Company Valuation: HAL Trust

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 12,638 10,631 10,282 10,428 12,776 14,613 - -
Change - -15.88% -3.28% 1.42% 22.52% 14.38% - -
Enterprise Value (EV) 1 10,882 11,339 10,533 10,531 12,732 15,981 15,987 15,590
Change - 4.2% -7.11% -0.02% 20.89% 25.52% 0.04% -2.48%
P/E 2.94x 16.3x 10.2x 8.62x 8x 11.7x 13.8x 11.2x
PBR 1.02x 0.82x 0.75x 0.71x 0.82x 1x 0.98x 0.94x
PEG - -0.2x 0.2x 0.4x 0.2x -0.5x -0.9x 0.5x
Capitalization / Revenue 1.13x 0.96x 0.79x 0.8x 0.95x 1.12x 1.09x 1.1x
EV / Revenue 0.97x 1.03x 0.81x 0.81x 0.95x 1.22x 1.2x 1.17x
EV / EBITDA 2.09x 4.64x 3.59x 3.31x 3.63x 5.27x 5.8x 4.99x
EV / EBIT 2.44x 14.1x 6.57x 5.63x 5.24x 8.28x 9.84x 7.94x
EV / FCF 14.4x 20.8x 8.39x 8.08x 8.24x 13.9x 15.5x 12.1x
FCF Yield 6.96% 4.8% 11.9% 12.4% 12.1% 7.21% 6.47% 8.24%
Dividend per Share 2 5.47 4.902 2.85 2.9 3.5 4 4 4
Rate of return 3.91% 4.17% 2.5% 2.51% 2.48% 2.47% 2.47% 2.47%
EPS 2 47.63 7.225 11.17 13.39 17.68 13.78 11.71 14.44
Distribution rate 11.5% 67.8% 25.5% 21.7% 19.8% 29% 34.2% 27.7%
Net sales 1 11,196 11,043 13,058 13,073 13,401 13,072 13,366 13,328
EBITDA 1 5,208 2,446 2,934 3,178 3,507 3,033 2,757 3,125
EBIT 1 4,465 806.9 1,603 1,871 2,431 1,929 1,625 1,963
Net income 1 4,270 646.8 1,000 1,210 1,597 1,245 1,057 1,305
Net Debt 1 -1,756 708 251.2 103.7 -44 1,368 1,374 977
Reference price 2 139.93 117.65 113.80 115.40 141.40 161.80 161.80 161.80
Nbr of stocks (in thousands) 90,321 90,364 90,352 90,360 90,350 90,314 - -
Announcement Date 3/30/22 3/29/23 3/27/24 3/27/25 3/27/26 - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
11.86x1.23x5.32x2.45% 17.15B
8.39x15.32x - -.--% 16.63B
6.19x9.6x28.02x2.56% 12.06B
Average 8.82x 8.72x 16.67x 1.67% 15.28B
Weighted average by Cap. 9.11x 8.54x 14.69x 1.59%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield