HAL Trust - FY23: Slightly below estimates & strategic changes
*FY23 NAV at EUR 150.1 p/s, up 1.6% YoY and slightly below our estimate.*Proposed dividend of EUR 2.85 already pre-announced.*Move to Rotterdam + fiscal friendly dividends point to intention to remain listed and increase investability.*With EUR 2.9bn of cash available, liquidity is plenty and hence future share price performance is highly dependent on capital allocation which has been disappointing for some tech names in the portfolio. *We estimate today's NAV to be EUR 160.1 p/s, implying a discount of 19.1%. This remains below our target discount of 30%. Our TP moves down slightly to EUR 123 (vs. EUR 126) dueHAL Trust is the trust holding company for HAL Holding N.V. Co.'s only asset is the outstanding shares of HAL Holding N.V. Co.'s strategy is to invest in companies where it can play an active role as shareholder and board member. Co. invests mainly in industrial and real estate companies.
We are an investment house with Belgian roots founded on more than 150 years of trust.
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