Ex-Head of Benelux Research at Fortis and Rabobank, provides independent and bespoke investment research for institutional investors. In addition, provides detailed market and benchmark research for (listed) corporates.
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Michel Aupers
- Michel Aupers
VolkerWessels: Possible items to discuss with management or analysts
VolkerWessels. Starting this week, the second largest Dutch construction company will visit your town to promote their IPO. The listing is planned for next month at Euronext Amsterdam. In the weblink below, we provide an overview of “possible items to discuss†with VolkerWessels management or the analyst hired by the selling shareholder to promote the investment case. Based on > 20 years’ experience as (Dutch) construction analyst, we guarantee that this document provides you all the ingre...
Michel Aupers
- Michel Aupers
Vopak, Between a rock and a hard place
We expect that Vopak shares will continue to underperform. In our view, growth of net income will be limited to only 1.6% per annum in the 2016-2020E period. The returns of Vopak are under pressure, also because competition is intensifying and markets are changing faster while Vopak has to take investment decisions with a horizon of 20-30 years. Our DCF is pointing to a fair value of EUR 36.9 (11% downside). In this report, we will also take a closer look to management remuneration, based on "ol...