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>AkzoNobel NV (“ANNV”) has requested the Board of Directors of Akzo Nobel India Ltd to consider, evaluate and start taking exploratory steps towards a potential sale of the company's powder coatings business and its international research centre (R&amp;D operations) to a separate indirect wholly owned subsidiary of ANNV, the company said in a regulatory filing.</li>
<li>Besides, Akzo Nobel India has asked to explore the potential acquisition of decorative paints intellectual properties owned by ANNV, the company added.</li>
<li>"The Board of Directors of the Akzo Nobel India, at its meeting held on January 6, 2025, took note of the above said and authorized the company's management to commence exploratory steps as may be required to evaluate and examine the aforesaid potential transactions," the filing said.</li>
</ul>


AkzoNobel NV (“ANNV”) has requested the Board of Directors of Akzo Nobel India Ltd to consider, evaluate and start taking exploratory steps towards a potential sale of the company's powder coatings business and its international research centre (R&amp;D operations) to a separate indirect wholly owned subsidiary of ANNV, the company said in a regulatory filing.
Besides, Akzo Nobel India has asked to explore the potential acquisition of decorative paints intellectual properties owned by ANNV, the company added.
"The Board of Directors of the Akzo Nobel India, at its meeting held on January 6, 2025, took note of the above said and authorized the company's management to commence exploratory steps as may be required to evaluate and examine the aforesaid potential transactions," the filing said.


What's News in Amsterdam - 7 January 2025

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Discounts to NAV of covered holdcos mainly tightened during 2024. Discounts to NAV: C.F.Alba, 11.8% (vs. 50.8% as of Y/E 2023); GBL, 40.9% (vs. 37.4%); Heineken Holding, 15.8% (vs. 16.7%);</li>
<li>Industrivärden C, 5.5% (vs. 5.5%); Investor B, 4.5% (vs. 12.8%); Porsche Automobile Holding, 32.2% (vs. 36.6%). Rio DLC spread tightened to 23% (vs. 24.2%).</li>
<li>What seems interesting (unchanged views): Porsche SE vs. listed assets and the Rio DLC (long RIO LN/short RIO AU).</li>
</ul>


Discounts to NAV of covered holdcos mainly tightened during 2024. Discounts to NAV: C.F.Alba, 11.8% (vs. 50.8% as of Y/E 2023); GBL, 40.9% (vs. 37.4%); Heineken Holding, 15.8% (vs. 16.7%);
Industrivärden C, 5.5% (vs. 5.5%); Investor B, 4.5% (vs. 12.8%); Porsche Automobile Holding, 32.2% (vs. 36.6%). Rio DLC spread tightened to 23% (vs. 24.2%).
What seems interesting (unchanged views): Porsche SE vs. listed assets and the Rio DLC (long RIO LN/short RIO AU).


Selected European HoldCos and DLC: 2024 Report

Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

Equity, Bottom-up Analyst

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

Equity Bottom-Up

Multi Bintang Indonesia / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/multi-bintang-indonesia-pt" target="_blank" data-smartkarma-citation="entities:11651:1" rel="noopener">Multi Bintang Indonesia (MLBI IJ)</a> experienced a massive inflection in its revenue with 21.9%/35% revenue/net profit growth as we approach the Q4 high season. </li>
<li>Earlier, parent <a href="https://www.smartkarma.com/entities/heineken-nv" target="_blank" data-smartkarma-citation="entities:21117:1" rel="noopener">Heineken NV (HEIA NA)</a> <a href="https://www.smartkarma.com/entities/heineken-holding-nv" target="_blank" data-smartkarma-citation="entities:21118:1" rel="noopener"></a> had flagged in its H1 2024 report that Indonesia was experiencing double-digit growth following excise duties implemented in January 2024.</li>
<li>Trading at 11.5x FY24/net cash with &gt;8% dividend yield and historical ROCEs averaging over 80%, we see a turning point in the share price now. </li>
</ul>



Multi Bintang Indonesia (MLBI IJ) experienced a massive inflection in its revenue with 21.9%/35% revenue/net profit growth as we approach the Q4 high season. 
Earlier, parent Heineken NV (HEIA NA)  had flagged in its H1 2024 report that Indonesia was experiencing double-digit growth following excise duties implemented in January 2024.
Trading at 11.5x FY24/net cash with &gt;8% dividend yield and historical ROCEs averaging over 80%, we see a turning point in the share price now. 


