TINC Datacenter United valuation post merger with Proximus' PDC business
TINC announced that regulatory approvals were received for the strategic transactions involving the partial sale of Datacenter United to Cordiant Digital Infrastructure Limited (CORD) and acquisition of the data centre business of Proximus Group by Datacenter United. Given the rise and subsequent proliferation of AI across various sectors, we expect Datacenter United (DCU) to become an important growth component within TINC's overall portfolio. In its press release, CORD provided critical data points that help put an equity value of €194.3m on DCU. TINC's 47.5% stake will be worth €92.3m or 17.5% of our estimated TEV of €528.7m. 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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