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: • SBM Offshore | signs contracts for two FPSOs (SEAP I and II) for Petrobras • Universal Music Group | to reject merger proposal submitted by Pershing Square • CSG | to pursue stake in KNDS</li></ul>

In this edition: • SBM Offshore | signs contracts for two FPSOs (SEAP I and II) for Petrobras • Universal Music Group | to reject merger proposal submitted by Pershing Square • CSG | to pursue stake in KNDS

What's New(s) in Amsterdam - 1 June (SBM Offshore | Universal Music Group | CSG)

<ul><li>In this edition: • Adyen | CFO Ethan Tandowsky to step down • Aegon | agreement with Vereniging Aegon; proposal for US-aligned governance framework • Ahold Delhaize | TikTok to launch social commerce in Belgium • KPN | announces strategic alliance with STACKIT in sovereign cloud services • Universal Music Group | Bolloré rejects takeover attempt of Pershing Square • Bnode | bpost and the unions appear close long-awaited collective labour agreement • E-commerce & Logistics | Ceconomy deal investigation based on consumer data protection</li></ul>

In this edition: • Adyen | CFO Ethan Tandowsky to step down • Aegon | agreement with Vereniging Aegon; proposal for US-aligned governance framework • Ahold Delhaize | TikTok to launch social commerce in Belgium • KPN | announces strategic alliance with STACKIT in sovereign cloud services • Universal Music Group | Bolloré rejects takeover attempt of Pershing Square • Bnode | bpost and the unions appear close long-awaited collective labour agreement • E-commerce & Logistics | Ceconomy deal investigation based on consumer data protection

Koninklijke Ahold Delhaize NV / Equity Bottom-Up

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<li>Ahold Delhaize | Lidl main beneficiary of shift in consumer behaviour on rising fuel costs Accurat’s location-based footfall analysis of the Dutch supermarkets (weeks 6–13) reveals an immediate, measurable shift in consumer behaviour following the first energy-price shock linked to the Iran conflict.</li>
<li>Discount formats have gained ground at the expense of the mid-to-high price segment: Lidl has emerged as the clear national winner in visitor share, Aldi has posted modest gains, and Jumbo has remained stable.</li>
<li>Albert Heijn recorded the sharpest decline, losing the largest number of customers primarily to Lidl, with secondary leakage to Aldi and Jumbo. Plus and Dirk also ceded traffic to Lidl.</li>
</ul>


Ahold Delhaize | Lidl main beneficiary of shift in consumer behaviour on rising fuel costs Accurat’s location-based footfall analysis of the Dutch supermarkets (weeks 6–13) reveals an immediate, measurable shift in consumer behaviour following the first energy-price shock linked to the Iran conflict.
Discount formats have gained ground at the expense of the mid-to-high price segment: Lidl has emerged as the clear national winner in visitor share, Aldi has posted modest gains, and Jumbo has remained stable.
Albert Heijn recorded the sharpest decline, losing the largest number of customers primarily to Lidl, with secondary leakage to Aldi and Jumbo. Plus and Dirk also ceded traffic to Lidl.


<ul><li>In this edition: • Unilever | nearing an agreement to merge its food division with McCormick • Universal Music Group | announces EUR 500m share buyback program • Dutch CPI | up at 2.7% in March based on the flash estimate</li></ul>

In this edition: • Unilever | nearing an agreement to merge its food division with McCormick • Universal Music Group | announces EUR 500m share buyback program • Dutch CPI | up at 2.7% in March based on the flash estimate

What's News in Amsterdam - 31 March (Unilever | Universal Music Group | Dutch CPI)

<ul><li>In this edition: • Universal Music Group | acquisition of Downtown Music likely to be blocked • Arcadis | enters into new 5-year framework agreement with Shell • PostNL | ACM raises concerns on proposed amendments Postal Act • E-commerce & Logistics | strong increase in peak season parcel volumes expected • Havas | denies being in talks with WPP on a possible takeover</li></ul>

In this edition: • Universal Music Group | acquisition of Downtown Music likely to be blocked • Arcadis | enters into new 5-year framework agreement with Shell • PostNL | ACM raises concerns on proposed amendments Postal Act • E-commerce & Logistics | strong increase in peak season parcel volumes expected • Havas | denies being in talks with WPP on a possible takeover

What's News in Amsterdam - 19 November (UMG | Arcadis | PostNL | Havas | E-commerce & Logistics)

Netherlands

Universal Music Group N.V. operates as an entertainment company. The Company produces and distributes music contents. Universal Music Group serves customers worldwide.

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Universal Music Group NV (UMG NA)

What's New(s) in Amsterdam - 1 June (SBM Offshore | Universal Music Group | CSG)

In this edition: • SBM Offshore | signs contracts for two FPSOs (SEAP I and II) for Petrobras • Universal Music Group | to reject merger proposal...

The IDEA!

What's New(s) in Amsterdam 28 May (Adyen | Aegon | Ahold Delhaize | KPN | Universal Media Group | Bnode | E-commerce & Logistics)

In this edition: • Adyen | CFO Ethan Tandowsky to step down • Aegon | agreement with Vereniging Aegon; proposal for US-aligned governance...

The IDEA!

What's News in Amsterdam

Albert Heijn recorded the sharpest decline, losing the largest number of customers primarily to Lidl, with secondary leakage to Aldi and Jumbo....

The IDEA!

What's News in Amsterdam - 31 March (Unilever | Universal Music Group | Dutch CPI)

In this edition: • Unilever | nearing an agreement to merge its food division with McCormick • Universal Music Group | announces EUR 500m share...

The IDEA!

What's News in Amsterdam - 19 November (UMG | Arcadis | PostNL | Havas | E-commerce & Logistics)

In this edition: • Universal Music Group | acquisition of Downtown Music likely to be blocked • Arcadis | enters into new 5-year framework...

The IDEA!

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