• HAL is acquiring the Dutch arm of VolkerWessels at EUR 1.6bn or 5.4x EBITDA• We are a fan of this transaction as HAL returns to its circle of expertise• We estimate today's NAV to be EUR 181.4, implying a discount of 25.9% (30% excl. cash). Following improvements in communication and more favorable investments, we believe the discount can narrow further. We stick to our TP of EUR 176 and reiterate our BUY rating
