Q3 24 NAV at EUR 165.95 p/s, up 3.6% vs. H1 and in line with our estimateWe estimate today's NAV to be EUR 166.9 p/s, implying a discount of 31%. That is high, historically speaking, for HAL but we deem it justified as recent capital deployments (outside of Boskalis) have been with mixed results.We reiterate our Hold rating and TP is left unchanged at EUR 136
