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HAL Trust (0K9V) fair value: what the stock is really worth

As of Oct 2, 2026: fair value of HAL Trust €112, price €165, upside -31.7%, quality 60 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? Yes
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Financial Services · GB · ISIN BMG455841020

HT Thin data Oct 3, 2026

HAL Trust

0K9V · LSE

Overvalued / MonitorQuality is not strong enough to offset the price risk.

!Fair value €112.30 · Overvalued (−31.7%)
✓Quality 60/100
!Weak Growth (revenue 3y −13.0 %/yr)
✓Solidly profitable · 12.1% net margin (TTM)
✓Low debt
·2.1% dividend yield · Safety not assessed
!Moderate moat 53/100
!Evidence only low, so the estimate is less certain
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

€176.75 €97.68 Fair Value €112.30 Jul 2021 Oct 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 3, 2026.

How to read this chart

60‑month range €97.68 – €176.75 · fair‑value band €92.75 – €140.37 · the €164.50 price screens above the €112.30 fair value. Dashed = 300-day average. As of Oct 3, 2026.

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Company profile

HAL Trust, together with its subsidiaries, operates through multi-sectors in Asia, the Middle East, the Netherlands, the United States, Canada, and internationally.

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HAL Trust, together with its subsidiaries, operates through multi-sectors in Asia, the Middle East, the Netherlands, the United States, Canada, and internationally. The company offers maritime services; emergency response and salvage-related services; medical aid products and services; furniture and fit-out services; a financial newspaper under the Het Financieele Dagblad; a radio station under the BNR Nieuwsradio; information and data services under the Company.info and Investment & Pensions Europe; and processing, software, and payment solutions for the healthcare sector. It also provides hearing aids; consumer electronics and domestic appliances; energy services under the Coolblue Energy brand; storage and infrastructure solutions; and prescription frames, outdoor eyewear, goggles, and helmets. In addition, the company is involved in the residential construction, utility construction, project development, and renovation activities; manufacturing, fabricating, and selling composite panels and related products under the FENIX brand; and production of composite panels for interior applications, facade cladding and laboratory furniture, interior doors, kitchen worktops, solid surface material, and coated plywood panels. Further, it engages in the supply of timber products and building materials; temporary and permanent technical personnel under the Atlas NextWave brand; solutions and specialized equipment for installation and foundation projects in the offshore wind and renewables, decommissioning, oil and gas, and coastal and civil markets; and transportation of liquefied gases. Additionally, the company engages in the greenhouse construction sector; optical retail; designs, builds, installs, and operates offshore floating facilities; production of ultra-pure silicon wafers; development and rental of apartments; and development and sale of townhomes. HAL Trust was founded in 1873 and is based in Rotterdam, the Netherlands.

Stock analysis

HAL Trust, (0K9V) currently trades at €164.50, while our model-based Fair Value estimate is €112.30, 31.7% below the price, so the stock looks overvalued today.

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Valuation

Bull case: the DCF Models group reads highest at a median of €134.82 per share, and 1 of the 11 models we run sit above the €164.50 price.

Bear case: the Dividend Discount group reads lowest at €27.69, and 10 of the 11 models stay below the price. Evidence for this calculation is low.

Scenario range: €92.75 (bear) to €140.37 (bull), the price of €164.50 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 60/100 (solid quality), in the Financial Services sector.

Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.

HAL Trust, reported revenue of €5.3B in FY2020 versus €8.1B in FY2016, a compound −9.9%/yr. Reported net income was €629M in FY2020, compounding −7.8%/yr from FY2016.

Key figures

Market cap €12.0B · P/S ratio 0.90 · Dividend yield 2.1% · Net margin 11.8% · Return on equity 11.2% · Return on assets (EBIT) 3.1% · Operating margin 14.2% · Revenue (TTM) €13.2B.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).

What moves the price

The share trades about 7% below its 52-week high and 26% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −15% fair-value upside, at −32%, 0K9V screens richer than that median.

