olivLaw · European equity research
TINC TINC.BR
Belgium · Euronext Brussels · ISIN BE0974282148 · Vertical: Listed companies from Belgium
TINC is an investor in public infrastructure and energy, with holdings in motorways, hospital-related and renewable energy projects in Belgium and the Netherlands. The energy segment now includes a large battery storage project, Mufasa, in which the company invested 61 mn EUR, showing the company's growth direction. The energy portfolio was valued at 187,7 mn EUR at the end of fiscal 2025.
At the close of 05 Nov 2026, TINC (TINC.BR) stock was 10.44 EUR (+0.00% on the day), with market capitalisation 446.4 m EUR, P/E 12.4 on diluted EPS of 0.84 EUR over the last 12 months, dividend yield 4.73%, beta 0.21, 52-week range 10.16–12.28 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 42.8
- weak (30–45)
- Bollinger (20, 2)
- 10.23 – 10.65
- in the lower half of the band · %B 0.50 · band width 4.0%
- SMA 50 / 200
- 10.77 / 11.25
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.11 / -0.13
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −2.1% | −0.6% | −1.4 pp | — |
| 3 months | −8.1% | −4.2% | −3.9 pp | — |
| 6 months | −13.3% | +4.3% | −17.6 pp | — |
| Year to date | −1.3% | +7.5% | −8.8 pp | — |
| 1 year | +2.0% | +9.9% | −8.0 pp | +7.2% |
| 3 years | −11.9% | +49.8% | −61.7 pp | −5.5% |
| 5 years | −24.5% | +42.8% | −67.3 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 50 percentile of its own 2-quarter history (min 9.4, median 11.0, max 12.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2024 | 2025 |
|---|---|---|
| Revenue | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable |
| Net income | 42.5 m | 40.6 m |
| Net income YoY | unavailable | −4.4% |
| Diluted EPS | 1.17 | 0.84 |
| Diluted EPS YoY | unavailable | −28.2% |
| net % | unavailable | unavailable |
| Free cash flow | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.8 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 637.5 m EUR
- Total assets
- 716.8 m EUR
- Debt / equity
- unavailable
- Current ratio
- 2.08x
- ROE
- 7.1%
- ROA
- 6.6%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Income statement · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Operating income | 44.0 m | 43.3 m | esef· 18 Mar 2026verified |
| Depreciation & amortisation | 3.7 k | 3.4 k | esef· 18 Mar 2026verified |
| EBITDA | 44.0 m ≈ | 43.3 m ≈ | esef· 18 Mar 2026derived |
| Interest expense | 1.2 m | 2.7 m | esef· 18 Mar 2026verified |
| Pre-tax income | 42.8 m | 40.6 m | esef· 18 Mar 2026verified |
| Income tax | 315.6 k | -352 | esef· 18 Mar 2026verified |
| Net income | 42.5 m | 40.6 m | esef· 18 Mar 2026verified |
| Diluted EPS | 1.17 | 0.84 | esef· 18 Mar 2026verified |
| Weighted average diluted shares | 36.4 m | 48.5 m | esef· 18 Mar 2026verified |
| Dividend per share | 0.84 | 0.49 | esef· 18 Mar 2026derived |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 889.6 k | 1.8 m | esef· 18 Mar 2026verified |
| Receivables | 1.7 m | 1.3 m | esef· 18 Mar 2026verified |
| Current assets | 2.6 m | 3.1 m | esef· 18 Mar 2026verified |
| Intangibles (excl. goodwill) | 3.7 k | 303 | esef· 18 Mar 2026verified |
| Total assets | 514.7 m | 716.8 m | esef· 18 Mar 2026verified |
| Accounts payable | 1.0 m | 1.2 m | esef· 18 Mar 2026verified |
| Current liabilities | 1.3 m | 1.5 m | esef· 18 Mar 2026verified |
| Total liabilities | 8.2 m | 79.3 m | esef· 18 Mar 2026verified |
| Equity | 506.4 m | 637.5 m | esef· 18 Mar 2026verified |
