Hal Trust/€HAL
1D1W1M3M6MYTD1Y5YMAX
Capital at risk
About Hal Trust
HAL Trust is an international investment company with a diversified portfolio, primarily focused on acquiring significant equity stakes in both publicly traded and private companies across various industries. Headquartered in the Netherlands, HAL Trust manages investments through subsidiaries involved in optical retail, technology, media, and other sectors. Its most notable businesses include GrandVision, a global optical retailer, and unlisted companies in fields such as audio-visual communications and healthcare. HAL Trust has a strategic focus on long-term value creation, utilizing a decentralized management model to leverage local expertise in its investments. The trust's historical roots trace back to 1873 with the founding of the Holland America Line, though its current investment orientation reflects a shift initiated in the mid-20th century toward diverse asset management.
- Ticker
- €HAL
- Sector
- Finance
- Primary listing
- AEX
- Employees
- 34,583
- Headquarters
- Rotterdam, Netherlands
- Website
- www.halholding.com
Hal Trust Metrics
BasicAdvanced
€15B
10.72
€15.83
0.65
€3.50
2.06%
Price and volume
Market cap
€15B
Beta
0.65
52-week high
€176.00
52-week low
€134.80
Average daily volume
9.1K
Dividend rate
€3.50
Financial strength
Current ratio
1.443
Quick ratio
1.114
Long term debt to equity
0.19
Total debt to equity
0.261
Dividend payout ratio (TTM)
22.10%
Interest coverage (TTM)
14.67%
Profitability
EBITDA (TTM)
3,073.3
Gross margin (TTM)
60.81%
Net profit margin (TTM)
11.31%
Operating margin (TTM)
15.98%
Effective tax rate (TTM)
12.41%
Revenue per employee (TTM)
€370,000
Management effectiveness
Return on assets (TTM)
4.48%
Return on equity (TTM)
9.68%
Valuation
Price to earnings (TTM)
10.723
Price to revenue (TTM)
1.213
Price to book
0.94
Price to tangible book (TTM)
1.17
Price to free cash flow (TTM)
9.659
Free cash flow yield (TTM)
10.35%
Free cash flow per share (TTM)
17.568
Dividend yield (TTM)
2.06%
Forward dividend yield
2.06%
Growth
Revenue change (TTM)
-6.78%
Earnings per share change (TTM)
-17.05%
3-year revenue growth (CAGR)
-1.44%
10-year revenue growth (CAGR)
4.47%
3-year earnings per share growth (CAGR)
1.07%
10-year earnings per share growth (CAGR)
6.35%
3-year dividend per share growth (CAGR)
12.61%
10-year dividend per share growth (CAGR)
-5.06%
What the Analysts think about Hal Trust
Majority rating from 3 analysts.
| Month | Buy | Hold | Sell | Analysts | Majority rating |
|---|---|---|---|---|---|
| November 2022 | 2 | 1 | 0 | 3 | Buy |
| December 2022 | 1 | 1 | 0 | 2 | Buy |
| January 2023 | 1 | 1 | 0 | 2 | Buy |
| February 2023 | 1 | 1 | 0 | 2 | Buy |
| March 2023 | 1 | 1 | 0 | 2 | Buy |
| April 2023 | 1 | 1 | 0 | 2 | Buy |
| May 2023 | 1 | 2 | 0 | 3 | Hold |
Bulls say / Bears say
HAL’s net asset value rose €1.52bn to €17.63bn in H1 2026, while the value of its quoted holdings increased from €5.1bn to €6.1bn. Quoted-asset and liquid-portfolio values added a further €240m by 21 August. (6ix)
At the time of its August results, HAL’s €161 share price was about 17% below reported NAV of €195.16 per share. KBC Securities saw the discount and HAL’s diversified listed portfolio as potential upside. (Beurs.nl)
The planned €1.6bn acquisition of VolkerWessels Nederland would add construction, property development and infrastructure operations to HAL’s portfolio, broadening its mix if competition approval is secured. (6ix, MarketScreener)
HAL’s H1 net income fell 16% to €856m, while the contribution from quoted interests declined to €429m from €581m. The increase in listed asset values has therefore not translated into stronger reported earnings so far. (6ix)
Boskalis’ H1 revenue fell 19% and EBITDA fell 26% as geopolitical uncertainty delayed dredging awards and weaker offshore-wind conditions reduced vessel utilisation. Its €5.3bn book value was about 30% of HAL’s NAV, making a sustained downturn material to the holding. (6ix)
Data summarised monthly by Lightyear AI. Last updated on 23 Oct 2026.
Hal Trust Financial Performance
Revenues and expenses
Hal Trust Earnings Performance
Company profitability
Upcoming events
No upcoming events
Funds containing Hal Trust
AllEURUSDGBP
Fund name | Fund size | €HAL weighting |
|---|---|---|
Vanguard FTSE Developed Europe ex UK$VERE | €1.4B | 0.03% |
Vanguard FTSE Developed Europe ex UK€VERX | €3.3B | 0.03% |
Vanguard FTSE Developed Europe ex UK£VERX | €3.3B | 0.03% |
Vanguard FTSE Developed Europe$VEUD | €4.8B | 0.02% |
Vanguard FTSE Developed Europe£VEUR | €4.8B | 0.02% |
Data displayed above is indicative only and its accuracy or completeness is not guaranteed. Actual execution price may vary. Past performance is not indicative of future results. Your return may be affected by currency fluctuations and applicable fees and charges. Capital at risk.
Market data provided by CBOE Europe and Deutsche Börse.