Multi Bintang (MLBI IJ): Massive Inflection in Q3 FY24 with Double Digit Growth !!

Analyst

Steve

China Resources Beer Holdings / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/china-resources-beer-holdings" target="_blank" data-smartkarma-citation="entities:399:1" rel="noopener">China Resources Beer Holdings (291 HK)</a> is a USD21bn red-chip company, and the largest beer company in China in terms of sales volume.</li>
<li>The company is a perfect fit for the GARP (growth at a reasonable price) strategy, and visibility in earnings is also high for the next 3-5 years.</li>
<li>Weak sentiment in H-share stocks and in overall China macro/consumption numbers provide a good entry opportunity for the stock.  </li>
</ul>



China Resources Beer Holdings (291 HK) is a USD21bn red-chip company, and the largest beer company in China in terms of sales volume.
The company is a perfect fit for the GARP (growth at a reasonable price) strategy, and visibility in earnings is also high for the next 3-5 years.
Weak sentiment in H-share stocks and in overall China macro/consumption numbers provide a good entry opportunity for the stock.  


China Resources Beer (291 HK):  High Visibility; Steady Growth; Reasonable Valuation

<ul><li>In this edition: • Philips/Unilever/AkzoNobel/Heineken/Signify | Chinese leaders have changed their stance on monetary policy • Aalberts | commits to FY26 objectives and launches FY30 objectives • Havas | Vivendi shareholders support demerger plan • Dutch banking sector | Volksbank to take charge of EUR 360m this year</li></ul>

In this edition: • Philips/Unilever/AkzoNobel/Heineken/Signify | Chinese leaders have changed their stance on monetary policy • Aalberts | commits to FY26 objectives and launches FY30 objectives • Havas | Vivendi shareholders support demerger plan • Dutch banking sector | Volksbank to take charge of EUR 360m this year

What's News in Amsterdam - 10 December (Philips/Unilever/AkzoNobel/Heineken/Signify | Aalberts | Havas | Dutch banking sector)

Netherlands

Heineken NV produces and distributes beverages internationally. The Company produces beers, spirits, wines, and soft drinks under various brand names.

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Heineken NV (HEIA NA)

What's News in Amsterdam - 7 January 2025

AkzoNobel | intends to maintain active in powder coatings only in India • Heineken | market share in the Netherlands under pressure • Fagron |...

The IDEA!

Selected European HoldCos and DLC: 2024 Report

Discounts to NAV of covered holdcos mainly tightened during 2024. What seems interesting (unchanged views): Porsche SE vs. listed assets and the...

Jesus Rodriguez Aguilar

Multi Bintang (MLBI IJ): Massive Inflection in Q3 FY24 with Double Digit Growth !!

We summarise the superb Multibintang (MLBI IJ) results—trading at 11.4x FY24 with a >8% dividend yield and a 10-year average ROCE>80%; this is a...

Sameer Taneja

China Resources Beer (291 HK): High Visibility; Steady Growth; Reasonable Valuation

A stock with strong growth, reasonable valuation, and high visibility for the next three to five years, in one of the best consumer sectors in...

Steve

What's News in Amsterdam - 10 December (Philips/Unilever/AkzoNobel/Heineken/Signify | Aalberts | Havas | Dutch banking sector)

In this edition: • Philips/Unilever/AkzoNobel/Heineken/Signify | Chinese leaders have changed their stance on monetary policy • Aalberts | commits...

The IDEA!

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