olivLaw · European equity research
Koninklijke Vopak N.V. VPK.AS
Netherlands · Euronext Amsterdam · ISIN NL0009432491 · Vertical: Listed companies from Netherlands
Koninklijke Vopak N.V. operates a global network of storage terminals for bulk liquids and gases, with long-term take-or-pay contracts that provide predictable revenue. In 2025 the company had 75 terminals in 21 countries and served over 1,000 customers. It is focusing growth on gas infrastructure, for example the REEF project for LPG exports from western Canada.
At the close of 05 Nov 2026, Koninklijke Vopak N.V. (VPK.AS) stock was 53.45 EUR (−0.65% on the day), with market capitalisation 6.2 bn EUR, P/E 10.2 on diluted EPS of 5.22 EUR over the last 12 months, beta 0.23, 52-week range 37.00–54.40 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 59.2
- strong (55–70)
- Bollinger (20, 2)
- 51.21 – 55.16
- in the upper half of the band · %B 0.57 · band width 7.4%
- SMA 50 / 200
- 50.18 / 46.65
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 1.08 / 1.27
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +4.7% | −0.6% | +5.4 pp | — |
| 3 months | +14.8% | −4.2% | +19.0 pp | — |
| 6 months | +20.9% | +4.3% | +16.6 pp | — |
| Year to date | +41.1% | +7.5% | +33.6 pp | — |
| 1 year | +40.4% | +9.9% | +30.4 pp | −0.2% |
| 3 years | +68.5% | +49.8% | +18.7 pp | +2.2% |
| 5 years | +56.6% | +42.8% | +13.7 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 67 percentile of its own 3-quarter history (min 7.3, median 8.4, max 13.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 1.4 bn | 1.3 bn | 1.3 bn |
| Revenue YoY | unavailable | −7.7% | −1.3% |
| Net income | 455.7 m | 375.7 m | 604.0 m |
| Net income YoY | unavailable | −17.6% | +60.8% |
| Diluted EPS | 3.62 | 3.11 | 5.22 |
| Diluted EPS YoY | unavailable | −14.1% | +67.8% |
| net % | 32.0% | 28.6% | 46.5% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 99.5 m EUR
- Financial debt
- 2.1 bn EUR
- Net debt
- 2.0 bn EUR
- Equity
- 3.4 bn EUR
- Total assets
- 6.9 bn EUR
- Debt / equity
- 0.62x
- Current ratio
- 0.90x
- ROE
- 18.2%
- ROA
- 8.8%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 1.4 bn | 1.3 bn | 1.3 bn | esef· 10 Mar 2026verified |
| Operating income | 691.5 m | 601.2 m | 844.5 m | esef· 10 Mar 2026verified |
| Depreciation & amortisation | 323.0 m | 307.4 m | 315.2 m | esef· 10 Mar 2026verified |
| EBITDA | 1.0 bn ≈ | 908.6 m ≈ | 1.2 bn ≈ | esef· 10 Mar 2026derived |
| Interest expense | 139.6 m | 116.8 m | 143.1 m | esef· 10 Mar 2026verified |
| Pre-tax income | 562.6 m | 501.4 m | 714.4 m | esef· 10 Mar 2026verified |
| Income tax | 73.8 m | 81.6 m | 84.4 m | esef· 10 Mar 2026verified |
| Net income | 455.7 m | 375.7 m | 604.0 m | esef· 10 Mar 2026verified |
| Diluted EPS | 3.62 | 3.11 | 5.22 | esef· 10 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 197.0 m | 94.2 m | 99.5 m | esef· 10 Mar 2026verified |
| Receivables | 340.5 m | 343.8 m | 284.2 m | esef· 10 Mar 2026verified |
| Current assets | 645.0 m | 534.5 m | 521.9 m | esef· 10 Mar 2026verified |
| Property, plant & equipment, net | 3.2 bn | 3.2 bn | 3.3 bn | esef· 10 Mar 2026verified |
| Total assets | 6.7 bn | 6.8 bn | 6.9 bn | esef· 10 Mar 2026verified |
| Accounts payable | 327.5 m | 361.7 m | 274.4 m | esef· 10 Mar 2026verified |
| Short-term debt | — | 279.2 m | 62.4 m | esef· 10 Mar 2026verified |
| Long-term debt | — | 1.7 bn | 2.0 bn | esef· 10 Mar 2026verified |
| Current liabilities | 668.8 m | 875.7 m | 577.1 m | esef· 10 Mar 2026verified |
| Total liabilities | 3.3 bn | 3.6 bn | 3.5 bn | esef· 10 Mar 2026verified |
| Equity | 3.4 bn | 3.2 bn | 3.4 bn | esef· 10 Mar 2026verified |
| Shares outstanding at year end | 125.5 m | 120.4 m | 115.5 m | esef· 10 Mar 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 866.2 m | 909.1 m | 900.1 m | esef· 10 Mar 2026verified |
| Investing cash flow | 109.6 m | -495.3 m | -592.1 m | esef· 10 Mar 2026verified |
