HAL Trust (HAL.AS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+156.2%

€437.55

vs €170.80 price

Levered DCF

€398.62

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.79

Distress zone

Rating

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	8×	8.62×	10.19×	16.62×	3.01×	16.13×	18.3×	70.76×
P/B	0.82×	0.71×	0.75×	0.83×	1.03×	1.26×	1.52×	1.46×
P/S	1.02×	0.83×	0.78×	1.08×	1.76×	1.9×	2.35×	2.37×
EV / EBITDA	3.81×	3.88×	4.29×	16.71×	3.14×	11.33×	8.51×	14.31×
Gross margin	25.8%	38.3%	54.5%	34.0%	40.1%	42.7%	47.2%	34.0%
Operating margin	19.1%	15.0%	12.3%	8.1%	61.1%	10.0%	10.7%	9.4%
Net margin	12.7%	9.7%	7.7%	6.5%	58.4%	11.7%	12.8%	3.4%
Current ratio	1.51×	1.37×	1.47×	1.56×	3.02×	1.58×	1.58×	1.58×
Debt / equity	0.31×	0.33×	0.35×	0.48×	0.39×	0.51×	0.46×	0.49×
Interest coverage	11.34×	8.45×	6.1×	3.74×	26.88×	4.03×	4.23×	3.28×
Dividend yield	2.1%	2.5%	2.2%	2.3%	1.6%	2.4%	1.8%	2.3%
Payout ratio	16.4%	21.3%	22.1%	38.2%	4.7%	38.8%	32.5%	159.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.2%	8.2%	7.3%	5.0%	34.3%	7.8%	8.3%	2.1%
Return on invested capital	8.9%	6.8%	6.3%	2.6%	21.0%	2.9%	3.2%	2.1%
Return on assets	5.7%	4.4%	3.8%	2.4%	18.9%	3.1%	3.4%	0.9%
Free cash flow yield	11.7%	11.7%	12.3%	4.7%	5.2%	9.6%	6.8%	2.4%
Earnings yield	12.5%	11.6%	9.8%	6.0%	33.2%	6.2%	5.5%	1.4%
Enterprise value	€13.2B	€12.7B	€12.4B	€15B	€15.4B	€12.8B	€14.3B	€12.4B
Net debt / EBITDA	0.13×	0.69×	0.78×	4.66×	0.52×	2.38×	1.28×	1.59×
Cash conversion cycle (days)	64	59	40	73	71	65	62	94