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>Ahold Delhaize | Jumbo lost further market share in FY25</li>
<li>Albert Heijn’s most important competitor in the Netherlands – family owned supermarkets chain Jumbo – continued to lose market share in FY25.</li>
<li>Jumbo now has a market share of 20.0%, down 50 bps YoY. This is in line with market share it suffered in FY24 (from 21% to 20.5%). </li>
</ul>


Ahold Delhaize | Jumbo lost further market share in FY25
Albert Heijn’s most important competitor in the Netherlands – family owned supermarkets chain Jumbo – continued to lose market share in FY25.
Jumbo now has a market share of 20.0%, down 50 bps YoY. This is in line with market share it suffered in FY24 (from 21% to 20.5%). 


Equity Bottom-Up

<ul><li>In this edition: • Arcadis | independence backed by employee shareholders amid WSP approaches • Allegro | direct presence in China to tighten seller control and capture tech edge • Dutch housing market | more price cuts signal normalization, not yet falling prices • Dutch wage inflation | FNV pushes for 5.5% plus EUR 80, raising upside risk to labour costs</li></ul>

In this edition: • Arcadis | independence backed by employee shareholders amid WSP approaches • Allegro | direct presence in China to tighten seller control and capture tech edge • Dutch housing market | more price cuts signal normalization, not yet falling prices • Dutch wage inflation | FNV pushes for 5.5% plus EUR 80, raising upside risk to labour costs

What's News in Amsterdam - 15 September (Arcadis | Allegro | Dutch housing market | Wage inflation)

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

TSMC (Taiwan Semiconductor Manufacturing)

<ul><li>In this edition: • ASML/TSMC | launch industry initiative for 12-inch High NA EUV photomasks • Allegro | introducing the next stage of cooperation with PKO Bank • E-commerce & Logistics | EU approves major customs overhaul targeting e-commerce parcel surge</li></ul>

In this edition: • ASML/TSMC | launch industry initiative for 12-inch High NA EUV photomasks • Allegro | introducing the next stage of cooperation with PKO Bank • E-commerce & Logistics | EU approves major customs overhaul targeting e-commerce parcel surge

What's News in Amsterdam - 8 September (ASML/TSMC | Allegro | E-commerce & 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)

<ul><li>In this edition: • Shell | Locks in scale: ARC closed, Tri Star fully owned soon • E-commerce & Logistics | France raised another hurdle for Chinese ultra-fast fashion imports</li></ul>

In this edition: • Shell | Locks in scale: ARC closed, Tri Star fully owned soon • E-commerce & Logistics | France raised another hurdle for Chinese ultra-fast fashion imports

What's News in Amsterdam - 3 September (Shell | E-commerce & Logistics)

Austria

Oesterreichische Post AG offers mail delivery services.  The Company delivers mail and parcels and operates post offices.

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Oesterreichische Post Ag (POST AV)

What's New(s) in Amsterdam

lbert Heijn’s most important competitor in the Netherlands – family owned supermarkets chain Jumbo – continued to lose market share in FY25.

The IDEA!

What's News in Amsterdam - 15 September (Arcadis | Allegro | Dutch housing market | Wage inflation)

In this edition: • Arcadis | independence backed by employee shareholders amid WSP approaches • Allegro | direct presence in China to tighten...

The IDEA!

What's News in Amsterdam - 8 September (ASML/TSMC | Allegro | E-commerce & Logistics)

In this edition: • ASML/TSMC | launch industry initiative for 12-inch High NA EUV photomasks • Allegro | introducing the next stage of cooperation...

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 - 3 September (Shell | E-commerce & Logistics)

In this edition: • Shell | Locks in scale: ARC closed, Tri Star fully owned soon • E-commerce & Logistics | France raised another hurdle for...

The IDEA!

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