| Financing cash flow | -801.9 m | -528.8 m | -295.5 m | esef· 10 Mar 2026verified |
| Share repurchases | 10.5 m | 308.2 m | 102.2 m | esef· 10 Mar 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 66 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 6.2 bn EUR
Key indicators
Coverage and freshness
Score by group
- Quality82
- Balance sheet42
- Valuation90
- Returns24
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 55.10 – 133.98 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDA75.88 – 116.50 (Mid 89.33)5 companies used · median multiple 10.6x · quartiles 9.3x – 13.3xARCAD.AS, BAMNB.AS, BNJ.AS, BRNL.AS, CMCOM.AS
- Peers: P/E55.10 – 133.98 (Mid 75.74)16 companies used · median multiple 14.5x · quartiles 10.6x – 25.7xAALB.AS, ACOMO.AS, AD.AS, ADYEN.AS, AKZA.AS, ARCAD.AS, ASM.AS, ASML.AS, AXS.AS, BAMNB.AS, BNJ.AS, CRBN.AS, CTAC.AS, ECMPA.AS, FFARM.AS, HAL.AS
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Neutral profile · Score 66/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 14.1% | 73 (vs peers) | 16% |
| Net margin · Quality | 46.5% | 97 (vs peers) | 10% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 1.7x | 40 (vs peers) | 16% |
| Interest coverage · Balance sheet | 5.9x | 68 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 0.9x | 9 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 10.2x | 81 (vs peers) | 16% |
| EV/EBITDA · Valuation | 7.0x | 100 (vs peers) | 16% |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 1.7% | 24 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet42/100 · 3/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality82/100 · 2/3 factors with a value
- Returns· partial24/100 · 1/2 factors with a value
- Valuation90/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Koninklijke Vopak N.V. (VPK.AS). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 1.3 bn EUR in 2025; YoY growth -1.3%; net margin 46.5%; ROE 19.0%; net debt/EBITDA 1.7x.
The estimated value range is 65.49–125.24 EUR per share (median of 2 methods, agreement: same basis (multiples on one peer group, not independent confirmations)); assumptions are illustrative. Against the central value of 82.53 EUR, the price of 53.45 EUR leaves a potential of 54.4% (value / price − 1) and a margin of safety of 35.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 66/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 14.1%
- Net margin: 46.5%
- P/E (TTM): 10.2x
- EV/EBITDA: 7.0x
- The price is below the estimated value range
What contradicts it
- Current ratio: 0.9x
- Shareholder yield (distributions): 1.7%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from Netherlands · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ASML.ASASML Holding N.V. | 485.6 bn | 47.6 | 44.2% | 31.3% | +15.6% | +38% / +101% |
| DSFIR.ASDSM-Firmenich AG | 33.7 bn | 120.5 | 1.2% | 2.2% | +20.4% | +60% / +30% |
| AD.ASKoninklijke Ahold Delhaize N.V. | 31.2 bn | 13.9 | 15.3% | 2.5% | +3.4% | −3% / +30% |
| ASM.ASASM International N.V. | 31.2 bn | 43.3 | 18.7% | 22.8% | +8.2% | +34% / +35% |
| ADYEN.ASAdyen N.V. | 28.1 bn | 26.6 | 22.3% | 40.1% | +18.9% | −33% / −17% |
| HAL.ASHAL Trust | 15.5 bn | 9.7 | 10.5% | 12.8% | +1.2% | +22% / +47% |
| EXO.ASExor N.V. | 15.0 bn | — | -10.6% | — | −100.0% | +1% / −18% |
| BESI.ASBE Semiconductor Industries N.V. | 11.2 bn | 84.9 | 28.7% | 22.3% | −2.7% | +8% / +10% |
| AKZA.ASAkzo Nobel N.V. | 10.7 bn | 17.0 | 13.8% | 6.3% | −5.2% | +12% / −11% |
| VPK.ASKoninklijke Vopak N.V. | 6.2 bn | 10.2 | 19.0% | 46.5% | −1.3% | +37% / +70% |
| AALB.ASAalberts N.V. | 4.5 bn | 25.4 | 7.2% | 5.7% | −5.3% | +48% / +13% |
| ARCAD.ASArcadis N.V. | 4.2 bn | 20.2 | 18.3% | 4.3% | −2.4% | +24% / +2% |
| BNJ.ASBanijay Group N.V. | 3.4 bn | 13.8 | 343.8% | 5.1% | +1.6% | −11% / −8% |
| BAMNB.ASKoninklijke BAM Groep N.V. | 3.3 bn | 41.8 | 9.1% | 1.3% | +2.9% | +47% / +400% |
| BFIT.ASBasic-Fit N.V. | 2.0 bn | 138.2 | 3.6% | 1.0% | +16.9% | +7% / +16% |
| CRBN.ASCorbion N.V. | 1.6 bn | 8.3 | 27.3% | 14.9% | +1.9% | +40% / +55% |
