Company Valuation: HAL Trust

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 12,638 10,631 10,282 10,428 12,776 15,082 - -
Change - -15.88% -3.28% 1.42% 22.52% 18.06% - -
Enterprise Value (EV) 1 10,882 11,339 10,533 10,531 12,732 16,450 16,456 16,059
Change - 4.2% -7.11% -0.02% 20.89% 29.21% 0.04% -2.41%
P/E 2.94x 16.3x 10.2x 8.62x 8x 12.1x 14.3x 11.6x
PBR 1.02x 0.82x 0.75x 0.71x 0.82x 1.03x 1.01x 0.97x
PEG - -0.2x 0.2x 0.4x 0.2x -0.5x -1x 0.5x
Capitalization / Revenue 1.13x 0.96x 0.79x 0.8x 0.95x 1.15x 1.13x 1.13x
EV / Revenue 0.97x 1.03x 0.81x 0.81x 0.95x 1.26x 1.23x 1.2x
EV / EBITDA 2.09x 4.64x 3.59x 3.31x 3.63x 5.42x 5.97x 5.14x
EV / EBIT 2.44x 14.1x 6.57x 5.63x 5.24x 8.53x 10.1x 8.18x
EV / FCF 14.4x 20.8x 8.39x 8.08x 8.24x 14.3x 15.9x 12.5x
FCF Yield 6.96% 4.8% 11.9% 12.4% 12.1% 7% 6.28% 8%
Dividend per Share 2 5.47 4.902 2.85 2.9 3.5 4 4 4
Rate of return 3.91% 4.17% 2.5% 2.51% 2.48% 2.4% 2.4% 2.4%
EPS 2 47.63 7.225 11.17 13.39 17.68 13.78 11.71 14.44
Distribution rate 11.5% 67.8% 25.5% 21.7% 19.8% 29% 34.2% 27.7%
Net sales 1 11,196 11,043 13,058 13,073 13,401 13,072 13,366 13,328
EBITDA 1 5,208 2,446 2,934 3,178 3,507 3,033 2,757 3,125
EBIT 1 4,465 806.9 1,603 1,871 2,431 1,929 1,625 1,963
Net income 1 4,270 646.8 1,000 1,210 1,597 1,245 1,057 1,305
Net Debt 1 -1,756 708 251.2 103.7 -44 1,368 1,374 977
Reference price 2 139.93 117.65 113.80 115.40 141.40 167.00 167.00 167.00
Nbr of stocks (in thousands) 90,321 90,364 90,352 90,360 90,350 90,314 - -
Announcement Date 30/03/22 29/03/23 27/03/24 27/03/25 27/03/26 - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
12.12x1.26x5.42x2.4% 1.75TCr
8.02x14.98x - -.--% 1.57TCr
6.18x9.58x27.97x2.56% 1.21TCr
11.9x0.57x10.92x3.37% 1.18TCr
Average 9.56x 6.60x 14.77x 2.08% 1.43TCr
Weighted average by Cap. 9.69x 6.65x 13.57x 1.97%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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