Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on HAL TRUST. We currently have 2 research reports from 1 professional analysts.
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Some moves in HAL’s portfolio
08 Aug 16
In addition to the transactions concluded by its holdings and subsidiaries, HAL completed some transactions during 2015 and announced some other ones to be realised in 2016. The great transaction of the 2015 year was the GrandVision’s IPO which was conducted in February. The year before, all the optical retail activities were transferred by HAL to GrandVision, which has become the only optical retail subsidiary of the group. GrandVision NV commenced trading on Euronext Amsterdam as a result of a secondary offering, by HAL, of 21.9% of the outstanding shares of the company. The offer price of €20 per share corresponded to an equity value for GrandVision of €5.1bn and gross proceeds for HAL of €1,112m. At the end of 2014, the book value of HAL’s 98.6% ownership interest in GrandVision was only €799m (but €3.8bn in our NAV). Net cash proceeds amounted to €1,086m and HAL realised a positive result of €900m on this transaction. In accordance with IFRS, this result was not recognised in the income statement but recorded through shareholders’ equity because HAL remains the controlling shareholder of GrandVision. At the end of 2015, the stock market value of HAL’s 76.72% interest in GrandVision was €5,399m. It amounts today to about €4,861m. In H2 15, HAL sold its 25% interests in Navis Capital Partners Ltd (a company focused on private and public equity investments primarily in and around South-East Asia) for a net capital gain of €35m (non-disclosed selling price). But HAL retains an economic interest through preferred shares in Navis and remains an investor in five of the private equity partnerships managed by the company. The first 2016 months recorded a certain number of transactions. Concerning the divestitures: HAL sold its 80.6% interests in InVesting BV (a company active in the purchase of bad debt portfolios for its own account and in credit management) to the British company Arrow Global Group Plc. The transaction resulted in a net capital gain of €38m for HAL (non-disclosed selling price). But InVesting’s interest in Infomedics Groep BV (a provider of business process outsourcing and factoring services for the Dutch health care sector) was not part of the transaction, with HAL retaining an indirect stake of 38% in this company. HAL completed the sale of its 46.7% interests in the specialist provider of surety and trade credit insurance: Nationale Borg-Maatshappij to the American insurance company Am Trust Financial Services Inc. The transaction resulted in a net capital gain of €28m. In May 2016, HAL entered into an agreement to sell the 95% it holds in the hearing and retail subsidiary AudioNova International BV to the Swiss company Sonova Holding AG for €830m. With 1,361 stores in eight European countries, AudioNova reported 2015 revenues of €359m and an operating income of €47m. The sale will result in an expected net capital gain for HAL of about €470m. Concerning the acquisitions: HAL increased its ownership interest from 45% to 70% in Atlas Services Group Holding BV, which is specialised in supplying professional staff to the energy and maritime industries worldwide. HAL is acquiring 20% of Coolblue Beheer BV, one of the leading online retailers in the Benelux. Selling a diversified portfolio of consumer electronics and domestic appliances, the company reported revenues of €555m in 2015. The acquisition price is for the moment not disclosed. HAL is a long-term owner of its holdings. In GrandVision which it has listed, it has had an ownership interest since 1996. Concerning the holdings and subsidiaries it divested, it has had an ownership interest in Navis since 1999, in AudioNova since 2001 and in InVesting since 2006.
Good performance in optical retail continues
28 Dec 15
HAL Trust has continued its strategic approach as confirmed at the beginning of the year (see our Latest dated 04/12/2015). For the first nine months of 2015, the company’s press release reported that revenues had increased to €3.8bn (+13.5%, of which +5.8% at constant currency exchange rates and excluding the acquisitions). But this figure does not apparently include the revenues from the recently fully-consolidated groups, Vopak and Safilo, since, at end-June 2015, consolidated revenues had already reached €3.9bn (of which €1.4bn for Vopak and Safilo). The nine months 2015 figures seem to be pro forma interim consolidated financial statements, excluding the integration of Vopak and Safilo. In this pro forma perimeter, the optical retail’s share remains just slightly more than 63% of revenues, at €2.4bn and after a rise of +13% yoy. Excluding the effect of acquisitions (€130m) and positive currency exchange differences, optical retail’s revenues increased by +6.2% and by +4.8% for “same store sales” (excluding franchise stores). The good growth in operating income led to a margin improvement, but at a rate we find difficult to apply for the whole year. At 30/09/2015, HAL gave no information about Vopak and Safilo. The 2014 dividend (€5.05 per share) was distributed in June 2015, of which €21m in cash and €354m in shares, leading to issuance of 2,258k new shares.
Another positive verdict
20 Mar 17
Burford’s results for 2016 produced another outstanding set of figures. Revenue grew by 60% to $163.4m with strong growth in the litigation finance business and an additional boost from a secondary sale in the Petersen case. On an underlying basis net income grew to $114m, a 75% increase despite the investment in growing capacity which increased costs. A combination of ongoing investment and gains and increases on valuation saw the fair value of the litigation assets increase 67% to $559m, underpinned by a growth in invested capital to $394m. With the results statement there was an announcement of a further sale of 9% of the Petersen case at a valuation of 20 times the cost of investment.
N+1 Singer - Morning Song 22-03-2017
22 Mar 17
Carador Income Fund (CIFU LN) Premium rating restored, high levels of refinancing activity | Cello Group (CLL LN) Outlook getting brighter – watch Pulsar | Eckoh (ECK LN) Largest ever US secure payments win | eg solutions (EGS LN) Full year results in line | Futura Medical (FUM LN) Licensing deal for CSD500 in Portugal | Verona Pharma (VRP LN) Global agreement with QuintilesIMS to support development of RPL554 | Xaar (XAR LN) 2016 results slightly ahead, reduced visibility in 2017
Small Cap Breakfast
21 Mar 17
First Sentinel—Investment company expecting NEX admission/introduction on 24 March. £636k raised pre-IPO. BioPharma Credit—Expected Gross Initial Acquisition Proceeds now c.$338m. Gross Cash Proceeds capped at $423m with placing and open offer. Results expected 23 March with admission now due 30 march. Tufton Oceanic Assets- The Company intends to invest in a diversified portfolio of second hand commercial sea-going vessels where the Investment Manager believes that an attractive opportunity exists in shipping. $150m raise. Admission 3 April.