Financials HAL Trust

Equities

Market Closed - Euronext Amsterdam Other stock markets 09:05:18 27/06/2024 pm IST			After market 12:52:51 am
113 ^EUR	0.00%		113.2	+0.18%

16/05	HAL TRUST : Q1-2024: NAV growth in full swing
28/03	HAL TRUST : FY-23: Outstanding results, Hal Trust back in the spotlight?

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	12,009	9,984	12,638	10,631	10,282	10,209	-	-
Enterprise Value (EV) ¹	14,040	12,642	10,882	11,339	10,282	8,891	7,750	10,209
P/E ratio	17.9 x	15.7 x	2.94 x	16.3 x	10.2 x	9.28 x	9.5 x	-
Yield	4.03%	2.01%	3.91%	4.17%	-	2.43%	2.43%	2.52%
Capitalization / Revenue	2.13 x	1.78 x	1.13 x	0.96 x	0.79 x	0.79 x	0.75 x	-
EV / Revenue	2.49 x	2.26 x	0.97 x	1.03 x	0.79 x	0.69 x	0.57 x	-
EV / EBITDA	9.31 x	10.2 x	2.09 x	4.64 x	3.5 x	3.18 x	2.83 x	-
EV / FCF	15.1 x	11.7 x	14.4 x	20.8 x	-	4.45 x	4.18 x	-
FCF Yield	6.62%	8.56%	6.96%	4.8%	-	22.5%	23.9%	-
Price to Book	0.88 x	1.25 x	1.02 x	0.82 x	-	0.74 x	0.72 x	-
Nbr of stocks (in thousands)	88,544	88,544	88,550	88,593	90,352	90,344	-	-
Reference price ²	135.6	112.8	142.7	120.0	113.8	113.0	113.0	113.0
Announcement Date	26/03/20	30/03/21	30/03/22	29/03/23	27/03/24	-	-	-

¹EUR in Million²EUR

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	5,645	5,603	11,196	11,043	13,058	12,939	13,625	-
EBITDA ¹	1,509	1,235	5,208	2,446	2,934	2,795	2,741	-
EBIT ¹	966.2	693	4,465	806.9	1,603	1,750	1,669	-
Operating Margin	17.12%	12.37%	39.88%	7.31%	12.28%	13.53%	12.25%	-
Earnings before Tax (EBT)	696.9	-	-	-	-	-	-	-
Net income ¹	665.5	628.5	4,270	646.8	1,000	1,103	1,076	-
Net margin	11.79%	11.22%	38.14%	5.86%	7.66%	8.52%	7.9%	-
EPS ²	7.592	7.189	48.58	7.370	11.17	12.18	11.89	-
Free Cash Flow ¹	929.4	1,082	757.3	544	-	1,999	1,852	-
FCF margin	16.46%	19.3%	6.76%	4.93%	-	15.45%	13.6%	-
FCF Conversion (EBITDA)	61.61%	87.59%	14.54%	22.24%	-	71.52%	67.58%	-
FCF Conversion (Net income)	139.65%	172.09%	17.73%	84.11%	-	181.23%	172.17%	-
Dividend per Share ²	5.463	2.265	5.580	5.000	-	2.745	2.745	2.850
Announcement Date	26/03/20	30/03/21	30/03/22	29/03/23	27/03/24	-	-	-

¹EUR in Million²EUR

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	2,031	2,658	-	708	-	-	-
Net Cash position ¹	-	-	1,756	-	-	1,318	2,459
Leverage (Debt/EBITDA)	1.346 x	2.152 x	-	0.2894 x	-	-	-
Free Cash Flow ¹	929	1,082	757	544	-	1,999	1,853
ROE (net income / shareholders' equity)	8.57%	7.85%	41.8%	3.42%	-	8%	7.7%
ROA (Net income/ Total Assets)	3.67%	-	-	-	-	-	-
Assets ¹	18,117	-	-	-	-	-	-
Book Value Per Share ²	155.0	89.90	140.0	147.0	-	152.0	157.0
Cash Flow per Share	21.50	-	-	-	-	-	-
Capex ¹	953	856	731	895	-	248	253
Capex / Sales	16.88%	15.28%	6.53%	8.1%	-	1.91%	1.86%
Announcement Date	26/03/20	30/03/21	30/03/22	29/03/23	27/03/24	-	-

¹EUR in Million²EUR

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

113 EUR

Average target price

141.3 EUR

Spread / Average Target

+25.07%

	1st Jan change	Capi.
HAL TRUST	-0.70%	1.09TCr
INVESTOR AB	+23.89%	8.36TCr
INVESTMENT AB LATOUR	+9.80%	1.74TCr
KOÇ HOLDING	+58.32%	1.68TCr
AB INDUSTRIVÄRDEN	+8.97%	1.46TCr
L E LUNDBERGFÖRETAGEN AB	-3.87%	1.23TCr
BAJAJ HOLDINGS & INVESTMENT LIMITED	+10.13%	1.13TCr
SK SQUARE CO., LTD.	+94.30%	988.29Cr
MERITZ FINANCIAL GROUP INC.	+28.43%	985.43Cr
GROUPE BRUXELLES LAMBERT SA	-5.93%	923.82Cr