olivLaw · European equity research
HAL Trust HAL.AS
Netherlands · Euronext Amsterdam · Vertical: Listed companies from Netherlands
HAL Trust is an investment holding based in the Netherlands that owns majority and minority stakes in companies across construction, infrastructure, marine services and consumer goods. It matters now because a large share of its assets and revenue depends on Boskalis, and because its listed holdings and US dollar exposure make results sensitive to markets and currency. Key figures: 33% of net asset value and 36% of consolidated revenue come from Boskalis.
At the close of 04 Nov 2026, HAL Trust (HAL.AS) stock was 173.20 EUR (+2.12% on the day), with market capitalisation 15.6 bn EUR, P/E 9.8 on diluted EPS of 17.68 EUR over the last 12 months, dividend yield 1,674,364.90%, beta 0.37, 52-week range 135.60–178.20 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 70.4
- overbought (≥ 70)
- Bollinger (20, 2)
- 158.91 – 173.31
- in the upper half of the band · %B 0.99 · band width 8.7%
- SMA 50 / 200
- 164.51 / 166.32
- mixed trend
- MACD (12, 26, 9)
- 2.08 / 1.37
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +6.1% | +0.4% | +5.7 pp | — |
| 3 months | +4.5% | −3.3% | +7.7 pp | — |
| 6 months | +0.7% | +4.0% | −3.3 pp | — |
| Year to date | +22.5% | +8.1% | +14.4 pp | — |
| 1 year | +27.5% | +10.7% | +16.8 pp | +0.5% |
| 3 years | +57.7% | +50.1% | +7.7 pp | −0.1% |
| 5 years | +18.9% | +43.6% | −24.7 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 67 percentile of its own 3-quarter history (min 8.0, median 8.6, max 10.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 12.3 bn | 12.4 bn | 12.5 bn |
| Revenue YoY | unavailable | +0.2% | +1.2% |
| Net income | 1.0 bn | 1.2 bn | 1.6 bn |
| Net income YoY | unavailable | +20.9% | +32.0% |
| Diluted EPS | 11.07 | 13.39 | 17.68 |
| Diluted EPS YoY | unavailable | +21.0% | +32.0% |
| net % | 8.1% | 9.8% | 12.8% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 4.3 bn EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 17.7 bn EUR
- Total assets
- 28.1 bn EUR
- Debt / equity
- unavailable
- Current ratio
- 1.51x
- ROE
- 9.2%
- ROA
- 5.8%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 12.3 bn | 12.4 bn | 12.5 bn | esef· 07 Apr 2026verified |
| Operating income | 1.6 bn | 1.9 bn | 2.4 bn | esef· 07 Apr 2026verified |
| Interest expense | 324.4 m | 260.7 m | 281.2 m | esef· 07 Apr 2026verified |
| Pre-tax income | 1.4 bn | 1.7 bn | 2.2 bn | esef· 07 Apr 2026verified |
| Income tax | 194.2 m | 309.3 m | 283.7 m | esef· 07 Apr 2026verified |
| Net income | 1.0 bn | 1.2 bn | 1.6 bn | esef· 07 Apr 2026verified |
| Diluted EPS | 11.07 | 13.39 | 17.68 | esef· 07 Apr 2026verified |
| Dividend per share | 2.45 | 2,850,000.00 | 2,900,000.00 | esef· 07 Apr 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 2.6 bn | 2.6 bn | 4.3 bn | esef· 07 Apr 2026verified |
| Receivables | 1.4 bn | 1.5 bn | 1.6 bn | esef· 07 Apr 2026verified |
| Inventories | 1.1 bn | 1.0 bn | 1.0 bn | esef· 07 Apr 2026verified |
| Current assets | 9.1 bn | 7.9 bn | 8.6 bn | esef· 07 Apr 2026verified |
| Property, plant & equipment, net | 7.9 bn | 9.2 bn | 9.1 bn | esef· 07 Apr 2026verified |
| Total assets | 26.3 bn | 27.3 bn | 28.1 bn | esef· 07 Apr 2026verified |
| Current liabilities | 6.2 bn | 5.8 bn | 5.7 bn | esef· 07 Apr 2026verified |
| Equity | 15.9 bn | 16.9 bn | 17.7 bn | esef· 07 Apr 2026verified |
| Shares outstanding at year end | 90.4 m | 90.3 m | 90.3 m | esef· 07 Apr 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 2.4 bn | 2.6 bn | 2.7 bn | esef· 07 Apr 2026verified |
| Investing cash flow | 31.0 m | -1.9 bn | -266.6 m | esef· 07 Apr 2026verified |
| Financing cash flow | -1.8 bn | -818.5 m | -627.5 m | esef· 07 Apr 2026verified |
| Dividends paid | 221.5 m | 257.5 m | 261.9 m | esef· 07 Apr 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 33.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 15.6 bn EUR
Key indicators
Coverage and freshness
Score by group
33% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 187.22 – 53,781,818.18 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E187.22 – 403.69 (Mid 243.86)15 companies used · median multiple 13.8x · quartiles 10.6x – 22.8xAALB.AS, ACOMO.AS, AD.AS, ADYEN.AS, AKZA.AS, ARCAD.AS, ASM.AS, AXS.AS, BAMNB.AS, BNJ.AS, CRBN.AS, CTAC.AS, ECMPA.AS, FFARM.AS, HAVAS.AS
- Dividend discount (DDM)39,440,000.00 – 53,781,818.18 (Mid 45,507,692.31)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 12.8% | 81 (vs peers) | 19% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 8.6x | 100 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 1.5x | 59 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | 9.8x | 86 (vs peers) | 31% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 1.7% | 24 (on a fixed band) | 19% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet84/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial81/100 · 1/3 factors with a value
- Returns· partial24/100 · 1/2 factors with a value
- Valuation· partial86/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
HAL Trust (HAL.AS). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 12.5 bn EUR in 2025; YoY growth 1.2%; net margin 12.8%; ROE 10.5%.
