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Royal Vopak NV (VOPKY)
OTHER OTC:VOPKY
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Royal Vopak
(OTC:VOPKY)
Rating:71Outperform
Price Target:
$52.00
▲(6.27%Upside)
Royal Vopak (VOPKY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$5.48B
Dividend Yield3.71%
Average Volume (3M)0.00
Price to Earnings (P/E)14.5
Beta (1Y)0.24
Revenue Growth-7.67%
EPS Growth-14.29%
CountryUS
Employees4,928
SectorEnergy
Sector Strength51
IndustryOil & Gas Midstream
Share Statistics
EPS (TTM)3.37
Shares Outstanding117,816,150
10 Day Avg. Volume0
30 Day Avg. Volume0
Financial Highlights & Ratios
PEG Ratio0.15
Price to Book (P/B)1.16
Price to Sales (P/S)0.00
P/FCF Ratio7.87
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
Royal Vopak Business Overview & Revenue Model
Company DescriptionKoninklijke 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.
How the Company Makes MoneyRoyal Vopak makes money primarily through the leasing of its tank storage facilities to customers in various industries. The company charges fees for the storage and handling of liquid bulk products, which are typically based on the volume of product stored and the duration of storage. Vopak's revenue model is largely based on long-term contracts with customers, providing a stable and predictable cash flow. Additionally, the company generates income from ancillary services such as blending, heating, and other value-added services. Vopak's strategic partnerships with key players in the oil, chemical, and energy sectors, as well as its continuous investment in expanding and upgrading its terminal infrastructure, contribute significantly to its earnings.
Royal Vopak Earnings Call Summary
Earnings Call Date:Apr 23, 2025
(Q1-2025)
| % Change Since: 14.97%|
Next Earnings Date:Jul 30, 2025
Earnings Call Sentiment Positive
The earnings call reflects a strong financial performance with strategic investments and expansions in key areas, despite facing challenges such as technical issues and market uncertainties. The company's diversified portfolio and strong occupancy rates signify resilience and growth potential.Q1-2025 Updates
Positive Updates
Strong Financial Performance
Proportional EBITDA increased to €300 million in Q1 2025, with an operating cash return of 16.8%. Operating cash return target for the portfolio is above 13%.
High Portfolio Occupancy
Proportional occupancy of 92% across Vopak's portfolio, indicating strong demand for services.
Significant Investment and Expansion Plans
Ambition to invest an additional €1 billion in industrial and gas terminals, and another €1 billion towards energy transition infrastructure.
New Expansion Projects
Announced expansion for Thai Tank Terminal in Thailand to support ethane imports and announced project in Alemoa, Brazil for low carbon fuels and feedstocks.
Strategic Partnerships and Acquisitions
Partnering with OQ in Oman for future developments in industrial and energy transition infrastructure; acquired 100% share in a battery development company in the Netherlands.
Resilient Market Position
Well-diversified portfolio with strong long-term contract portfolio, ensuring stability in uncertain times.
Negative Updates
Technical Issues at EemsEnergyTerminal
Proportional EBITDA was impacted by planned out-of-service capacity and technical issues at Eemshaven.
Soft Chemical Markets in Asia
Underlying conditions in chemical markets, particularly in parts of Asia, remained soft, affecting performance.
Out-of-Service Capacity in the Netherlands
Temporary out-of-service capacity and repurposing capacity in the Netherlands, leading to weaker performance.
Uncertainty Due to Tariff Impacts
Potential long-term impacts of trade tariffs and geopolitical tensions could affect supply chains and economic conditions.
