HAL Trust - Sharp jump in Coolblue profitability
Coolblue FY23 revenue up 2.5% to EUR 2.4bn and EBITDA doubled to EUR 88.3m or a 3.7% marginCEO bullish saying 2024 will be ‘best Coolblue year ever'Despite the promising improvement in profitability, a fair value for Coolblue will be far below the once rumoured EUR 4-5bn. Likely EUR 1-1.5bn is more justifiedWe estimate HAL's NAV today to be EUR 159.2 p/s or a discount of 27.5%. Our TP goes up slightly to EUR 116 (vs. EUR 114 before). Hold rating reiterated.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.
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