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    VPK   NL0009432491

ROYAL VOPAK N.V.

(VPK)
  Report
Real-time Quote. Real-time Euronext Amsterdam - 05/06 11:35:31 am
37.87 EUR   -0.47%
04/23ROYAL VOPAK N.V. : Ex-dividend day for final dividend
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04/22ROYAL VOPAK N.V.  : Press Release
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04/22ROYAL VOPAK N.V.  : 1st quarter results
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SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Oil storage firm Vopak misses expectations for quarterly core profit

04/21/2021 | 01:57am EDT

April 21 (Reuters) - Vopak on Wednesday posted a first-quarter core profit that fell short of market expectations, hurt by a weaker dollar and tight chemical markets, but the Dutch oil and chemical storage company stuck to its investment outlook.

The group now expects EBITDA contributions from 2020 and 2021 growth projects to be at the higher end of the 30 million euros ($36.08 million) to 50 million euros ($60.14 million) range.

Vopak had a proportional occupancy rate of 89% at the end of March, up from 86% a year ago, reflecting improved demand.

The group, which operates tank terminals around the world, reported earnings before interest, taxes, depreciation and amortisation (EBITDA) of 200.4 million euros ($240.98 million) in the three months to March, missing analysts' average estimate of 211 million euros.

Vopak, which made about 35% of its 2020 revenue from oil terminals, has benefitted from soaring demand for oil storage as buyers struggle to find space for surplus crude during a global economic slump triggered by the COVID-19 pandemic.

The pandemic-induced restrictions, however, have caused project delays, while travel curbs have disrupted the group's expansion plans.

The Rotterdam-based company confirmed its investments in new capacity should amount up to 300-350 million euros in 2021, with the group returning to more normal levels of investment following a record high 525 million euros in 2020.

The company, which has been reducing the share of oil storage in its portfolio in favour of chemicals, industrial terminals and gas, expects its greenfield industrial terminal in Qinzhou in China, with an initial capacity of 290,000 cbm, to start operations in the second quarter.

Vopak, which made its first investment in solar and hydrogen energy in 2019, reiterated in March that the majority of growth investments would be allocated towards industrial, gas and new energies infrastructure. ($1 = 0.8314 euros) (Reporting by Pawel Goraj; Editing by Clarence Fernandez and Shailesh Kuber)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
LONDON BRENT OIL -0.39% 68.22 Delayed Quote.34.33%
ROYAL VOPAK N.V. -0.47% 37.87 Real-time Quote.-11.49%
WTI -0.41% 64.845 Delayed Quote.37.41%
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Financials
Sales 2021 1 239 M 1 492 M 1 492 M
Net income 2021 338 M 407 M 407 M
Net Debt 2021 2 719 M 3 273 M 3 273 M
P/E ratio 2021 14,3x
Yield 2021 3,29%
Capitalization 4 771 M 5 726 M 5 745 M
EV / Sales 2021 6,04x
EV / Sales 2022 5,77x
Nbr of Employees 3 713
Free-Float 37,6%
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Technical analysis trends ROYAL VOPAK N.V.
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TrendsBearishBearishBearish
Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 6
Average target price 47,92 €
Last Close Price 38,05 €
Spread / Highest target 44,5%
Spread / Average Target 25,9%
Spread / Lowest Target 13,0%
EPS Revisions
Managers and Directors
NameTitle
Eelco M. Hoekstra Chairman-Management Board
Gerard B. Paulides Chief Financial Officer & Executive Vice President
Beschier Jacob Noteboom Chairman-Supervisory Board
Leo Brand Global Director-Information Technology
Jan Bert Schutrops Global Director-Operations & Technology
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