TINC 1H25 Results: Updating our NAV Forecast model
In light of TINC's strong 1H25, we updated our model and projections. In 1H25, the portfolio fair value rose to €649.3m, up 26.8% from FY24-end. This is in line with our expectation of €671.1m for FY25. Long-term portfolio growth assumptions remained roughly the same, taking into account the €110.8m in commitments and an estimated €100.0m in new investments. We anticipate that the current credit facility gives TINC a runway of 3 years. For FY30, we revise our expected NAV from ~€830m or 17.2ps to ~€793m or 16.4ps, mostly due to increased dividend payouts. This represents a 4.7% CAGR, not including said dividends. Its diversified portfolio of public, energy, digital and social assets defends well against economic volatility, while assets like DataCenter Utd, Glasdraad and newly added Azulatis will drive growth. We maintain our conviction that TINC is on track to double its portfolio to €1.0bn by 2030. We reiterate our BUY rating and a €14 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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