HALMY - Tariffs And Halma Plc: The Surprising Stock Resilience

2025-06-02 09:00:00 ET

Summary

• Halma shares have shown astonishing resilience against the backdrop of President Trump's tariff announcements.
• In this update, I share my view on Halma p.l.c. in relation to the tariffs.
• I detail why I believe the market may actually be right in seeing the company as not being negatively affected.
• At the same time, I point out a potential longer-term headwind for the company, the likelihood and significance of which I would not overestimate at this time, however.

Introduction

It has been almost a year since I last looked at Halma p.l.c. ( HLMAF , HALMY ), a serial acquirer from the U.K. with a focus on secular growth sectors. Judging by the price chart for the ADRs (ticker HALMY, Figure 1), Halma has reacted quite obviously to the announcement of tariffs by President Trump in early April....

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