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HAL Trust
(HAL)
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Rating:71Outperform
Price Target:
€183.00
▲(11.04% Upside)
Action:Reiterated
Date:08/04/26
The score is driven primarily by solid financial strength (improving balance sheet and strong operating cash flow) and an attractive valuation (low P/E with a moderate dividend yield). The main constraint is only neutral-to-soft technical momentum, with a negative MACD and the price hovering around key intermediate moving averages.
Positive Factors
Improving balance sheet
HAL's equity growth and rising ROE reflect improving capital efficiency and a more resilient balance sheet. Manageable leverage and declining debt versus prior peaks increase financial flexibility for reinvestment, dividends, or opportunistic acquisitions over the medium term.
Negative Factors
Recent revenue decline
Two consecutive years of top-line contraction reduce the visibility of organic growth and heighten reliance on dividends and disposal gains. Sustained revenue weakness can compress operating leverage and limit internal funding for expansion or reinvestment over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Improving balance sheet
HAL's equity growth and rising ROE reflect improving capital efficiency and a more resilient balance sheet. Manageable leverage and declining debt versus prior peaks increase financial flexibility for reinvestment, dividends, or opportunistic acquisitions over the medium term.
Read all positive factors
HAL Trust (HAL) vs. iShares MSCI Netherlands ETF (EWN)
Market Cap
€14.89B
Dividend Yield2.12%
Average Volume (3M)17.41K
Price to Earnings (P/E)9.3
Beta (1Y)0.59
Revenue Growth-0.30%
EPS Growth32.04%
CountryNL
Employees34,583
SectorGeneral
Sector StrengthN/A
IndustryFinancial - Conglomerates
Share Statistics
EPS (TTM)17.68
Shares Outstanding90,370,865
10 Day Avg. Volume12,727
30 Day Avg. Volume17,410
Financial Highlights & Ratios
PEG Ratio0.25
Price to Book (P/B)0.82
Price to Sales (P/S)1.02
P/FCF Ratio8.56
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)13.43
Revenue Forecast (FY)€14.19B
HAL Trust Business Overview & Revenue Model
Company Description
HAL Trust is an investment company, which engages in portfolio management and real estate asset development and management. It operates through the following segments: Unquoted, Quoted Interests, Real Estate, and Liquid Portfolio. The Unquoted seg...
How the Company Makes Money
HAL makes money primarily as an investment holding company by earning returns from its portfolio companies and investments. Key revenue and value-creation mechanisms include: (1) Dividends and profit distributions received from subsidiaries and as...
HAL Trust Financial Statement Overview
Summary
Income Statement
66
Positive
Balance Sheet
74
Positive
Cash Flow
77
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 12.55B | 12.51B | 12.99B | 10.02B | 7.31B |
| Gross Profit | 3.23B | 4.79B | 7.08B | 3.40B | 2.93B |
| EBITDA | 3.47B | 3.26B | 2.65B | 895.80M | 4.84B |
| Net Income | 1.60B | 1.21B | 1.00B | 646.80M | 4.27B |
Balance Sheet | |||||
| Total Assets | 28.14B | 27.34B | 26.34B | 26.71B | 22.62B |
| Cash, Cash Equivalents and Short-Term Investments | 4.97B | 4.32B | 4.77B | 5.69B | 6.69B |
| Total Debt | 4.80B | 4.83B | 4.84B | 6.22B | 4.80B |
| Total Liabilities | 10.41B | 10.43B | 10.47B | 11.48B | 7.82B |
| Stockholders Equity | 15.63B | 14.78B | 13.68B | 13.01B | 12.43B |
Cash Flow | |||||
| Free Cash Flow | 1.49B | 1.22B | 1.26B | 505.00M | 665.00M |
| Operating Cash Flow | 2.68B | 2.62B | 2.41B | 1.44B | 1.49B |
| Investing Cash Flow | -266.60M | -1.88B | 31.00M | -2.03B | -749.90M |
| Financing Cash Flow | -627.50M | -818.50M | -1.84B | 395.20M | -73.50M |
HAL Trust Technical Analysis
Neutral
164.80
Price Trends
164.72
Positive
166.75
Negative
157.67
Positive
Market Momentum
0.21
Negative
49.37
Neutral
23.76
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NL:HAL, the sentiment is Neutral. The current price of 164.8 is above the 20-day moving average (MA) of 164.53, above the 50-day MA of 164.72, and above the 200-day MA of 157.67, indicating a bullish trend. The MACD of 0.21 indicates Negative momentum. The RSI at 49.37 is Neutral, neither overbought nor oversold. The STOCH value of 23.76 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for NL:HAL.
HAL Trust Peers Comparison
UnderperformOutperform
Sector (55)
NL:HAL
HAL Trust
164.80
39.03
31.03%
NL:PBH
PB Holding NV
3.42
0.68
24.82%
NL:VALUE
VALUE8 N V
6.50
0.39
6.47%
NL:PPLA
PPLA Participations Ltd GDR
―
―
―
NL:NAITR
New Amsterdam Invest NV
―
―
―
NL:CVC
CVC Capital Partners plc
15.62
-1.42
-8.32%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.