HAL.AS
BuyUnloved QualityAI neutralHAL Trust · Financial Services · Netherlands · $17.0B
EUR 163.20 -0.1% · close 5 Oct · scored 7 Oct
Unloved Quality: Strong and cheap; the market has not turned yet.
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HAL Trust is a long-standing Dutch investment holding company, built on the proceeds of the 1989 Holland America Line sale, that owns majority stakes in unlisted operating businesses alongside listed interests and real assets. It has a patient, decades-long ownership culture and no refinancing dependence, which suits a higher-rate world, and forward earnings estimates have edged up by about 2% in the past month. Local press notes the share price has already reached analyst targets, and returns depend on a mixed portfolio rather than one identifiable growth engine, so the case rests on the usual holding-company discount narrowing rather than on a specific catalyst.
ABOUT HAL TRUST
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HAL Trust is a Dutch investment company that holds significant, often controlling, stakes in a diverse portfolio of primarily unlisted companies across various sectors like optical retail, construction, and safety equipment. Its competitive advantage lies in its long-term, patient capital approach and deep industry expertise. It operates as a unique listed holding company, akin to a private equity firm, known for its conservative management.
FINANCIAL SUMMARY (EUR)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 | CAGR | TTM | 2026E | 2027E | Fwd CAGR |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | 10.0B | 12.6B | 12.5B | 12.8B | 8.5% | 12.7B | 12.5B | 12.8B | -0.1% |
| EPS (EUR) | 47.73 | 7.08 | 11.07 | 13.39 | 17.69 | -22.0% | 15.85 | 14.97 | 12.72 | -15.2% |
| Shares | — | 90.4M | 90.3M | 90.3M | 90.3M | -0.1% | 90.3M | — | — | — |
| Debt | — | 6.2B | 4.8B | 4.8B | 4.8B | -8.3% | 4.8B | — | — | — |
| Equity | — | 13.0B | 13.7B | 14.8B | 15.6B | 6.3% | — | — | — | — |
| Op CF | — | 1.4B | 2.4B | 2.6B | 2.7B | 23.1% | 2.7B | — | — | — |
| Inv CF | — | -2.0B | 31.0M | -1.9B | -266.6M | — | — | — | — | — |
| Fin CF | — | 395.2M | -1.8B | -818.5M | -627.5M | — | — | — | — | — |
Calmer than 95% of stocks we rank over the past year (16% a year).
How this is worked out
What it measures: day-to-day price moves over the past year, as a yearly figure, ranked against every stock we cover. Very calm under 20% a year, Calm 20 to 30%, Average 30 to 40%, Bumpy 40 to 55%, Very bumpy above that.
What we found: across about 13,500 stocks in 34 markets (2002 to 2025), past swings were a good guide to the next year's, and bumpier stocks fell further. How much further changed too much between eras to put a number on it.
Calm is not safe: a calm stock can still slide steadily.
Rules fixed before any data was fetched. Describes the chart, not a recommendation.
SCORE BREAKDOWN
FUNDAMENTALS
SECTOR PEERS
Closest peers in Financial Services, ranked by industry match, size, and score similarity. Cross-listings of HAL.AS are excluded.
| Ticker | Company | Mkt Cap | StockRank | Signal |
|---|---|---|---|---|
| HAL.AS | HAL Trust(you) | $17.0B | 74 | Buy |
| EXO.AS | Exor N.V. | $27.3B | 20 | Strong Sell |
| AEG | Aegon Ltd. | $12.9B | 73 | Buy |
| ASRNL.AS | ASR Nederland N.V. | $16.6B | 82 | Strong Buy |
| NN.AS | NN Group N.V. | $23.4B | 79 | Buy |
| VALUE.AS | Value8 N.V. | $73M | 84 | Strong Buy |
| ABN.AS | ABN AMRO Bank N.V. | $40.4B | 67 | Buy |
| ENX.PA | Euronext N.V. | $15.9B | 50 | Hold |
| ING | ING Groep N.V. | $102.3B | 69 | Buy |
| VLK.AS | Van Lanschot Kempen NV | $3.3B | 64 | Hold |
Peer medians: ROE 12.2% · P/E 13.3x · Gross margin 56.6%
Company Deep Dive
Business segments breakdown, earnings transcript analysis, management credibility scoring, competitive landscape, and scenario modelling.