The estimated value range is 19,720,093.61–26,891,110.94 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 22,753,968.08 EUR, the price of 173.20 EUR leaves a potential of 13,137,295.0% (value / price − 1) and a margin of safety of 100.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 12.8%
- Interest coverage: 8.6x
- P/E (TTM): 9.8x
- The price is below the estimated value range
What contradicts it
- Shareholder yield (distributions): 1.7%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from Netherlands · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ASML.ASASML Holding N.V. | 519.6 bn | 50.9 | 44.2% | 31.3% | +15.6% | +48% / +115% |
| ASM.ASASM International N.V. | 33.5 bn | 46.5 | 18.7% | 22.8% | +8.2% | +44% / +45% |
| DSFIR.ASDSM-Firmenich AG | 32.0 bn | 114.3 | 1.2% | 2.2% | +20.4% | +52% / +24% |
| AD.ASKoninklijke Ahold Delhaize N.V. | 30.9 bn | 13.7 | 15.3% | 2.5% | +3.4% | −4% / +29% |
| ADYEN.ASAdyen N.V. | 26.9 bn | 25.4 | 22.3% | 40.1% | +18.9% | −36% / −20% |
| HAL.ASHAL Trust | 15.6 bn | 9.8 | 10.5% | 12.8% | +1.2% | +23% / +49% |
| EXO.ASExor N.V. | 15.3 bn | — | -10.6% | — | −100.0% | +3% / −17% |
| BESI.ASBE Semiconductor Industries N.V. | 12.1 bn | 91.6 | 28.7% | 22.3% | −2.7% | +17% / +18% |
| AKZA.ASAkzo Nobel N.V. | 10.8 bn | 17.1 | 13.8% | 6.3% | −5.2% | +12% / −11% |
| AALB.ASAalberts N.V. | 4.6 bn | 25.8 | 7.2% | 5.7% | −5.3% | +51% / +15% |
| ARCAD.ASArcadis N.V. | 4.2 bn | 20.3 | 18.3% | 4.3% | −2.4% | +24% / +2% |
| BNJ.ASBanijay Group N.V. | 3.4 bn | 13.8 | 343.8% | 5.1% | +1.6% | −11% / −8% |
| BAMNB.ASKoninklijke BAM Groep N.V. | 3.4 bn | 42.5 | 9.1% | 1.3% | +2.9% | +49% / +408% |
| BFIT.ASBasic-Fit N.V. | 2.0 bn | 138.2 | 3.6% | 1.0% | +16.9% | +7% / +16% |
| HAVAS.ASHavas N.V. | 1.8 bn | 9.7 | 10.2% | 6.5% | +1.7% | +27% / unavailable |
| CRBN.ASCorbion N.V. | 1.6 bn | 8.3 | 27.3% | 14.9% | +1.9% | +40% / +56% |
| ECMPA.ASEurocommercial Properties N.V. | 1.4 bn | 11.2 | 5.9% | 45.4% | +4.2% | −4% / +19% |
| FUR.ASFugro N.V. | 973.4 m | — | -1.5% | -1.1% | −18.8% | −1% / −49% |
| ACOMO.ASAcomo N.V. | 687.4 m | 15.2 | 10.7% | 3.3% | +7.6% | −3% / +37% |
| FAST.ASFastned B.V. | 667.9 m | — | -28.2% | -21.7% | +66.1% | +61% / +25% |
| FFARM.ASForFarmers N.V. | 515.9 m | 10.3 | 14.5% | 1.6% | +14.8% | +31% / +140% |
| BRNL.ASBrunel International N.V. | 386.2 m | 126.5 | 1.0% | 0.3% | −10.8% | −5% / −29% |
| ALFEN.ASAlfen N.V. | 229.8 m | — | -0.1% | -0.0% | −10.7% | +0% / −77% |
| ENVI.ASEnvipco Holding N.V. | 227.9 m | — | -12.7% | -11.9% | −20.8% | −24% / +49% |
| CMCOM.ASCM.com N.V. | 188.7 m | — | -22.2% | -1.5% | −5.4% | +21% / −31% |
1- and 3-year price returns: for HAL.AS from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 98.94 Total return -35% · Per year -35% | 175.21 Total return 11% · Per year 11% | 264.32 Total return 65% · Per year 65% |
| 3 years | 89.69 Total return -26% · Per year -10% | 179.30 Total return 35% · Per year 10% | 297.89 Total return 112% · Per year 28% |
| 5 years | 81.30 Total return -18% · Per year -4% | 183.49 Total return 59% · Per year 10% | 335.73 Total return 164% · Per year 21% |
- Exit P/E± 44.83
- Net margin± 31.38
- Annual revenue growth± 26.61
- Annual dilution± 2.64
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
HAL Trust is an investment holding based in the Netherlands that owns majority and minority stakes in companies across construction, infrastructure, marine services and consumer goods. It matters now because a large share of its assets and revenue depends on Boskalis, and because its listed holdings and US dollar exposure make results sensitive to markets and currency. Key figures: 1 33% of net asset value and 36% of consolidated revenue come from Boskalis.
SWOT
Strengths
- Diversification of the portfolio across several sectors and countries reduces dependence on a single industry, according to the structure described in the report.
