Royal Vopak (VPK) AI Stock Analysis

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Royal Vopak

(Frankfurt:VPK)

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Positive Factors

Contracted infrastructure modelLong-term capacity-reservation arrangements give Vopak recurring infrastructure-like revenue that is less dependent on short-term throughput. Its strategic terminals and handling services also support customer retention, creating a durable earnings base across energy, gas, chemicals and industrial products.

Negative Factors

Uneven revenue trajectoryThe recent top-line contraction shows that Vopak’s stable contracted model does not eliminate exposure to changing product flows, utilization and portfolio mix. Uneven revenue and prior earnings volatility make near-term growth less predictable and can reduce operating leverage.

Royal Vopak (VPK) vs. iShares MSCI Germany ETF (EWG)

Market Cap: EUR 6.80B
Dividend Yield: 4.65%
Average Volume (3M): 5
Price to Earnings (P/E): 13.3
Beta (1Y): 0.09
Revenue Growth: 0.85%
EPS Growth: -0.29%
Country: Germany
Employees: 5,007
Sector: Energy
Sector Strength: 65
Industry: Oil & Gas Midstream

Royal Vopak Business Overview & Revenue Model

Company Description

Koninklijke Vopak N.V. operates as an independent, global provider of tank storage solutions, specializing in the secure storage and efficient handling of a wide array of bulk liquids and gases. Its core services encompass liquid chemicals, liquefied...

Royal Vopak Earnings Call Summary

Earnings Call Date:Nov 04, 2026(Q3-2026)|% Change Since:-0.95%|Next Earnings Date:Nov 05, 2018

Earnings Call SentimentPositive

The call was strongly positive overall. Vopak reported solid nine-month EBITDA and cash-flow growth, record quarterly operating free cash flow, 91% occupancy, improved cash conversion, a raised 2026 outlook, continued progress on major growth projects and increased shareholder distributions. These strengths outweighed the explicitly acknowledged challenges, including Middle East-related activity declines and contract-renewal uncertainty, higher fourth-quarter maintenance and energy costs, increased construction-related leverage, and slower progress on some energy-transition projects.

Positive Updates

Strong Nine-Month Financial Performance

Vopak delivered an outstanding first nine months of 2026, with proportional EBITDA of EUR 906 million versus EUR 902 million in the same period of 2025. Excluding negative currency translation, divestment impacts and the prior-year one-off settlement, proportional EBITDA increased 5% year-on-year.

Negative Updates

Middle East Conflict Reduced Activity

The Middle East conflict caused a historic supply-side shock, product shortages and price volatility. Vopak reported reduced activity and customer utilization at its four Middle East terminals, which generate around 5% of proportional EBITDA and represent around 4% of capital employed.

Company Guidance

For full year 2026, proportional operating free cash flow is projected at around EUR 840 million and proportional EBITDA is expected to range between EUR 1.2 billion and EUR 1.22 billion, subject to ongoing market circumstances and currency fluctuations. Vopak maintains a long-term OCR ambition of between 13% and 17% on a rolling 12-month basis, a proportional leverage ambition between 2.5x and 3x, and may temporarily fluctuate between 3x and 3.5x during the construction period, which can last 2 to 3 years. The company has an ambition to invest EUR 4 billion on a proportional basis by 2030, with around EUR 1.5 billion of growth projects currently under construction, around EUR 790 million being delivered during 2026 and 2027, and another EUR 750 million expected to come into operation in 2028 and beyond. REEF Phase 1 is scheduled for commissioning in Q1 2027, Optimization 1 is expected to be in service in the second half of 2027, and Optimization 2 could reach FID by the end of 2026. Management said definitely '27 should see a step-up in terms of growth and some uncertainty still around the Middle East, while South Africa and Europoort are expected to show quite a strong performance in '27.

Royal Vopak Peers Comparison

Overall Rating

UnderperformOutperform

Sector (65)

Financial Indicators

DE:VPK against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
EPD	76Outperform	$80.07B	12.35	22.00%	5.97%	22.14%	13.83%
PAA	76Outperform	$16.76B	8.05	26.88%	6.92%	19.31%	143.26%
MPLX	74Outperform	$57.45B	13.23	30.86%	7.82%	7.12%	-9.38%
KMI	73Outperform	$69.48B	19.50	11.46%	3.75%	12.24%	32.06%
ET	70Outperform	$66.92B	11.98	17.19%	6.97%	56.13%	20.88%
Sector *	65Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%

* Energy Sector Average

Performance Comparison

DE:VPK and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
DE:VPK	Royal Vopak NV	52.00	16.37	45.94%
ET	Energy Transfer Equity	19.45	3.95	25.48%
EPD	Enterprise Products Partners	37.16	7.24	24.21%
KMI	Kinder Morgan Inc	31.59	5.68	21.90%
PAA	Plains All American Pipeline	24.14	8.74	56.71%
MPLX	MPLX LP	56.77	8.74	18.19%

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Royal Vopak AI Stock Analysis