Upcoming Dividend • May 07
Upcoming dividend of €3.50 per share Eligible shareholders must have bought the stock before 14 May 2026. Payment date: 21 May 2026. Trailing yield: 2.0%. Lower than top quartile of Dutch dividend payers (5.0%). Lower than average of industry peers (3.0%). New Risk • Mar 31
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 19% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Reported Earnings • Mar 31
Full year 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2025 results: EPS: €17.68 (up from €13.39 in FY 2024). Revenue: €13.4b (up 3.3% from FY 2024). Net income: €1.60b (up 32% from FY 2024). Profit margin: 12% (up from 9.3% in FY 2024). Revenue missed analyst estimates by 3.6%. Earnings per share (EPS) exceeded analyst estimates by 22%. Revenue is forecast to grow 3.8% p.a. on average during the next 2 years, compared to a 18% decline forecast for the Diversified Financial industry in Europe. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. New Risk • Mar 16
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 16% per year for the foreseeable future. Minor Risk Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Duyuru • Feb 02
HAL Trust, Annual General Meeting, May 12, 2026 HAL Trust, Annual General Meeting, May 12, 2026. Location: rotterdam Netherlands Declared Dividend • Feb 02
Dividend increased to €3.50 Dividend of €3.50 is 21% higher than last year. Ex-date: 14th May 2026 Payment date: 21st May 2026 Dividend yield will be 2.2%, which is higher than the industry average of 1.6%. Sustainability & Growth Dividend is well covered by both earnings (15% earnings payout ratio) and cash flows (22% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to decline by 31% over the next 3 years. However, it would need to fall by 83% to increase the payout ratio to a potentially unsustainable range. Duyuru • Jan 31
HAL Trust announces Annual dividend, payable on May 21, 2026 HAL Trust announced Annual dividend of EUR 3.5000 per share payable on May 21, 2026, ex-date on May 14, 2026 and record date on May 15, 2026. Reported Earnings • Aug 31
First half 2025 earnings released: EPS: €11.33 (vs €5.64 in 1H 2024) First half 2025 results: EPS: €11.33 (up from €5.64 in 1H 2024). Revenue: €6.93b (up 9.3% from 1H 2024). Net income: €1.02b (up 101% from 1H 2024). Profit margin: 15% (up from 8.0% in 1H 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.0% p.a. on average during the next 3 years, compared to a 2.1% growth forecast for the Diversified Financial industry in Europe. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. New Risk • Aug 29
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 2.4% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Price Target Changed • Aug 29
Price target increased by 8.6% to €159 Up from €147, the current price target is an average from 3 analysts. New target price is 20% above last closing price of €133. Stock is up 11% over the past year. The company is forecast to post earnings per share of €14.70 for next year compared to €13.39 last year. Major Estimate Revision • May 20
Consensus EPS estimates fall by 17% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from €13.8b to €13.6b. EPS estimate also fell from €14.48 per share to €11.98 per share. Net income forecast to shrink 11% next year vs 12% growth forecast for Diversified Financial industry in the Netherlands . Consensus price target broadly unchanged at €145. Share price fell 2.8% to €116 over the past week. Upcoming Dividend • May 13
Upcoming dividend of €2.90 per share Eligible shareholders must have bought the stock before 20 May 2025. Payment date: 27 May 2025. Payout ratio is a comfortable 22% and this is well supported by cash flows. Trailing yield: 2.5%. Lower than top quartile of Dutch dividend payers (5.7%). Lower than average of industry peers (2.8%). Reported Earnings • Mar 29
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: €13.39 (up from €11.17 in FY 2023). Revenue: €13.1b (flat on FY 2023). Net income: €1.21b (up 21% from FY 2023). Profit margin: 9.3% (up from 7.7% in FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 25%. Revenue is forecast to grow 4.5% p.a. on average during the next 2 years, compared to a 13% decline forecast for the Diversified Financial industry in Europe. Over the last 3 years on average, earnings per share has fallen by 53% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. New Risk • Oct 20
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.5% per year for the foreseeable future. Minor Risks Latest financial reports are more than 6 months old (reported December 2023 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Major Estimate Revision • Aug 18
