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 "old-school" EPS and EBITDA and the alignment with shareholders interest.
Royal Vopak is a holding company. Via its subsidiaries, Co. acts as a tank storage provider for the oil and chemical industry. Co. operates a network of terminals located at locations along trade routes. Co. also provides a range of additional services, from loading and unloading a range of transport modalities to heating, cooling, blending and customs formalities. The customers Co. serves range from global to local clients and include national and global producers, governments, distributors and traders of liquid and gaseous bulk products. Co.'s customers are active in the production, trading and marketing of oil products, chemicals, gases, biofuels, edible oils and liquefied natural gas.
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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