HAL Trust: Still Trading At A Discount

Unlocking Value: HAL Trust's Hidden Potential

Assessing HAL Trust's NAV Per Share: A Snapshot at Year-End 2025

As of December 31, 2025, HAL Trust's Net Asset Value (NAV) per share, derived from the market value of its publicly traded assets, stood at €181.84. This figure provides a foundational understanding of the company's underlying worth based on its listed portfolio.

Significant Growth in Listed Holdings: Q1 2026 Performance Analysis

Between the close of the calendar year and March 31, 2026, HAL Trust experienced a notable appreciation in the market value of its listed holdings. These assets collectively increased by 21.4%, equating to a gain of €1,029 million, or an additional €11.39 per share. This growth underscores the positive momentum within its publicly traded investments.

Comprehensive Valuation: March 2026 NAV Including Atlas Divestment

A thorough valuation as of March 31, 2026, incorporates the potential proceeds from a divestment of Atlas. This holistic approach projects a full value per share nearing €255, translating to an estimated total company value of approximately €23 billion. This suggests a significant intrinsic value beyond the current market price.

Market Discrepancy: HAL Trust's End-Quarter Price vs. Intrinsic Value

Despite the calculated intrinsic value, HAL Trust's quarter-end share price of €173.60 indicates a substantial discount of 32%. This disparity highlights a potential undervaluation by the market, suggesting an attractive entry point for investors seeking long-term value.

Performance of Unlisted Businesses: Insights from Boskalis and Others

HAL Trust's unlisted businesses, which include key entities like Boskalis, are currently trading at an attractive Enterprise Value to Earnings Before Interest, Taxes, Depreciation, and Amortization (EV/EBITA) multiple of around 7x. Furthermore, these businesses demonstrated an 11% profit growth in the past year, indicating robust operational performance and contributing positively to the overall intrinsic value of the Trust.