TINC Reinitiating Our Coverage With a BUY Rating and €14.0 TP
TINC's delivered a stellar 1Q25. Portfolio fair value rose 20.3% to €616.2m QoQ, with a €10.9m portfolio result and €8.0m net profit (€0.22ps). TINC invested €123.1m in 1Q25, including €61m in BESS Project Mufasa. Its diversified portfolio of public, energy, digital and social assets defends well against economic volatility. PPP's stable cash flows underpin a 4.7% dividend yield, while assets like DataCenter Utd, Glasdraad and newly added Azulatis drive growth. After the recent €113.2m rights issue, we remade our model and forecasted TINCs portfolio growth over the next years, taking into account the €143.2m in commitments and an estimated €100.0m in new investments. We conclude that TINC is on track to double its portfolio to €1.0bn by 2030. We estimate that its current credit facility gives TINC a runway of 4 years. For FY30, we estimated a NAV of ~€830m or 17.2ps (a 5.6% CAGR). We reinitiate our coverage with a 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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