TINC Portfolio Activity Accelerates To Support NAV Growth
Over the 18M23 period, TINC posted strong results thanks to operational excellence but also thanks to an increased churn within TINC's portfolio. TINC sold Bioversneller NV and 49.0% of GlasDraad BV which helped realise €9.5m capital gains while continuing to invest in new/existing portfolio companies. For the 18M period, TINC will distribute a much higher dividend of €0.84ps which implies a yield of 7.6%+. With its latest investment in Storm Group's fast charging project, TINC has further added to its commitment to energy transition projects. We believe that TINC's 4 investment themes are long-term winners. With increased portfolio churn, TINC creates attractive LT shareholder value. With a 5.0% discount to our TEVps of €14.7, we raise TINC to a BUY and maintain our €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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