Hal Trust Target hit again, upgrading to €168 on revised private valuations

HAL has hit our price target for the second time since our Buy rating in Apr'25, marking a +30% rally. Following the Sept'25 company note, we have revised our model to reflect: the improved sentiment in the offshore energy sector supporting a higher valuation for core holding Boskalis, and (ii) selective adjustments to peer multiples for other private assets. This drives our target NAV per share to €225 (from €218 in Sept'25). We maintain a relatively wide 25% target discount (down from 30% in Sept'25) due to limited transparency, a complex Bermuda-Dutch setup (even after the 2024 Rotterdam relocation) and tax uncertainties. This results in an increased target price of €168 (from €152). In addition, we want to add some nuance to our previous company note (and title). HAL is appealing as it offers unique, diversified exposure to dominant players in their respective industries, but the “secretive” stance continues to limit our long-term outlook. We therefore maintain our Accumulate rating.