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27 Nov 2025
HAL Trust - Q3-25 Update
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HAL Trust - Q3-25 Update
HAL Trust (HAL:AMS) | 0 0 1.9% | Mkt Cap: 12,371m
- Published:
27 Nov 2025 -
Author:
Joren Van Aken, CFA -
Pages:
4 -
• Q3-25 NAV at EUR 181.7, in line with our estimate of EUR 182.7• Growth and profitability in private portfolio slowing in Q3• We estimate today's NAV to be EUR 182.1 p/s implying a discount of 23.6%. The discount is moving in the right direction towards our target of 20% and we believe the discount narrowing is driven by some transparency improvements. We reiterate our TP of EUR 176 as well as our Buy rating