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

International Distribution Services / Equity Bottom-Up

International Distribution Services (IDS LN)

<ul><li>In this edition: • AkzoNobel | Cevian declares an approx. 3% holding in the company • Heineken | Poland intends to increase excise duty on beer by 15% • Corbion | to cooperate with BRAIN Biotech developing novel biobased antimicrobial compounds • JDE Peet’s | agrees on takeover offer of EUR 31.85 per share in cash by Keurig Dr Pepper • PostNL | Royal Mail’s delivery quality still falls short of minimum required targets • Dutch politics | NSC cabinet members have resigned as well; risk of political deadlock • Corporate agenda | week 35 - 39</li></ul>

In this edition: • AkzoNobel | Cevian declares an approx. 3% holding in the company • Heineken | Poland intends to increase excise duty on beer by 15% • Corbion | to cooperate with BRAIN Biotech developing novel biobased antimicrobial compounds • JDE Peet’s | agrees on takeover offer of EUR 31.85 per share in cash by Keurig Dr Pepper • PostNL | Royal Mail’s delivery quality still falls short of minimum required targets • Dutch politics | NSC cabinet members have resigned as well; risk of political deadlock • Corporate agenda | week 35 - 39

International Distributions Services PLC - What's New(s) in Amsterdam

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>In this insight, we take a look at the potential index changes for F100 and F250 indices in the run-up to the June 2025 index rebal event.</li>
<li>We see one M&amp;A-related intra-review change for the F250 index in the next few days.</li>
<li>Separately, our latest estimates suggest there could be two regular changes for the F250 index during the June 2025 rebalance. We do not currently see any changes for the F100.</li>
</ul>


In this insight, we take a look at the potential index changes for F100 and F250 indices in the run-up to the June 2025 index rebal event.
We see one M&amp;A-related intra-review change for the F250 index in the next few days.
Separately, our latest estimates suggest there could be two regular changes for the F250 index during the June 2025 rebalance. We do not currently see any changes for the F100.


Quiddity Leaderboard F100/F250 Jun25: One High-Impact Intra-Review Change Soon; More Changes Later

<ul>
<li>In this edition: • InPost | Royal Mail sets sights on becoming the UK’s biggest parcel locker provider • Triodios Bank | IPO likely to be delayed until June • PostNL / IDS | Conservative leader calling for reassessment of IDS takeover approval • Dutch banking sector | strong lobby for a new national investment bank • E-commerce sector | Temu aims for Europe to become its largest market</li>
</ul>


In this edition: • InPost | Royal Mail sets sights on becoming the UK’s biggest parcel locker provider • Triodios Bank | IPO likely to be delayed until June • PostNL / IDS | Conservative leader calling for reassessment of IDS takeover approval • Dutch banking sector | strong lobby for a new national investment bank • E-commerce sector | Temu aims for Europe to become its largest market


ING Groep NV - What's New(s) in Amsterdam

<ul>
<li>In this insight, we take a look at the potential index changes for F100 and F250 in the run-up to the June 2025 index rebal event.</li>
<li>We see up to five M&amp;A-related intra-review changes for the F250 index in the run up to the June 2025 review. Many could be <em>very</em> high impact.</li>
<li>Separately, there could be one regular index change for the F250 index in June 2025. At present, we do not see any changes for the F100 index.</li>
</ul>


In this insight, we take a look at the potential index changes for F100 and F250 in the run-up to the June 2025 index rebal event.
We see up to five M&amp;A-related intra-review changes for the F250 index in the run up to the June 2025 review. Many could be very high impact.
Separately, there could be one regular index change for the F250 index in June 2025. At present, we do not see any changes for the F100 index.


Quiddity Leaderboard F100/F250 Jun25: Multiple High-Impact Intra-Review Index Additions Likely

<ul>
<li>In this insight, we take a look at the potential index changes for the F100 and F250 indices in the run-up to the March 2025 index rebal event.</li>
<li>We see up to three M&amp;A-related intra-review changes in the next few months.</li>
<li>Our latest estimates suggest there could be one regular change for the F100 index and at least two changes for the F250 index during the March 2025 rebalance.</li>
</ul>


In this insight, we take a look at the potential index changes for the F100 and F250 indices in the run-up to the March 2025 index rebal event.
We see up to three M&amp;A-related intra-review changes in the next few months.
Our latest estimates suggest there could be one regular change for the F100 index and at least two changes for the F250 index during the March 2025 rebalance.


Quiddity Leaderboard F100/F250 Mar25: High-Impact Intra-Review Additions Possible

United Kingdom

International Distribution Services plc is a British holding company providing postal and courier services globally. It operates primarily through its subsidiaries, Royal Mail and Parcelforce Worldwide in the UK, and General Logistics Systems (GLS) internationally, offering collection, sorting, and delivery of letters and parcels. The company is headquartered in London, England, and was founded in 2013 as a holding company for Royal Mail.

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International Distribution Services (IDS LN)

International Distributions Services PLC - What's New(s) in Amsterdam

In this edition: • AkzoNobel | Cevian declares an approx. 3% holding in the company • Heineken | Poland intends to increase excise duty on beer...

The IDEA!

Quiddity Leaderboard F100/F250 Jun25: One High-Impact Intra-Review Change Soon; More Changes Later

The International Distribution (IDS LN) deal could close soon and the name could get deleted in May 2025. The top-ranked replacement name is...

Janaghan Jeyakumar, CFA

ING Groep NV - What's New(s) in Amsterdam

In this edition: • InPost | Royal Mail sets sights on becoming the UK’s biggest parcel locker provider • Triodios Bank | IPO likely to be delayed...

The IDEA!

Quiddity Leaderboard F100/F250 Jun25: Multiple High-Impact Intra-Review Index Additions Likely

Most of the intra-review replacement candidates have well in excess of 10x ADV to buy if they get added to the F250 index. Some of these names...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard F100/F250 Mar25: High-Impact Intra-Review Additions Possible

Most of the names leading the race for F250 addition have more than 10x ADV to trade and some of these names could get added on an intra-review basis.

Janaghan Jeyakumar, CFA

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