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: • 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)

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.

Universal Music Group NV / Equity Bottom-Up

<ul>
<li>Universal Music Group (UMG) presented a strong financial performance for Q1 2025, with revenues increasing by 9.5% and adjusted EBITDA rising by 10%.</li>
<li>The company's global expansion and its implementation of initiatives like Streaming 2.0 and responsible AI strategies have been highlighted as key contributors to this growth.</li>
<li>In particular, the 9.3% growth in subscription revenue showed broad geographical diversification, with significant gains across developed markets such as the U.S. and Japan, as well as burgeoning markets such as China and Mexico.</li>
</ul>


Universal Music Group (UMG) presented a strong financial performance for Q1 2025, with revenues increasing by 9.5% and adjusted EBITDA rising by 10%.
The company's global expansion and its implementation of initiatives like Streaming 2.0 and responsible AI strategies have been highlighted as key contributors to this growth.
In particular, the 9.3% growth in subscription revenue showed broad geographical diversification, with significant gains across developed markets such as the U.S. and Japan, as well as burgeoning markets such as China and Mexico.


Universal Music Group - Why Vinyl’s Comeback Could Rewrite UMG’s Streaming Story!

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Vivendi executed a landmark three-way spin-off in December 2024, <em>aiming</em> (but not succeeding) to eliminate its conglomerate discount and unlock shareholder value by listing Canal+, Havas, and Louis Hachette separately.</li>
<li>Following Telecom Italia's strategic unwinding, Vivendi incurred over €2 billion in losses but recovered nearly €1 billion in cash through divestments, highlighting its shift toward portfolio streamlining and deleveraging.</li>
<li>Vivendi now operates as a focused investment holding with UMG comprising over 60% of its asset base, but high concentration and equity beta expose the group to significant portfolio risk.</li>
</ul>


Vivendi executed a landmark three-way spin-off in December 2024, aiming (but not succeeding) to eliminate its conglomerate discount and unlock shareholder value by listing Canal+, Havas, and Louis Hachette separately.
Following Telecom Italia's strategic unwinding, Vivendi incurred over €2 billion in losses but recovered nearly €1 billion in cash through divestments, highlighting its shift toward portfolio streamlining and deleveraging.
Vivendi now operates as a focused investment holding with UMG comprising over 60% of its asset base, but high concentration and equity beta expose the group to significant portfolio risk.


Initiating Coverage Of "New" Vivendi, Latest Portfolio Disposals

Mostly Borrowed Ideas Deep Dives, MBI Deep Dives

MBI Deep Dives

Mostly Borrowed Ideas Deep Dives

MBI is the abbreviation for “Mostly Borrowed Ideas”. Why “Mostly Borrowed Ideas?” As a generalist, I do not have a background in any particular sector. I enjoy navigating across industries, businesses, and countries to learn, understand, and connect the dots. In any case, most ideas and innovations are incremental in nature. Very few of us are smart enough to come up with truly original or groundbreaking ideas. I am Abdullah Al-Rezwan. I was born and brought up in Bangladesh. I went to University of Dhaka for my undergrad and majored in Finance. After working three and half years in Equity Research (Sell-side) covering Financial Sector in Bangladesh, I left Bangladesh to pursue my MBA in the US. I graduated within top 10% of the class from Cornell University's two-year MBA program and worked on the buy-side following my graduation. During my time at Cornell, I won two stock pitch competitions and also became finalists in four other competitions. I thoroughly enjoyed my stint as a generalist in the US large cap team at Madison Investments and covered a wide range of companies from UnitedHealth to Amazon and Boeing before US immigration reality paused my career in investment management. As my work authorization expired, I moved to Canada in January, 2021. Then in early 2022, I was able to return to the US.

<ul><li>While music clearly leaves an indelible effect on most of our lives, it has not been easy for capitalism to capture the value created by music.</li><li>In 1999, global recorded music industry generated $22.2 Billion revenue; it took another two decades for the industry to surpass that number!</li><li>Even though revenue in nominal dollars finally exceeded the former peak revenue in 1999 by the end of 2021, on an inflation-adjusted per capita basis consumers today spend almost half of what they used to spend on recorded music in 1999.</li></ul>

While music clearly leaves an indelible effect on most of our lives, it has not been easy for capitalism to capture the value created by music.In 1999, global recorded music industry generated $22.2 Billion revenue; it took another two decades for the industry to surpass that number!Even though revenue in nominal dollars finally exceeded the former peak revenue in 1999 by the end of 2021, on an inflation-adjusted per capita basis consumers today spend almost half of what they used to spend on recorded music in 1999.

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 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!

Universal Music Group - Why Vinyl’s Comeback Could Rewrite UMG’s Streaming Story!

Universal Music Group (UMG) presented a strong financial performance for Q1 2025, with revenues increasing by 9.5% and adjusted EBITDA rising by 10%.

Baptista Research

Initiating Coverage Of "New" Vivendi, Latest Portfolio Disposals

Vivendi's three-way spin-off aimed to eliminate conglomerate discount, but incurred losses and shifted focus to portfolio streamlining with UMG as...

Jesus Rodriguez Aguilar

UMG: The Sound of Music

While music clearly leaves an indelible effect on most of our lives, it has not been easy for capitalism to capture the value created by music.

MBI Deep Dives

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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!

Universal Music Group - Why Vinyl’s Comeback Could Rewrite UMG’s Streaming Story!

Universal Music Group (UMG) presented a strong financial performance for Q1 2025, with revenues increasing by 9.5% and adjusted EBITDA rising by 10%.

Baptista Research

Initiating Coverage Of "New" Vivendi, Latest Portfolio Disposals

​Vivendi's three-way spin-off aimed to eliminate conglomerate discount, but incurred losses and shifted focus to portfolio streamlining with UMG as...

Jesus Rodriguez Aguilar

UMG: The Sound of Music

While music clearly leaves an indelible effect on most of our lives, it has not been easy for capitalism to capture the value created by music.

MBI Deep Dives

Vivendi's three-way spin-off aimed to eliminate conglomerate discount, but incurred losses and shifted focus to portfolio streamlining with UMG as...