Vopak : Better safe than sorry albeit short-term pain might turn into long-term gain
In light of Vopak’s direct and indirect exposure to product flows coming out of the Gulf region (oil, chemicals, gases), we today are lowering our net earnings estimates by 7-11%, our target price by 9% to € 50, and our recommendation to Neutral from OutperformRoyal 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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