Vopak : Marine infrastructure market leader on profitable energy transition track
Over the past few months, Vopak’s share price has fallen back below € 29 from a € 35+ high mid 2023, and its valuation back from 11-12x 2023e earnings, to just 9x 2024e. New Vopak management as such is not rewarded for the return improvements delivered (cash returns back above 12%, from c. 9% two years ago), not for divesting its low yielding chemical terminals for 20x FCF, nor for its expansions in lower carbon products. The financial market in our view seems primarily scared fo...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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