- A corporate liquid portfolio and high-rated assets provide a significant financial reserve for supporting the holdings.
- The audit covered a large part of the consolidated activity, and internal controls over financial reporting were tested during the year.
Weaknesses
- Concentration on Boskalis means that problems at that company would have a major effect on the financial position of the holding.
- The decentralised model means HAL does not apply a central risk management system, and each holding manages its own risks.
- Significant currency exposure, especially to the US dollar, can lead to changes in book value unrelated to operational performance.
Opportunities
- If the energy transition accelerates, some storage and service assets could gain new demand or be adapted for new uses.
- Available liquidity could support new investments if valuations and negotiating conditions become favourable.
- Greater tax and reporting transparency could strengthen investor confidence in the structure of the group.
Threats
- Geopolitical instability and armed conflicts can disrupt trade, energy and infrastructure on which portfolio companies depend.
- A decline in capital markets could reduce the value of listed holdings and financial assets.
- Risks of corruption and non-compliance in the use of local agents, particularly at Boskalis, could cause reputational damage.
Risks
- Concentration on Boskalishigh
A large share of assets and revenue depends on a single holding, so its difficulties could have a substantial negative effect on the financial position of the holding, according to the annual report.
- Volatility of listed holdingshigh
The market value of listed assets can fluctuate significantly, which could change net asset value without any change in operating performance.
- Currency exposuremedium
Translation of assets denominated in US dollars and other currencies into euros can influence reported value, and exchange rate changes can reduce revenue of unquoted companies.
- Interest rate riskmedium
Consolidated debt with variable rates could become more costly if rates rise, although part of the debt is fixed for the long term.
- Investment and compliance riskslow
Errors of judgment in due diligence or non-compliance with regulations in acquisitions could lead to opportunity losses or reputational damage.
Investment thesis
What would need to be true (bull case)
- Sector diversification and a solid liquidity position could allow the group to absorb shocks from individual holdings if markets stabilise.
- If Boskalis maintains its revenue and margins, its contribution to group results could support the value of net assets.
- If the energy transition creates new demand for port and storage infrastructure, Vopak's assets could benefit from it.
What would break the thesis
- Concentration on a single holding leaves the group vulnerable if Boskalis faces operational or legal difficulties.
- If capital markets decline, the value of listed holdings could fall significantly, reducing net asset value.
- If the US dollar weakens against the euro, currency exposure could reduce the reported value of net assets.
What to watch
- Revenue and margin trends at Boskalis and provisions for contracts2026
- Results of impairment tests for Vopak and goodwill2026
- Publication of the 2025 country-by-country report on the company's website31 December 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
HAL Trust (HAL Holding N.V. and its subsidiaries) operates as a holding company that manages a portfolio of investments without a centralised operating strategy. Each investee company sets its own strategy, financial structure and risk management, while HAL monitors monthly the performance of companies in which it holds more than 50%. The group also holds a liquid portfolio of financial assets and real estate. According to the 2025 annual report, 1 the company moved its effective place of management to the Netherlands from April 2024, making it subject to Dutch corporate income tax.
