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1. Company Snapshot

1.a. Company Description

Koninklijke Vopak N.V., an independent tank storage company, stores and handles liquid chemicals, gases and LNG, oil products, biofuels, and vegetable oils worldwide.It owns and operates specialized facilities, including tanks, jetties, truck loading stations, and pipelines.The company operates 73 terminals in 23 countries with a storage capacity of 36.2 million cubic meters.


Koninklijke Vopak N.V. was founded in 1616 and is headquartered in Rotterdam, the Netherlands.

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1.b. Last Insights on VPK

Koninklijke Vopak N.V.'s recent performance was driven by strong Q1 2025 results, with net profit increasing to EUR 100 million and EPS reaching EUR 0.85. The company's proportional EBITDA, excluding exceptional items, rose by EUR 23 million to EUR 300 million. Vopak also signed agreements for a new debt issuance of around EUR 560 million equivalent, improving its debt maturity profile and financial flexibility. Additionally, the company's joint venture AVTL received approval from the Securities and Exchange Board of India (SEBI) and filed the Red Herring Prospectus for its primary equity issue.

1.c. Company Highlights

2. Vopak's H1 2025 Earnings: Strong Performance and Growth Prospects

Royal Vopak's financial performance in H1 2025 was robust, with proportional EBITDA reaching EUR 615 million, resulting in a 16.9% operating cash return. The company's EPS came out at EUR 2.97, significantly higher than the estimated EUR 1.19. Revenue growth was driven by healthy demand for infrastructure services, with a 92% occupancy rate. As Michiel Gilsing noted, "The company's cash flow generation is strong, with EUR 496 million in cash flow from operations in H1 2025."

Publication Date: Aug -07

📋 Highlights
  • EUR 2.6 billion investment in industrial and gas terminals: - Vopak plans to invest EUR 2.6 billion in industrial and gas terminals by 2030 as part of its strategy framework.
  • 92% occupancy rate in H1 2025: - The company reported a healthy demand for infrastructure services with a 92% occupancy rate and proportional EBITDA of EUR 615 million.
  • EUR 111 million exceptional gain from AVTL IPO: - The joint venture in India completed its IPO, generating an exceptional gain of EUR 111 million for Vopak.
  • 3-5% growth in proportional EBITDA outlook: - Vopak increased its full-year outlook, projecting a 3-5% growth in proportional EBITDA for 2025.
  • EUR 1.7 billion invested in growth projects since 2022: - The company has invested EUR 1.7 billion in growth projects since 2022, with an expected EUR 700 million investment in 2025.

Financial Highlights

Vopak's financial performance is characterized by strong cash flow generation, with EUR 491 million in available cash flow, which can be allocated to dividend payments, growth investments, or share buybacks. The company's proportional leverage decreased to 2.65x, within the target range of 2.5-3x. Vopak's P/E Ratio stands at 13.26, indicating a relatively reasonable valuation. Additionally, the Dividend Yield is 3.77%, making it an attractive option for income-seeking investors.

Growth Prospects

Vopak is increasing its full-year outlook, projecting 3-5% growth in proportional EBITDA. The company has invested EUR 1.7 billion in growth projects since 2022 and expects to invest around EUR 700 million in 2025. The joint venture, AVTL, in India completed its IPO, generating an exceptional gain of EUR 111 million. Vopak's growth prospects are further supported by the construction of the REEF terminal in Western Canada, which is progressing well, and the development of India's first independent ammonia terminal announced by AVTL.

Valuation and Returns

Vopak's valuation metrics indicate a relatively stable position, with a P/B Ratio of 1.61 and an EV/EBITDA of 11.59. The company's ROIC stands at 4.45%, while ROE is 12.16%. The Net Debt / EBITDA ratio is 4.1, indicating a manageable debt position. Vopak's commitment to returning value to shareholders is evident in its dividend payment and share buyback program.

Outlook and Risks

Vopak's sensitivity to interest rates and currency markets is limited, with 80% of debt having a fixed interest rate. The company expects a negative foreign exchange impact of around EUR 30 million for the full year 2025. The successful IPO of AVTL has generated EUR 290 million in proceeds, creating significant value for Vopak. Analysts estimate next year's revenue growth at 3.6%, indicating a positive outlook for the company.

3. NewsRoom

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Vopak reports strong performance, driven by a resilient portfolio

Nov -05

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Ottco and Royal Vopak sign strategic agreement to establish a joint venture in the special economic zone at Duqm

Oct -27

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Societe Generale: shares & voting rights as of 31 August 2025

Sep -09

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Vaisala Corporation: Share Repurchase 9.9.2025

Sep -09

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Assessing Acciona (BME:ANA)'s Valuation After Recent Subtle Moves

Sep -09

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Deutsche Bank (XTRA:DBK): Assessing Valuation After a Period of Quiet Share Price Momentum

Sep -09

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Is Vaisala (HLSE:VAIAS) Undervalued? A Fresh Look at Its Current Valuation

Sep -09

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Has Evotec’s 29.5% Price Drop Created a New Opportunity for 2025?