| Shares outstanding at year end | 36.3 m | 42.8 m | esef· 18 Mar 2026derived |
Cash flow · EUR
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 446.4 m EUR
Key indicators
Coverage and freshness
Score by group
27% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 6.71 – 19.59 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E8.99 – 19.59 (Mid 12.28)25 companies used · median multiple 14.6x · quartiles 10.7x – 23.3xACKB.BR, AGS.BR, AZE.BR, BANI.BR, BAR.BR, BEKB.BR, BELYS.BR, BPOST.BR, CAMB.BR, CFEB.BR, COLR.BR, DECB.BR, DEME.BR, DIE.BR, ECONB.BR, ELI.BR, EVS.BR, FAGR.BR, FLOB.BR, FOU.BR, IBAB.BR, JEN.BR, KIN.BR, MELE.BR, MOUR.BR
- Dividend discount (DDM)6.71 – 9.15 (Mid 7.74)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 16.1x | 100 (on a fixed band) | 23% |
| Current ratio · Balance sheet | 2.1x | 100 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | 12.4x | 61 (vs peers) | 38% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 4.7% | 68 (on a fixed band) | 23% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet100/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partial68/100 · 1/2 factors with a value
- Valuation· partial61/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
TINC (TINC.BR). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 7.1%.
The estimated value range is 7.85–14.37 EUR per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 10.01 EUR, the price of 10.44 EUR leaves a potential of -4.1% (value / price − 1) and a margin of safety of -4.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Interest coverage: 16.1x
- Current ratio: 2.1x
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from Belgium · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ELI.BRElia Group | 11.9 bn | 23.3 | 9.6% | 13.6% | −2.0% | +28% / +34% |
| LOTB.BRLotus Bakeries | 11.4 bn | 66.4 | 20.9% | 12.7% | +10.0% | +82% / +76% |
| GBLB.BRGroupe Bruxelles Lambert - Groep Brussel Lambert | 10.6 bn | 82.4 | 0.8% | 2.1% | +1.0% | +6% / +9% |
| DIE.BRD'ieteren Group | 9.7 bn | 23.2 | — | 5.3% | −1.5% | +22% / +16% |
| ACKB.BRAckermans & Van Haaren | 8.8 bn | 22.2 | 8.4% | 7.6% | +18.6% | +22% / +77% |
| COLR.BRColruyt Group | 4.4 bn | 14.6 | 9.4% | 2.9% | +3.1% | +12% / −6% |
| DEME.BRDeme Group | 4.2 bn | 12.2 | 15.5% | 8.3% | +1.3% | +21% / +72% |
| AZE.BRAzelis Group | 2.9 bn | 16.1 | 6.6% | 4.3% | +1.5% | +29% / −42% |
| MELE.BRMelexis | 2.1 bn | 12.4 | 30.7% | 18.4% | −3.3% | −1% / −38% |
| BEKB.BRNV Bekaert SA | 2.1 bn | 30.7 | 3.1% | 1.8% | −6.4% | +10% / −5% |
| FAGR.BRFagron | 1.8 bn | 22.2 | 16.7% | 9.2% | +14.3% | +15% / +40% |
| KIN.BRKinepolis Group | 1.4 bn | 33.9 | 19.3% | 7.0% | −4.5% | +62% / +11% |
| JEN.BRJensen Group | 706.9 m | 17.2 | 15.1% | 9.1% | +13.3% | +28% / +111% |
| BAR.BRBarco | 563.5 m | 9.1 | 7.9% | 6.7% | −9.9% | −48% / −59% |
| IBAB.BRIon Beam Applications | 487.2 m | 39.5 | 10.7% | 2.1% | +24.5% | +48% / +52% |
| DECB.BRDeceuninck | 341.3 m | 24.6 | 4.3% | 1.7% | −4.5% | +8% / +8% |
| CAMB.BRCampine | 272.3 m | 12.2 | 28.6% | 6.1% | +13.4% | −12% / +161% |
| CFEB.BRAannemingsmaatschappij Cfe | 266.8 m | 11.1 | 9.9% | 2.0% | −5.3% | +22% / +48% |
| MOUR.BRMoury Construct | 261.2 m | 10.7 | 21.3% | 13.1% | −4.0% | +11% / +76% |
| EVS.BREvs Broadcast Equipment | 245.9 m | 6.0 | 20.8% | 21.7% | +14.3% | −49% / −36% |
| BPOST.BRBpost | 229.8 m | 3.5 | 6.3% | 1.5% | −2.6% | −39% / −75% |
| ECONB.BREconocom Group | 210.7 m | 40.5 | 1.2% | 0.2% | +4.3% | −1% / −36% |
| IMMO.BRImmobel | 172.2 m | — | -7.4% | -25.2% | −32.8% | −24% / −36% |
