Vopak : Growth momentum not sufficiently attractive
>Q1 occupancy and results below expectations - Whereas the market expected 5% growth, group EBITDA in Q1 was flat y-o-y at € 200m, implying a miss on group EBIT by 11% and on net earnings by 17%. Vopak primarily blamed the miss on FX, winter storms in Texas, and the ‘’negative impact from tight chemical markets’. Average occupancy rates in the quarter were not flat q-o-q at around 90%, but down by 2pp, to 88%, affected by chemicals, but also a renewed gradual decline ...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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