We’ve recently updated our valuation analysis.

Koninklijke Vopak Valuation

Is VPK undervalued compared to its fair value, analyst forecasts and its price relative to the market?

[object Object] Score

3/6

Valuation Score 3/6

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for VPK?

Other financial metrics that can be useful for relative valuation.

VPK key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue5.2x
Enterprise Value/EBITDA11.2x
PEG Ration/a

Price to Sales Ratio vs Peers

How does VPK's PS Ratio compare to its peers?

The above table shows the PS ratio for VPK vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPSEstimated GrowthMarket Cap
Peer Average5.2x
SBMO SBM Offshore
0.6x0.2%€2.8b
601975 Nanjing Tanker
3.9x17.2%CN¥21.1b
4030 National Shipping Company of Saudi Arabia
1.9xn/aر.س14.3b
GTT Gaztransport & Technigaz
14.4x18.0%€4.2b
VPK Koninklijke Vopak
2.7x1.6%€3.6b

Price-To-Sales vs Peers: VPK is good value based on its Price-To-Sales Ratio (2.7x) compared to the peer average (5.2x).


Price to Earnings Ratio vs Industry

How does VPK's PE Ratio compare vs other companies in the European Oil and Gas Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
Industry Avg.n/a-9.9%
n/an/an/a

Price-To-Sales vs Industry: VPK is expensive based on its Price-To-Sales Ratio (2.7x) compared to the European Oil and Gas industry average (1.2x)


Price to Sales Ratio vs Fair Ratio

What is VPK's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

VPK PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio2.7x
Fair PS Ratio2x

Price-To-Sales vs Fair Ratio: VPK is expensive based on its Price-To-Sales Ratio (2.7x) compared to the estimated Fair Price-To-Sales Ratio (2x).


Share Price vs Fair Value

What is the Fair Price of VPK when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: VPK (€28.52) is trading below our estimate of fair value (€43.17)

Significantly Below Fair Value: VPK is trading below fair value by more than 20%.


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst VPK forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€28.52
€31.75
+11.3%
4.7%€34.00€30.00n/a4
Nov ’23€20.84
€29.42
+41.2%
20.3%€40.00€24.50n/a5
Oct ’23€18.70
€30.50
+63.1%
17.9%€40.00€24.50n/a5
Sep ’23€21.69
€30.50
+40.6%
17.9%€40.00€24.50n/a5
Aug ’23€22.46
€30.50
+35.8%
17.9%€40.00€24.50n/a5
Jul ’23€24.22
€33.88
+39.9%
12.6%€40.00€28.00n/a5
Jun ’23€26.29
€35.08
+33.4%
11.4%€40.00€28.00n/a5
May ’23€25.62
€34.73
+35.6%
10.7%€40.00€28.00n/a6
Apr ’23€29.57
€41.07
+38.9%
15.2%€51.00€35.00n/a6
Mar ’23€32.03
€42.40
+32.4%
13.0%€51.00€35.00n/a6
Feb ’23€30.93
€41.28
+33.5%
13.0%€51.00€35.00n/a5
Jan ’23€30.80
€41.88
+36.0%
11.4%€51.00€38.00n/a5
Dec ’22€32.61
€41.88
+28.4%
11.4%€51.00€38.00€28.325
Nov ’22€33.93
€43.23
+27.4%
10.8%€51.00€38.00€20.846
Oct ’22€33.86
€44.73
+32.1%
11.8%€55.00€40.00€18.706
Sep ’22€36.24
€44.73
+23.4%
11.8%€55.00€40.00€21.696
Aug ’22€35.69
€46.98
+31.6%
11.1%€55.00€40.40€22.466
Jul ’22€38.53
€47.92
+24.4%
9.1%€55.00€43.00€24.226
Jun ’22€38.87
€47.92
+23.3%
9.1%€55.00€43.00€26.296
May ’22€38.10
€49.58
+30.1%
8.2%€55.00€43.50€25.626
Apr ’22€42.42
€51.00
+20.2%
6.4%€55.00€46.00€29.576
Mar ’22€39.81
€51.86
+30.3%
7.7%€59.00€46.00€32.037
Feb ’22€42.11
€53.36
+26.7%
7.5%€59.00€46.00€30.937
Jan ’22€42.99
€53.71
+24.9%
8.4%€59.00€46.00€30.807
Dec ’21€44.39
€53.71
+21.0%
8.4%€59.00€46.00€32.617

Analyst Forecast: Target price is less than 20% higher than the current share price.


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