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: • Shell | denies WSJ report on exploratory talks with BP • Randstad Holding | CareerBuilder + Monster is filing for Chapter 11 bankruptcy protection</li></ul>

In this edition: • Shell | denies WSJ report on exploratory talks with BP • Randstad Holding | CareerBuilder + Monster is filing for Chapter 11 bankruptcy protection

What's New(s) in Amsterdam - 26 June (Shell | Randstad Holding)

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: • Randstad Holding | to become a digital-first talent company • Signify | reiterates FY25 outlook • Alfen | to build 100MW/200MWh BESS for Return</li></ul>

In this edition: • Randstad Holding | to become a digital-first talent company • Signify | reiterates FY25 outlook • Alfen | to build 100MW/200MWh BESS for Return

What's New(s) in Amsterdam - 25 April (Randstad Holding | Signify | Alfen)

<ul><li>In today's edition: • AkzoNobel | no major surprises, yet slightly improving underlying trends • BE Semiconductor Industries | order intake remains depressed • Randstad | modest beat of consensus – valuation at attractive level due to share price decline • Corbion | strongly beating consensus – reiterates FY25 guidance • Corbion | another letter from Inclusive Capital • InPost | signs multi-year contact with Vinted • Just Eat TakeAway.com | reiterates FY25 guidance, expects offer to commence in 2Q25 • PostNL/DHL | DHL deploys first APMs at Praxis DIY stores • Corporate agenda | week 17 - 21</li></ul>

In today's edition: • AkzoNobel | no major surprises, yet slightly improving underlying trends • BE Semiconductor Industries | order intake remains depressed • Randstad | modest beat of consensus – valuation at attractive level due to share price decline • Corbion | strongly beating consensus – reiterates FY25 guidance • Corbion | another letter from Inclusive Capital • InPost | signs multi-year contact with Vinted • Just Eat TakeAway.com | reiterates FY25 guidance, expects offer to commence in 2Q25 • PostNL/DHL | DHL deploys first APMs at Praxis DIY stores • Corporate agenda | week 17 - 21

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/outsourcing-inc" target="_blank" data-smartkarma-citation="entities:7431:1" rel="noopener">Outsourcing Inc (2427 JP)</a> announced that the pre-condition was satisfied, and Bain’s tender offer remains unchanged at JPY1,755 per share, a 52.1% premium to the undisturbed (8 December).</li>
<li>Shareholders will breathe a sigh of relief as the weak 4Q and significant impairments have raised concerns that Bain would cut its offer or walk away.</li>
<li>The offer attractiveness has increased partly due to lower consensus. At the last close and for a 3 April payment, the gross/annualised spread is 2.0%/22.8%.</li>
</ul>



Outsourcing Inc (2427 JP) announced that the pre-condition was satisfied, and Bain’s tender offer remains unchanged at JPY1,755 per share, a 52.1% premium to the undisturbed (8 December).
Shareholders will breathe a sigh of relief as the weak 4Q and significant impairments have raised concerns that Bain would cut its offer or walk away.
The offer attractiveness has increased partly due to lower consensus. At the last close and for a 3 April payment, the gross/annualised spread is 2.0%/22.8%.


Outsourcing (2427 JP): Relief as Bain Launches Tender at Unchanged Terms

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 - 26 June (Shell | Randstad Holding)

In this edition: • Shell | denies WSJ report on exploratory talks with BP • Randstad Holding | CareerBuilder + Monster is filing for Chapter 11...

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!

What's New(s) in Amsterdam - 25 April (Randstad Holding | Signify | Alfen)

In this edition: • Randstad Holding | to become a digital-first talent company • Signify | reiterates FY25 outlook • Alfen | to build...

The IDEA!

Akzo Nobel NV - What's News in Amsterdam

In today's edition: • AkzoNobel | no major surprises, yet slightly improving underlying trends • BE Semiconductor Industries | order intake...

The IDEA!

Outsourcing (2427 JP): Relief as Bain Launches Tender at Unchanged Terms

Shareholders will breathe a sigh of relief at the unchanged terms. At the last close and for a 3 April payment, the gross/annualised spread is 2.0%...

Arun George

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