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.

Thematic (Sector/Industry)

<ul>
<li>Having digested yesterday’s published 1Q25 solid set of results and information that was shared during the company’s earnings call, we decided to stick to our neutral stance on the stock.</li>
<li>Although the company has proven to be rather resilient and performed better than expected in the current uncertain environment, we fear that the real test still lies ahead: the potential impact of the trade tariffs still has to kick in.</li>
<li>After all, a lot of the tariffs that were announced on ‘Liberation Day’ have been postponed for 90 days.</li>
</ul>


Having digested yesterday’s published 1Q25 solid set of results and information that was shared during the company’s earnings call, we decided to stick to our neutral stance on the stock.
Although the company has proven to be rather resilient and performed better than expected in the current uncertain environment, we fear that the real test still lies ahead: the potential impact of the trade tariffs still has to kick in.
After all, a lot of the tariffs that were announced on ‘Liberation Day’ have been postponed for 90 days.


<ul>
<li>AkzoNobel is closely examining the potential acquisition of BASF’s coatings division, valued at approximately EUR 6bn, according to three anonymous sources cited by Dutch financial daily Het Financieele Dagblad (“FD”).</li>
<li>Strategically, BASF’s automotive coatings and metal pretreatment operations would complement AkzoNobel’s existing industrial coatings business.</li>
<li>However, a significant hurdle remains: securing shareholder approval for such a major transaction, given AkzoNobel’s current market value of EUR 9.5bn and an adjusted leverage ratio of 2.8 times. </li>
</ul>


AkzoNobel is closely examining the potential acquisition of BASF’s coatings division, valued at approximately EUR 6bn, according to three anonymous sources cited by Dutch financial daily Het Financieele Dagblad (“FD”).
Strategically, BASF’s automotive coatings and metal pretreatment operations would complement AkzoNobel’s existing industrial coatings business.
However, a significant hurdle remains: securing shareholder approval for such a major transaction, given AkzoNobel’s current market value of EUR 9.5bn and an adjusted leverage ratio of 2.8 times. 


Equity Bottom-Up

Axalta Coating Systems / Equity Bottom-Up

<ul><li>In this edition: • AkzoNobel | UK antitrust authority launches phase 1 investigation re proposed merger • a.s.r. Nederland / NN Group | Athora: EUR 5.7bn in pension buy-outs so far this year • Unilever | sells Zwitsal to Royal Sanders • Dutch telcos | DELTA Fiber opens new growth avenue through Open Dutch Fiber • Allegro | post earnings call comment</li></ul>

In this edition: • AkzoNobel | UK antitrust authority launches phase 1 investigation re proposed merger • a.s.r. Nederland / NN Group | Athora: EUR 5.7bn in pension buy-outs so far this year • Unilever | sells Zwitsal to Royal Sanders • Dutch telcos | DELTA Fiber opens new growth avenue through Open Dutch Fiber • Allegro | post earnings call comment

Axalta Coating Systems Ltd - What's News in Amsterdam

Koninklijke Bam Groep Nv / Equity Bottom-Up

<ul><li>In this edition: • Ahold Delhaize | Kaufland launches Dutch marketplace; appears largely undifferentiated • ASML | following up on yesterday’s joint press release on High-NA with TSMC • PostNL | Dutch parcel peak on Monday highlights need for delivery-day choice • Ziggo Group | VodafoneZiggo sells mobile towers for EUR 669m • Dutch construction sector | new-build sales weaken as apartment inventory builds • Domestic household consumption | continued growth, albeit at a decelerating pace</li></ul>

In this edition: • Ahold Delhaize | Kaufland launches Dutch marketplace; appears largely undifferentiated • ASML | following up on yesterday’s joint press release on High-NA with TSMC • PostNL | Dutch parcel peak on Monday highlights need for delivery-day choice • Ziggo Group | VodafoneZiggo sells mobile towers for EUR 669m • Dutch construction sector | new-build sales weaken as apartment inventory builds • Domestic household consumption | continued growth, albeit at a decelerating pace

Koninklijke BAM Groep NV - What's News in Amsterdam

<ul><li>In this edition: • Unilever | seeks to divest Colman’s Mustard ahead of McCormick food deal • Arcadis | VEB sends letter regarding non-binding proposal by WSP Global • Ziggo Group | VodafoneZiggo to replace 11,000 modems after technical problems</li></ul>

In this edition: • Unilever | seeks to divest Colman’s Mustard ahead of McCormick food deal • Arcadis | VEB sends letter regarding non-binding proposal by WSP Global • Ziggo Group | VodafoneZiggo to replace 11,000 modems after technical problems

What's News in Amsterdam - 28 August (Unilever | Arcadis | Ziggo Group)

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Koninklijke KPN (KPN NA)

What's New(s) in Amsterdam

Having digested yesterday’s published 1Q25 solid set of results and information that was shared during the company’s earnings call, we decided to...

The IDEA!

What's New(s) in Amsterdam

Strategically, BASF’s automotive coatings and metal pretreatment operations would complement AkzoNobel’s existing industrial coatings business.

The IDEA!

Axalta Coating Systems Ltd - What's News in Amsterdam

In this edition: • AkzoNobel | UK antitrust authority launches phase 1 investigation re proposed merger • a.s.r. Nederland / NN Group | Athora:...

The IDEA!

Koninklijke BAM Groep NV - What's News in Amsterdam

In this edition: • Ahold Delhaize | Kaufland launches Dutch marketplace; appears largely undifferentiated • ASML | following up on yesterday’s...

The IDEA!

What's News in Amsterdam - 28 August (Unilever | Arcadis | Ziggo Group)

In this edition: • Unilever | seeks to divest Colman’s Mustard ahead of McCormick food deal • Arcadis | VEB sends letter regarding non-binding...

The IDEA!

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)