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 | clear beat of consensus across the board; new EUR 1.0bn share buyback • IMCD | revenue growth driven by acquisitions – organic performance negative • Arcadis | encouraging start to the year – reiterates guidance for the year • DHL | better than expected EBIT despite lower revenues • Dutch housing market | showing some early signs of cooling • Dutch CPI | up 0.1% YoY at 2.8%; sequential increase suggests acceleration though</li></ul>

In this edition: • ING | clear beat of consensus across the board; new EUR 1.0bn share buyback • IMCD | revenue growth driven by acquisitions – organic performance negative • Arcadis | encouraging start to the year – reiterates guidance for the year • DHL | better than expected EBIT despite lower revenues • Dutch housing market | showing some early signs of cooling • Dutch CPI | up 0.1% YoY at 2.8%; sequential increase suggests acceleration though

<ul><li>In this edition: • asr Nederland | clear beat of street estimates; EUR 175m share buyback • IMCD | experienced a tough 25Q4, trading at an attractive FCF yield of 6.8% • E-commerce and Logistics | EC launches formal investigation against Shein</li></ul>

In this edition: • asr Nederland | clear beat of street estimates; EUR 175m share buyback • IMCD | experienced a tough 25Q4, trading at an attractive FCF yield of 6.8% • E-commerce and Logistics | EC launches formal investigation against Shein

What's News in Amsterdam - 18 February (asr Nederland | IMCD | E-commerce & Logistics)

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>IMCD N.V., a leading distributor in the specialty chemicals and food ingredients sectors, delivered a mixed but largely positive financial performance in the first quarter of 2025, despite ongoing global economic uncertainties.</li><li>With Marcus Jordan stepping up as CEO following Valerie Diele-Braun’s resignation for personal reasons, the leadership transition marks a critical juncture for the company.</li><li>The company's financial results indicate solid growth marked by a 10% increase in gross profit to EUR 325 million and a 12% rise in EBITA to EUR 142 million.</li></ul>

IMCD N.V., a leading distributor in the specialty chemicals and food ingredients sectors, delivered a mixed but largely positive financial performance in the first quarter of 2025, despite ongoing global economic uncertainties.With Marcus Jordan stepping up as CEO following Valerie Diele-Braun’s resignation for personal reasons, the leadership transition marks a critical juncture for the company.The company's financial results indicate solid growth marked by a 10% increase in gross profit to EUR 325 million and a 12% rise in EBITA to EUR 142 million.

IMCD: Initiation of Coverage- Is The Strong Organic Growth in Americas Region Here To Stay?

<ul><li>In this edition: • AkzoNobel | sells its 75% stake in Akzo Nobel India; announces EUR 400m share buyback • dsm-firmenich | ups the side of its share buyback • IMCD | acquires Trichem in India • JDE Peet’s | in tough discussions with Dutch supermarkets on higher coffee prices</li></ul>

In this edition: • AkzoNobel | sells its 75% stake in Akzo Nobel India; announces EUR 400m share buyback • dsm-firmenich | ups the side of its share buyback • IMCD | acquires Trichem in India • JDE Peet’s | in tough discussions with Dutch supermarkets on higher coffee prices

What's New(s) in Amsterdam - 27 June (AkzoNobel | dsm-firmenich | IMCD | JDE Peet's)

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

The MSCI ACWI index (USD) is breaking out to all-time highs while the MSCI EM index (local) is breaking above its prior highs from January. This is bullish and will continue to be as long as there is an absence of breakdowns. On the other hand, Europe’s EURO STOXX 50 and Japan’s TOPIX have struggled to break above resistance and their RS remains near the lows -- be selective. In addition to covering important technical levels across all markets, we highlight additional ideas in the following Sectors: Services, Communications, Industrials, and Transportation.

The MSCI ACWI index (USD) is breaking out to all-time highs while the MSCI EM index (local) is breaking above its prior highs from January. This is bullish and will continue to be as long as there is an absence of breakdowns. On the other hand, Europe’s EURO STOXX 50 and Japan’s TOPIX have struggled to break above resistance and their RS remains near the lows -- be selective. In addition to covering important technical levels across all markets, we highlight additional ideas in the following Sectors: Services, Communications, Industrials, and Transportation.

Global Equity Strategy: Bullish Outlook Intact

Netherlands

IMCD Group NV sells specialty chemicals and food ingredients. The Company supplies detergent surfactants, builders, rheology modifiers, solubilizers, and functional additives. IMCD serves customers worldwide.

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IMCD Group NV (IMCD NA)

IMCD Group NV - What's News in Amsterdam

In this edition: • ING | clear beat of consensus across the board; new EUR 1.0bn share buyback • IMCD | revenue growth driven by acquisitions –...

The IDEA!

What's News in Amsterdam - 18 February (asr Nederland | IMCD | E-commerce & Logistics)

In this edition: • asr Nederland | clear beat of street estimates; EUR 175m share buyback • IMCD | experienced a tough 25Q4, trading at an...

The IDEA!

IMCD: Initiation of Coverage- Is The Strong Organic Growth in Americas Region Here To Stay?

IMCD N.V., a leading distributor in the specialty chemicals and food ingredients sectors, delivered a mixed but largely positive financial...

Baptista Research

What's New(s) in Amsterdam - 27 June (AkzoNobel | dsm-firmenich | IMCD | JDE Peet's)

In this edition: • AkzoNobel | sells its 75% stake in Akzo Nobel India; announces EUR 400m share buyback • dsm-firmenich | ups the side of its...

The IDEA!

Global Equity Strategy: Bullish Outlook Intact

The MSCI ACWI index (USD) is breaking out to all-time highs while the MSCI EM index (local) is breaking above its prior highs from January. This is...

Vermilion Research

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