Estimated value by HAL EUR 150 + EUR 4,04 = EUR 154 Share price: EUR 107,2 Margin of safety: "Korting" = 30%

"Rekening houdend met het contante deel van het dividend over 2022 (€ 222 miljoen) en de aankoop van eigen aandelen (€ 2 miljoen), bedroeg de nettovermogenswaarde eind juni 2023 € 13.527 miljoen (€ 149,72 per aandeel) vergeleken met € 13.087 miljoen per 31 december 2022 (€ 147,72 per aandeel). Per 25 augustus 2023 was de waarde van de belangen in beursgenoteerde ondernemingen en de liquiditeitenportefeuille met ongeveer € 10 miljoen gestegen sinds 30 juni 2023 (€ 0,11 per aandeel). De financiële informatie in dit bericht is niet door de externe accountant gecontroleerd of beoordeeld. "

The net asset value does not include the positive difference between the estimated value and book value of the unquoted companies as of December 31, 2022. This difference is calculated annually and, based on the principles and assumptions set out in the annual report, amounted to € 358 million (€ 4.04 per share) on December 31, 2022, compared with € 691 million (€ 7.97 per share) on December 31, 2021. At the end of 2022, the book value of the U.S. real estate portfolio amounted to € 175 million (2021: € 159 million) against an estimated value of € 297 million (2021: € 269 million).

Estimated value by HAL EUR 150 + EUR 4,04 = EUR 154 

Share price: EUR 107,2    

Margin of safety "Korting"  = 30% 

SECTOR: [PASS]  HAL is neither a technology nor financial Company, and therefore this methodology is applicable. 

SALES: [PASS] The investor must select companies of "adequate size". This includes companies with annual sales greater than €260 million. HAL's sales of €10 290 million, based on 2022 sales, passes this test.

CURRENT RATIO: [PASS] The current ratio must be greater than or equal to 2. Companies that meet this criterion are typically financially secure and defensive. HAL's current ratio €9 898m/€6 339m of 1.5 almost passes the test.

LONG-TERM DEBT IN RELATION TO NET CURRENT ASSETS:[PASS] FAIL For industrial companies, long-term debt must not exceed net current assets (current assets minus current liabilities). Companies that do not meet this criterion lack the financial stability that this methodology likes to see. The long-term debt for HAL is currently €5 137 million, while the net current assets are €3 559 million. HAL just fails this test.

LONG-TERM EPS GROWTH: [PASS] Companies must increase their EPS by at least 30% over a ten-year period and EPS must not have been negative for any year within the last 5 years. Companies with this type of growth tend to be financially secure and have proven themselves over time. HAL's reported earnings have increased by over 100% over the past ten years.

Earnings Yield: [PASS]The Earnings/Price (inverse P/E) %, based on the lesser of the current Earnings Yield or the Yield using average earnings over the last 3 fiscal years, must be "acceptable", which this methodology states is greater than 6,5%. Stocks with higher earnings yields are more defensive by nature. HAL's E/P of 6,5% (using this years adjusted Earnings) passes this test.

Graham Number value: [PASS] The Price/Book ratio must also be reasonable. That is the Graham number value must be greater than the market price. HAL has a Graham number of √(15 x €9 EPS x 1,5 x €145 Book Value) = €156 

Dividend: Is a bit strange, it is 4% and determined by the share price in December..

Note: Coolblue (web)shops: 49% owned:  Earnings before interest, taxes, depreciation and amortization and exceptional items (EBITDA) amounted to € 44 million (2021: € 91 million). The decrease in profitability is due to lower gross margins and higher personnel costs. (Amazon has entered the Dutch market again recently). 

Conclusion November 2023: HAL Trust seems like a buy for Benjamin Graham Defensive investors at EUR 107,-