TINC FY24 – Capital Raise Will Allow Portfolio To Double
During FY24, TINC's NAV came in at €506.4m (or €13.93ps), up 2.4% YoY. Portfolio result clocked in at €50.7m (or 10.84%) while net profit came in at €42.5m (or €1.17ps). TINC's investment portfolio now has 31 participations with a cumulative FV of €512.1m (vs. KBCSe €521.1m), up 9.3% YoY. During FY24, TINC committed €141.3m across 4 new and 3 existing participations. TINC will distribute a gross dividend of €0.58ps – €0.18ps distributed and €0.4ps capital reduction. TINC announced that it is preparing for a capital raise, however the amount and expected completion date are yet to be communicated. Given its highly predictable portfolio, we think that TINC, along with a capital raise, will make use of debt to double its portfolio size to €1.0b. Also, outstanding commitments stands at €205.0m, implying that TINC's portfolio, assuming no new investments, will grow to ~€700.0m over the long-term and thus, we think TINC's ambition to double its portfolio is highly achievable. 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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