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Koninklijke Vopak

ENXTAM:VPK
Snowflake Description

Established dividend payer with mediocre balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
VPK
ENXTAM
€5B
Market Cap
  1. Home
  2. NL
  3. Energy
Company description

Koninklijke Vopak N.V., an independent tank storage company, stores and handles liquid chemicals, gases, oil products, biofuels, and vegetable oils worldwide. The last earnings update was 92 days ago. More info.


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VPK Share Price and Events
7 Day Returns
0.1%
ENXTAM:VPK
-2.7%
Europe Oil and Gas
0.7%
NL Market
1 Year Returns
6.3%
ENXTAM:VPK
0.5%
Europe Oil and Gas
0.1%
NL Market
VPK Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Koninklijke Vopak (VPK) 0.1% 9.1% -0.1% 6.3% -4.5% 28.3%
Europe Oil and Gas -2.7% 1.2% -1.8% 0.5% 26.2% 6.3%
NL Market 0.7% 2.9% -0.1% 0.1% 24.9% 27%
1 Year Return vs Industry and Market
  • VPK outperformed the Oil and Gas industry which returned 0.5% over the past year.
  • VPK outperformed the Market in Netherlands which returned 0.1% over the past year.
Price Volatility
VPK
Industry
5yr Volatility vs Market

Value

 Is Koninklijke Vopak undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Koninklijke Vopak to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Koninklijke Vopak.

ENXTAM:VPK Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 9 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7%
Perpetual Growth Rate 10-Year NL Government Bond Rate 0.4%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for ENXTAM:VPK
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year NL Govt Bond Rate 0.4%
Equity Risk Premium S&P Global 6%
Oil and Gas Unlevered Beta Simply Wall St/ S&P Global 0.92
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.92 (1 + (1- 25%) (34.88%))
1.108
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.11
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.37% + (1.108 * 5.96%)
6.97%

Discounted Cash Flow Calculation for ENXTAM:VPK using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Koninklijke Vopak is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

ENXTAM:VPK DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (EUR, Millions) Source Present Value
Discounted (@ 6.97%)
2020 407.97 Analyst x3 381.38
2021 488.13 Analyst x3 426.58
2022 452.50 Analyst x1 369.66
2023 481.30 Analyst x1 367.56
2024 495.42 Est @ 2.93% 353.69
2025 506.15 Est @ 2.16% 337.79
2026 514.38 Est @ 1.63% 320.91
2027 520.80 Est @ 1.25% 303.74
2028 525.94 Est @ 0.99% 286.74
2029 530.15 Est @ 0.8% 270.20
Present value of next 10 years cash flows €3,418.26
ENXTAM:VPK DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= €530.15 × (1 + 0.37%) ÷ (6.97% – 0.37%)
€8,059.57
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €8,059.57 ÷ (1 + 6.97%)10
€4,107.72
ENXTAM:VPK Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €3,418.26 + €4,107.72
€7,525.98
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €7,525.98 / 127.66
€58.95
ENXTAM:VPK Discount to Share Price
Calculation Result
Value per share (EUR) From above. €58.95
Current discount Discount to share price of €42.73
= -1 x (€42.73 - €58.95) / €58.95
27.5%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Koninklijke Vopak is available for.
Intrinsic value
28%
Share price is €42.73 vs Future cash flow value of €58.95
Current Discount Checks
For Koninklijke Vopak to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Koninklijke Vopak's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Koninklijke Vopak's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Koninklijke Vopak's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Koninklijke Vopak's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
ENXTAM:VPK PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in EUR €2.07
ENXTAM:VPK Share Price ** ENXTAM (2019-07-18) in EUR €42.73
Europe Oil and Gas Industry PE Ratio Median Figure of 90 Publicly-Listed Oil and Gas Companies 9.62x
Netherlands Market PE Ratio Median Figure of 82 Publicly-Listed Companies 17.61x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Koninklijke Vopak.

ENXTAM:VPK PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= ENXTAM:VPK Share Price ÷ EPS (both in EUR)

= 42.73 ÷ 2.07

20.6x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Koninklijke Vopak is overvalued based on earnings compared to the Europe Oil and Gas industry average.
  • Koninklijke Vopak is overvalued based on earnings compared to the Netherlands market.
Price based on expected Growth
Does Koninklijke Vopak's expected growth come at a high price?
Raw Data
ENXTAM:VPK PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 20.6x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 9 Analysts
5.5%per year
Europe Oil and Gas Industry PEG Ratio Median Figure of 56 Publicly-Listed Oil and Gas Companies 0.95x
Netherlands Market PEG Ratio Median Figure of 64 Publicly-Listed Companies 1.57x

*Line of best fit is calculated by linear regression .