Sep -09

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (0.87%)

6. Segments

Chemical

Expected Growth: 0.8%

Koninklijke Vopak N.V.'s Chemical segment growth of 0.8 is driven by increasing demand for specialty chemicals, expansion in emerging markets, and strategic partnerships. Additionally, investments in digitalization and operational efficiency improvements contribute to the segment's growth.

Oil

Expected Growth: 0.9%

Vopak's oil segment growth is driven by increasing global energy demand, strategic terminal expansions, and a strong focus on sustainability. The 0.9 growth rate is also attributed to the company's diversified customer base, efficient operations, and favorable market conditions in key regions such as Europe and Asia.

Vegoils and Biofuels

Expected Growth: 1.1%

Vegoils and Biofuels segment of Koninklijke Vopak N.V. grew 1.1% driven by increasing demand for sustainable energy sources, government incentives for biofuel adoption, and strategic partnerships to expand storage and handling capacities, supporting the transition to a low-carbon economy.

Gas

Expected Growth: 0.7%

Vopak's 0.7 growth in Gas segment is driven by increasing global demand for cleaner energy, strategic expansion into emerging markets, and investments in LNG infrastructure. Additionally, the company's focus on safety and operational efficiency has led to higher utilization rates and cost savings, contributing to the segment's growth.

Other

Expected Growth: 0.6%

Vopak's 'Other' segment growth is driven by increasing demand for infrastructure services, expansion of its global terminal network, and strategic partnerships. Additionally, the company's focus on sustainability and energy transition initiatives contributes to its growth, as it leverages its expertise to support the shift towards cleaner energy sources.

7. Detailed Products

Oil Product Services

Vopak provides storage and handling services for oil products such as gasoline, diesel, and jet fuel.

Chemical Services

Vopak offers storage and handling services for chemical products such as base oils, aromatics, and specialty chemicals.

LNG Services

Vopak provides storage and handling services for liquefied natural gas (LNG) and liquefied petroleum gas (LPG).

Gas Services

Vopak offers storage and handling services for gases such as propane, butane, and ethylene.

New Energies Services

Vopak provides storage and handling services for new energy products such as biofuels, hydrogen, and carbon capture and storage.

8. Koninklijke Vopak N.V.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Vopak is medium due to the availability of alternative storage solutions, but the company's strong brand reputation and diversified service offerings mitigate this threat.

Bargaining Power Of Customers

The bargaining power of customers is low due to Vopak's strong market position and the lack of concentration among its customer base.

Bargaining Power Of Suppliers

The bargaining power of suppliers is medium due to the presence of multiple suppliers in the market, but Vopak's large scale of operations and long-term contracts mitigate this threat.

Threat Of New Entrants

The threat of new entrants is low due to the high barriers to entry in the tank storage industry, including significant capital requirements and regulatory hurdles.

Intensity Of Rivalry

The intensity of rivalry is high due to the presence of several established players in the market, leading to a competitive pricing environment and a focus on differentiating services.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 36.78%
Debt Cost 6.74%
Equity Weight 63.22%
Equity Cost 6.74%
WACC 6.74%
Leverage 58.18%

11. Quality Control: Koninklijke Vopak N.V. passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Teekay Tankers

A-Score: 6.9/10

Value: 7.3

Growth: 8.2

Quality: 7.5

Yield: 7.0

Momentum: 6.5

Volatility: 5.0

1-Year Total Return ->

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Stock-Card
International Seaways

A-Score: 6.7/10

Value: 7.2

Growth: 8.2

Quality: 7.4

Yield: 10.0

Momentum: 2.0

Volatility: 5.7

1-Year Total Return ->

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Stock-Card
TORM

A-Score: 6.4/10

Value: 7.7

Growth: 6.9

Quality: 6.6

Yield: 10.0

Momentum: 5.0

Volatility: 2.0

1-Year Total Return ->

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Stock-Card
Scorpio Tankers

A-Score: 6.2/10

Value: 7.3

Growth: 8.3

Quality: 7.5

Yield: 5.6

Momentum: 6.0

Volatility: 2.3

1-Year Total Return ->

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Stock-Card
Vopak

A-Score: 6.0/10

Value: 5.7

Growth: 4.6

Quality: 6.3

Yield: 7.5

Momentum: 3.0

Volatility: 9.0

1-Year Total Return ->

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Stock-Card
Euronav

A-Score: 4.7/10

Value: 5.2

Growth: 6.9

Quality: 5.4

Yield: 5.0

Momentum: 4.0

Volatility: 1.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

38.36$

Current Price

38.36$

Potential

-0.00%

Expected Cash-Flows