Report
Hal Trust FY23: Portfolio Rebounds Thanks To Record Results At Boskalis & Mkt Rally
During FY23, NAV came in at €13,563.0m (€150.1ps), a slight increase of +1.6% vs €147.7ps during FY22. Thanks to the 100.0% acquisition of Boskalis, net result rose by 54.7% YoY to €1,001.0m vs €647.0m during FY22. Boskalis posted record results with revenues, EBITDA and net result rising by 19.7%, 68.2% and 149.4% respectively – this has a steady rally in the name over the last couple weeks. Proposed gross dividend (cash only) for FY23 is €2.85ps, up 14.0% YoY. The location of management of the group will be changed to the Netherlands as from 1st April 2024 and dividends will be subject to the Dutch dividend withholding tax (currently 15.0%). We currently estimate HAL's net cash position to be around €3.0b and believe that the group should further put work its excess capital to avoid ‘cash-drag'. We currently estimate NAVps and TEVps to be €147.3 and €176.6 implying a discount of 12.3% and 26.9%. Due to the strong rebound of the portfolio and strong execution at Boskalis, we move to an ACCUMULATE rating and raise our TP from €138.0 to €141.0.
Underlying
HAL Trust
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.
Provider
KBC Securities
We are a financial services provider for several types of professional clients, each with distinct needs.
Sharad Kumar S.P
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