ENXTAM:VPK PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 20.6x ÷ 5.5%

3.77x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Koninklijke Vopak is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Koninklijke Vopak's assets?
Raw Data
ENXTAM:VPK PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in EUR €21.01
ENXTAM:VPK Share Price * ENXTAM (2019-07-18) in EUR €42.73
Europe Oil and Gas Industry PB Ratio Median Figure of 186 Publicly-Listed Oil and Gas Companies 0.82x
Netherlands Market PB Ratio Median Figure of 103 Publicly-Listed Companies 1.92x
ENXTAM:VPK PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= ENXTAM:VPK Share Price ÷ Book Value per Share (both in EUR)

= 42.73 ÷ 21.01

2.03x

* Primary Listing of Koninklijke Vopak.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Koninklijke Vopak is overvalued based on assets compared to the Europe Oil and Gas industry average.
X
Value checks
We assess Koninklijke Vopak's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Oil and Gas industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Oil and Gas industry average (and greater than 0)? (1 check)
  5. Koninklijke Vopak has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Koninklijke Vopak expected to perform in the next 1 to 3 years based on estimates from 9 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
5.5%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Koninklijke Vopak expected to grow at an attractive rate?
  • Koninklijke Vopak's earnings growth is expected to exceed the low risk savings rate of 0.4%.
Growth vs Market Checks
  • Koninklijke Vopak's earnings growth is positive but not above the Netherlands market average.
  • Koninklijke Vopak's revenue growth is positive but not above the Netherlands market average.
Annual Growth Rates Comparison
Raw Data
ENXTAM:VPK Future Growth Rates Data Sources
Data Point Source Value (per year)
ENXTAM:VPK Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 9 Analysts 5.5%
ENXTAM:VPK Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 9 Analysts 0.9%
Europe Oil and Gas Industry Earnings Growth Rate Market Cap Weighted Average 5.8%
Europe Oil and Gas Industry Revenue Growth Rate Market Cap Weighted Average 2.5%
Netherlands Market Earnings Growth Rate Market Cap Weighted Average 8.6%
Netherlands Market Revenue Growth Rate Market Cap Weighted Average 3.4%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
ENXTAM:VPK Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 9 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
ENXTAM:VPK Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 815
2022-12-31 1,334 797 1
2021-12-31 1,331 752 394 5
2020-12-31 1,304 724 353 8
2019-12-31 1,310 673 479 7
ENXTAM:VPK Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2019-03-31 1,272 265
2018-12-31 1,264 640 255
2018-09-30 1,280 196
2018-06-30 1,268 685 224
2018-03-31 1,291 232
2017-12-31 1,317 669 235
2017-09-30 1,328 303
2017-06-30 1,350 680 298
2017-03-31 1,356 418
2016-12-31 1,354 716 534
2016-09-30 1,359 536
2016-06-30 1,381 771 524

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Koninklijke Vopak's earnings are expected to grow by 5.5% yearly, however this is not considered high growth (20% yearly).
  • Koninklijke Vopak's revenue is expected to grow by 0.9% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
ENXTAM:VPK Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 9 Analyst Estimates (S&P Global) See Below

All data from Koninklijke Vopak Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ENXTAM:VPK Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31 3.20 3.20 3.20 1.00
2021-12-31 2.86 3.23 2.59 5.00
2020-12-31 2.58 2.92 1.94 7.00
2019-12-31 3.22 3.75 2.69 2.00
ENXTAM:VPK Past Financials Data
Date (Data in EUR Millions) EPS *
2019-03-31 2.07
2018-12-31 1.99
2018-09-30 1.53
2018-06-30 1.76
2018-03-31 1.82
2017-12-31 1.85
2017-09-30 2.38
2017-06-30 2.34
2017-03-31 3.28
2016-12-31 4.19
2016-09-30 4.20
2016-06-30 4.11

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Koninklijke Vopak is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Koninklijke Vopak's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Koninklijke Vopak has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Koninklijke Vopak performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Koninklijke Vopak's growth in the last year to its industry (Oil and Gas).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Koninklijke Vopak's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • Koninklijke Vopak's 1-year earnings growth exceeds its 5-year average (14.2% vs -2.4%)
  • Koninklijke Vopak's earnings growth has not exceeded the Europe Oil and Gas industry average in the past year (14.2% vs 50.2%).
Earnings and Revenue History
Koninklijke Vopak's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Koninklijke Vopak Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ENXTAM:VPK Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 1,272.00 264.80 395.50
2018-12-31 1,263.60 254.50 395.50
2018-09-30 1,280.25 195.75 680.00
2018-06-30 1,267.90 224.00 393.10
2018-03-31 1,291.20 231.90 399.80
2017-12-31 1,316.80 235.40 399.80
2017-09-30 1,327.70 303.20 401.80
2017-06-30 1,349.50 298.20 403.20
2017-03-31 1,356.25 418.20 316.75
2016-12-31 1,354.40 534.00 401.80
2016-09-30 1,358.80 536.00 117.50
2016-06-30 1,381.30 523.80 405.20
2016-03-31 1,392.55 353.20 502.90
2015-12-31 1,402.10 282.20 417.80
2015-09-30 1,396.00 273.15 412.20
2015-06-30 1,389.90 264.10 406.60
2015-03-31 1,358.20 305.40 307.20
2014-12-31 1,336.40 247.10 388.00
2014-09-30 1,315.05 261.75 386.20
2014-06-30 1,293.70 276.40 384.40
2014-03-31 1,300.55 294.55 384.40
2013-12-31 1,307.40 312.70 384.40
2013-09-30 1,319.95 314.40 382.00
2013-06-30 1,332.50 316.10 379.60
2013-03-31 1,326.10 320.50 379.45
2012-12-31 1,319.70 324.90 379.30
2012-09-30 1,292.20 323.50 380.70

