HAL’s NAV performance through 2020 fell victim to the touchy discussions between EssilorLuxottica and GrandVision as the terms of the acquisition arrangement came under threat due to the volatile market conditions brought on by the COVID-19 pandemic. With the blockbuster deal finally on the path for completion, HAL’s 2021 outlook is now driven by another major event, as its Dutch e-commerce bet looks into a potential IPO with major (positive) valuation implications.
