Royal Vopak NV (VOPKY)
OTHER OTC:VOPKY
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Royal Vopak
(OTC:VOPKY)
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Rating:69Neutral
Price Target:
$54.00
▲(18.68% Upside)
Action:DowngradedDate:04/22/26
The score is driven primarily by solid underlying financial performance (strong margins and positive cash generation) and a supportive earnings-call backdrop (reaffirmed guidance, high occupancy, and good cash conversion). Valuation is also a clear positive (low P/E and solid yield). These strengths are tempered by weak technical momentum (below key moving averages with negative MACD) and the company’s recent choppy top-line/earnings volatility.
Positive Factors
Strong cash generation
High cash conversion and a 16.6% operating cash return indicate durable free cash flow that supports reinvestment in terminals, multi-year shareholder distributions, and debt service. This reduces reliance on market funding and underpins long-term capital allocation flexibility.
Negative Factors
Choppy revenue and earnings volatility
A recurring pattern of revenue declines and uneven earnings (including a prior loss) indicates cyclicality and weaker top-line momentum. That undermines predictability of cash flows, complicates long‑term planning and can compress returns through downturns.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
High cash conversion and a 16.6% operating cash return indicate durable free cash flow that supports reinvestment in terminals, multi-year shareholder distributions, and debt service. This reduces reliance on market funding and underpins long-term capital allocation flexibility.
Read all positive factors
Royal Vopak (VOPKY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$5.47B
Dividend Yield4.12%
Average Volume (3M)0.00
Price to Earnings (P/E)7.7
Beta (1Y)0.17
Revenue Growth3.06%
EPS Growth74.95%
CountryUS
Employees4,928
SectorEnergy
Sector Strength52
IndustryOil & Gas Midstream
Share Statistics
EPS (TTM)5.21
Shares Outstanding115,264,200
10 Day Avg. Volume0
30 Day Avg. Volume0
Financial Highlights & Ratios
PEG Ratio0.13
Price to Book (P/B)1.36
Price to Sales (P/S)3.56
P/FCF Ratio10.55
Enterprise Value/Market Cap1.49
Enterprise Value/Revenue6.31
Enterprise Value/Gross Profit13.07
Enterprise Value/Ebitda12.99
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Royal Vopak Business Overview & Revenue Model
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 loa...
How the Company Makes Money
Vopak primarily makes money by charging customers for the use of its terminal infrastructure and related handling services. The core revenue stream is fees from storage capacity (customers pay for reserved tank capacity and the right to store prod...
Royal Vopak Earnings Call Summary
Earnings Call Date:Apr 22, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 29, 2026
Earnings Call Sentiment Positive
The call conveyed a predominantly positive operational and financial start to 2026: healthy occupancy (91%), proportional EBITDA of EUR 295 million with ~4.2% organic growth, strong cash conversion (76%) and reaffirmed full‑year guidance (proportional EBITDA EUR 1.15–1.20 billion; operating free cash flow ~EUR 800 million). Management also highlighted clear progress on key growth projects (Gate tank #4, REEF LPG, Deer Park biofuels) and a disciplined capital allocation strategy including EUR 1.7 billion shareholder distributions and a EUR 4 billion investment ambition through 2030. The main negatives were elevated uncertainty and operational impacts from the Middle East conflict (including ~8% Fujairah capacity out of service), a small decline in gas terminal performance, and currency/divestment headwinds (EUR 15m and EUR 2m respectively). Taken together, the positives — solid organic growth, strong cash generation, low adjusted leverage and visible near‑term project commissions — materially outweigh the current geopolitical and FX headwinds, though management cautioned uncertainty remains and they will continue to monitor customer stress and FID timelines.Positive Updates
High Utilization and Healthy Demand
Proportional occupancy remained strong at 91% in Q1 2026, reflecting healthy customer demand across Vopak's network despite market volatility.
Negative Updates
Middle East Conflict — Supply Shock and Uncertainty
The conflict triggered historic supply‑side shocks, commodity price volatility and redirected flows, increasing customer caution and overall market uncertainty. Management noted that while the portfolio is resilient it is not immune to these disruptions.
