TINC 1H FY24: Stable portfolio growth; Dividend up 3.6%
NAV rose by 3% €482.0m or €13.26ps (vs. €468.0m during FY23-end). Portfolio result came in at €21.9m (9.4% annualised) while net result clocked in at €18.0m or €0.5 per share. Shareholder's equity declined slightly to €482.0m compared to €494.6m during FY23-end – this is after deducting the dividend of €30.5m (€0.84ps) paid in May'24. Total cash receipts generated by the portfolio during 1H amounted to €23.1m while TINC committed €50.2m towards 3 new projects. Currently, TINC has a net debt position of €7.6m and €150.0m of available credit lines of which €8.0m was drawn down. TINC has proposed to pay a dividend of €0.58ps (+3.6% annualised). We currently estimate NAVps and TEVps to be €13.2 and €13.6 respectively thus implying a discount of ~14% and ~16%, much higher than the 2yr and 5yr averages of ~8% and 0%. We reiterate our BUY rating and €14.0 TP.TINC Comm VA. Tinc Comm VA, also known as TINC, is a Belgium-based company focusing on investments in Infrastructure Asset Companies holding capitalintensive Infrastructure Assets providing services and generating cash flows of a long term sustainable nature. The Initial Investment Portfolio of the Company includes investments in over 10 Infrastructure Asset Companies holding underlying Infrastructure Assets in public private partnerships (PPP), energy and real assets in Belgium and the Netherlands, including Strorm and Brabo 1, among others. It operates through Storm Holding 4 NV.
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