Report
Kristof Samoy

Vopak The flow must go on

As the leading independent open-access liquid bulk terminal operator, Vopak stands out with its globally diversified strategic locations, varied terminal types, product handling capabilities, and impressive partnerships. Its business model offers visibility and is largely insulated from volatility of the handled products. Demand for its services benefits from several secular growth trends, and the executive team has successfully instilled a company-wide focus on FCF generation. Following an unwarranted sell-off last week, the valuation is attractive with normalized FCF yields close to 10%.
Underlying
Royal Vopak NV

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.

Provider
KBC Securities
KBC Securities

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Analysts
Kristof Samoy

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