ENXTAM:HAL

Stock Analysis Report

Executive Summary

HAL Trust, through its subsidiaries, primarily owns and operates optical retail chains in Europe, North America, Asia, and internationally.


Snowflake Analysis

Proven track record second-rate dividend payer.

Share Price & News

How has HAL Trust's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: HAL has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

1.1%

HAL

-2.5%

NL Diversified Financial

-3.4%

NL Market


1 Year Return

8.5%

HAL

16.8%

NL Diversified Financial

13.0%

NL Market

Return vs Industry: HAL underperformed the Dutch Diversified Financial industry which returned 22.3% over the past year.

Return vs Market: HAL underperformed the Dutch Market which returned 16.2% over the past year.


Shareholder returns

HALIndustryMarket
7 Day1.1%-2.5%-3.4%
30 Day0.4%-0.7%-2.2%
90 Day5.8%7.5%1.4%
1 Year10.7%8.5%20.0%16.8%17.8%13.0%
3 Year-8.0%-13.3%33.4%24.2%36.9%21.4%
5 Year27.9%12.6%68.2%48.2%55.7%25.0%

Price Volatility Vs. Market

How volatile is HAL Trust's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is HAL Trust undervalued compared to its fair value and its price relative to the market?

40.05x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: HAL (€146.4) is trading above our estimate of fair value (€102.98)

Significantly Below Fair Value: HAL is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: HAL is poor value based on its PE Ratio (40.4x) compared to the Diversified Financial industry average (15.2x).

PE vs Market: HAL is poor value based on its PE Ratio (40.4x) compared to the Dutch market (20.7x).


Price to Earnings Growth Ratio

PEG Ratio: HAL is poor value based on its PEG Ratio (4.6x)


Price to Book Ratio

PB vs Industry: HAL is overvalued based on its PB Ratio (1.6x) compared to the XE Diversified Financial industry average (1.2x).


Next Steps

Future Growth

How is HAL Trust forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?

8.8%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: HAL's forecast earnings growth (8.8% per year) is above the savings rate (-0.2%).

Earnings vs Market: HAL's earnings (8.8% per year) are forecast to grow slower than the Dutch market (11.5% per year).

High Growth Earnings: HAL's earnings are forecast to grow, but not significantly.

Revenue vs Market: HAL's revenue (2.2% per year) is forecast to grow slower than the Dutch market (5.9% per year).

High Growth Revenue: HAL's revenue (2.2% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: HAL's Return on Equity is forecast to be low in 3 years time (7.5%).


Next Steps

Past Performance

How has HAL Trust performed over the past 5 years?

-16.2%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: HAL has high quality earnings.

Growing Profit Margin: HAL's current net profit margins (3.4%) are higher than last year (2.6%).


Past Earnings Growth Analysis

Earnings Trend: HAL's earnings have declined by -16.2% per year over the past 5 years.

Accelerating Growth: HAL's earnings growth over the past year (42.7%) exceeds its 5-year average (-16.2% per year).

Earnings vs Industry: HAL earnings growth over the past year (42.7%) exceeded the Diversified Financial industry -0.8%.


Return on Equity

High ROE: HAL's Return on Equity (5.2%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is HAL Trust's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: HAL has a high level of physical assets or inventory.

Debt Coverage by Assets: HAL's debt is covered by short term assets (assets are 1.3x debt).


Financial Institutions Analysis

Asset Level: HAL's level of assets compared to its equity is low.

Allowance for Bad Loans: Insufficient data to determine if HAL has a sufficient allowance for bad loans.

Low Risk Liabilities: HAL reports no customer deposits, loans are made up entirely of externally borrowed funds.

Loan Level: Insufficient data to determine if HAL has an acceptable proportion of non-loan assets held.

Low Risk Deposits: HAL has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: Insufficient data to determine if HAL has an appropriate level of bad loans.


Next Steps

Dividend

What is HAL Trust's current dividend yield, its reliability and sustainability?

3.58%

Current Dividend Yield


Dividend Yield vs Market

company3.6%marketbottom25%2.2%markettop25%5.5%industryaverage2.9%forecastin3Years3.8%

Current dividend yield vs market & industry

Notable Dividend: HAL's dividend (3.55%) is higher than the bottom 25% of dividend payers in the Dutch market (2.12%).

High Dividend: HAL's dividend (3.55%) is low compared to the top 25% of dividend payers in the Dutch market (5.63%).


Stability and Growth of Payments

Stable Dividend: HAL's dividends per share have been stable in the past 10 years.

