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: • AkzoNobel | no appetite for BASF Coatings • ASM International | reiterates FY25 outlook - order intake only outlier • KPN | beats 2Q25 consensus; raises FY25 guidance • Randstad | results fairly much in line with consensus – organic growth improves but still negative • PostNL | to deploy APMs in all Hoogvliet stores</li></ul>

In this edition: • AkzoNobel | no appetite for BASF Coatings • ASM International | reiterates FY25 outlook - order intake only outlier • KPN | beats 2Q25 consensus; raises FY25 guidance • Randstad | results fairly much in line with consensus – organic growth improves but still negative • PostNL | to deploy APMs in all Hoogvliet stores

What's New(s) in Amsterdam - 23 July (AkzoNobel | ASM Int'l | KPN | Randstad Holding | PostNL)

<ul><li>In this edition: • BE Semiconductor Industries | expects order intake to increase significantly in 25Q3 • ING | Tanate Phutrakul to step down as CFO at 2026 AGM • KPN | post earnings call comment • RELX Group | another strong half year; solid outlook for 2H25 • Aalberts | lowers FY25 organic revenue growth and EBITA-margin outlook • e-Commerce and Logistics | pressure building on Chinese platforms selling unsafe goods • Consumer confidence | Dutch consumers less negative in July</li></ul>

In this edition: • BE Semiconductor Industries | expects order intake to increase significantly in 25Q3 • ING | Tanate Phutrakul to step down as CFO at 2026 AGM • KPN | post earnings call comment • RELX Group | another strong half year; solid outlook for 2H25 • Aalberts | lowers FY25 organic revenue growth and EBITA-margin outlook • e-Commerce and Logistics | pressure building on Chinese platforms selling unsafe goods • Consumer confidence | Dutch consumers less negative in July

Koninklijke KPN NV - What's New(s) in Amsterdam

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>KPN reported a notable increase in group service revenues, which grew by 3.8%, a positive indicator reflecting improved traction in both consumer and business segments.</li><li>This growth was supported by enhanced mobile service revenues along with increased contributions from acquisitions like Youfone and the newly operational Althio tower company.</li><li>However, the company faced a decline in free cash flow due to higher interest and tax payments, which it expects to recover in the latter half of the year, a factor that could temporarily impact cash availability for other initiatives.</li></ul>

KPN reported a notable increase in group service revenues, which grew by 3.8%, a positive indicator reflecting improved traction in both consumer and business segments.This growth was supported by enhanced mobile service revenues along with increased contributions from acquisitions like Youfone and the newly operational Althio tower company.However, the company faced a decline in free cash flow due to higher interest and tax payments, which it expects to recover in the latter half of the year, a factor that could temporarily impact cash availability for other initiatives.

KPN N.V.: Initiation of Coverage- What You Need to Know About Its Fiber-First Strategy & Critical Growth Catalysts!

<ul><li>In this edition: • KPN | VodafoneZiggo teams up with Telestre for DOCSIS 4.0 rollout • InPost | EVRi renews its contract with Vinted in the UK and Ireland • TomTom | finetunes FY25 outlook to the upper end of its initial guidance</li></ul>

In this edition: • KPN | VodafoneZiggo teams up with Telestre for DOCSIS 4.0 rollout • InPost | EVRi renews its contract with Vinted in the UK and Ireland • TomTom | finetunes FY25 outlook to the upper end of its initial guidance

What's News in Amsterdam - 15 July (KPN | InPost | TomTom)

<ul><li>In today's edition: • ASR Nederland | plans to exit its 50% stake in Amvest • KPN | fiber now ahead of coax in terms of activated lines • InPost | acquires Spanish logistics firm Sending</li></ul>

In today's edition: • ASR Nederland | plans to exit its 50% stake in Amvest • KPN | fiber now ahead of coax in terms of activated lines • InPost | acquires Spanish logistics firm Sending

What's News in Amsterdam - 9 July (a.s.r. Nederland | KPN | InPost)

Netherlands

Koninklijke KPN NV provides telecommunications services throughout the Netherlands.  The Company provides local, long distance, international, and mobile telecommunications services, voice-mail, call forwarding, ISDN Internet lines, faxing, and communications services for businesses and individuals.  KPN offers mobile telecommunications through E-Plus in Germany and BASE in Belgium.

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Koninklijke KPN (KPN NA)

What's New(s) in Amsterdam - 23 July (AkzoNobel | ASM Int'l | KPN | Randstad Holding | PostNL)

In this edition: • AkzoNobel | no appetite for BASF Coatings • ASM International | reiterates FY25 outlook - order intake only outlier • KPN |...

The IDEA!

Koninklijke KPN NV - What's New(s) in Amsterdam

In this edition: • BE Semiconductor Industries | expects order intake to increase significantly in 25Q3 • ING | Tanate Phutrakul to step down as...

The IDEA!

KPN N.V.: Initiation of Coverage- What You Need to Know About Its Fiber-First Strategy & Critical Growth Catalysts!

KPN reported a notable increase in group service revenues, which grew by 3.8%, a positive indicator reflecting improved traction in both consumer...

Baptista Research

What's News in Amsterdam - 15 July (KPN | InPost | TomTom)

In this edition: • KPN | VodafoneZiggo teams up with Telestre for DOCSIS 4.0 rollout • InPost | EVRi renews its contract with Vinted in the UK and...

The IDEA!

What's News in Amsterdam - 9 July (a.s.r. Nederland | KPN | InPost)

In today's edition: • ASR Nederland | plans to exit its 50% stake in Amvest • KPN | fiber now ahead of coax in terms of activated lines • InPost |...

The IDEA!

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