HAL Trust - H1 2023: NAV in line, private portfolio weak
H1 23 NAV amounted to EUR 149.7 p/s, up 1% (FY22: EUR 147.7) and in line with our estimate of EUR 150.2 p/sPrivate portfolio revenues decreased 5% over the first half with the margin still contracting as EBIT dropped 11%Net cash remains high at EUR 2.7bn (20% of NAV)We estimate today's NAV to be EUR 151.2 p/s, implying a discount of 25% and hereby achieving our previous target discount. In our latest report, we explained why we expect that the discount will continue to widen for HAL Trust. As such, we apply a 35% target discount based on the ESGHAL 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.
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