Hal Holding

Hal Holding


191003 HAL Holding | discount widening 191003 HAL Holding | discount widening


No. pages 16




Valid reasons to have a detailed look at HAL Holding
So far we have issued company reports and provided our daily commentary on companies in which HAL Holding also had held ownership interests, most notably on GrandVision (e.g., see our January 2019 in-depth company report) but also on Boskalis Westminster. However, we did not write in detail about HAL Holding specifically before. However, we believe that there are valid reasons now to have a more detailed look at the Dutch investment company.

HAL's share price increase has lagged its NAV per share since announced deal GrandVision
After all, when rumours first emerged and were later confirmed that EssilorLuxoticca was keen to acquire optical retailer GrandVision, it was not just the latter's share price that has rallied, HAL Trust's ('HAL') share price has benefitted too. Of course this makes perfectly sense given HAL's 76.72% ownership of GrandVision. As we will also detail and highlight in this report, GrandVision was and still is by far HAL's largest asset and the company's weight in HAL's portfolio has become very visible and quantifiable since the IPO early 2015. Having said that, following the GrandVision related rumours and announcements, HAL's share price increase has lagged the underlying increase of its NAV per share. Hence the discount of HAL's share price versus its NAV has increased. This growing discount merits a further detailed look at HAL, we argue.

Topics addressed in this report
In this report we will look in detail at HAL's portfolio, not only at its ownership's interests in its 5 listed companies, but also at its unquoted companies and its liquid portfolio. We also look at the development of HAL's share price vis-à-vis its NAV per share since 2013. We conclude that the current discount is material, also historically. We also shed our light on the opportunities and risks related to the planned GrandVision divestment, including the risks in case the deal fails.




1.      GrandVision take-over, what is in it for HAL?

2.      Looking at HAL’s other listed holdings

3.      An overview of HAL’s subsidiaries and minority interests. 7

4.      Discount versus NAV has widened. 11

5.      HAL worthwhile to consider as investment holding





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