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: • ASML Holding | reiterates FY25 outlook – order intake below long-term desired level • dsm-firmenich | deadline for non-binding offers for ANH this Thursday • Van Lanschot Kempen | Bank Delen further expands its presence in the Netherlands • Vopak | partnership with OQ to accelerate development of Duqm as integrated industrial hub • PostNL | main takeaways from yesterday’s AGM • TomTom | change in accounting strongly beneficiary for profitability – no impact on FCF</li></ul>

In this edition: • ASML Holding | reiterates FY25 outlook – order intake below long-term desired level • dsm-firmenich | deadline for non-binding offers for ANH this Thursday • Van Lanschot Kempen | Bank Delen further expands its presence in the Netherlands • Vopak | partnership with OQ to accelerate development of Duqm as integrated industrial hub • PostNL | main takeaways from yesterday’s AGM • TomTom | change in accounting strongly beneficiary for profitability – no impact on FCF

BE Semiconductor Industries NV / Equity Bottom-Up

<ul><li>In this edition: • BE Semiconductor Industries | order intake remains soft, 1Q25 outlook below market expecttions • KPN | VodafoneZiggo continues to lose broadband clients in 4Q24 • NN Group | better-than-expected OCG thanks to non-life and Insurance Europe • Fagron | continues its track record of marked organic revenue growth and strong free cash flows • SBM Offshore | directional revenue and EBITDA in line; new buyback and upbeat guidance • Vopak | 2025 guidance disappoints; EUR 100m share buyback</li></ul>

In this edition: • BE Semiconductor Industries | order intake remains soft, 1Q25 outlook below market expecttions • KPN | VodafoneZiggo continues to lose broadband clients in 4Q24 • NN Group | better-than-expected OCG thanks to non-life and Insurance Europe • Fagron | continues its track record of marked organic revenue growth and strong free cash flows • SBM Offshore | directional revenue and EBITDA in line; new buyback and upbeat guidance • Vopak | 2025 guidance disappoints; EUR 100m share buyback

BE Semiconductor Industries NV - What's New(s) in Amsterdam

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The SE600 index is one of the most widely followed benchmark indices in Europe. This index is rebalanced on a quarterly basis.</li>
<li>In this insight, we take a look at the potential index changes that could take place between now and the end of the June 2024 index rebal event.</li>
<li>Currently, I see 7 ADDs and 7 DELs for the SE600 index. There are more names just outside the border requiring small price changes to get involved in index changes. </li>
</ul>


The SE600 index is one of the most widely followed benchmark indices in Europe. This index is rebalanced on a quarterly basis.
In this insight, we take a look at the potential index changes that could take place between now and the end of the June 2024 index rebal event.
Currently, I see 7 ADDs and 7 DELs for the SE600 index. There are more names just outside the border requiring small price changes to get involved in index changes. 


Quiddity Leaderboard SE600 Mar 24: 7 Changes Likely; Expected ADDs Could Outperform Expected DELs

Event-Driven

<ul>
<li>In this insight, we take a look at the names leading the race to become ADDs/DELs for the SE600 and EURSTX Indices for the September 2023 Rebalance.</li>
<li>
<a href="https://www.smartkarma.com/entities/simcorp-a-s" target="_blank" data-smartkarma-citation="entities:22483:1" rel="noopener">SimCorp A/S (SIM DC)</a> could trigger an intra-review ADD prior to the September 2023 Rebalance.</li>
<li>Apart from that, I expect four other changes during the regular rebalance in September 2023. These expected ADDs and DELs are different from those in my last insight.</li>
</ul>


In this insight, we take a look at the names leading the race to become ADDs/DELs for the SE600 and EURSTX Indices for the September 2023 Rebalance.

SimCorp A/S (SIM DC) could trigger an intra-review ADD prior to the September 2023 Rebalance.
Apart from that, I expect four other changes during the regular rebalance in September 2023. These expected ADDs and DELs are different from those in my last insight.


Quiddity Leaderboard SE600 Sep 23: CD Projekt Could Become an Intra-Review ADD

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<p>The risk of a pullback remains very real, however at this point the weight of the evidence suggests a meaningful pullback is not imminent. We recap important technical levels across market as well as Actionable Themes within the Consumer Staples, Health Care, and Technology sectors.</p>

The risk of a pullback remains very real, however at this point the weight of the evidence suggests a meaningful pullback is not imminent. We recap important technical levels across market as well as Actionable Themes within the Consumer Staples, Health Care, and Technology sectors.

Netherlands

Koninklijke Vopak NV is an independent tank terminal operator. The Company provides conditioned storage facilities for bulk liquids such as oil products, gaseous chemicals, petrochemicals, biofuels and vegetable oils.

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Koninklijke Vopak Nv (VPK NA)

PostNL NV - What's New(s) in Amsterdam

In this edition: • ASML Holding | reiterates FY25 outlook – order intake below long-term desired level • dsm-firmenich | deadline for non-binding...

The IDEA!

BE Semiconductor Industries NV - What's New(s) in Amsterdam

In this edition: • BE Semiconductor Industries | order intake remains soft, 1Q25 outlook below market expecttions • KPN | VodafoneZiggo continues...

The IDEA!

Quiddity Leaderboard SE600 Mar 24: 7 Changes Likely; Expected ADDs Could Outperform Expected DELs

My latest estimate for one-way flow is US$95mn. The expected ADDs have strong positive momentum while the expected DELs have strong negative momentum.

Janaghan Jeyakumar, CFA

Quiddity Leaderboard SE600 Sep 23: CD Projekt Could Become an Intra-Review ADD

CD Projekt (CDR PW) is leading the race to become an intra-review ADD if Simcorp gets deleted but the final choice would depend on FFMC rankings as...

Janaghan Jeyakumar, CFA

Battleground Spot For Global Equities

The risk of a pullback remains very real, however at this point the weight of the evidence suggests a meaningful pullback is not imminent. We recap...

Vermilion Research

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