Continuing with my journey to replace some low yielding VXUS with international dividend (growth) stocks. Looked at some Dutch companies with the MSCI Netherlands as my universe.
This is the shortlist I came up with:
- Koninklijke Ahold Delhaize (AD:NL)
NN Group (NN:NL)
After looking at them in more detail in FASTgraphs, especially the cash flows, I decided to ditch this company from the short list. Maybe someone with more Financials knowledge would know better- Wolters Kluwer (WKL:NL)
- Royal Vopak (VPK:NL)
If you’re interested in some FASTgraphs for these companies, see below. If you have opinions on these companies, please share.
If you have any other GB or NL stocks that fit my criteria (see footnote $ of my previous post), feel free to throw them also into the ring (of fire 
).
Koninklijke Ahold Delhaize NV engages in the management and operation of supermarkets and e-commerce business.
FASTgraphs
Adjusted (Operating) Earnings:
Earnings forecasting:
FCF forecasting:
Sales:
Dividend coverage (half-yearly dividend payouts):
Shares Outstanding:
FASTgraphs scores:
This mostly looks like worth further exploring to me:
- growing earnings
- growing dividends (11.7% CAGR); technically two cuts since the dividend was initiated in May 2008 (sic!), but if you look at the line from 2018 to 2021 it looks to me that they were a bit overzealous with their dividend hike in 2019 and corrected things in 2020 and 2021 to bring things back in line
- their FCF is supposed to shrink quite a bit. According to Gemini it’s because of
- US Restructuring: their Stop & Shop brand there apparently needs refreshment
- heightened digital & automation CapEx (probably a good idea?)
- margin compression from consumer downshifting due to inflation
Sounds all like defensive spending versus some acquisition folly, so probably ok.
- a little high on debt but a great BBB+ credit rating and sufficient cash flow to service the debt
NN Group NV is a financial services company, which engages in providing retirement services, pensions, insurance, banking, and investments.
FASTgraphs
Adjusted (Operating) Earnings:
Dividend coverage (half-yearly dividend payouts):
Operating cash flow looks equally bad and I stopped digging further at this point. I also don’t really know enough about Financials to judge whether this can actually easily be explained.
It’s easier to stick to businesses that I have a better chance of understanding than to dig deeper here … there’s no extra points granted in investing for picking difficult or complicated businesses. 
Wolters Kluwer NV engages in the provision of information, software solutions, and services for professionals in the health, tax and accounting, finance, risk and compliance, and legal sectors.
FASTgraphs
Adjusted (Operating) Earnings:
FCF vs Dividend:
Earnings forecasting:
FCF forecasting:
Sales:
Dividend coverage (half-yearly dividend payouts):
Shares Outstanding:
This mostly looks like worth further exploring to me:
- growing earnings
- growing dividends (8% CAGR); technically one cut in 2016 … ok, fine
- their FCF is supposed to shrink quite a bit. According to Gemini it’s because of
- massive ramp-up in AI and product spending
- higher net financing costs (share buybacks, debt servicing)
Sounds all ok to me.
Royal Vopak NV operates as an independent tank storage company.
FASTgraphs
Operating Cash Flow:
OCF forecasting:
Sales:
Shares outstanding:
This mostly looks like worth further exploring to me:
- growing OCF
- growing dividends (9.7% CAGR); no cuts