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 today's edition: • Ahold Delhaize | holding on to our neutral stance despite solid 3Q25 results • KPN | post investor update event comment • Unilever/The MICC | conflict with Ben & Jerry's flares up ahead of IPO • Wolters Kluwer | good growth acceleration in 3Q25; new buyback announced • AMG Critical Materials | upward revision of FY25 adjusted EBITDA outlook solely due to antimony (and not lithium) • BAM Group | reiterates to deliver adjusted EBITDA margin of at least 5% • CM.com | receives offer of EUR 5.16 per share from Bird • ForFarmers | 3Q25: impressive example of cost management (and more) • DHL | 3Q25: clear beat of consensus; reiterates FY25 guidance • bpostgroup | post earnings call comment • E-commerce & Logistics | French authorities attempting to block Shein website in France</li></ul>

In today's edition: • Ahold Delhaize | holding on to our neutral stance despite solid 3Q25 results • KPN | post investor update event comment • Unilever/The MICC | conflict with Ben & Jerry's flares up ahead of IPO • Wolters Kluwer | good growth acceleration in 3Q25; new buyback announced • AMG Critical Materials | upward revision of FY25 adjusted EBITDA outlook solely due to antimony (and not lithium) • BAM Group | reiterates to deliver adjusted EBITDA margin of at least 5% • CM.com | receives offer of EUR 5.16 per share from Bird • ForFarmers | 3Q25: impressive example of cost management (and more) • DHL | 3Q25: clear beat of consensus; reiterates FY25 guidance • bpostgroup | post earnings call comment • E-commerce & Logistics | French authorities attempting to block Shein website in France

Thematic (Sector/Industry)

<ul>
<li>Ahold Delhaize’s results came in a bit better than expected, whereby especially the margin development in the US was the main (positive) surprise.</li>
<li>The margin in Europe was flat. Also impressive was the growth in online sales, both in Europe and the US.</li>
<li>The company reiterated its guidance for FY25 and announced a new EUR 1bn share buyback for 2026.</li>
</ul>


Ahold Delhaize’s results came in a bit better than expected, whereby especially the margin development in the US was the main (positive) surprise.
The margin in Europe was flat. Also impressive was the growth in online sales, both in Europe and the US.
The company reiterated its guidance for FY25 and announced a new EUR 1bn share buyback for 2026.


<ul>
<li>The Supervisory Board of a.s.r. intends to appoint Ingrid de Swart as CEO and Chair of the Executive Board, succeeding Jos Baeten, whose term ends at the AGM on 20 May 2026.</li>
<li>De Swart, currently COO/CTO and Executive Board member since 2019, has extensive experience in financial services and has led the integration of Aegon Nederland.</li>
<li>The Board highlights her strong leadership, strategic continuity, and focus on sustainable growth. </li>
</ul>


The Supervisory Board of a.s.r. intends to appoint Ingrid de Swart as CEO and Chair of the Executive Board, succeeding Jos Baeten, whose term ends at the AGM on 20 May 2026.
De Swart, currently COO/CTO and Executive Board member since 2019, has extensive experience in financial services and has led the integration of Aegon Nederland.
The Board highlights her strong leadership, strategic continuity, and focus on sustainable growth. 


<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>Yesterday, the Court of Appeal of Arnhem-Leeuwarden ruled that online grocery delivery companies like e.g., Picnic and Flink, must comply with the collective labour agreement (CLA) for the supermarket sector.</li>
<li>The court determined that businesses selling supermarket products online and physically handling, sorting, and delivering them to consumers are effectively operating as (virtual) supermarkets.</li>
<li>Therefore, they fall under the same labor regulations as traditional supermarkets.</li>
</ul>


Yesterday, the Court of Appeal of Arnhem-Leeuwarden ruled that online grocery delivery companies like e.g., Picnic and Flink, must comply with the collective labour agreement (CLA) for the supermarket sector.
The court determined that businesses selling supermarket products online and physically handling, sorting, and delivering them to consumers are effectively operating as (virtual) supermarkets.
Therefore, they fall under the same labor regulations as traditional supermarkets.


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)

bpost SA - What's New(s) in Amsterdam

In today's edition: • Ahold Delhaize | holding on to our neutral stance despite solid 3Q25 results • KPN | post investor update event...

The IDEA!

What's New(s) in Amsterdam

Ahold Delhaize’s results came in a bit better than expected, whereby especially the margin development in the US was the main (positive) surprise.

The IDEA!

What's News in Amsterdam

The Supervisory Board of a.s.r. intends to appoint Ingrid de Swart as CEO and Chair of the Executive Board, succeeding Jos Baeten, whose term ends...

The IDEA!

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!

What's New(s) in Amsterdam

The court determined that businesses selling supermarket products online and physically handling, sorting, and delivering them to consumers are...

The IDEA!

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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