Financials HAL Trust

Equities

Market Closed - Euronext Amsterdam Other stock markets 11:35:04 2024-04-26 am EDT			5-day change	1st Jan Change
124.8 ^EUR	+0.16%		-0.48%	+9.67%

Mar. 28	HAL TRUST : FY-23: Outstanding results, Hal Trust back in the spotlight?
Mar. 27	HAL Trust Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	12,009	9,984	12,638	10,631	10,282	11,275	-	-
Enterprise Value (EV) ¹	14,040	12,642	10,882	11,339	10,282	6,505	3,657	11,275
P/E ratio	17.9 x	15.7 x	2.94 x	16.3 x	10.2 x	9.87 x	10.7 x	-
Yield	4.03%	2.01%	3.91%	4.17%	-	2.94%	2.94%	2.28%
Capitalization / Revenue	2.13 x	1.78 x	1.13 x	0.96 x	0.79 x	0.85 x	0.81 x	-
EV / Revenue	2.49 x	2.26 x	0.97 x	1.03 x	0.79 x	0.49 x	0.26 x	-
EV / EBITDA	9.31 x	10.2 x	2.09 x	4.64 x	3.5 x	1.95 x	1.13 x	-
EV / FCF	15.1 x	11.7 x	14.4 x	20.8 x	-	2.45 x	1.41 x	-
FCF Yield	6.62%	8.56%	6.96%	4.8%	-	40.8%	70.9%	-
Price to Book	0.88 x	1.25 x	1.02 x	0.82 x	-	0.67 x	0.63 x	-
Nbr of stocks (in thousands)	88,544	88,544	88,550	88,593	90,352	90,344	-	-
Reference price ²	135.6	112.8	142.7	120.0	113.8	124.8	124.8	124.8
Announcement Date	3/26/20	3/30/21	3/30/22	3/29/23	3/27/24	-	-	-

¹EUR in Million²EUR

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	5,645	5,603	11,196	11,043	13,058	13,290	13,904	-
EBITDA ¹	1,509	1,235	5,208	2,446	2,934	3,329	3,242	-
EBIT ¹	966.2	693	4,465	806.9	1,603	1,848	1,723	-
Operating Margin	17.12%	12.37%	39.88%	7.31%	12.28%	13.91%	12.39%	-
Earnings before Tax (EBT)	696.9	-	-	-	-	-	-	-
Net income ¹	665.5	628.5	4,270	646.8	1,000	1,157	1,089	-
Net margin	11.79%	11.22%	38.14%	5.86%	7.66%	8.71%	7.83%	-
EPS ²	7.592	7.189	48.58	7.370	11.17	12.65	11.67	-
Free Cash Flow ¹	929.4	1,082	757.3	544	-	2,655	2,593	-
FCF margin	16.46%	19.3%	6.76%	4.93%	-	19.98%	18.65%	-
FCF Conversion (EBITDA)	61.61%	87.59%	14.54%	22.24%	-	79.76%	79.99%	-
FCF Conversion (Net income)	139.65%	172.09%	17.73%	84.11%	-	229.48%	238.13%	-
Dividend per Share ²	5.463	2.265	5.580	5.000	-	3.670	3.670	2.850
Announcement Date	3/26/20	3/30/21	3/30/22	3/29/23	3/27/24	-	-	-

¹EUR in Million²EUR

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	2,031	2,658	-	708	-	-	-
Net Cash position ¹	-	-	1,756	-	-	4,770	7,618
Leverage (Debt/EBITDA)	1.346 x	2.152 x	-	0.2894 x	-	-	-
Free Cash Flow ¹	929	1,082	757	544	-	2,655	2,593
ROE (net income / shareholders' equity)	8.57%	7.85%	41.8%	3.42%	-	7.2%	6.1%
ROA (Net income/ Total Assets)	3.67%	-	-	-	-	-	-
Assets ¹	18,117	-	-	-	-	-	-
Book Value Per Share ²	155.0	89.90	140.0	147.0	-	186.0	199.0
Cash Flow per Share	21.50	-	-	-	-	-	-
Capex ¹	953	856	731	895	-	245	250
Capex / Sales	16.88%	15.28%	6.53%	8.1%	-	1.84%	1.8%
Announcement Date	3/26/20	3/30/21	3/30/22	3/29/23	3/27/24	-	-

¹EUR in Million²EUR

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

124.8 EUR

Average target price

140.7 EUR

Spread / Average Target

+12.71%

	1st Jan change	Capi.
HAL TRUST	+9.67%	12.04B
INVESTOR AB	+16.54%	75.59B
KOÇ HOLDING	+53.03%	16.95B
INVESTMENT AB LATOUR	+3.20%	15.78B
AB INDUSTRIVÄRDEN	+7.21%	13.87B
L E LUNDBERGFÖRETAGEN AB	-0.77%	12.3B
BAJAJ HOLDINGS & INVESTMENT LIMITED	+6.24%	10.88B
MERITZ FINANCIAL GROUP INC.	+34.86%	10.17B
GROUPE BRUXELLES LAMBERT SA	-1.71%	9.7B
SK SQUARE CO., LTD.	+53.23%	7.88B