Company Guidance
During the Royal Vopak First Quarter 2025 Update call, the company provided guidance on several key metrics. Vopak reported a proportional occupancy rate of 92% and a proportional EBITDA of €300 million, resulting in an operating cash return of 16.8%. The company confirmed its full-year outlook for a proportional EBITDA between €1.15 billion and €1.2 billion, subject to market uncertainties and currency exchange movements. Vopak aims to invest €1 billion in energy transition infrastructure and an additional €1 billion in industrial and gas terminals, bringing total investments in these areas to €2 billion since 2022. The company also plans to invest €4 billion in proportional growth CapEx by 2030. In the first quarter, Vopak's global portfolio saw stable performance, with the U.S. and Canada contributing 15% of EBITDA, Europe 30%, and around 40% from east of Suez, including 8% from China and North Asia. The company maintained a proportional leverage ratio of 2.55 times and emphasized its commitment to a progressive dividend policy and share buyback programs, with €400 million allocated for buybacks, including €100 million in 2025.Royal Vopak Financial Statement Overview
Summary
Royal Vopak exhibits strong profitability with robust margins and improving equity returns. Revenue growth challenges exist, but the company's solid cash conversion and balanced leverage indicate overall positive financial health.Income Statement
Royal Vopak shows strong profitability with a consistent gross profit margin above 70% and a net profit margin improving to 28.5% in 2024 from a negative figure in 2022. Revenue growth has been fluctuating, with a decline noted in 2024. However, the company has maintained a positive EBIT and EBITDA margin, indicating robust operational efficiency.75
Positive
Balance Sheet
The balance sheet reflects moderate leverage with a debt-to-equity ratio of approximately 0.89 in 2024, suggesting manageable debt levels. The equity ratio is stable, around 45.5%, showing a balanced capital structure. ROE improved significantly to 12.1% in 2024, showcasing better utilization of equity.68
Positive
Cash Flow
The cash flow statement highlights a positive trend in free cash flow, growing by 26.8% in 2024. The operating cash flow to net income ratio is strong, indicating that the company is converting its income into cash efficiently. However, the free cash flow to net income ratio suggests room for improvement in cash generation relative to profits.70
Positive
| Breakdown | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.32B | 1.44B | 1.37B | 1.23B | 1.19B |
| Gross Profit | 1.01B | 1.38B | 1.03B | 896.10M | 890.50M |
| EBITDA | 925.20M | 1.02B | 423.30M | 741.20M | 773.20M |
| Net Income | 375.70M | 455.70M | -137.80M | 214.20M | 294.60M |
Balance Sheet | |||||
| Total Assets | 6.80B | 6.65B | 7.00B | 7.09B | 6.52B |
| Cash, Cash Equivalents and Short-Term Investments | 94.20M | 197.00M | 33.80M | 73.40M | 68.30M |
| Total Debt | 2.77B | 2.48B | 3.08B | 3.00B | 2.66B |
| Total Liabilities | 3.56B | 3.28B | 3.85B | 3.74B | 3.39B |
| Stockholders Equity | 3.10B | 3.22B | 2.98B | 3.19B | 2.98B |
Cash Flow | |||||
| Free Cash Flow | 573.40M | 452.20M | 439.10M | 163.50M | 123.20M |
| Operating Cash Flow | 909.10M | 866.20M | 825.20M | 682.00M | 774.00M |
| Investing Cash Flow | -495.30M | 109.60M | -489.40M | -588.40M | -584.50M |
| Financing Cash Flow | -528.80M | -801.90M | -353.50M | -84.80M | -218.70M |
Royal Vopak Technical Analysis
Positive
48.93
Price Trends
44.54
Positive
43.23
Positive
43.74
Positive
Market Momentum
1.15
Positive
70.89
Negative
77.50
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For VOPKY, the sentiment is Positive. The current price of 48.93 is above the 20-day moving average (MA) of 47.46, above the 50-day MA of 44.54, and above the 200-day MA of 43.74, indicating a bullish trend. The MACD of 1.15 indicates Positive momentum. The RSI at 70.89 is Negative, neither overbought nor oversold. The STOCH value of 77.50 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for VOPKY.
Royal Vopak Peers Comparison
Overall Rating
UnderperformOutperform
Sector (52)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | $337.06M | 19.88 | 6.77% | ― | 22.64% | 78.46% | |
75 Outperform | $3.27B | 8.80 | 7.54% | 5.67% | -14.90% | -27.53% | |
74 Outperform | $4.78B | 8.49 | 9.29% | 2.36% | 0.54% | -39.88% | |
71 Outperform | $5.48B | 14.51 | 12.01% | 3.71% | -7.67% | -14.29% | |
70 Outperform | $7.68B | 193.53 | 1.30% | 2.42% | 7.14% | -90.91% | |
70 Neutral | $1.24B | 9.06 | 31.98% | 3.22% | -19.21% | -30.92% | |
52 Neutral | C$2.91B | -0.88 | -3.26% | 6.30% | 2.20% | -43.43% |
* Energy Sector Average
Performance Comparison
VOPKY
Royal Vopak
48.93
9.12
22.91%
MUR
Murphy Oil
22.93
-16.39
-41.68%
NFG
National Fuel Gas Company
84.96
32.01
60.45%
NOV
NOV
12.73
-5.07
-28.48%
NGS
Natural Gas Services Group
26.90
7.35
37.60%
NRP
Natural Resource PRN
94.30
-0.06
-0.06%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.