KBC Securities - TINC Comm. VA (TINC) TINC 1H FY24: Stable portfolio growth; Dividend up 3.6%

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KBC Securities

Sharad Kumar S.P

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.

11/09/2024 1 EN

Underlying

TINC Comm. VA

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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BE0974282148 Euronext Brussels Belgium

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KBC Securities

We are a financial services provider for several types of professional clients, each with distinct needs.

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Analysts

Sharad Kumar S.P

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TINC 1H FY24: Stable portfolio growth; Dividend up 3.6%

We are a financial services provider for several types of professional clients, each with distinct needs.

Dynamic Top Pick List Update November 2024 – Adding Azelis – Removing Solvay

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Inventiva FIRST LOOK: 3Q24 update holds no surprises, NATiV3 timelines reiterated

Ackermans & van Haaren 3Q FY24: Major Participations Continue To Post Robust Results

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