H1-24 NAV up 6.7% to EUR 160.2 p/s (FY23: 150.1 p/s), in line with our estimate of EUR 162In the private portfolio revenue and profitability increased, including a very strong first half of BoskalisNet cash remains high at EUR 2.7bn (18% of NAV)We estimate today's (reported) NAV to be EUR 165.5 p/s, implying a 28% discount. This is in line with our target discount of 30%.Keep in mind though, that HAL tends to undervalue its private companies which we deem to be the case for Coolblue and Boskalis. There seems to be no willingness to unlock this higher NAV. Therefore,