-conviction idea, trading at a 43.6% discount to NAV despite UMG representing over 80% of value and potential corporate optionality.
Dispersion widened in May, with Vivendi rerating, Porsche SE's discount expanding, Rio's DLC premium increasing and Nordic holding companies remaining near NAV.
Catalysts continue to matter more than valuation: discounts converged only where strategic triggers emerged, while structurally cheap names without catalysts remained cheap.


Selected European HoldCos and DLC: May 2026 Report

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)

What's News in Amsterdam - 17 July (Heineken | Acomo | ForFarmers | Allegro)

In this edition: • Heineken | additional thoughts on a potential acquisition of Haacht • Acomo | closes the acquisition of Citromil in...

The IDEA!

What's News in Amsterdam - 16 July (Heineken | TKH Group)

In this edition: • Heineken | has its eyes on Brouwerij Haacht • TKH Group | Mr. Grandi to succeed Mr. van de Lof as CEO, who is becoming CEO of...

The IDEA!

Selected European HoldCos and DLC: June 2026 Report

June reinforced a stock-pickers' market for holding companies. GBL and Vivendi remain our preferred ideas, while Nordic investment companies...

Jesus Rodriguez Aguilar

What's News in Amsterdam - 8 June (Adyen | Heineken | ING | KPN | M&A regulation)

In this edition: • Adyen | responds to analyst report following sharp share price drop • Heineken | Artisan Partners and First Eagle Investments...

The IDEA!

Selected European HoldCos and DLC: May 2026 Report

Holding company discounts are increasingly catalyst-driven. Vivendi remains the key idea at a 43.6% NAV discount, while Porsche SE, GBL and Rio...

Jesus Rodriguez Aguilar

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