Morning Notes : GIMB BB, HAL NA, HEIA NA, DEME BB, ENRGY BB

: GIMB BB, HAL NA, HEIA NA, DEME BB, ENRGY BB

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...

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 11/27/2025

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 27/11/2025

Morning Notes : CRBN NA, GIMB BB, HAL NA

: CRBN NA, GIMB BB, HAL NA

HAL Trust : Better than expected Q3, plus further expanding in constru...

Morning Notes : ASRNL NA, FAGR BB, HAL NA, TESB BB

: ASRNL NA, FAGR BB, HAL NA, TESB BB

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...

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...

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 08/29/2025

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 29/08/2025

HAL Trust : Underlying H1 EPS up 85% to € 10.3 ps

Morning Notes : ACKB BB, HAL NA, NEXTA BB, RECT BB, RET BB, UCB BB, BT...

: ACKB BB, HAL NA, NEXTA BB, RECT BB, RET BB, UCB BB, BTLS BB, ECMPA NA

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 08/15/2025

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 15/08/2025

HAL Trust : Boskalis H1 results far better than expected

Holdings Report - July 2025 KBCS Holdings Universe Returns -0.5% Durin...

1M Performance - Absolute Total Return: During Jul'25 (1M period), the KBCS Holdings Universe posted a total return of -0.5% which was mainly driven by the performance of the multi-asset holdings (-0.9%), while the single-asset holdings posted a return of +0.4%. The 3 top performers during the period were Financière de Tubize (+11.7%), KBC Ancora (+9.4%) and Quest For Growth (+5.5%) while the 3 worst performers were Brederode (-6.4%), Heineken Holding (-5.0%) and D'Ieteren Group (-4.7%). YTD Pe...

HAL Trust : To acquire VolkerWessels Netherlands

Morning Notes : COFB BB, HAL NA, MDXH BB

: COFB BB, HAL NA, MDXH BB

Holdings Report May 2025 KBCS Holdings Universe Returns 2.2% During Ma...

1M Performance - Absolute: During May'25 (1M period), the KBCS Holdings Universe posted a return of +2.2% which was mainly driven by multi-asset holdings (+2.6%) while single-asset holdings posted a smaller return of +1.2%. The 3 top performers during the period were Gimv (+12.1%), KBC Ancora (+11.1%) and Ackermans & van Haaren (+4.1%) while the 3 worst performers were Solvac (-2.8%), Groupe Bruxelles Lambert (-0.8%) and Heineken Holding (-0.3%). YTD Performance - Relative: On a YTD basis (as o...