Fair Value models

Bear €92.75 Fair Value €112.30 Bull €140.37
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
Growth DCF €184.30 €260.06 €389.64 74
Residual Income €92.59 €99.43 €109.65 73
Rev-Margin DCF €91.21 €129.22 €177.87 70
All 11 models by family
DCF Models
5Y P/E Exit €97.14 €134.82 €180.37 68
10Y P/E Exit €126.20 €154.98 €181.15 62
Earnings-Based
Graham-Dodd €58.74 €71.79 €80.77 65
Dividend Discount
Gordon GGM €25.30 €27.69 €31.34 67
DDM Multi-Stage €25.30 €31.75 €40.78 65
Multiples
P/E Multiple €84.22 €112.30 €140.37 63
P/B Multiple €110.14 €146.85 €183.56 55
Asset-Based
NCAV (Graham) €55.02 €73.72 €110.03 54
Growth DCF
Growth DCF €184.30 €260.06 €389.64 74
Rev-Margin DCF €91.21 €129.22 €177.87 70
Economic Profit
Residual Income €92.59 €99.43 €109.65 73

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Quality Score breakdown

Overall quality 60/100

Of which business quality 58 · Market factors (momentum, volatility) 65

Profitability 33
Margins and returns on capital today
Quality Growth 32
Are margins and returns improving?
Cashflow 98
Earnings quality: real cash, not paper profit
Fin. Strength 38
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 92
Calm price path (market factor)
Momentum 48
Price trend over the last 3–12 months (market factor)
52W Momentum 66
Distance to the 52-week high (market factor)

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Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+2.6%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−13.0%
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
20.3% (2016) → 10.2% (2020)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: no share-count history
not computed

0K9V screens overvalued: fair value 32% below the price. Compare with Blackstone Inc →

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Asset Management · 657 stocks

Beats the industry median on 5/12 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 59 · Above median
Fair Value upside −32.8% · Bottom 25%
Profitability
Return on equity (TTM) 11.2% · Above median
Return on assets 5.2% · Above median
Net margin (TTM) 12.1% · Below median
Operating margin (TTM) 14.2% · Below median
Growth and dividend
Revenue growth −4.7% · Below median
Dividend yield (TTM) 2.1% · Below median
Balance sheet
Debt / equity 0.29× · Above median

Valuation Multiplesvs Asset Management median · lower = cheaper

P/B 1.74× · Priciest 25%
P/S (TTM) 1.05× · Cheapest 25%
EV/EBITDA 4.8× · Cheapest 25%

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Asset Management stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Blackstone Inc BX $112.09 $52.29 −53%
KKR & Co KKR $93.18 $29.26 −69%
Brookfield Corporation BN $36.87 $13.45 −64%
Apollo Global Management, Inc APO $116.06 $197.23 +70%
State Street Corporation STT $177.78 $139.37 −22%
Ameriprise Financial, Inc AMP $494.82 $595.40 +20%
Ares Management Corporation ARES $122.01 $103.68 −15%
Northern Trust Corporation NTRS $175.73 $123.42 −30%
Raymond James Financial, Inc RJF $161.16 $317.27 +97%
Exor N.V EXO €68.10 €136.20 +100%

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HAL Trust, · Fair Value
€112.30 −32%Fair Value
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Cite: Fair Value Calculator (2026). "HAL Trust, Fair Value". https://www.fairvalue-calculator.com/stock/0K9V

