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1. Company Snapshot

1.a. Company Description

Koninklijke Vopak N.V., an independent tank storage company, stores and handles liquid chemicals, gases and LNG, oil products, biofuels, and vegetable oils worldwide.It owns and operates specialized facilities, including tanks, jetties, truck loading stations, and pipelines.The company operates 73 terminals in 23 countries with a storage capacity of 36.2 million cubic meters.


Koninklijke Vopak N.V. was founded in 1616 and is headquartered in Rotterdam, the Netherlands.

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1.b. Last Insights on VPK

Koninklijke Vopak N.V.'s recent performance was driven by record financial results for 2025, with net profit increasing 61% to EUR 604 million and EPS rising 68% year-over-year. A shareholder distributions program of around EUR 1.7 billion through 2030 was announced, including a multi-year share buyback program of up to EUR 500 million. The company's proportional operating free cash flow reached EUR 823 million, leading to a record EUR 7.13 per share. A first tranche of up to EUR 100 million share buyback was commenced, signaling confidence in the company's financial position.

1.c. Company Highlights

2. Royal Vopak's Strong 2025 Results Driven by Record EBITDA and Disciplined Strategy Execution

Royal Vopak reported a record level of EBITDA in 2025, driven by strong profitability and cash conversion, with earnings per share (EPS) coming in at €2.49, significantly beating estimates of €1.55. The company's revenue growth was robust, with a double-digit increase since 2021. The operating free cash flow per share increased by 62%, and the operating cash return (OCR) rose from 10.2% to 15.6%. The company's cash conversion improved significantly, driven by a decrease in operating CapEx of 28%. Vopak's financial performance was also characterized by a strong cash position, with a proportional operating free cash flow of around €800 million expected in 2026.

Publication Date: Mar -01

📋 Highlights
  • Record EBITDA Despite Currency Headwinds: Achieved EUR 1.15–1.2 billion in 2026, with proportional EBITDA at EUR 1.14 billion, despite EUR 20 million forex impact.
  • EUR 4 Billion Growth CapEx Program by 2030: Committed EUR 1.9 billion since 2022, with EUR 775 million in projects to commission by 2026 and EUR 325 million in 2027.
  • 68% EPS Increase and 62% Operating Free Cash Flow Per Share Growth: Driven by 7% proportional operating free cash flow growth and 28% lower operating CapEx.
  • EUR 1.7 Billion Shareholder Distribution Program (2021–2030): Includes 5% annual dividend hikes and share buybacks, with leverage reduced to 2.6x (target 2.5–3x).
  • OCR Ambition Raised to 13–17%: Achieved 15.6% OCR in 2025, up from 10.2%, with EUR 800 million proportional operating free cash flow projected for 2026.

Growth Strategy and Project Pipeline

Vopak's growth strategy is focused on increasing its exposure to gas and industrial terminals, with a strong pipeline of projects in Asia, Latin America, and Europe. The company expects to commission around €775 million in projects by the end of 2026, and around €325 million and €175 million in 2027 and 2029, respectively. As Dick Richelle, CEO, mentioned, "We expect continued strong momentum, with a robust energy demand through 2030 and attractive growth opportunities in the market." The company's growth investments since 2022 have totaled around €1.9 billion, with €650 million commissioned and €1.3 billion under construction.

Valuation and Dividend Yield

Using the current price, Vopak's P/E Ratio stands at 8.82, indicating a relatively attractive valuation. The Dividend Yield is 3.45%, which is a decent return for investors. Additionally, the EV/EBITDA ratio is 12.77, suggesting that the company's enterprise value is reasonable relative to its EBITDA. The ROE is 19.91%, indicating a strong return on equity. These metrics suggest that Vopak's stock is reasonably valued, with a good balance between growth prospects and dividend returns.

Currency Volatility and Outlook

Vopak's EBITDA is exposed to translation risk due to its global operations, with 28% of EBITDA generated in euros. The company has assessed the sensitivity of its proportional EBITDA to changes in currency rates, with a 0.10 change in euro to U.S. dollar having a full-year impact of around €32 million. Based on updated currency rates, Vopak expects a negative foreign exchange impact of around €20 million in 2026 compared to 2025. Analysts estimate next year's revenue growth at 3.9%, which is relatively modest.

Share Buyback and Capital Allocation

Vopak has announced a shareholder distribution program of around €1.7 billion through 2030, which includes a 5% annual increase in dividend payments and a multi-year share buyback program. The company's leverage decreased to 2.6x, with a long-term ambition to maintain a leverage range of 2.5 to 3x. The share buyback program is designed to combine with the growth ambition and dividend distributions up to 2030. HAL's ownership is expected to increase above 52% due to the share buyback program, with the next tranche worth €100 million.