Growing Dividend: HAL's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its high payout ratio (143.4%), HAL's dividend payments are not well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: HAL's dividends in 3 years are not forecast to be well covered by earnings (90.7% payout ratio).


Next Steps

Management

What is the CEO of HAL Trust's salary, the management and board of directors tenure and is there insider trading?

4.7yrs

Average board tenure


CEO

HAL Trust has no CEO, or we have no data on them.


Board Age and Tenure

4.7yrs

Average Tenure

61yo

Average Age

Experienced Board: HAL's board of directors are considered experienced (4.7 years average tenure).


Insider Trading

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Management Team

  • Mel Groot (60yo)

    Chairman of Executive Board - HAL Holding NV

    • Tenure: 5.3yrs
  • Arie van't Hof

    CFO & Member of Executive Board - HAL Holding NV

    • J. Van Wiechen (47yo)

      Member of Executive Board - HAL Holding NV

      • Tenure: 5.3yrs

    Board Members

    • Theo de Raad (74yo)

      Member of Supervisory Board - HAL Holding NV

      • Tenure: 14yrs
    • Martijn van der Vorm (61yo)

      Chairman of Supervisory Board - HAL Holding NV

      • Tenure: 3.7yrs
    • Hans Wijers (68yo)

      Member of Supervisory Board - HAL Holding NV

      • Tenure: 5.7yrs
    • Lodewijk J. van den Bergh (56yo)

      Vice Chairman of Supervisory Board - HAL Holding NV

      • Tenure: 3.7yrs
    • C. Van Der Vorm (48yo)

      Member of Supervisory Board - HAL Holding NV

      • Tenure: 4.7yrs

    Company Information

    HAL Trust's company bio, employee growth, exchange listings and data sources


    Key Information

    • Name: HAL Trust
    • Ticker: HAL
    • Exchange: ENXTAM
    • Founded: 1873
    • Industry: Multi-Sector Holdings
    • Sector: Diversified Financials
    • Market Cap: €12.093b
    • Shares outstanding: 83.40m
    • Website: https://www.halholding.com

    Number of Employees


    Location

    • HAL Trust
    • Johan van Walbeeckplein 11A
    • Willemstad
    • Curaçao

    Listings

    TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
    HALENXTAM (Euronext Amsterdam)YesHAL Trust SharesNLEURJan 2007
    0K9VLSE (London Stock Exchange)YesHAL Trust SharesGBEURJan 2007
    HALF.FOTCPK (Pink Sheets LLC)YesHAL Trust SharesUSUSDJan 2007
    HA4DB (Deutsche Boerse AG)YesHAL Trust SharesDEEURJan 2007
    HALABATS-CHIXE (BATS 'Chi-X Europe')YesHAL Trust SharesGBEURJan 2007

    Biography

    HAL Trust, through its subsidiaries, primarily owns and operates optical retail chains in Europe, North America, Asia, and internationally. The company also supplies timber products and building materials through 103 outlets; produces composite panels for façade cladding, as well as laboratory and office furniture; manufactures panels for various interior surfaces, such as kitchens and retail furniture; and distributes liquefied natural gas. In addition, it manufactures and sells orthopedic and other medical devices; operates a network of 34 specialized care centers and various fitting locations; publishes the Dutch financial newspaper, Het Financieele Dagblad, as well as operates BNR Nieuwsradio, a radio station; and offers horticultural communication products and services to growers, garden centers, and retailers. Further, the company develops and produces identification and timing equipment for sports events under the MYLAPS brand; provides business process outsourcing and factoring services for the Dutch health care sector; offers training for pilots using flight simulators; and sells hearing aids. Additionally, it operates 68 tank storage terminals; manufactures and distributes optical frames and sunglasses; develops and rents multi-family properties and office buildings in Seattle; and provides temporary staffing agency services. The company also offers dredging, maritime infrastructure, and maritime services; and floating production solutions to the offshore energy industry, as well as financial and shipping services. As of December 31, 2018, it operated 7,095 optical stores, including 1,198 franchise stores; and 31 gas tankers. HAL Trust was founded in 1873 and is based in Willemstad, Curaçao. 


    Company Analysis and Financial Data Status

    All financial data provided by Standard & Poor's Capital IQ.
    DataLast Updated (UTC time)
    Company Analysis2020/01/28 21:10
    End of Day Share Price2020/01/28 00:00
    Earnings2019/06/30
    Annual Earnings2018/12/31


    Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.