General

General

Documents

Corporate Governance in the Netherlands - the Frijns report Corporate Governance in the Netherlands - the Frijns report

Credit facilities Dutch AEX/AMX stocks Credit facilities Dutch AEX/AMX stocks

Credit facilities Dutch AEX/AMX stocks (annex) Credit facilities Dutch AEX/AMX stocks (annex)

Dutch Pension Funds - alternative for swap rate will boost coverage ratios Dutch Pension Funds - alternative for swap rate will boost coverage ratios

Dutch Pension Funds Rule(s) Dutch Pension Funds Rule(s)

Dutch Pension Funds: average coverage ratio below 100% Dutch Pension Funds: average coverage ratio below 100%

110927 Lehman Brothers’ lows revisited 110927 Lehman Brothers’ lows revisited

No. pages 14
Description

In this report we compare current share prices with the lows that were recorded in March 2009, the Lehman Brothers' lows. We will present a table for the three main equity indices in the Netherlands, the AEX, AMX and ASCX indices. We can execute such a table for any other index or list of stocks upon request.

When the current share prices are compared to the lows that were recorded during the Lehman Brothers' downturn in general the cyclical companies have performed better. On one hand as expected, however, at the eve of a next economic downturn we would have expected that investors would have favored defense stocks over cyclical stocks. In our view this these kinds of defense companies should attract investors' interest in the current economic environment.

Contents
  • Introduction
  • AEX
  • AMX
  • ASCX
  • Conclusion
  • Appendix I
  • Appendix II

141104 Dutch insurers | a brief guide: the 'woekerpolis' affair 141104 Dutch insurers | a brief guide: the 'woekerpolis' affair

 

No. pages 18
Description

In this note, we will give some background information on the so-called ‘woekerpolis’ affair. Three recent events could act as catalysts that could hopefully bring this whole affair to an end and thus deal with one of the biggest uncertainties the Dutch insurers have had to deal with in recent years. Although this solution could possibly require the insurers to take higher provisions, it would at least allow us to make a better assessment of what these companies are really worth.

Contents
  • Brief historic background
  • What makes a policy a 'woekerpolis'?
  • Who are exposed to these claims?
  • Both collectives and individuals claiming compensation
  • All going their separate ways
  • The damage so far
  • Why has this affair flared up again?
  • The situation for the listed insurers
  • So what’s next?
  • Dutch state has an interest too
  • Where does that leave us?

170120 Dutch Housing | strong end to strong year 170120 Dutch Housing | strong end to strong year

No. pages 7
Description

Update on the Dutch housing market in 2016 and read across for BAM Group and Beter Bed Holding

Contents

•  Housing prices and number of transactions both markedly up y-o-y
•  Prospects for 2017 reasonably as well
•  Read across for Beter Bed Holding and BAM Group

170121 Dutch Food Retail | market shares and inflation 170121 Dutch Food Retail | market shares and inflation

No. pages 5
Description

Update on the Dutch food retail market shares and inflation and read across for AholdDelhaize and Sligro Food Group

Contents
  • Market share gains for banners of AH, Jumbo and Lidl whilst Aldi lost share
  • 2016 was a reasonable year at industry level
  • What about 2017?
  • Seemingly inflation and supermarket pricing will increase somewhat
  • Some moderate inflation - which we expect - is a positive for supermarkets
  • We like AholdDelhaize

 

 

170209 Dutch General Elections | the bigger risk lies in the formation period 170209 Dutch General Elections | the bigger risk lies in the formation period

No. pages 15
Description

With the Dutch general elections coming up on March 15th, the question that has kept many busy is whether Mr Geert Wilders could become the first populist PM of a Western European country. In this report, we will explain the Dutch parliamentary system and try to shed some light on what to expect for the upcoming elections and thereafter

Contents
  •  Summary and Conclusions
  • The Netherlands first
  • Two 'chambers'
  • Political stability not what it used to be
  • Current composition of both 'chambers'
  • Fragmentation to continue
  • What are the polls telling us?
  • 60% still not sure what to vote
  • Prime time media debates expected to provide more clarity
  • Difficult to predict new coalition
  • Formation could be long and complicated
  • The bigger number of coalition parties, the less stable it may be
  • Wilders not the biggest risk factor; what will happen during the formation is

 

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