| MONNI.BRKeyware Technologies | 171.0 m | 162.0 | 3.5% | 4.5% | −5.9% | −5% / −17% |
| HYSG.BRHybrid Software Group PLC | 121.3 m | — | -2.5% | -5.5% | +7.2% | −4% / +13% |
1- and 3-year price returns: for TINC.BR from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
TINC is an investor in public infrastructure and energy, with holdings in motorways, hospital-related and renewable energy projects in Belgium and the Netherlands. The energy segment now includes a large battery storage project, Mufasa, in which the company invested 61 mn EUR, showing the company's growth direction. The energy portfolio was valued at 187,7 mn EUR at the end of fiscal 2025.
SWOT
Strengths
- Diversified portfolio in public infrastructure and energy, with long-term revenue from availability contracts.
- Established experience in public-private partnerships and in relations with construction consortia and public authorities.
- Capacity to invest in large storage and energy projects, with strategic stakes in important assets in the Netherlands and Belgium.
Weaknesses
- The result of the energy segment depends strongly on volatile electricity prices and on support mechanisms that change over time.
- The energy portfolio is relatively small compared with the infrastructure projects, which concentrates risk on a few important assets.
- Some holdings carry a high level of debt, and the cost of financing could affect profit margins.
Opportunities
- Energy storage projects and the expansion of renewable capacity could open new investment opportunities.
- Public infrastructure and energy transition programmes in Europe could generate new public-private partnerships.
- Expanding investments into new European regions could geographically diversify the company's portfolio.
Threats
- Falling energy prices and a higher profile discount could reduce revenue from the energy holdings.
- Changes to support mechanisms for green energy, such as the solar reforms, could affect project profitability.
- Unfavourable weather conditions, such as weak winds, can reduce wind park output, as happened in fiscal 2025 1.
Risks
- Volatility of energy priceshigh
Wholesale market prices could fall, reducing revenue from wind and solar park production.
- Production riskmedium
Weather conditions such as weak wind or lack of sun can reduce output and affect the segment's financial results.
- Changes to support mechanismsmedium
Reforms of green energy support mechanisms could reduce revenue from certain projects, especially in Flanders.
- Project execution riskmedium
Large projects such as Mufasa depend on construction timelines and commissioning, and delays could postpone revenue.
- Debt risklow
The debt level of some holdings and the cost of financing could reduce margins if interest rates rise.
Investment thesis
What would need to be true (bull case)
- If energy prices stabilise, wind and solar parks could generate better results than in fiscal 2025.
- The Mufasa project could become a growth driver if it enters operation on time and reaches its storage capacity.
- Availability contracts in public infrastructure provide long-term revenue that could support the stability of results.
What would break the thesis
- If energy prices keep falling, revenue from the energy holdings could remain under pressure.
- If reforms to support mechanisms reduce revenue from solar projects, portfolio profitability could decline.
- Concentration on a few large assets could amplify the impact of a delay or weak production.
