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TINC N.V.

0R7T.L
66
Asset Management · Financial Services
Price
11.10 GBp
+0.00 (+0.00%)
Market Cap
£540.2M
Exchange
London Stock Exchange
Winston Score
66
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Aug 23, 2026 · filings through Dec 31, 2025
How the score breaks down
Quality
Strong
Growth
Mixed
Cash Flow
Good
Stability
Exceptional
Valuation
Strong
Dividends
Exceptional

Share count rising — dilution

+17.8% over 3y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 36.4M (2022) → 42.8M (2025)

Winston Score History

The full picture

TINC N.V. is a Belgian investment company that owns stakes in infrastructure projects across Europe. These projects include things like roads, energy facilities, and public buildings — the kind of large, long-lasting assets that governments and communities depend on every day. TINC raises money from investors and uses it to buy partial ownership in these projects, acting as a steady, long-term owner rather than a builder or operator.

The company makes money mainly through dividends and returns it receives from its portfolio of infrastructure assets, which it passes along to its own shareholders. TINC is listed in Belgium and focuses primarily on Western Europe, with a portfolio of around 20 to 30 assets at any given time. Its main competitive advantage is the stable, predictable cash flows that infrastructure assets tend to generate under long-term contracts with governments. The key risk is rising interest rates, which make infrastructure investments less attractive compared to safer alternatives and can push down the value of TINC's portfolio.

Score breakdown

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Quality

Profit per sale
Gross Margin
100.0%
Premium pricing power — 100.0% gross margin
Profit after running costs
Operating Margin
262.5%
Excellent — 262.5% operating margin
Return on the money invested
ROCE
6.1%
Weak — 6.1% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
-15.8%
Shrinking sales (-15.8% YoY)
Profit growth
EPS YoY
-15.9%
Earnings shrinking (-15.9% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is
EPS Consistency
5/8 quarters
Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash
Cash Conversion
40%
Weak — only 40% of profit becomes cash
Spare cash per sale
FCF Margin
59.1%
Converts sales into free cash efficiently (59.1%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns
Debt / Equity
0.12
Conservative — low debt load (0.12)
Covers its interest
Interest Cover
46.87x
Comfortably covers interest (46.9x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
11.7x
Attractive valuation — P/E 11.7

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
+4.8
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (11.7 → 6.9)

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Dividends

Dividend
Dividend Yield
5.17%
Healthy income — 5.17% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record
Dividend Growth
+33.0%
Dividend growing fast (33.0% YoY)

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