reports
- Johanna Jourdain
LUFTHANSA DEUTSCHE LUFTHANSA AKTIENGESELLSCHAFT
EDEN EDENRED SA
IPN IPSEN SA
PEO BANK POLSKA KASA OPIEKI SA
ADP AEROPORTS DE PARIS SA
RMS HERMES INTERNATIONAL SCA
DAI DAIMLER AG
OR L'OREAL SA
HAL HAL TRUST
EOAN E.ON SE
RWE RWE AG
SAF SAFRAN S.A.
CAP CAPGEMINI SE
HM B H&M HENNES & MAURITZ AB CLASS B
MOCORP METSO OUTOTEC OYJ
MAP MAPFRE SA
SIE SIEMENS AG
SHL SIEMENS HEALTHINEERS AG
NLBR NOVA LJUBLJANSKA BANKA DD LJUBLJANA
UN0 UNIPER SE
PLX PLUXEE NV
ULVR UNILEVER PLC
- Johanna Jourdain
LUFTHANSA DEUTSCHE LUFTHANSA AKTIENGESELLSCHAFT
EDEN EDENRED SA
IPN IPSEN SA
PEO BANK POLSKA KASA OPIEKI SA
ADP AEROPORTS DE PARIS SA
RMS HERMES INTERNATIONAL SCA
DAI DAIMLER AG
OR L'OREAL SA
HAL HAL TRUST
EOAN E.ON SE
RWE RWE AG
SAF SAFRAN S.A.
CAP CAPGEMINI SE
HM B H&M HENNES & MAURITZ AB CLASS B
MOCORP METSO OUTOTEC OYJ
MAP MAPFRE SA
SIE SIEMENS AG
SHL SIEMENS HEALTHINEERS AG
NLBR NOVA LJUBLJANSKA BANKA DD LJUBLJANA
UN0 UNIPER SE
PLX PLUXEE NV
ULVR UNILEVER PLC
- Thijs Berkelder
- Hilde Van Boxstael
- Livio Luyten
- Michiel Declercq
- Thomas Couvreur
- Wim Lewi
- Livio Luyten
- Michiel Declercq
- Thibault Leneeuw
- Wim Hoste
- Guy Sips
- Hilde Van Boxstael
- Livio Luyten
- Wim Hoste
- Wim Lewi
- Livio Luyten
Hal Trust Target hit again, upgrading to €168 on revised private valua...
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...
- Martin Marandon-Carlhian
- Stephane Houri
VIE VEOLIA ENVIRONNEMENT SA
TKA THYSSENKRUPP AG
MT ARCELORMITTAL SA
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
ORA ORANGE SA
SSAB A SSAB AB CLASS A
EN BOUYGUES SA
SZG SALZGITTER AG
CDR CD PROJEKT S.A.
KCO KLOECKNER & CO SE
JCQ JACQUET METALS SA
HAL HAL TRUST
VOE VOESTALPINE AG
ACX ACERINOX SA
ITX INDUSTRIA DE DISENO TEXTIL S.A.
SHL SIEMENS HEALTHINEERS AG
ATCO A ATLAS COPCO AB
- Martin Marandon-Carlhian
- Stephane Houri
VIE VEOLIA ENVIRONNEMENT SA
TKA THYSSENKRUPP AG
MT ARCELORMITTAL SA
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
ORA ORANGE SA
SSAB A SSAB AB CLASS A
EN BOUYGUES SA
SZG SALZGITTER AG
CDR CD PROJEKT S.A.
KCO KLOECKNER & CO SE
JCQ JACQUET METALS SA
HAL HAL TRUST
VOE VOESTALPINE AG
ACX ACERINOX SA
ITX INDUSTRIA DE DISENO TEXTIL S.A.
SHL SIEMENS HEALTHINEERS AG
ATCO A ATLAS COPCO AB
- Hilde Van Boxstael
- Livio Luyten
- Thomas Couvreur
- Wim Hoste
- Thijs Berkelder
- Livio Luyten
Quest for Growth Pivot to Underperforming VC portfolio undermines our ...
Quest for growth has decided to reduce its exposure to public equity in favour of private equity. The announced €18.7m capital reduction will be financed by selling part of the quoted portfolio. This also shrinks the already small €137m NAV, and defeats the purpose of a listed holding that should be compounding. We believe this reduces the investment case for QfG as it cuts (retail) investors access to an experienced investment team with a public equity track record. The listed portfolio deliver...
- Guy Sips
- Hilde Van Boxstael
- Thibault Leneeuw
- Thomas Couvreur
- Wim Lewi
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Livio Luyten
- Lynn Hautekeete
- Thomas Couvreur
- Wim Hoste
- Livio Luyten
Quest for Growth €1/Share capital return and strategic reset
Quest for Growth announced a strategic reorientation to refocus on its core mission of investing in unquoted growth companies and successful quoted small caps. The Board proposes a €18.7 million capital reduction, distributing €1 net per share to shareholders without cancelling shares, funded by existing cash and the sale of large-cap positions. This move is said to aim to sharpen the fund's profile as a pure growth specialist. The strategy maintains focus on three pillars: Digital, Health, and ...
- Hilde Van Boxstael
- Livio Luyten
- Mathijs Geerts Danau
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Livio Luyten
Hal Trust Top tier investment firm with a fading appeal
HAL Trust, a prestige investment firm, has delivered over 100x returns to shareholders since 1977 with a small, talented team. Its portfolio stands out with maritime assets like Boskalis (33% of NAV), Vopak (14.3%), SBM Offshore (5%), and well-known names like Coolblue and Siltronic. Despite this, HAL's share price is down 20% from its peak in 2016 and the stock is trading at a 24% discount to book value. Apart from sluggish portfolio performance, we see four reasons for fading investor interes...
Warehouses De Pauw SA: 1 director
A director at Warehouses De Pauw SA bought 64,382 shares at 20.720EUR and the significance rating of the trade was 79/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years...
Hal Trust: 1 director
A director at Hal Trust maiden bought 350 shares at 139.880EUR and the significance rating of the trade was 70/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearl...
- Stephane Beyazian
ETL EUTELSAT COMMUNICATIONS SA
BT.A BT GROUP PLC
SESGL SES SA FDR (CLASS A)
PROX PROXIMUS SA DE DROIT PUBLIC
KPN ROYAL KPN NV
ORA ORANGE SA
TKA TELEKOM AUSTRIA AG
EN BOUYGUES SA
SCMN SWISSCOM AG
UTDI UNITED INTERNET AG
GAMA GAMMA COMMUNICATIONS
HAL HAL TRUST
DTE DEUTSCHE TELEKOM AG
ACKB ACKERMANS & VAN HAAREN NV
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
BC BRUNELLO CUCINELLI S.P.A.
MOB MOBILEZONE HOLDING AG
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
DHER DELIVERY HERO SE
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
SUNN SUNRISE
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