Added to YB: 2026-09-03
Pitch date: 2026-09-01
HAL.AS [bullish]
HAL Trust
+1.37%
current return
Author Info
Andrew Brown manages Dynasty Trust - a wholesale unit trust investing ONLY in public companies with controlling shareholders. Sign up for the newsletter.
Company Info
HAL Trust, together with its subsidiaries, operates through multi-sectors in Asia, the Middle East, the Netherlands, the United States, Canada, and internationally.
Market Cap
EUR 14.6B
Pitch Price
EUR 160.20
Price Target
228.00 (+40%)
Dividend
2.17%
EV/EBITDA
5.13
P/E
10.20
EV/Sales
1.32
Sector
Financial Services
Category
value
HAL Trust - $HAL.AS
HAL.AS: HAL Trust trades at €161, a 30% discount to a €228 sum-of-the-parts estimate and below stated NAV of €180.23, which itself appears conservative: Boskalis is carried at €5.3 billion versus an estimated €8 billion, while Vopak trades below transaction multiples. The key risk is Boskalis’s cyclicality after first-half EBITDA fell 26% amid slower contracting and limited high-margin salvage work.
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