Vopak Key take-aways 1Q25 analyst call
Vopak reported 1Q25 which were in line with proportional EBITDA of €300m vs consensus of €292m. So far company foresees only limited impact in the short term linked to trade tariff uncertainty. EBITDA outlook maintained even when discounting less favourable FX rates. Indian AVTL on track for IPO in 1H25 following conditional approval by regulator. Occupancy rates holding up well at 92% vs. 93% last quarter. The Q&A in the analyst call further comforted our scenario. We reiterate Buy rating and € 50 TP.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.
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