HAL Trust - New 5% stake in Siltronic
HAL Trust disclosed a new 5.3% stake in Siltronic worth about EUR 140mInvestment out of their comfort zone that for now does not move the needle, either reason to increase stake into double digits or keep in ‘liquid portfolio'For now, no impact on investment case but needs to be followed up closely. We estimate today's NAV at EUR 153.7 p/s, implying a discount of 25.4%. TP of EUR 114 reiterated as well as our Hold rating.HAL 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.
As a private company owned by long-term committed shareholders, we are independent. Naturally and structurally. Our experts have the knowledge to think and act without bias, and to make decisions that benefit our clients. Today and tomorrow.
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