Consensus EPS estimates increase by 28% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from €12.18 to €15.56. Revenue forecast steady at €13.0b. Net income forecast to grow 41% next year vs 16% growth forecast for Diversified Financial industry in the Netherlands. Consensus price target of €141 unchanged from last update. Share price was steady at €114 over the past week. New Risk • Aug 16
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.5% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.5% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Upcoming Dividend • May 13
Upcoming dividend of €2.85 per share Eligible shareholders must have bought the stock before 20 May 2024. Payment date: 24 May 2024. Payout ratio is a comfortable 26% and this is well supported by cash flows. Trailing yield: 2.3%. Lower than top quartile of Dutch dividend payers (5.7%). Lower than average of industry peers (2.7%). Reported Earnings • Mar 28
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: €11.17 (up from €7.37 in FY 2022). Revenue: €13.1b (up 20% from FY 2022). Net income: €1.00b (up 55% from FY 2022). Profit margin: 7.7% (up from 5.9% in FY 2022). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 37%. Revenue is forecast to grow 3.1% p.a. on average during the next 2 years, compared to a 9.5% decline forecast for the Diversified Financial industry in Europe. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. New Risk • Mar 17
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 1.4% per year for the foreseeable future. Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (10% net profit margin). Reported Earnings • Aug 31
First half 2023 earnings released: EPS: €6.20 (vs €1.82 loss in 1H 2022) First half 2023 results: EPS: €6.20 (up from €1.82 loss in 1H 2022). Revenue: €6.39b (up 54% from 1H 2022). Net income: €550.0m (up €711.2m from 1H 2022). Profit margin: 8.6% (up from net loss in 1H 2022). Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, compared to a 28% decline forecast for the Diversified Financial industry in Europe. Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. New Risk • Aug 30
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 8.5% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 8.5% per year for the foreseeable future. Minor Risks Profit margins are more than 30% lower than last year (10% net profit margin). Shareholders have been diluted in the past year (2.0% increase in shares outstanding). Major Estimate Revision • Aug 20
Consensus EPS estimates increase by 21% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has improved. 2023 revenue forecast increased from €12.5b to €13.0b. EPS estimate increased from €6.76 to €8.16 per share. Net income forecast to grow 13% next year vs 21% growth forecast for Diversified Financial industry in the Netherlands. Consensus price target broadly unchanged at €137. Share price was steady at €113 over the past week. New Risk • Jul 28
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.0% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (5.9% net profit margin). Shareholders have been diluted in the past year (2.0% increase in shares outstanding). Price Target Changed • Jul 14
Price target decreased by 9.7% to €136 Down from €150, the current price target is provided by 1 analyst. New target price is 18% above last closing price of €115. Stock is down 7.3% over the past year. The company is forecast to post earnings per share of €6.76 for next year compared to €7.37 last year. Upcoming Dividend • May 12
Upcoming dividend of €2.50 per share at 2.0% yield Eligible shareholders must have bought the stock before 19 May 2023. Payment date: 16 June 2023. Payout ratio is a comfortable 34% and this is well supported by cash flows. Trailing yield: 2.0%. Lower than top quartile of Dutch dividend payers (6.9%). Lower than average of industry peers (2.6%). Reported Earnings • Apr 08
Full year 2022 earnings released: EPS: €7.37 (vs €44.04 in FY 2021) Full year 2022 results: EPS: €7.37 (down from €44.04 in FY 2021). Revenue: €10.9b (up 42% from FY 2021). Net income: €646.8m (down 83% from FY 2021). Profit margin: 5.9% (down from 50% in FY 2021). Revenue is forecast to grow 7.0% p.a. on average during the next 3 years, compared to a 12% decline forecast for the Diversified Financial industry in Europe. Over the last 3 years on average, earnings per share has increased by 83% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Price Target Changed • Mar 13
Price target increased by 14% to €160 Up from €141, the current price target is provided by 1 analyst. New target price is 29% above last closing price of €124. Stock is down 7.4% over the past year. The company is forecast to post earnings per share of €0.78 for next year compared to €44.04 last year. Major Estimate Revision • Nov 19