3. NewsRoom

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Vopak announces a multi-year share buyback program of up to EUR 500 million and commences the first tranche of up to EUR 100 million

Feb -25

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Vopak reports record financial results for 2025 and announces shareholder distributions program of around EUR 1.7 billion through year-end 2030

Feb -25

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Vopak reports strong performance, driven by a resilient portfolio

Nov -05

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Ottco and Royal Vopak sign strategic agreement to establish a joint venture in the special economic zone at Duqm

Oct -27

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Societe Generale: shares & voting rights as of 31 August 2025

Sep -09

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Vaisala Corporation: Share Repurchase 9.9.2025

Sep -09

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Assessing Acciona (BME:ANA)'s Valuation After Recent Subtle Moves

Sep -09

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Deutsche Bank (XTRA:DBK): Assessing Valuation After a Period of Quiet Share Price Momentum

Sep -09

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (0.87%)

6. Segments

Chemical

Expected Growth: 0.8%

Koninklijke Vopak N.V.'s Chemical segment growth of 0.8 is driven by increasing demand for specialty chemicals, expansion in emerging markets, and strategic partnerships. Additionally, investments in digitalization and operational efficiency improvements contribute to the segment's growth.

Oil

Expected Growth: 0.9%

Vopak's oil segment growth is driven by increasing global energy demand, strategic terminal expansions, and a strong focus on sustainability. The 0.9 growth rate is also attributed to the company's diversified customer base, efficient operations, and favorable market conditions in key regions such as Europe and Asia.

Vegoils and Biofuels

Expected Growth: 1.1%

Vegoils and Biofuels segment of Koninklijke Vopak N.V. grew 1.1% driven by increasing demand for sustainable energy sources, government incentives for biofuel adoption, and strategic partnerships to expand storage and handling capacities, supporting the transition to a low-carbon economy.

Gas

Expected Growth: 0.7%

Vopak's 0.7 growth in Gas segment is driven by increasing global demand for cleaner energy, strategic expansion into emerging markets, and investments in LNG infrastructure. Additionally, the company's focus on safety and operational efficiency has led to higher utilization rates and cost savings, contributing to the segment's growth.

Other

Expected Growth: 0.6%

Vopak's 'Other' segment growth is driven by increasing demand for infrastructure services, expansion of its global terminal network, and strategic partnerships. Additionally, the company's focus on sustainability and energy transition initiatives contributes to its growth, as it leverages its expertise to support the shift towards cleaner energy sources.

7. Detailed Products

Oil Product Services

Vopak provides storage and handling services for oil products such as gasoline, diesel, and jet fuel.

Chemical Services

Vopak offers storage and handling services for chemical products such as base oils, aromatics, and specialty chemicals.

LNG Services

Vopak provides storage and handling services for liquefied natural gas (LNG) and liquefied petroleum gas (LPG).

Gas Services

Vopak offers storage and handling services for gases such as propane, butane, and ethylene.

New Energies Services

Vopak provides storage and handling services for new energy products such as biofuels, hydrogen, and carbon capture and storage.

8. Koninklijke Vopak N.V.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Vopak is medium due to the availability of alternative storage solutions, but the company's strong brand reputation and diversified service offerings mitigate this threat.

Bargaining Power Of Customers

The bargaining power of customers is low due to Vopak's strong market position and the lack of concentration among its customer base.

Bargaining Power Of Suppliers

The bargaining power of suppliers is medium due to the presence of multiple suppliers in the market, but Vopak's large scale of operations and long-term contracts mitigate this threat.

Threat Of New Entrants

The threat of new entrants is low due to the high barriers to entry in the tank storage industry, including significant capital requirements and regulatory hurdles.

Intensity Of Rivalry

The intensity of rivalry is high due to the presence of several established players in the market, leading to a competitive pricing environment and a focus on differentiating services.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 36.78%
Debt Cost 6.74%
Equity Weight 63.22%
Equity Cost 6.74%
WACC 6.74%
Leverage 58.18%

11. Quality Control: Koninklijke Vopak N.V. passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
International Seaways

A-Score: 7.0/10

Value: 6.3

Growth: 8.2

Quality: 6.9

Yield: 10.0

Momentum: 4.5

Volatility: 6.0

1-Year Total Return ->

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Stock-Card
Teekay Tankers

A-Score: 6.7/10

Value: 7.3

Growth: 8.2

Quality: 7.4

Yield: 7.0

Momentum: 5.0

Volatility: 5.3

1-Year Total Return ->

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Stock-Card
TORM

A-Score: 6.5/10

Value: 7.9

Growth: 6.8

Quality: 6.8

Yield: 10.0

Momentum: 5.0

Volatility: 2.3

1-Year Total Return ->

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Stock-Card
Scorpio Tankers

A-Score: 5.9/10

Value: 7.3

Growth: 8.3

Quality: 7.3

Yield: 6.2

Momentum: 3.5

Volatility: 2.7

1-Year Total Return ->

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Stock-Card
Vopak

A-Score: 5.8/10

Value: 5.6

Growth: 4.7

Quality: 6.3

Yield: 7.5

Momentum: 2.0

Volatility: 9.0

1-Year Total Return ->

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Stock-Card
Euronav

A-Score: 5.4/10

Value: 7.4

Growth: 6.8

Quality: 7.2

Yield: 5.0

Momentum: 4.0

Volatility: 2.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

47.56$

Current Price

47.56$

Potential

-0.00%

Expected Cash-Flows