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: • AkzoNobel | no appetite for BASF Coatings • ASM International | reiterates FY25 outlook - order intake only outlier • KPN | beats 2Q25 consensus; raises FY25 guidance • Randstad | results fairly much in line with consensus – organic growth improves but still negative • PostNL | to deploy APMs in all Hoogvliet stores</li></ul>

In this edition: • AkzoNobel | no appetite for BASF Coatings • ASM International | reiterates FY25 outlook - order intake only outlier • KPN | beats 2Q25 consensus; raises FY25 guidance • Randstad | results fairly much in line with consensus – organic growth improves but still negative • PostNL | to deploy APMs in all Hoogvliet stores

What's New(s) in Amsterdam - 23 July (AkzoNobel | ASM Int'l | KPN | Randstad Holding | PostNL)

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Randstad's first-quarter 2025 financial performance showcased a mix of resilience and ongoing challenges amid a volatile market landscape.</li><li>Alexander van't Noordende, the CEO, lauded a robust start to the year, underscoring strategic maneuvering, enhanced commercial efforts, and focused cost management.</li><li>Their efforts helped sustain bottom-line figures, resulting in an EBITA of EUR 167 million with a 3% EBITA margin.</li></ul>

Randstad's first-quarter 2025 financial performance showcased a mix of resilience and ongoing challenges amid a volatile market landscape.Alexander van't Noordende, the CEO, lauded a robust start to the year, underscoring strategic maneuvering, enhanced commercial efforts, and focused cost management.Their efforts helped sustain bottom-line figures, resulting in an EBITA of EUR 167 million with a 3% EBITA margin.

Randstad: Initiation of Coverage- Can Diversification & Digital Muscle Future-Proof This Staffing Titan?

<ul><li>In this edition: • Randstad Holding | CareerBuilder + Monster weighing sale of firm • PostNL | the fall of the Dutch coalition government as a potential trigger for D+3?</li><li>• Dutch politics | VVD rules our new collaboration with Geert Wilders’ Freedom Party (PVV)</li></ul>

In this edition: • Randstad Holding | CareerBuilder + Monster weighing sale of firm • PostNL | the fall of the Dutch coalition government as a potential trigger for D+3?• Dutch politics | VVD rules our new collaboration with Geert Wilders’ Freedom Party (PVV)

What's News in Amsterdam - 10 June (Randstad Holding | PostNL | Dutch politics)

Thematic (Sector/Industry)

<ul>
<li>Yesterday, the Court of Appeal of Arnhem-Leeuwarden ruled that online grocery delivery companies like e.g., Picnic and Flink, must comply with the collective labour agreement (CLA) for the supermarket sector.</li>
<li>The court determined that businesses selling supermarket products online and physically handling, sorting, and delivering them to consumers are effectively operating as (virtual) supermarkets.</li>
<li>Therefore, they fall under the same labor regulations as traditional supermarkets.</li>
</ul>


Yesterday, the Court of Appeal of Arnhem-Leeuwarden ruled that online grocery delivery companies like e.g., Picnic and Flink, must comply with the collective labour agreement (CLA) for the supermarket sector.
The court determined that businesses selling supermarket products online and physically handling, sorting, and delivering them to consumers are effectively operating as (virtual) supermarkets.
Therefore, they fall under the same labor regulations as traditional supermarkets.


<ul><li>In this edition: • AkzoNobel | beats consensus estimates thanks to strong quarter for Deco • ASM International | 26Q1 results clear beat against market consensus – FY26 revenue guidance markedly ahead of market consensus • Basic-Fit | set ROCE goal of low- to mid-teen in the medium term • Corbion | reiterates FY26 guidance on all forecasted metrics • Randstad | records positive organic growth after 12 quarters of decline • Dutch consumer confidence | second largest drop on record since 2020</li></ul>

In this edition: • AkzoNobel | beats consensus estimates thanks to strong quarter for Deco • ASM International | 26Q1 results clear beat against market consensus – FY26 revenue guidance markedly ahead of market consensus • Basic-Fit | set ROCE goal of low- to mid-teen in the medium term • Corbion | reiterates FY26 guidance on all forecasted metrics • Randstad | records positive organic growth after 12 quarters of decline • Dutch consumer confidence | second largest drop on record since 2020

ASM International NV - What's New(s) in Amsterdam

Netherlands

Randstad Holding nv provides temporary employees.  The Company places workers for temporary assignments in educational, secretarial and banking, information technology, engineering, and finance positions.  The Company operates primarily in the Benelux countries, Germany, Canada, Denmark, France, Italy, Portugal, Spain, the United Kingdom, Switzerland, and the United States.

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Randstad Holding Nv (RAND NA)

What's New(s) in Amsterdam - 23 July (AkzoNobel | ASM Int'l | KPN | Randstad Holding | PostNL)

In this edition: • AkzoNobel | no appetite for BASF Coatings • ASM International | reiterates FY25 outlook - order intake only outlier • KPN |...

The IDEA!

Randstad: Initiation of Coverage- Can Diversification & Digital Muscle Future-Proof This Staffing Titan?

Randstad's first-quarter 2025 financial performance showcased a mix of resilience and ongoing challenges amid a volatile market...

Baptista Research

What's News in Amsterdam - 10 June (Randstad Holding | PostNL | Dutch politics)

In this edition: • Randstad Holding | CareerBuilder + Monster weighing sale of firm • PostNL | the fall of the Dutch coalition government as a...

The IDEA!

What's New(s) in Amsterdam

The court determined that businesses selling supermarket products online and physically handling, sorting, and delivering them to consumers are...

The IDEA!

ASM International NV - What's New(s) in Amsterdam

In this edition: • AkzoNobel | beats consensus estimates thanks to strong quarter for Deco • ASM International | 26Q1 results clear beat against...

The IDEA!

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