After ending 2021 with a massive €5.6bn cash pile from the Grand Vision sale, HAL’s 2022 story centred around the privatisation of the dredging and marine infrastructure behemoth, Boskalis. While 2022 was clearly not as good as the exceptional year of 2021 in terms of net income, HAL nevertheless showed the resilience of its business model with a stable NAV at €13.1bn, a feat in the current environment. HAL’s deep pockets prompt us to wonder about the HoldCo’s next move.