What to watch
- Commissioning of the Mufasa project and the evolution of investmentsfirst half of 2027
- Evolution of energy prices and output of wind parksQ1 2027
- Reform of the solar support mechanism in Flanders2027
- Annual results and new investments reported in the next annual reportnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
TINC invests in long-term holdings in public infrastructure and energy, usually structured as DBFM public-private partnerships in which the company receives a compensation for infrastructure availability over the whole contract term. The activity is organised in the Public Infrastructure, Energy and Corporate segments. The annual report for fiscal 2025 describes the company as an active investor that aims to remain an important player in the energy transition 1.
In public infrastructure, TINC holds stakes in projects such as A11 (a 12 kilometre motorway, put into use in 2017) and R4 Gent, as well as the ring road project around Brussels with a build value of about 350 mn EUR and a term of 34 years. The revenue of these projects depends on infrastructure availability rather than actual traffic, which gives a relatively predictable revenue profile.
At the same time the company acts as an investor in energy projects, including onshore and offshore wind parks, solar parks and energy storage, in Belgium, the Netherlands and Ireland. The result of these holdings depends largely on energy production, energy prices and support mechanisms.
Segments
Public Infrastructure
This segment covers holdings in motorways and transport infrastructure, built through long-term public-private partnerships with availability payments made by authorities. Projects include A11, R4 Gent and the Brussels Airport interchange, where the 30-year maintenance consortium includes TINC.
Energy
The energy segment brings together onshore and offshore wind parks, solar parks, battery storage and a stake in the Mufasa project in the Netherlands, which is expected to start operations in the first half of 2027 1. The fair value of the segment was 187,7 mn EUR at the end of fiscal 2025.
Corporate
The corporate segment covers the company's central functions and does not generate separate investment projects, but supports the management of the portfolio in the other segments.
Market context
TINC operates in the market for European public infrastructure and the energy transition, with long-term contracts and an important role for states and regions that finance projects through public-private partnerships. Demand for energy storage and renewable capacity is growing alongside climate policies, which creates investment opportunities for a long-term capital investor.
In energy, revenue depends on wholesale market prices, support mechanisms such as green certificates, and the production profile, which is influenced by wind and sun. Prices were volatile and trended downwards in fiscal 2025, which directly affects the results of the holdings in the segment 1.
Trends
- Falling energy pricesheadwind
Wholesale market prices trended downwards in fiscal 2025, which reduces revenue from electricity sales and could affect the results of wind and solar parks if the trend persists.
- Growing energy storagetailwind
Projects such as Mufasa point to growing demand for storage batteries, driven by the large-scale integration of renewable energy into the grid, which could open new investment opportunities.
- Public support for green energymixed
European, national and regional policies supporting green energy create investment opportunities, but support mechanisms are changing and some reforms, such as those for solar in Flanders, are still unclear.
- Rising profile riskheadwind
As the number of wind and solar parks grows, the profile discount applied to forecast prices could increase, reducing expected revenue from production.
Competitive position
TINC competes with other investors and infrastructure funds for public-private partnership projects and renewable energy holdings. In the European market, competition comes from infrastructure funds, utilities and construction-investors that take part in the same tenders.
In renewable energy, competition for assets is intense and acquisition prices can be high. TINC's advantage lies in its long experience with public-private partnerships and its relations with construction consortia and developers in Belgium and the Netherlands.
- European infrastructure funds
Funds investing in public-private partnerships and energy assets, competing in tenders for long-term holdings.
- Renewable energy developers and utilities
Companies that develop and operate wind and solar parks and compete for the same assets and projects.
- Construction-investment consortia
Groups of builders that can take part alongside investors in DBFM projects and become competitors for the same contracts.
- Institutional infrastructure investors
Pension funds and insurers that seek infrastructure assets with stable returns and compete for acquisitions.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202518 Mar 2026
- Annual report 202518 Mar 2026
- Annual report 202518 Mar 2026
- Annual report 202418 Mar 2026
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / TINC · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.