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Dutch family investment trust holding stakes in SBM Offshore, Boskalis and other operating businesses.
Dutch family investment trust holding stakes in SBM Offshore, Boskalis and other operating businesses.
Has no products of its own: income is dividends and gains from its stakes, plus the profits of any companies it controls outright. The Van der Vorm family controls it, and it holds stakes for the long term rather than trading in and out.
In one line: A Dutch Berkshire Hathaway-style holding trust.
Moat: narrow (scale). Value comes from picking and holding stakes in strong operating businesses, not an operating moat itself.
Headquarters: Rotterdam, Netherlands · Founded: 1873 · Employees: 34,583
Size HAL Trust (HAL.AS) is a Netherlands Financials company (Financial Conglomerates) with a market value of $17.2B, the 18th largest of 61 Netherlands companies the cockpit tracks. Shares closed at €169.60 on 6 Nov 2026.
Performance Over six months the shares gained 1.4%, against +1.9% for the median peer and +0.4% for the Netherlands market (cap-weighted) — 10th lowest of 20 in its peer set.
Growth Revenue fell 4.6% over the last twelve months (peer median +3.2%); the operating margin is 13.7% (peer median 40.3%).
Valuation It trades at 0.94× book value against a peer median of 1.18× (5th cheapest of 21).
Price implies The share price implies a return on equity of about 6.4%; HAL Trust delivers 9.1%, so the price asks less than the business earns today.
Next results Next results expected around 25 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €12.2B | €12.5B | €12.5B | €12.4B | €10.0B |
| Revenue growth | — | +1% | 0% | +24% | — |
| Gross profit | €3.28B | €3.23B | €3.00B | €2.83B | €2.11B |
| EBITDA | €2.75B | €3.47B | €3.44B | €3.21B | €987M |
| Net income | €1.43B | €1.60B | €1.21B | €1.00B | €647M |
| Free cash flow | €1.64B | €1.53B | €1.30B | €1.26B | €555M |
| Capital expenditure | €1.06B | €1.19B | €1.40B | €1.21B | €934M |
| Total debt | n/a | €4.80B | €4.83B | €4.84B | €6.22B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| HAL Trust HAL.AS | $17.2B | +1% | -5% | 9% | 0.94× | 6.4% |
| Exor EXO.AS | $26.2B | +10% | +59% | -13% | 0.46× | 4.6% |
| Wendel MF.PA | $4.14B | 0% | -13% | -4% | 1.11× | 12.4% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | HAL.AS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +5.1% | +4.1% | 9th highest of 21 |
| 6-month return | +1.4% | +1.9% | 10th lowest of 20 |
| Return on equity | 9.1% | 13.6% | 10th lowest of 21 |
| Price / book | 0.94× | 1.18× | 5th cheapest of 21 |
| Trailing P/E | 10.7× | 12.0× | 7th cheapest of 17 |
| ROE the price implies | 6.4% | 9.2% | 4th least demanding of 21 |
| ROE delivered | 9.1% | 14.2% | 9th lowest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| HAL Trust HAL.AS | Netherlands | $17.2B | +1% | -5% | 9% | 0.94× | 6.4% | 9.1% |
| Julius Baer Gruppe BAER.SW | Switzerland | $17.1B | +2% | 0% | 16% | 1.89× | 8.8% | 16.2% |
| Jio Financial Services JIOFIN.NS | India | $16.2B | -8% | +117% | 1% | 1.18× | 19.7% | 1.3% |
| L E Lundbergforetagen LUND-B.ST | Sweden | $15.3B | +16% | -4% | 14% | 1.04× | 8.4% | 14.2% |
| Investment AB Latour LATO-B.ST | Sweden | $14.2B | +19% | +3% | 17% | 3.22× | 27.0% | 16.8% |
| Ares Capital ARCC | United States | $13.8B | +1% | -8% | 6% | 0.99× | 8.1% | 6.2% |
| China Resources New Energy 001248.SZ | China | $21.5B | n/a | 0% | 7% | 1.20× | 3.7% | n/a |
| Bajaj Holdings & Investment BAJAJHLDNG.NS | India | $13.0B | +4% | -14% | 13% | 1.67× | 20.7% | 13.1% |
| Industrivarden INDU-A.ST | Sweden | $23.4B | +9% | -1% | 27% | 1.03× | 9.4% | 27.2% |
| Washington H. Soul Pattinson and SOL.AX | Australia | $12.5B | +12% | +143% | 20% | 1.42× | 8.9% | 19.8% |
| BitMine Immersion Technologies BMNR | United States | $11.3B | -15% | +1,022% | -151% | 0.94× | 15.1% | -151.2% |
| Exor EXO.AS | Netherlands | $26.2B | +10% | +59% | -13% | 0.46× | 4.6% | -12.6% |
| SBI 8473.T | Japan | $11.2B | -13% | +20% | 28% | 0.91× | 8.0% | 28.4% |
| M&G MNG.L | United Kingdom | $10.3B | +7% | +68% | -4% | 2.91× | 32.8% | -3.8% |
| Ts Financial 2887.TW | Taiwan | $29.2B | +62% | +200% | 15% | 1.38× | 5.9% | 15.3% |
| Aker AKER.OL | Norway | $8.60B | -7% | -17% | 50% | 1.18× | 11.7% | 50.3% |
| Brookfield Business BBUC.TO | Canada | $6.15B | -9% | +106% | -24% | 1.11× | 11.6% | -23.5% |
| Onex ONEX.TO | Canada | $5.91B | -7% | +2% | 5% | 0.60× | 6.5% | 5.2% |
| Azimut AZM.MI | Italy | $5.70B | -1% | +17% | 28% | 2.62× | 24.8% | 28.5% |
| Blue Owl Capital OBDC | United States | $5.39B | -4% | +1% | 4% | 0.77× | 7.1% | 3.9% |
| Main Street Capital MAIN | United States | $5.33B | +6% | +3% | 15% | 1.68× | 12.3% | 14.9% |