Financials Vopak

Equities

VPK

NL0009432491

Oil & Gas Transportation Services

Real-time Euronext Amsterdam Other stock markets 12:08:38 02/05/2024 BST			5-day change	1st Jan Change
36.78 ^EUR	-1.45%		-4.12%	+20.83%

04-24	Koninklijke Vopak N.V. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
04-24	Koninklijke Vopak N.V. Approves Dividend, Payable on 3 May 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	6,168	5,349	3,863	3,480	3,820	4,670	-	-
Enterprise Value (EV) ¹	7,939	7,939	6,788	6,531	6,106	7,056	6,994	6,891
P/E ratio	10.8 x	18.1 x	18 x	-20.7 x	8.39 x	11.8 x	10.8 x	10.2 x
Yield	2.38%	2.61%	4.06%	4.68%	4.93%	4.11%	4.26%	4.42%
Capitalization / Revenue	4.92 x	4.5 x	3.15 x	2.55 x	2.68 x	3.59 x	3.5 x	3.43 x
EV / Revenue	6.34 x	6.67 x	5.53 x	4.78 x	4.28 x	5.43 x	5.25 x	5.06 x
EV / EBITDA	9.57 x	9.78 x	8.21 x	7.36 x	6.34 x	7.71 x	7.34 x	7.01 x
EV / FCF	140 x	37.9 x	35.9 x	14.3 x	13 x	25.8 x	18.6 x	17.2 x
FCF Yield	0.72%	2.64%	2.78%	7%	7.69%	3.88%	5.38%	5.81%
Price to Book	2.02 x	1.81 x	1.15 x	1.17 x	1.19 x	1.43 x	1.31 x	1.22 x
Nbr of stocks (in thousands)	127,625	124,430	125,433	125,416	125,484	125,147	-	-
Reference price ²	48.33	42.99	30.80	27.75	30.44	37.32	37.32	37.32
Announcement Date	12/02/20	17/02/21	16/02/22	15/02/23	14/02/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,253	1,190	1,228	1,367	1,426	1,299	1,333	1,362
EBITDA ¹	829.8	811.5	826.6	887.2	963.5	915.7	952.6	982.9
EBIT ¹	539.1	492	494.8	547.3	640.5	603	628	645.6
Operating Margin	43.04%	41.34%	40.3%	40.04%	44.93%	46.41%	47.12%	47.4%
Earnings before Tax (EBT) ¹	662.1	403.6	303.2	-36.6	-	445.1	453	477.3
Net income ¹	571	300.9	214.2	-168.4	455.7	384.6	408.3	432
Net margin	45.59%	25.29%	17.44%	-12.32%	31.97%	29.6%	30.63%	31.72%
EPS ²	4.470	2.380	1.710	-1.340	3.630	3.167	3.443	3.653
Free Cash Flow ¹	56.8	209.7	189	457	469.7	273.6	376.3	400.5
FCF margin	4.53%	17.62%	15.39%	33.43%	32.95%	21.06%	28.23%	29.41%
FCF Conversion (EBITDA)	6.85%	25.84%	22.86%	51.51%	48.75%	29.88%	39.5%	40.75%
FCF Conversion (Net income)	9.95%	69.69%	88.24%	-	103.07%	71.14%	92.16%	92.71%
Dividend per Share ²	1.150	1.120	1.250	1.300	1.500	1.533	1.590	1.650
Announcement Date	12/02/20	17/02/21	16/02/22	15/02/23	14/02/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 S2	2023 Q1	2023 S1	2023 Q3	2023 Q4
Net sales ¹	589.3	-	315.2	324.1	-	349.6	704.9	361.8	-	352	352.8
EBITDA ¹	402.6	-	212.5	-	-	-	454.7	-	-	-	228.8
EBIT ¹	256.8	-	121.9	-	-	-	290.6	-	-	-	150.2
Operating Margin	43.58%	-	38.67%	-	-	-	41.23%	-	-	-	42.57%
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-	-
Net income ¹	197.4	71.6	64.1	74.7	-410.5	-	167.4	103.1	224.1	-	87.4
Net margin	33.5%	-	20.34%	23.05%	-	-	23.75%	28.5%	-	-	24.77%
EPS ²	1.550	0.5700	-	0.6000	-3.280	-	1.340	0.8200	1.790	-	0.6900
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	29/07/20	12/11/21	16/02/22	20/04/22	27/07/22	11/11/22	15/02/23	26/04/23	28/07/23	25/10/23	14/02/24

¹EUR in Million²EUR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,770	2,589	2,925	3,051	2,286	2,385	2,324	2,221
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.134 x	3.191 x	3.539 x	3.439 x	2.373 x	2.605 x	2.439 x	2.259 x
Free Cash Flow ¹	56.8	210	189	457	470	274	376	401
ROE (net income / shareholders' equity)	12.5%	10.2%	9.25%	9.5%	13.3%	12.2%	12.6%	12.3%
ROA (Net income/ Total Assets)	6.02%	4.74%	-	-	-	-	-	-
Assets ¹	9,486	6,348	-	-	-	-	-	-
Book Value Per Share ²	23.90	23.80	26.70	23.80	25.60	26.10	28.40	30.50
Cash Flow per Share ²	5.060	6.540	5.450	6.960	6.890	7.160	7.640	8.060
Capex ¹	590	613	493	368	397	500	382	382
Capex / Sales	47.08%	51.47%	40.15%	26.93%	27.81%	38.48%	28.66%	28.06%
Announcement Date	12/02/20	17/02/21	16/02/22	15/02/23	14/02/24	-	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Vopak

Trading Rating

Investor Rating

ESG Refinitiv

B+

Analysts' Consensus

Sell

Consensus

Buy

Mean consensus

BUY

Number of Analysts

3

Last Close Price

37.32 EUR

Average target price

42 EUR

Spread / Average Target

+12.54%

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Oil & Gas Storage

	1st Jan change	Capi.
VOPAK	+20.83%	4.99B
BROOGE ENERGY LIMITED	-70.79%	118M

Oil & Gas Storage

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