TINC (AO) | Buy | New quarterly disclosure confirms growth trajectory

Research evidence excerpt

TINC (AO) | Buy | New quarterly disclosure confirms growth trajectory

TINC Buy | Target Price: EUR13.40

Company description Management

TINC is an investment company with a diversified portfolio in assets across Manu Vandenbulcke (CEO)

Public, Energy, Digital, and Social Infrastructure. Active in Belgium, the Filip Audenaert (CFO)

Netherlands, France, and Ireland, TINC invests through long-term partnerships,

with projects typically spanning 20-35 years. It focuses on sustainable, cash- Key shareholders

generating assets backed by inflation-linked contracts. Investors benefit from Free float 78.00%

predictable dividends and steady portfolio growth, targeting equity-like returns Infravest 22.00%

with controlled risk.

Investment case Valuation methodology

TINC offers investors an attractive blend of income stability and We value TINC by discounting our estimated 2027 NAV/share,

growth upside in the infrastructure space. With inflation-linked including the dividend to be distributed in 2026. Using a 9.0%

revenues, minimal leverage, and stable returns, TINC has discount rate yields a rounded target price of EUR13.4/share.

delivered c.8% annual total returns since 2015, outperforming The shares currently trade at a discount to NAV of about 15%.

most peers on NAV and dividend growth. We think a narrower discount is warranted given its track record

The recent capital raise sets the stage for the next growth phase, of stable returns, high cash flow visibility, and low leverage

targeting a doubling of the portfolio and a shift toward higher- Risks to our rating

return corporate infrastructure. Rapid and persistent rise in long-term yields would adversely

Management also plans to modestly increase leverage, which is affect shareholding values.