Vopak Key take-aways CMD Vopak
Yesterday, we attended Vopak's insightful Capital Markets Day (CMD). Given the publication of our recent company note “The Flow Must Go On” dd. February 26, and the alignment of the insights shared with our views, we limit our comments to a few takeaways. We have included a few slides from the extensive PPT deck at the end of this FRN. Buy and €50 TP reiterated.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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