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from €7.99b to €8.67b. Now expected to report loss of -€1.13 instead of €4.33 per share profit. Diversified Financial industry in the Netherlands expected to see average net income decline 14% next year. Consensus price target up from €141 to €150. Share price rose 4.1% to €128 over the past week. Reported Earnings • Aug 27
First half 2022 earnings released: €1.86 loss per share (vs €1.19 profit in 1H 2021) First half 2022 results: €1.86 loss per share (down from €1.19 profit in 1H 2021). Revenue: €4.22b (up 16% from 1H 2021). Net loss: €161.2m (down 255% from profit in 1H 2021). Over the next year, revenue is expected to shrink by 1.8% compared to a 32% growth forecast for the Diversified Financial industry in the Netherlands. Over the last 3 years on average, earnings per share has increased by 124% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Major Estimate Revision • Jul 30
Consensus EPS estimates fall by 14% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from €8.17b to €7.99b. EPS estimate also fell from €5.02 per share to €4.33 per share. Net income forecast to shrink 90% next year vs 6.4% growth forecast for Diversified Financial industry in the Netherlands . Consensus price target down from €146 to €138. Share price was steady at €129 over the past week. Upcoming Dividend • May 13
Upcoming dividend of €2.85 per share Eligible shareholders must have bought the stock before 20 May 2022. Payment date: 17 June 2022. Payout ratio is a comfortable 6.3% and this is well supported by cash flows. Trailing yield: 2.1%. Lower than top quartile of Dutch dividend payers (5.6%). Lower than average of industry peers (2.7%). Reported Earnings • Apr 02
Full year 2021 earnings: Revenues exceed analyst expectations Full year 2021 results: Revenue: €11.2b (up 104% from FY 2020). Net income: €3.87b (up €3.88b from FY 2020). Profit margin: 35% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Revenue exceeded analyst estimates by 51%. Over the next year, revenue is expected to shrink by 30% compared to a 51% decline forecast for the industry in the Netherlands. Price Target Changed • Mar 12
Price target decreased to €151 Down from €165, the current price target is provided by 1 analyst. New target price is 10% above last closing price of €136. Stock is down 0.9% over the past year. The company is forecast to post earnings per share of €2.70 next year compared to a net loss per share of €0.17 last year. Reported Earnings • Aug 29
First half 2021 earnings released: EPS €1.22 (vs €1.34 loss in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: €3.66b (up 53% from 1H 2020). Net income: €103.8m (up €217.5m from 1H 2020). Profit margin: 2.8% (up from net loss in 1H 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Upcoming Dividend • May 14
Upcoming dividend of €2.35 per share Eligible shareholders must have bought the stock before 21 May 2021. Payment date: 18 June 2021. Trailing yield: 1.5%. Lower than top quartile of Dutch dividend payers (3.8%). Lower than average of industry peers (2.3%). Reported Earnings • Apr 03
Full year 2020 earnings released: €0.17 loss per share (vs €2.42 profit in FY 2019) The company reported a soft full year result with weaker earnings and weaker control over costs, although revenues improved. Full year 2020 results: Revenue: €5.60b (up 4.2% from FY 2019). Net loss: €14.4m (down 107% from profit in FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 77 percentage points per year, which is a significant difference in performance. Price Target Changed • Mar 13
Price target raised to €146 Up from €135, the current price target is an average from 2 analysts. The new target price is close to the current share price of €140. As of last close, the stock is up 18% over the past year. Is New 90 Day High Low • Mar 09
New 90-day high: €139 The company is up 19% from its price of €117 on 09 December 2020. The Dutch market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Diversified Financial industry, which is up 9.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €77.01 per share. Is New 90 Day High Low • Feb 04
New 90-day high: €126 The company is up 12% from its price of €112 on 05 November 2020. The Dutch market is up 20% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Diversified Financial industry, which is up 17% over the same period. Is New 90 Day High Low • Jan 07
New 90-day high: €121 The company is up 7.0% from its price of €114 on 09 October 2020. The Dutch market is up 18% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Diversified Financial industry, which is up 12% over the same period. Is New 90 Day High Low • Oct 29
New 90-day low: €108 The company is down 3.0% from its price of €112 on 31 July 2020. The Dutch market is also down 3.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it underperformed the Diversified Financial industry, which is down 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €67.41 per share.