H1 23 NAV amounted to EUR 149.7 p/s, up 1% (FY22: EUR 147.7) and in line with our estimate of EUR 150.2 p/sPrivate portfolio revenues decreased 5% over the first half with the margin still contracting as EBIT dropped 11%Net cash remains high at EUR 2.7bn (20% of NAV)We estimate today's NAV to be EUR 151.2 p/s, implying a discount of 25% and hereby achieving our previous target discount. In our latest report, we explained why we expect that the discount will continue to widen for HAL Trust. As such, we apply a 35% target discount based on the ESG