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: • ABN Amro | new CEO will focus on costs and the risk management model • ASML | wants free passage for machine parts; no evidence that China cracked the EUV puzzle • KPN | continued to deliver on its promises in 1Q25 • Fugro | 1Q25 trading update does not really contain much news • SBM Offshore | completes EUR 130m share buyback; starts new program of EUR 141m • Triodos Bank | facing new setback in its attempts to settle claims</li></ul>

In this edition: • ABN Amro | new CEO will focus on costs and the risk management model • ASML | wants free passage for machine parts; no evidence that China cracked the EUV puzzle • KPN | continued to deliver on its promises in 1Q25 • Fugro | 1Q25 trading update does not really contain much news • SBM Offshore | completes EUR 130m share buyback; starts new program of EUR 141m • Triodos Bank | facing new setback in its attempts to settle claims

Thematic (Sector/Industry)

<ul>
<li>AMG decided to make a capital investment of USD 15m to establish an aluminothermic production facility to manufacture chrome metal in the United States.</li>
<li>The facility, with an annual capacity of up to 6,500 tons, will be located next to AMG Titanium’s facility in New Castle, Pennsylvania.</li>
<li>AMG expects the facility to be operational in 26Q1. Comment | AMG Chrome is a major producer of chrome metal in the UK. </li>
</ul>


AMG decided to make a capital investment of USD 15m to establish an aluminothermic production facility to manufacture chrome metal in the United States.
The facility, with an annual capacity of up to 6,500 tons, will be located next to AMG Titanium’s facility in New Castle, Pennsylvania.
AMG expects the facility to be operational in 26Q1. Comment | AMG Chrome is a major producer of chrome metal in the UK. 


What's New(s) in Amsterdam - 9 April (AMG Critical Materials | SBM Offshore | NX Filtration)

Brunel International Nv / Equity Bottom-Up

<ul><li>In this edition: • SBM Offshore | main takeaways earnings call • Brunel International | strong FY24 free cash flow – optimism for FY25 a bit tempered?</li><li>• PostNL | reiterates its urgent appeal for a financial contribution from the Dutch state</li></ul>

In this edition: • SBM Offshore | main takeaways earnings call • Brunel International | strong FY24 free cash flow – optimism for FY25 a bit tempered?• PostNL | reiterates its urgent appeal for a financial contribution from the Dutch state

What's New(s) in Amsterdam - 21 February (SBM Offshore | Brunel Int'l | PostNL)

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

<ul><li>In this edition: • KPN | Tower Company joint venture with ABP will start its operations today • Unilever | Ice Cream unit to be listed in Amsterdam, London and New York • SBM Offshore | Guyana offshore oil projects recovering investments quickly • Odido | current shareholders are exploring options; IPO possibly in 1H24</li></ul>

In this edition: • KPN | Tower Company joint venture with ABP will start its operations today • Unilever | Ice Cream unit to be listed in Amsterdam, London and New York • SBM Offshore | Guyana offshore oil projects recovering investments quickly • Odido | current shareholders are exploring options; IPO possibly in 1H24

What's News in Amsterdam - 14 February 2025 (KPN | Unilever | SBM Offshore  | Odido)

Netherlands

SBM Offshore NV, through subsidiaries, offers services to the offshore oil and gas industry worldwide.  The Company supplies and installs floating production and/or storage facilities and terminals for the loading or unloading of tankers.  SBM offers, on long-term lease, floating facilities for the production, storage, and export of crude oil and gas.

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SBM Offshore NV (SBMO NA)

What's News in Amsterdam - 24 April (ABN Amro | ASML | KPN | Fugro | SBM Offshore | Triodos Bank)

In this edition: • ABN Amro | new CEO will focus on costs and the risk management model • ASML | wants free passage for machine parts; no evidence...

The IDEA!

What's New(s) in Amsterdam - 9 April (AMG Critical Materials | SBM Offshore | NX Filtration)

AMG decided to make a capital investment of USD 15m to establish an aluminothermic production facility to manufacture chrome metal in the United...

The IDEA!

What's New(s) in Amsterdam - 21 February (SBM Offshore | Brunel Int'l | PostNL)

In this edition: • SBM Offshore | main takeaways earnings call • Brunel International | strong FY24 free cash flow – optimism for FY25 a bit...

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!

What's News in Amsterdam - 14 February 2025 (KPN | Unilever | SBM Offshore | Odido)

In this edition: • KPN | Tower Company joint venture with ABP will start its operations today • Unilever | Ice Cream unit to be listed in...

The IDEA!

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