Frequently asked questions

Is HAL Trust (0K9V) overvalued or undervalued?
As of Oct 3, 2026, our model estimates a fair value of €112.30 versus a price of €164.50, about −32% upside (overvalued).
What is the fair value of 0K9V?
Our model-based fair value for HAL Trust, is €112.30 (as of Oct 3, 2026), built from audited fundamentals. The current price: €164.50.
What is the quality score of 0K9V?
HAL Trust, has a Quality Score of 60/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for HAL Trust (0K9V)?
Our model-based price target is the fair value of €112.30 (as of Oct 3, 2026) from 11 valuation models. Cautious scenario €92.75, optimistic scenario €140.37. It is a calculation from audited fundamentals, not an analyst target.
What is the HAL Trust, stock forecast for 2026?
Our models put fair value at €112.30, about −32% upside versus a price of €164.50 (overvalued). Cautious scenario €92.75, optimistic scenario €140.37. The calculation is refreshed regularly with new filings.
What is the revenue of HAL Trust (0K9V)?
HAL Trust, reported trailing-twelve-month revenue of about €13.2B (latest available figure, as of Oct 3, 2026).
Does HAL Trust, pay a dividend?
HAL Trust, currently shows a dividend yield of about 2.13% relative to its recent price (as of Oct 3, 2026).
What is the intrinsic value of HAL Trust (0K9V)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For HAL Trust, it is €112.30 per share (as of Oct 3, 2026), against a price of €164.50. It is the blended result of 11 valuation models (cash flow, earnings, asset, dividend).
Is HAL Trust, stock overvalued or undervalued in 2026?
As of Oct 3, 2026, 0K9V trades above its calculated fair value: price €164.50, fair value €112.30, a gap of about −32% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 0K9V?
No. The price is what the market pays today (€164.50); the fair value is what the company's own numbers justify (€112.30). For HAL Trust, the two are €52.20 per share apart. That gap is exactly why we show both numbers side by side.
How much is HAL Trust, worth?
The market values HAL Trust, at about €12.0B (market capitalisation, as of Oct 3, 2026). Per share that is €164.50; our models calculate a fair value of €112.30 per share.
What do the bullish and bearish scenarios say about 0K9V?
Our models span a range for HAL Trust,: cautious scenario €92.75, base €112.30, optimistic €140.37 per share (as of Oct 3, 2026, price €164.50). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of HAL Trust (0K9V)?
Balance-sheet figures for HAL Trust, (as of Oct 3, 2026): return on equity 11.2%, debt of 0.29 per unit of equity. They feed the Quality Score of 60/100, which measures business quality independently of the share price.
How far is 0K9V from its 52-week high?
HAL Trust, trades at €164.50, about 7% below its 52-week high of €176.75 and 26% above the low of €130.99 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of €112.30 is for.
Which stocks are comparable to HAL Trust,?
From the same area (Financial Services) we also value Blackstone Inc, KKR & Co, Brookfield Corporation, Apollo Global Management, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is HAL Trust, stock attractive at the current price?
The data as of Oct 3, 2026: price €164.50, calculated fair value €112.30 (−32%), Quality Score 60/100, from 11 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 0K9V calculated?
We run HAL Trust, through 11 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of €112.30, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. HAL Trust, itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of HAL Trust (0K9V)?
The closing price on Oct 2, 2026 was €164.50. Our model-based fair value is €112.30, about −32% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with HAL Trust, right now?
The price sits above even our optimistic bull case (€140.37). The favourable scenario is already priced in. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid but not exceptional quality (60/100) and above fair value, neither a clear bargain nor a standout compounder. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.

Key figures of HAL Trust,

How large is the market capitalisation of HAL Trust (0K9V)?
The market capitalisation of HAL Trust, is €12.0B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of HAL Trust (0K9V)?
The price-to-sales ratio of HAL Trust, is 0.90 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What is the dividend yield of HAL Trust (0K9V)?
The dividend yield of HAL Trust, is 2.1%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of HAL Trust (0K9V)?
The net margin of HAL Trust, is 11.8% (fiscal year 2020). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of HAL Trust (0K9V)?
The return on equity (ROE) of HAL Trust, is 11.2% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of HAL Trust (0K9V)?
On an EBIT basis the return on assets of HAL Trust, is 3.1% (avg 3y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of HAL Trust (0K9V)?
The operating margin of HAL Trust, is 14.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at HAL Trust (0K9V)?
Revenue at HAL Trust, is growing −4.7% versus a year earlier (3y avg −13.0%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at HAL Trust (0K9V)?
Earnings per share at HAL Trust, are growing −18.1% versus a year earlier. How much earnings per share grew versus a year earlier.
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