Royal Vopak NV

Royal Vopak: Richard Hookway proposed as member of the Supervisory Board

Royal Vopak: Richard Hookway proposed as member of the Supervisory Board
EN
01/10/2020

Reports on Royal Vopak NV

ING Helpdesk
  • ING Helpdesk

Benelux Morning Notes

Ageas: Upgrading net op. result FY26 target to >€1.5bn from €1.35bn in FY25 as M&A starts contributing / CFE: Strong 2H, flips to net cash and outlook better / Deceuninck: FY25 results in line with expectations, Türkiye a tad better / GBL: Exits Umicore fully / Vopak: Five-year SBB programme announced / Wolters Kluwer: 2025 roughly in line, good 2026 outlook

Kristof Samoy ... (+4)
  • Kristof Samoy
  • Livio Luyten
  • Thomas Couvreur
  • Wim Hoste
Kristof Samoy
  • Kristof Samoy

Vopak 4Q25 in line, upgrade in cash return policy, LT OCR target upped

In line proportional EBITDA performance. Proposed cash returns (€1.8 dps) and €100m SBB exceed our expectations. Company upgrades LT OCR targets and LT cash distribution policy announcing €1.7bn returns by 2030. Proportional EBITDA26 guidance of €1150-1200m is in line with our €1187mE but a tad below €1207m CSS. Amidst all geopolitical uncertainties the report underlines the defensiveness & visibility of the business model and this amidst unfavourable FX dynamics. Buy and €50 TP reiterated.

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