Vopak : Fundamental infrastructure growth investment, not just a short-term oil Contango play
On expectations that in 2021-2024 Vopak should reap the benefits of its significant investments in new growth markets and thus grow its recurring EBITDA by around 25% from € 0.8bn to € 1.0+bn per annum, we perceive the recent share price underperformance as short-sighted. As we expect earnings to grow by double digits, we reiterate our OUTPERFORM recommendation. - >It’s time for clarity on medium-term objectives: € 1bn EBITDA can be reached in 2024, up 25% from 2020 - ...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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