HAL (HAL Trust) vs DAX Index Comparison

HAL

DAX Index

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HAL

DAX Index

Difference

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HAL

DAX Index

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Compare the stock's returns with its benchmark index and competitors. Gain insights into its relative performance over time.

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DAX Index

HAL

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Compare the stock's returns with its benchmark index and competitors. Gain insights into its relative performance over time.

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HAL Trust
Glance View

Economic Moat

None

Market Cap

13.8B EUR

Industry

Financial Services

HAL Trust, a storied investment fund with roots dating back to the nineteenth century, has evolved into a giant in the realm of strategic holdings and diverse investments. Initially beginning its journey with investments in shipping, HAL Trust has transformed its portfolio over the years to encompass a broad range of sectors, including retail, real estate, media, and more. The Trust operates under a unique decentralized structure, offering it agility and flexibility. This approach enables HAL to foster growth and resilience across its various companies. Their philosophy centers around building value through long-term commitments, selecting businesses that not only promise financial returns but also align with their vision for sustainable and responsible growth. Driving its revenue model, HAL Trust employs a strategy of fostering and managing a diversified collection of interests in public and private companies. The essence of its business lies in acquiring significant stakes in well-managed businesses, both as a nurturing partner and guide. By maintaining a careful balance between buying new stakes and disposing of mature ones, HAL is able to repeatedly recycle capital, ensuring that resources are allocated to where they can be most productive. Through dividends, rental income from its real estate assets, and capital gains from its investment activities, HAL Trust generates substantial earnings. The company’s expertise in navigating various industries and markets highlights its capability to weather economic shifts while continuously creating value for its shareholders.

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HAL Intrinsic Value

Undervaluation 47%

Intrinsic Value

Price

What is Intrinsic Value?

Economic Moat is a concept popularized by Warren Buffett to describe a company's durable competitive advantage. It represents the 'moat' that protects a company from competitors and helps it sustain profitability over the long term. Our analysis of the past 10 years showed that companies with a wide economic moat significantly outperformed the market, delivering +645% returns compared to +189% for the S&P 500.

Our research into Economic Moat performance spans the past 10 years and focuses on companies with a wide economic moat. For this analysis, we calculated the average stock price returns of these companies, comparing them to the performance of the S&P 500 index over the same period.

The results were compelling: wide moat stocks achieved a remarkable +645% average return, compared to +188% for the broader market. This difference highlights the long-term benefits of investing in businesses that can maintain their market position and pricing power over time.

Note: This research does not account for survivorship bias. Past performance is not indicative of future results.

Determining whether a company has an economic moat requires both a deep dive into financial metrics and a qualitative assessment of its competitive position. Our analysts conduct a rigorous evaluation that focuses on identifying structural advantages that enable a company to sustain profitability and defend its market share over the long term.

The process begins with an analysis of a company’s historical financial performance. We assess how consistently the company has generated returns above its cost of capital and whether those returns have been stable or improving. However, financial performance alone doesn’t reveal the full picture. To understand the sources of these advantages, we evaluate five key drivers of economic moats:

Network Effect: We analyze whether the value of a company’s product or service grows as its user base expands. Platforms like payment systems or marketplaces benefit from this self-reinforcing.

Switching Costs: We assess whether customers face significant costs or disruptions when switching to a competitor’s product or service. High switching costs create customer stickiness and provide pricing power.

Intangible Assets: Strong brands, patents, and regulatory licenses can protect a company’s market position by creating barriers for competitors or enabling premium pricing. For example, a well-recognized consumer brand may command higher customer loyalty and margins.

Efficient scale: Occurs when a market is optimally served by one or a few players, making it unprofitable for new entrants to compete. This typically happens in industries with high fixed costs or geographic constraints, such as utilities or pipelines.

Cost Advantage: Companies with structural cost advantages can produce goods or services at a lower cost than their competitors, enabling them to offer competitive pricing or maintain higher margins. These advantages often arise from economies of scale, superior supply chain management, or proprietary technology. Firms like Walmart leverage their massive scale to negotiate better terms with suppliers, allowing them to undercut competitors on price.

By examining these factors in combination with a company’s financial performance and market positioning, we classify each company into one of three categories:

This rigorous evaluation ensures that our moat ratings are both comprehensive and reliable, giving investors the tools they need to make well-informed, long-term decisions.

HAL

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D
DAX Index

Stocks Performance
HAL vs DAX Index

Performance Gap
HAL vs DAX Index

Performance By Year
HAL vs DAX Index

Competitors Performance
HAL Trust vs Peers

HAL Trust
Glance View

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HAL vs D DAX Index

Stocks Performance HAL vs DAX Index

Performance Gap HAL vs DAX Index

Performance By Year HAL vs DAX Index

Competitors Performance HAL Trust vs Peers

HAL Trust Glance View

Company

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Stocks

HAL

vs

D
DAX Index

Stocks Performance
HAL vs DAX Index

Performance Gap
HAL vs DAX Index

Performance By Year
HAL vs DAX Index

Competitors Performance
HAL Trust vs Peers

HAL Trust
Glance View