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: • PostNL | deploys its first APM in Belgium • Bnode | AMP loses Flemish newspaper contracts, increasing restructuring risk • Bnode | 7th leadership change at Radial since the acquisition in 2017 • Odido | Apax reportedly close to buying out Warburg Pincus • E-commerce & Logistics | another Chinese delivery company pops up in Europe</li></ul>

In this edition: • PostNL | deploys its first APM in Belgium • Bnode | AMP loses Flemish newspaper contracts, increasing restructuring risk • Bnode | 7th leadership change at Radial since the acquisition in 2017 • Odido | Apax reportedly close to buying out Warburg Pincus • E-commerce & Logistics | another Chinese delivery company pops up in Europe

KPN NA - What's News in Amsterdam - 28 September (PostNL | Bnode | Odido | E-com & Logistics)

<ul><li>In this edition: • Heineken | abuse-of-dominance case adds contingent liability risk • KPN/Ziggo Group | broadband competition intensifies on both retention and acquisition • Austrian Post | alliance with Verbund on the sale of energy contracts</li></ul>

In this edition: • Heineken | abuse-of-dominance case adds contingent liability risk • KPN/Ziggo Group | broadband competition intensifies on both retention and acquisition • Austrian Post | alliance with Verbund on the sale of energy contracts

What's News in Amsterdam - 7 September (Heineken | KPN/Ziggo Group | Austria)

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<li>The four major Dutch fixed internet providers (KPN, Odido, VodafoneZiggo and DELTA) have rejected demands by the Dutch Consumer Association (‘Consumentenbond’) to end differential pricing between new and existing customers.</li>
<li>Consumentenbond highlights that “sleeping” subscribers who signed up from 2020 onward now pay 25–30% more than at inception after successive inflation-linked increases, while aggressive acquisition offers continue to undercut those rates for new joiners.</li>
<li>A concrete illustration: a KPN customer who took the lowest-tier package in early 2022 at EUR 42.50/month now pays EUR 51.86, versus promotional first-year pricing of EUR 35.00 available to new customers in the latest campaign.</li>
</ul>


The four major Dutch fixed internet providers (KPN, Odido, VodafoneZiggo and DELTA) have rejected demands by the Dutch Consumer Association (‘Consumentenbond’) to end differential pricing between new and existing customers.
Consumentenbond highlights that “sleeping” subscribers who signed up from 2020 onward now pay 25–30% more than at inception after successive inflation-linked increases, while aggressive acquisition offers continue to undercut those rates for new joiners.
A concrete illustration: a KPN customer who took the lowest-tier package in early 2022 at EUR 42.50/month now pays EUR 51.86, versus promotional first-year pricing of EUR 35.00 available to new customers in the latest campaign.


What's News in Amsterdam - 26 August (KPN/Ziggo Group | Kendrion)

<ul><li>In this edition: • Shell | to divest European onshore renewables portfolio to TotalEnergies • Corbion | fish oil prices continue to rise • PostNL | cost control impresses, but the investment case still hinges on restoring volume growth • VodafoneZiggo | Liberty Global completes VodafoneZiggo buyout; creates Ziggo Group • Zalando | growth quality continues to improve despite modest miss • Dutch retail sales | steady growth momentum in June</li></ul>

In this edition: • Shell | to divest European onshore renewables portfolio to TotalEnergies • Corbion | fish oil prices continue to rise • PostNL | cost control impresses, but the investment case still hinges on restoring volume growth • VodafoneZiggo | Liberty Global completes VodafoneZiggo buyout; creates Ziggo Group • Zalando | growth quality continues to improve despite modest miss • Dutch retail sales | steady growth momentum in June

Koninklijke KPN NV - What's News in Amsterdam

<ul><li>In this edition: • Ahold Delhaize | settles U.S. drug pricing case for USD 40m • KPN | VodafoneZiggo CEO: cable-fiber competition is over; focus shifts to service & bundling • SBM Offshore | lines up yards for TotalEnergies’ Venus FPSO as July FID nears</li></ul>

In this edition: • Ahold Delhaize | settles U.S. drug pricing case for USD 40m • KPN | VodafoneZiggo CEO: cable-fiber competition is over; focus shifts to service & bundling • SBM Offshore | lines up yards for TotalEnergies’ Venus FPSO as July FID nears

What's News in Amsterdam - 11 June (Ahold Delhaize | KPN | SBM Offshore)

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)

KPN NA - What's News in Amsterdam - 28 September (PostNL | Bnode | Odido | E-com & Logistics)

In this edition: • PostNL | deploys its first APM in Belgium • Bnode | AMP loses Flemish newspaper contracts, increasing restructuring...

The IDEA!

What's News in Amsterdam - 7 September (Heineken | KPN/Ziggo Group | Austria)

In this edition: • Heineken | abuse-of-dominance case adds contingent liability risk • KPN/Ziggo Group | broadband competition intensifies on both...

The IDEA!

What's News in Amsterdam - 26 August (KPN/Ziggo Group | Kendrion)

Consumentenbond highlights that “sleeping” subscribers who signed up from 2020 onward now pay 25–30% more than at inception after successive...

The IDEA!

Koninklijke KPN NV - What's News in Amsterdam

In this edition: • Shell | to divest European onshore renewables portfolio to TotalEnergies • Corbion | fish oil prices continue to rise • PostNL...

The IDEA!

What's News in Amsterdam - 11 June (Ahold Delhaize | KPN | SBM Offshore)

In this edition: • Ahold Delhaize | settles U.S. drug pricing case for USD 40m • KPN | VodafoneZiggo CEO: cable-fiber competition is over; focus...

The IDEA!

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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