H1-25 NAV at EUR 178 p/s, up 3.7% YTD and in line with our estimateHAL continues to improve its communication with investors and now provides an overview of the NAV componentsWe estimate today's NAV to be EUR 183.2 p/s, implying a discount of 29.4%. Driven by continued improvements on the side of HAL, we lower our target discount to 20%. Our TP moves up to EUR 176 (from EUR 143). This provides 36% of upside and hence we upgrade to BUY