Hal Trust 1H FY24: NAV up 6.7%, Boskalis Goes Shopping & Coolblue To Expand

At end-1H FY24, NAVps was at €160.2 (€14,474m), up 6.7% vs. €150.1 during FY23-end. HAL Trust has agreed to sell its entire stake in Pro Gamers Group, an asset with little to no value due to impairments. On the other hand, the group increased its stake in Coolblue to 56.4% by investing €25.0m for an additional 7.5% (implied equity value = €333m vs. €340m KBCSe). Boskalis' posted a robust set of 1H results with revenue rising 5% to €2.1b, EBITDA rising 50.0% to 0.55m and net profit rising 65% to ~300m. Also, Boskalis acquired 100% of ALP Maritime Group B.V for €165.0m and the remaining 50% of Smit Lamnalco for $366m. Given these developments, we believe that, during 1H, management cleaned up HAL's portfolio with the exit of Pro Gamers Group and entry of Koppert. Additionally, Boskalis is not only growing but becoming more efficient/profitable and is by far the most important asset within HAL's portfolio. We currently estimate TEVps to be €172.0 and after applying a 12.5% discount, we raise our TP from €141.0 to €146.0 and reiterate our ACCUMULATE rating.