| ECMPA.ASEurocommercial Properties N.V. | 1.4 bn | 11.2 | 5.9% | 45.4% | +4.2% | −4% / +19% |
| FUR.ASFugro N.V. | 985.3 m | — | -1.5% | -1.1% | −18.8% | −0% / −49% |
| ACOMO.ASAcomo N.V. | 685.9 m | 15.2 | 10.7% | 3.3% | +7.6% | −3% / +37% |
| FAST.ASFastned B.V. | 663.0 m | — | -28.2% | -21.7% | +66.1% | +60% / +25% |
| FFARM.ASForFarmers N.V. | 479.4 m | 9.6 | 14.5% | 1.6% | +14.8% | +22% / +123% |
| BRNL.ASBrunel International N.V. | 383.2 m | 125.5 | 1.0% | 0.3% | −10.8% | −6% / −29% |
| ENVI.ASEnvipco Holding N.V. | 224.1 m | — | -12.7% | -11.9% | −20.8% | −25% / +47% |
| ALFEN.ASAlfen N.V. | 219.8 m | — | -0.1% | -0.0% | −10.7% | −4% / −78% |
| CMCOM.ASCM.com N.V. | 192.5 m | — | -22.2% | -1.5% | −5.4% | +23% / −30% |
1- and 3-year price returns: for VPK.AS from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 29.82 Total return -44% · Per year -44% | 52.87 Total return -1% · Per year -1% | 79.85 Total return 49% · Per year 49% |
| 3 years | 25.68 Total return -52% · Per year -22% | 51.54 Total return -4% · Per year -1% | 85.92 Total return 61% · Per year 17% |
| 5 years | 22.12 Total return -59% · Per year -16% | 50.24 Total return -6% · Per year -1% | 92.45 Total return 73% · Per year 12% |
- Exit P/E± 12.88
- Net margin± 9.02
- Annual revenue growth± 7.84
- Annual dilution± 0.76
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Koninklijke Vopak N.V. operates a global network of storage terminals for bulk liquids and gases, with long-term take-or-pay contracts that provide predictable revenue. In 2025 the company had 75 terminals in 21 countries and served over 1,000 customers 1. It is focusing growth on gas infrastructure, for example the REEF project for LPG exports from western Canada 1.
SWOT
Strengths
- Long-term take-or-pay contracts that provide predictable revenue.
- Diversified global network of strategically located terminals.
- Specialized services such as blending and heating that are hard to replicate.
Weaknesses
- Dependence on storage volumes from customers in the petrochemical and energy industries.
- VOC emissions create costly obligations for emission control investment.
- Many assets are tied to fossil products, which may limit flexibility during the transition.
Opportunities
- Rising demand for LNG and LPG, especially from Asia, could support new gas projects.
- Converting terminals to store lower-carbon products and biofuels.
- Developing battery energy storage and new joint ventures with partners.
Threats
- Stricter environmental rules could raise costs or lead to temporary facility closures.
- Trade tensions and shifting trade flows could affect the volumes handled.
- Overcapacity and compressed margins in the chemicals industry could weaken demand.
Risks
- VOC emissions and regulationhigh
Tightening rules on volatile organic compounds may require major investment in vapor recovery systems, and non-compliance could lead to fines or temporary closures 1.
- License to operatehigh
Untreated emissions affecting surrounding communities could put the company's license to operate at risk 1.
- Geopolitical uncertaintymedium
The geopolitical environment has become more turbulent, and economic uncertainty could reduce the ability of customers and the company to plan long-term investment 1.
- Loss of environment-conscious customersmedium
If environmental standards are not met, the company could lose customers who prefer more sustainable options and access to ESG-focused capital 1.
- Execution of growth projectslow
Large projects such as REEF depend on keeping to the construction schedule and approval of additional capacity, and delays could affect future revenue 1.
Investment thesis
What would need to be true (bull case)
- Long-term take-or-pay contracts and a diversified global network could support stable cash flows across different market cycles 1.
- Gas projects and the conversion of terminals to lower-carbon products could open new sources of growth 1.
