Company Valuation: Vopak

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 3,863 3,480 3,820 4,761 4,366 5,468 - -
Change - -9.91% 9.75% 24.65% -8.3% 25.23% - -
Enterprise Value (EV) 1 6,788 6,531 6,106 7,433 7,066 8,792 8,515 8,509
Change - -3.79% -6.51% 21.73% -4.94% 24.43% -3.16% -0.06%
P/E 18x -20.7x 8.39x 13.6x 7.24x 14.6x 12.6x 11.2x
PBR 1.15x 1.17x 1.19x 1.65x 1.34x 1.6x 1.5x 1.4x
PEG - 0x -0x -1x 0.1x -0.4x 0.8x 0.9x
Capitalization / Revenue 3.15x 2.55x 2.68x 3.62x 3.36x 4.13x 4.03x 3.92x
EV / Revenue 5.53x 4.78x 4.28x 5.65x 5.44x 6.65x 6.28x 6.1x
EV / EBITDA 8.21x 7.36x 6.34x 7.95x 7.51x 9.27x 8.37x 7.97x
EV / EBIT 13.7x 11.9x 9.53x 11.9x 11.3x 16.2x 13.1x 12.3x
EV / FCF 35.9x 14.3x 13x 12.5x 12.7x 87x 37.5x 31x
FCF Yield 2.78% 7% 7.69% 7.99% 7.88% 1.15% 2.66% 3.22%
Dividend per Share 2 1.25 1.3 1.5 1.6 1.6 1.893 1.912 1.992
Rate of return 4.06% 4.68% 4.93% 3.76% 4.22% 3.95% 3.98% 4.15%
EPS 2 1.71 -1.34 3.63 3.12 5.23 3.277 3.8 4.293
Distribution rate 73.1% -97% 41.3% 51.3% 30.6% 57.8% 50.3% 46.4%
Net sales 1 1,228 1,367 1,426 1,316 1,299 1,322 1,356 1,395
EBITDA 1 826.6 887.2 963.5 934.6 940.4 948.4 1,018 1,067
EBIT 1 494.8 547.3 640.5 627.2 625.2 541.4 650.1 690.4
Net income 1 214.2 -168.4 455.7 375.7 604 373.7 431.4 483.4
Net Debt 1 2,925 3,051 2,286 2,672 2,700 3,324 3,047 3,041
Reference price 2 30.80 27.75 30.44 42.50 37.88 47.98 47.98 47.98
Nbr of stocks (in thousands) 125,433 125,416 125,484 112,029 115,264 113,961 - -
Announcement Date 2/16/22 2/15/23 2/14/24 2/19/25 2/25/26 - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
14.5x6.61x9.21x3.98% 6.25B
Average 14.50x 6.61x 9.21x 3.98% 6.25B
Weighted average by Cap. 14.50x 6.61x 9.21x 3.98%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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