Read all updates
Q1-2026 Updates
Positive
Negative
High Utilization and Healthy Demand
Proportional occupancy remained strong at 91% in Q1 2026, reflecting healthy customer demand across Vopak's network despite market volatility.
Read all positive updates
Company Guidance
Vopak reconfirmed its FY2026 guidance, reiterating proportional operating free cash flow of around EUR 800m and proportional EBITDA of EUR 1.15–1.20bn, while noting the outlook remains subject to market volatility and FX movements from the Middle East conflict; Q1 contributed a proportional EBITDA of EUR 295m with a 91% occupancy rate, 76% EBITDA-to-operating-free-cash-flow conversion and an operating cash return of 16.6% (vs 16.8% in Q1 2025). The company said proportional EBITDA grew ~4.2% (adjusted for EUR 15m negative FX and EUR 2m divestments) with ~EUR 9m from growth projects, proportional OFCF per share up 7.1% on an autonomous basis, proportional leverage stable at 2.6x (1.99x excl. assets under construction; ambition 2.5–3x, temporary 3–3.5x during construction), ~EUR 1.9bn growth spend since 2022 (EUR 650m commissioned, EUR 1.3bn under construction), expect ~EUR 775m commissioning near year-end and target EUR 4bn growth CapEx by 2030, while distributing ~EUR 1.7bn to shareholders through 2030.Royal Vopak Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
64
Positive
Cash Flow
70
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.25B | 1.32B | 1.44B | 1.38B | 1.24B |
| Gross Profit | 298.63M | 1.01B | 1.38B | 1.03B | 896.10M |
| EBITDA | 896.56M | 925.20M | 1.02B | 423.30M | 587.10M |
| Net Income | 580.16M | 375.70M | 455.70M | -168.40M | 214.20M |
Balance Sheet | |||||
| Total Assets | 7.11B | 6.80B | 6.65B | 7.00B | 7.09B |
| Cash, Cash Equivalents and Short-Term Investments | 99.46M | 94.20M | 197.00M | 33.80M | 73.40M |
| Total Debt | 2.80B | 2.77B | 2.48B | 3.08B | 3.00B |
| Total Liabilities | 3.72B | 3.56B | 3.28B | 3.85B | 3.74B |
| Stockholders Equity | 3.26B | 3.10B | 3.22B | 2.98B | 3.19B |
Cash Flow | |||||
| Free Cash Flow | 421.48M | 573.40M | 452.20M | 439.10M | 163.50M |
| Operating Cash Flow | 751.23M | 909.10M | 866.20M | 825.20M | 682.00M |
| Investing Cash Flow | -565.18M | -495.30M | 109.60M | -489.40M | -588.40M |
| Financing Cash Flow | -174.05M | -528.80M | -801.90M | -353.50M | -84.80M |
Royal Vopak Technical Analysis
Negative
45.50
Price Trends
52.98
Negative
49.33
Positive
48.03
Positive
Market Momentum
-0.74
Positive
35.55
Neutral
5.27
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For VOPKY, the sentiment is Negative. The current price of 45.5 is below the 20-day moving average (MA) of 52.56, below the 50-day MA of 52.98, and below the 200-day MA of 48.03, indicating a neutral trend. The MACD of -0.74 indicates Positive momentum. The RSI at 35.55 is Neutral, neither overbought nor oversold. The STOCH value of 5.27 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for VOPKY.
Royal Vopak Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | $15.78B | 8.81 | 14.75% | 8.54% | -10.83% | 129.74% | |
73 Outperform | $7.92B | 11.96 | 59.38% | 8.45% | 8.41% | 14.78% | |
69 Neutral | $5.47B | 7.66 | 19.37% | 4.12% | 3.06% | 74.95% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
64 Neutral | $655.07M | -169.84 | 1.36% | ― | 30.83% | 87.17% | |
62 Neutral | $5.66B | 57.40 | 3.45% | 2.68% | 51.14% | 33.78% | |
62 Neutral | $2.87B | 20.58 | 1917.10% | 9.78% | 13.04% | 6.21% |
* Energy Sector Average
VOPKY
Royal Vopak
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23.68%
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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.