- Rising customer loyalty, measured by the NPS score, may indicate a solid relationship with clients 1.
What would break the thesis
- VOC emission rules could require costly investment and limit returns on existing assets 1.
- Geopolitical uncertainty and trade tensions could delay investment decisions by customers and the company 1.
- Oil demand in Europe and the OECD could decline over the long term, affecting storage volumes in some regions 1.
What to watch
- Commissioning of the REEF project in Prince Rupert and start of the approved additional capacity2026-2027
- Development of VOC emissions and investment in vapor recovery systems2026
- Progress toward the 30% Scope 1 and 2 GHG reduction target2030
- Evolution of LNG and LPG demand and new storage contractsnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Vopak owns and operates storage terminals that let customers safely store bulk liquids, gases and chemicals. Access to storage capacity is primarily charged through contracted storage fees, often structured as long-term take-or-pay agreements that provide predictable cash flows 1. Beyond capacity, the company offers specialized services such as blending and heating that preserve product quality 1. It presents itself as an independent, neutral provider of storage capacity, giving equal access to all parties 1.
The global terminal network helps balance supply and demand for products that are critical to energy and manufacturing markets. Terminals act as interfaces between transport modes, from deep-sea vessels to pipelines, railcars and trucks 1. The portfolio is grouped into import and export terminals, Hub terminals, distribution terminals and industrial terminals linked to customers' petrochemical clusters 1.
Vopak says its growth and energy-transition strategy rests on converting existing assets to store lower-carbon products and biofuels 1. It also highlights LPG infrastructure investment, where the REEF project with AltaGas, the company's largest single investment, is scheduled for commissioning in 2026 1.
Segments
Gas
The gas segment focuses on LNG and LPG, products that have become critical links in the supply chain. The company treats expanding gas storage capacity as a strategic priority, and the REEF facility in Prince Rupert, Canada, serves exports to Asia 1.
Industrial
Industrial terminals serve several customer plants from a single operator, offering integrated storage for feedstocks and run-down products. The company describes itself as the leader in this segment and treats its growth as a central strategic priority 1.
Chemicals and oil
The chemicals segment facilitates the export, import and bulk and break-bulk handling of chemicals, while the oil segment serves stable or moderately declining demand in the OECD and rising demand in South-East Asia, the Middle East and Africa 1.
Market context
Demand for bulk liquid and gas storage is linked to imbalances between production and consumption that differ in timing, scale and location 1. The LNG market could keep growing, mainly on higher supply from the United States, and LPG supply is expected to rise in the United States, Canada and the Middle East 1. The chemicals market has been weak due to overcapacity and compressed margins, but long-term petrochemical demand is projected to grow 1.
Global oil demand is shifting geographically and structurally: consumption rises in fast-growing regions while it stabilizes or moderately declines in Europe and the OECD due to energy-transition policies 1. Oil nevertheless remains an important part of the energy mix, particularly for transport and petrochemical feedstocks 1.
Trends
- Growing investment in gastailwind
The company identifies natural gas and LNG as bridges in the energy transition, and the REEF project in western Canada is a strategic step in this direction 1. If demand for LNG and LPG holds up, this direction could support longer-term revenue growth.
- Trade and geopolitical tensionsheadwind
The company notes that 2025 US trade policy created friction with trading partners and shifts in trade flows, and that the uncertainty reduces companies' ability to plan long-term investment 1.
- Stricter VOC emission rulesmixed
Tightening rules on volatile organic compounds may require investment in vapor recovery systems and emission control technologies, affecting costs 1. The company believes better standards could also bring competitive advantages with environmentally conscious customers 1.
- Energy transition and lower-carbon productsmixed
Vopak is evaluating converting terminals to store lower-carbon products and biofuels, as well as opportunities in battery energy storage 1. The potential of these conversions depends on the development of markets for these products 1.
Competitive position
The supplied sources describe Vopak as an independent provider of storage capacity and do not explicitly name direct competitors. The company stresses the advantages of its global network, economies of scale and strategic position in supply chains 1. Competition in this sector probably rests on location, safety and specialized services, though the sources give no further detail.
- Independent storage terminal operators
The sources do not name specific competitors; the company presents itself as an independent, neutral storage capacity provider.
- Integrated petrochemical operators
Some customers may build or operate their own terminals; the sources do not specify such cases.
- LNG and LPG terminal operators
Competition in the gas segment is not detailed in the supplied sources.
- Transport and logistics operators
Terminals compete indirectly with alternative transport and storage solutions, without detail in the source.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202510 Mar 2026
- Annual report 202404 Mar 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Koninklijke Vopak N.V. · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.