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

Koninklijke Philips NV / Equity Bottom-Up

<ul><li>In this edition: • Philips | to invest an additional USD 150m in the US • PostNL | regional mail delivery firms are sounding the alarm in proposed changes Postal Act • Corporate Agenda | week 34 – 39</li></ul>

In this edition: • Philips | to invest an additional USD 150m in the US • PostNL | regional mail delivery firms are sounding the alarm in proposed changes Postal Act • Corporate Agenda | week 34 – 39

What's New(s) in Amsterdam - 18 August (Philips | PostNL | corporate agenda)

Thematic (Sector/Industry)

<ul>
<li>Heineken | no real triggers for the near term; October may bring more clarity</li>
<li>The key-question that remains after yesterday’s earnings call is whether Heineken’s decision to hold on to its earlier FY25 guidance is an attempt to under promise and overdeliver or rather a signal that the current market environment is still rather challenging.</li>
<li>In case of the latter, management would have an additional buffer to avoid new disappointments.</li>
</ul>


Heineken | no real triggers for the near term; October may bring more clarity
The key-question that remains after yesterday’s earnings call is whether Heineken’s decision to hold on to its earlier FY25 guidance is an attempt to under promise and overdeliver or rather a signal that the current market environment is still rather challenging.
In case of the latter, management would have an additional buffer to avoid new disappointments.


What's New(S) In Amsterdam - 29 July (Heineken | Philips | JET | E-Com | Housing Market)

<ul>
<li>Currency factors took their toll on AkzoNobel’s 2Q25 results. On a pure organic basis, sales were flat, which was the balance of lower volumes (-/-1%), higher prices (+2%) and a negative mix effect (-/-1%).</li>
<li>Currency factors were -/-5% and in combination with hyperinflation accounting, this resulted in an almost 6% drop in reported revenue.</li>
<li>Adjusted EBITDA was impacted by currency headwinds too. On a reported basis, adj. EBITDA came in at EUR 393m, or EUR 10m lower than the consensus average estimate. </li>
</ul>


Currency factors took their toll on AkzoNobel’s 2Q25 results. On a pure organic basis, sales were flat, which was the balance of lower volumes (-/-1%), higher prices (+2%) and a negative mix effect (-/-1%).
Currency factors were -/-5% and in combination with hyperinflation accounting, this resulted in an almost 6% drop in reported revenue.
Adjusted EBITDA was impacted by currency headwinds too. On a reported basis, adj. EBITDA came in at EUR 393m, or EUR 10m lower than the consensus average estimate. 


<ul>
<li>Three candidates remain for the purchase of dsm-firmenich's Animal Health &amp; Nutrition (AHN) division: private equity firms CVC and Apollo, and Dutch feed producer Nutreco.</li>
<li>This is reported by Dutch financial daily FD, citing anonymous sources. This deal, which has an estimated value of approx.</li>
<li>EUR 2.8bn, is among the largest Dutch transactions of the year, though the acquisition environment remains subdued.</li>
</ul>


Three candidates remain for the purchase of dsm-firmenich's Animal Health &amp; Nutrition (AHN) division: private equity firms CVC and Apollo, and Dutch feed producer Nutreco.
This is reported by Dutch financial daily FD, citing anonymous sources. This deal, which has an estimated value of approx.
EUR 2.8bn, is among the largest Dutch transactions of the year, though the acquisition environment remains subdued.


What's New(s) in Amsterdam - 7 July (dsm-firmenich | Philips | TomTom)

<ul><li>In this edition: • BE Semiconductor Industries | awarded follow-on order for five TCB Next systems • Philips | adjusts FY25 outlook on back of assumed impact of announced tariiffs • PostNL | 1Q25 broadly in line; FCF deviation mainly due to phasing • Triodos Bank | first ruling by Spanish Supreme Court: Triodos not liable</li></ul>

In this edition: • BE Semiconductor Industries | awarded follow-on order for five TCB Next systems • Philips | adjusts FY25 outlook on back of assumed impact of announced tariiffs • PostNL | 1Q25 broadly in line; FCF deviation mainly due to phasing • Triodos Bank | first ruling by Spanish Supreme Court: Triodos not liable

What's New(s) in Amsterdam - 6 May (BE Semiconductor Industries | Philips | PostNL | Triodos Bank)

Netherlands

Koninklijke Philips NV is a health technology company focused on improving people's health across the health continuum from healthy living and prevention, to diagnosis, treatment, and home care. The Company offers products and services in diagnostic imaging, image-guided therapy, patient monitoring and health informatics, as well as in consumer health and home care.

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Koninklijke Philips NV (PHIA NA)

What's New(s) in Amsterdam - 18 August (Philips | PostNL | corporate agenda)

In this edition: • Philips | to invest an additional USD 150m in the US • PostNL | regional mail delivery firms are sounding the alarm in proposed...

The IDEA!

What's New(S) In Amsterdam - 29 July (Heineken | Philips | JET | E-Com | Housing Market)

The key-question that remains after yesterday’s earnings call is whether Heineken’s decision to hold on to its earlier FY25 guidance is an attempt...

The IDEA!

What's New(s) in Amsterdam

Currency factors were -/-5% and in combination with hyperinflation accounting, this resulted in an almost 6% drop in reported revenue.

The IDEA!

What's New(s) in Amsterdam - 7 July (dsm-firmenich | Philips | TomTom)

Three candidates remain for the purchase of dsm-firmenich's Animal Health & Nutrition (AHN) division: private equity firms CVC and Apollo, and...

The IDEA!

What's New(s) in Amsterdam - 6 May (BE Semiconductor Industries | Philips | PostNL | Triodos Bank)

In this edition: • BE Semiconductor Industries | awarded follow-on order for five TCB Next systems • Philips | adjusts FY25 outlook on back of...

The IDEA!

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