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 | strong finish of the year in income; costs inflated by incidentals • Ahold Delhaize | strong performance Europe, US disappoints; outlook no surprises • Heineken | clear beat of market expectations; EUR 1.5bn share buyback • Randstad | challenging trading conditions resulting in additional write-downs, impairments and integration costs – proposes its floor dividend • Shell | Milieudefensie turns to Dutch Supreme Court in climate case</li></ul>

In this edition: • ABN Amro | strong finish of the year in income; costs inflated by incidentals • Ahold Delhaize | strong performance Europe, US disappoints; outlook no surprises • Heineken | clear beat of market expectations; EUR 1.5bn share buyback • Randstad | challenging trading conditions resulting in additional write-downs, impairments and integration costs – proposes its floor dividend • Shell | Milieudefensie turns to Dutch Supreme Court in climate case

Randstad Holding NV - What's News in Amsterdam

<ul><li>In this edition: • Randstad Holding | to become a digital-first talent company • Signify | reiterates FY25 outlook • Alfen | to build 100MW/200MWh BESS for Return</li></ul>

In this edition: • Randstad Holding | to become a digital-first talent company • Signify | reiterates FY25 outlook • Alfen | to build 100MW/200MWh BESS for Return

What's New(s) in Amsterdam - 25 April (Randstad Holding | Signify | Alfen)

<ul><li>In today's edition: • AkzoNobel | no major surprises, yet slightly improving underlying trends • BE Semiconductor Industries | order intake remains depressed • Randstad | modest beat of consensus – valuation at attractive level due to share price decline • Corbion | strongly beating consensus – reiterates FY25 guidance • Corbion | another letter from Inclusive Capital • InPost | signs multi-year contact with Vinted • Just Eat TakeAway.com | reiterates FY25 guidance, expects offer to commence in 2Q25 • PostNL/DHL | DHL deploys first APMs at Praxis DIY stores • Corporate agenda | week 17 - 21</li></ul>

In today's edition: • AkzoNobel | no major surprises, yet slightly improving underlying trends • BE Semiconductor Industries | order intake remains depressed • Randstad | modest beat of consensus – valuation at attractive level due to share price decline • Corbion | strongly beating consensus – reiterates FY25 guidance • Corbion | another letter from Inclusive Capital • InPost | signs multi-year contact with Vinted • Just Eat TakeAway.com | reiterates FY25 guidance, expects offer to commence in 2Q25 • PostNL/DHL | DHL deploys first APMs at Praxis DIY stores • Corporate agenda | week 17 - 21

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/outsourcing-inc" target="_blank" data-smartkarma-citation="entities:7431:1" rel="noopener">Outsourcing Inc (2427 JP)</a> announced that the pre-condition was satisfied, and Bain’s tender offer remains unchanged at JPY1,755 per share, a 52.1% premium to the undisturbed (8 December).</li>
<li>Shareholders will breathe a sigh of relief as the weak 4Q and significant impairments have raised concerns that Bain would cut its offer or walk away.</li>
<li>The offer attractiveness has increased partly due to lower consensus. At the last close and for a 3 April payment, the gross/annualised spread is 2.0%/22.8%.</li>
</ul>



Outsourcing Inc (2427 JP) announced that the pre-condition was satisfied, and Bain’s tender offer remains unchanged at JPY1,755 per share, a 52.1% premium to the undisturbed (8 December).
Shareholders will breathe a sigh of relief as the weak 4Q and significant impairments have raised concerns that Bain would cut its offer or walk away.
The offer attractiveness has increased partly due to lower consensus. At the last close and for a 3 April payment, the gross/annualised spread is 2.0%/22.8%.


Outsourcing (2427 JP): Relief as Bain Launches Tender at Unchanged Terms

<ul>
<li>
<a href="https://www.smartkarma.com/entities/outsourcing-inc" target="_blank" data-smartkarma-citation="entities:7431:1" rel="noopener">Outsourcing Inc (2427 JP)</a> has disclosed a weak 4Q materially below guidance due to cost overruns and JPY6,875 million in impairments. The results did not provide an update on Bain's tender.</li>
<li>The weak 4Q has raised concerns that Bain would reconsider terms. Our take is that the results will not warrant a change in the DCF valuation or breach a pre-condition. </li>
<li>Bain is likely to consider the results a reflection of near-term industry weakness rather than company-specific issues. The annualised spread for a March-end completion is 9.8%.</li>
</ul>



Outsourcing Inc (2427 JP) has disclosed a weak 4Q materially below guidance due to cost overruns and JPY6,875 million in impairments. The results did not provide an update on Bain's tender.
The weak 4Q has raised concerns that Bain would reconsider terms. Our take is that the results will not warrant a change in the DCF valuation or breach a pre-condition. 
Bain is likely to consider the results a reflection of near-term industry weakness rather than company-specific issues. The annualised spread for a March-end completion is 9.8%.


Outsourcing (2427 JP): The Weak 4Q Unlikely to Deter Bain

Netherlands

Randstad Holding nv provides temporary employees.  The Company places workers for temporary assignments in educational, secretarial and banking, information technology, engineering, and finance positions.  The Company operates primarily in the Benelux countries, Germany, Canada, Denmark, France, Italy, Portugal, Spain, the United Kingdom, Switzerland, and the United States.

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Randstad Holding Nv (RAND NA)

Randstad Holding NV - What's News in Amsterdam

In this edition: • ABN Amro | strong finish of the year in income; costs inflated by incidentals • Ahold Delhaize | strong performance Europe, US...

The IDEA!

What's New(s) in Amsterdam - 25 April (Randstad Holding | Signify | Alfen)

In this edition: • Randstad Holding | to become a digital-first talent company • Signify | reiterates FY25 outlook • Alfen | to build...

The IDEA!

Akzo Nobel NV - What's News in Amsterdam

In today's edition: • AkzoNobel | no major surprises, yet slightly improving underlying trends • BE Semiconductor Industries | order intake...

The IDEA!

Outsourcing (2427 JP): Relief as Bain Launches Tender at Unchanged Terms

Shareholders will breathe a sigh of relief at the unchanged terms. At the last close and for a 3 April payment, the gross/annualised spread is 2.0%...

Arun George

Outsourcing (2427 JP): The Weak 4Q Unlikely to Deter Bain

Our take is that the results will not warrant a change in the IFA's DCF valuation or breach a pre-condition, suggesting Bain maintains terms. The...

Arun George

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