HAL Trust - Q1 24: No surprises & roughly in line
• Q1 24 up 4.9% over the quarter to EUR 157.5 p/s, slightly below our estimate• We estimate today's NAV to be EUR 159.5 p/s, implying a discount of 23%• We see few catalysts at portfolio level. Although there remains a potential catalyst in the shareholder structure following the passing of Mr. Melchers• We remain neutral on the name. TP goes up slightly to EUR 125 p/s (from EUR 123) mainly due to higher TPs for the listed portfolio - Hold reiteratedHAL 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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