Consolidated reporting covers unquoted companies, while stakes in listed companies such as Vopak, Safilo, SBM Offshore, Technip Energies and Siltronic are accounted for separately as quoted assets. The investments differ in industry, size, culture and stage of development, and each has its own supervisory board, some of whose members are affiliated with HAL. This decentralised approach lets companies focus on their own developments, but it means the group's risk profile depends on the performance of each entity.
On the reporting side, the auditor treated as key audit matters the impairment assessment of Vopak's tank terminal assets, the valuation of goodwill and the recognition of contract revenue at Boskalis. The audit covered 100% of consolidated revenue and 89% of consolidated profit before tax, which indicates that the group's figures rest largely on the operating companies in the portfolio.
Segments
Boskalis (consolidated investment)
Boskalis is the group's largest exposure, accounting for 33% of net asset value and 36% of consolidated revenue in 2025, according to 1. The auditor flagged recognition of contract revenue and the valuation of unbilled and deferred revenue as a high-risk area, and the risk of bribery linked to the use of local agents was treated as significant.
Listed holdings (Vopak, Safilo, SBM Offshore, Technip Energies, Siltronic)
These holdings had an aggregate market value of 5.2 billion EUR at the end of 2025, equal to 32% of net asset value, according to 1. Vopak, which operates storage terminals, is the subject of a separate impairment analysis, while SBM Offshore carries significant US dollar exposure through its book value of 933 million EUR.
Liquid portfolio and real estate
Liquid assets, excluding equities and the liquid assets of listed companies, stood at 4.6 billion EUR at the end of 2025, of which 2.4 billion EUR formed part of the corporate liquid portfolio, according to 1. The group also holds real estate, exposed mainly to currency translation risk and to interest rate movements on consolidated debt.
Market context
HAL Trust operates as an investment holding, and its value depends on capital market developments, on the sectors where its holdings operate (marine construction, storage, offshore services, glass packaging) and on exchange rates. The 2025 annual report indicates that demand and profitability at investee companies could decline in an economic downturn, under inflationary pressure, through supply chain disruption or with changes in trade policy.
Currency exposure is significant: the unhedged translation risk on net assets stood at 2,609 million EUR at the end of 2025, most of it in US dollars, according to 1. Exchange rate changes reduced revenue of the unquoted companies by 90 million EUR compared with 2024, showing that the currency environment can affect reported results even when operations are stable.
Trends
- Geopolitical tensions and warsheadwind
The annual report notes that geopolitical tensions, conflicts and security incidents can lead to market volatility, disruption of global trade, energy supply and critical infrastructure, including hybrid threats such as cyberattacks. The Executive Board explicitly cited the effects of the wars in Ukraine and the Middle East, factors that could affect operations and valuations.
- Energy transition in storagemixed
The auditor assessed an energy transition scenario for Vopak's cash flow forecasts, in line with its sustainability roadmap. Adapting business models to technological and climate changes may open opportunities but can also reduce demand for certain assets, so the effect is considered mixed.
- Tax regulation and transparencymixed
Tax changes, including the global minimum tax rules under Pillar II and public country-by-country reporting, increase transparency. The 2025 report will be published on the company's website no later than 31 December 2026, which could bring new data requirements but does not change the group's tax position, according to the source.
- Capital market volatilityheadwind
The market value of listed holdings can fluctuate significantly because of stock market volatility, which could directly affect net asset value. For a holding with a high share of listed assets, capital market developments are an important factor to monitor.
Competitive position
The annual report does not present a conventional competition analysis, because HAL Trust is an investment holding rather than a single operator in one market. However, the portfolio companies operate in sectors with strong competition, such as marine construction, liquid bulk storage, offshore services and glass packaging, where each holding's position depends on scale and operational efficiency.
Because the investee companies are not managed centrally, the group's competitive position is determined by each entity's ability to formulate its own strategy and manage its risks. The sources do not explicitly identify US-listed competitors, so this profile gives no tickers for competitors.
- Marine construction companies (not named in source)
The annual report does not identify specific competitors of Boskalis, so this category remains unverified from the source.
- Storage terminal operators (not named in source)
Vopak is a group holding, but its competitors are not presented in the annual report reviewed.
- Offshore service companies (not named in source)
SBM Offshore is a listed holding, but the source does not name other companies in the same segment.
- Glass packaging and optics makers (not named in source)
Safilo is mentioned as a listed holding, without competitors being presented in the source.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202507 Apr 2026
- Annual report 202415 Apr 2025
- Annual report 202315 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / HAL Trust · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.