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>Dutch Telegraaf newspaper reports that Substrate, a US-based start-up founded in 2022, aims to challenge ASML’s dominance in advanced chip machinery.</li>
<li>Unlike ASML’s extreme-ultraviolet (EUV) lithography, Substrate uses beams from a mini-particle accelerator, claiming this method can produce smaller, cheaper chips.</li>
<li>The company intends not only to sell the machines but also to manufacture chips in-house at a US facility within a few years.</li>
</ul>


Dutch Telegraaf newspaper reports that Substrate, a US-based start-up founded in 2022, aims to challenge ASML’s dominance in advanced chip machinery.
Unlike ASML’s extreme-ultraviolet (EUV) lithography, Substrate uses beams from a mini-particle accelerator, claiming this method can produce smaller, cheaper chips.
The company intends not only to sell the machines but also to manufacture chips in-house at a US facility within a few years.


External broker reports(aggregated public sources), CardinalStone

CardinalStone

External broker reports(aggregated public sources)

CardinalStone is an independent, multi-asset investment management firm offering an assortment of financial services to a diverse institutional, high net worth and retail clientele base. The company began operations in June 2008 and its business is conducted across six divisions – Investment Banking, Asset Management, Securities Trading, Trust Services, Registrar Services and Financing. Headquartered in Lagos with offices in Abuja, Nigeria, the firm and its licensed subsidiaries diligently works with its clients to create bespoke solutions for their needs.

<ul><li>Last week, the local bourse continued its bearish momentum as the benchmark index depreciated by 2.99% WoW.</li><li>In a similar fashion, the MEP declined by 2.83%, slightly outperforming the market by 0.15%.</li><li>Year-to-date, the MEP has returned 48.21%, while the NGX-ASI has returned 45.27%, outperforming by 3.24%.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Last week, the local bourse continued its bearish momentum as the benchmark index depreciated by 2.99% WoW.In a similar fashion, the MEP declined by 2.83%, slightly outperforming the market by 0.15%.Year-to-date, the MEP has returned 48.21%, while the NGX-ASI has returned 45.27%, outperforming by 3.24%.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CardinalStone Research - Model Equity Portfolio - 10 November 2025

Equity Bottom-Up

<ul><li>In today's edition: • Ahold Delhaize | holding on to our neutral stance despite solid 3Q25 results • KPN | post investor update event comment • Unilever/The MICC | conflict with Ben & Jerry's flares up ahead of IPO • Wolters Kluwer | good growth acceleration in 3Q25; new buyback announced • AMG Critical Materials | upward revision of FY25 adjusted EBITDA outlook solely due to antimony (and not lithium) • BAM Group | reiterates to deliver adjusted EBITDA margin of at least 5% • CM.com | receives offer of EUR 5.16 per share from Bird • ForFarmers | 3Q25: impressive example of cost management (and more) • DHL | 3Q25: clear beat of consensus; reiterates FY25 guidance • bpostgroup | post earnings call comment • E-commerce & Logistics | French authorities attempting to block Shein website in France</li></ul>

In today's edition: • Ahold Delhaize | holding on to our neutral stance despite solid 3Q25 results • KPN | post investor update event comment • Unilever/The MICC | conflict with Ben & Jerry's flares up ahead of IPO • Wolters Kluwer | good growth acceleration in 3Q25; new buyback announced • AMG Critical Materials | upward revision of FY25 adjusted EBITDA outlook solely due to antimony (and not lithium) • BAM Group | reiterates to deliver adjusted EBITDA margin of at least 5% • CM.com | receives offer of EUR 5.16 per share from Bird • ForFarmers | 3Q25: impressive example of cost management (and more) • DHL | 3Q25: clear beat of consensus; reiterates FY25 guidance • bpostgroup | post earnings call comment • E-commerce & Logistics | French authorities attempting to block Shein website in France

<ul>
<li>Ahold Delhaize’s results came in a bit better than expected, whereby especially the margin development in the US was the main (positive) surprise.</li>
<li>The margin in Europe was flat. Also impressive was the growth in online sales, both in Europe and the US.</li>
<li>The company reiterated its guidance for FY25 and announced a new EUR 1bn share buyback for 2026.</li>
</ul>


Ahold Delhaize’s results came in a bit better than expected, whereby especially the margin development in the US was the main (positive) surprise.
The margin in Europe was flat. Also impressive was the growth in online sales, both in Europe and the US.
The company reiterated its guidance for FY25 and announced a new EUR 1bn share buyback for 2026.


<ul><li>Last week, the local bourse snapped its eight-week winning streak, with the benchmark index slipping 98bps WoW to settle at 154,126.45 points.</li><li>Following suit, the MEP also declined, albeit slower at 95bps WoW, outperforming by a marginal 2bps.</li><li>YtD, the MEP’s return of 52.85% maintains its lead over the benchmark index’s 49.74% by 310bps</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Last week, the local bourse snapped its eight-week winning streak, with the benchmark index slipping 98bps WoW to settle at 154,126.45 points.Following suit, the MEP also declined, albeit slower at 95bps WoW, outperforming by a marginal 2bps.YtD, the MEP’s return of 52.85% maintains its lead over the benchmark index’s 49.74% by 310bpsContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CardinalStone Research - Model Equity Portfolio -  03 November 2025

Nigeria

Unilever Nigeria Plc manufactures and markets consumer products primarily in the home, personal care and foods categories. The Company sells products such as Omo washing powder, Key soap, Royco bouillon, Lipton tea, Blue Band margarine, Pears baby care goods, Vaseline petroleum jelly, Lux soap, and Close Up toothpaste.

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Unilever Nigeria (UNILEVER NL)

What's News in Amsterdam

Dutch Telegraaf newspaper reports that Substrate, a US-based start-up founded in 2022, aims to challenge ASML’s dominance in advanced chip machinery.

The IDEA!

CardinalStone Research - Model Equity Portfolio - 10 November 2025

Last week, the local bourse continued its bearish momentum as the benchmark index depreciated by 2.99% WoW. In a similar fashion, the MEP declined...

CardinalStone

bpost SA - What's New(s) in Amsterdam

In today's edition: • Ahold Delhaize | holding on to our neutral stance despite solid 3Q25 results • KPN | post investor update event...

The IDEA!

What's New(s) in Amsterdam

Ahold Delhaize’s results came in a bit better than expected, whereby especially the margin development in the US was the main (positive) surprise.

The IDEA!

CardinalStone Research - Model Equity Portfolio - 03 November 2025

Last week, the local bourse snapped its eight-week winning streak, with the benchmark index slipping 98bps WoW to settle at 154,126.45 points.

CardinalStone

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52-week Range

Market Cap (USDm)

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