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Koninklijke Vopak has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Koninklijke Vopak used its assets less efficiently than the Europe Oil and Gas industry average last year based on Return on Assets.
  • Koninklijke Vopak's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Koninklijke Vopak's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Oil and Gas industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Koninklijke Vopak has a total score of 1/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Koninklijke Vopak's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Koninklijke Vopak's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Koninklijke Vopak's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Koninklijke Vopak's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Koninklijke Vopak's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.2x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Koninklijke Vopak Company Filings, last reported 3 months ago.

ENXTAM:VPK Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 2,844.30 1,902.50 77.50
2018-12-31 2,844.30 1,902.50 77.50
2018-09-30 2,844.30 1,902.50 77.50
2018-06-30 2,651.60 1,759.70 97.90
2018-03-31 2,635.90 1,663.90 130.00
2017-12-31 2,635.90 1,663.90 130.00
2017-09-30 2,595.30 1,935.10 167.50
2017-06-30 2,595.30 1,935.10 167.50
2017-03-31 2,559.00 2,110.20 306.00
2016-12-31 2,559.00 2,110.20 306.00
2016-09-30
2016-06-30 2,346.20 2,029.40 236.80
2016-03-31 2,346.20 2,029.40 236.80
2015-12-31 2,160.40 2,405.50 109.90
2015-09-30 2,160.40 2,405.50 109.90
2015-06-30 2,033.00 2,515.40 182.90
2015-03-31 1,902.80 2,574.40 182.00
2014-12-31 1,902.80 2,448.30 182.00
2014-09-30 1,902.80 2,448.30 182.00
2014-06-30 1,907.40 2,208.60 175.90
2014-03-31 1,907.40 2,208.60 175.90
2013-12-31 1,927.50 2,082.30 178.70
2013-09-30 1,927.50 2,082.30 178.70
2013-06-30 1,832.40 2,130.20 227.40
2013-03-31 1,832.40 2,130.20 227.40
2012-12-31 1,752.60 2,199.50 452.00
2012-09-30 1,968.40 2,199.50 452.00
  • Koninklijke Vopak's level of debt (66.9%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (115.8% vs 66.9% today).
  • Debt is well covered by operating cash flow (33.6%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 5.2x coverage).
X
Financial health checks
We assess Koninklijke Vopak's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Koninklijke Vopak has a total score of 3/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Koninklijke Vopak's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
2.57%
Current annual income from Koninklijke Vopak dividends. Estimated to be 3.06% next year.
If you bought €2,000 of Koninklijke Vopak shares you are expected to receive €51 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Koninklijke Vopak's pays a higher dividend yield than the bottom 25% of dividend payers in Netherlands (2.16%).
  • Koninklijke Vopak's dividend is below the markets top 25% of dividend payers in Netherlands (5.76%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
ENXTAM:VPK Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 9 Analyst Estimates (S&P Global) See Below
Europe Oil and Gas Industry Average Dividend Yield Market Cap Weighted Average of 56 Stocks 5.7%
Netherlands Market Average Dividend Yield Market Cap Weighted Average of 69 Stocks 3.9%
Netherlands Minimum Threshold Dividend Yield 10th Percentile 1.6%
Netherlands Bottom 25% Dividend Yield 25th Percentile 2.2%
Netherlands Top 25% Dividend Yield 75th Percentile 5.8%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

ENXTAM:VPK Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 1.44 1.00
2022-12-31 1.49 2.00
2021-12-31 1.42 6.00
2020-12-31 1.28 8.00
2019-12-31 1.18 7.00
ENXTAM:VPK Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2019-02-13 1.100 2.701
2018-02-16 1.050 2.568
2017-02-17 1.050 2.732
2016-02-26 1.000 2.241
2015-02-27 0.900 2.156
2014-04-23 0.900 2.259
2013-03-04 0.880 2.025
2013-03-01 0.880 1.800
2012-02-29 0.800 1.587
2011-03-11 0.700 1.964
2010-05-11 0.625 1.855
2010-01-15 0.625 2.171
2008-12-31 0.550 2.954

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Koninklijke Vopak's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.9x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.9x coverage).
X
Income/ dividend checks
We assess Koninklijke Vopak's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.6%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Koninklijke Vopak afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Koninklijke Vopak has a total score of 5/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Koninklijke Vopak's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Eelco Hoekstra
COMPENSATION €1,618,000
AGE 48
TENURE AS CEO 8.5 years
CEO Bio

Mr. Eelco M. Hoekstra has been the Chief Executive Officer and Chairman of the Executive Board at Royal Vopak NV since January 2011. Mr. Hoekstra has been Member of the Executive Board at Royal Vopak NV since March 1, 2011 and November 12, 2010 respectively. He served as Division President - Latin America, Division President Of Asia and Head - Equity participations - Fujairah United Arab Emirates at Royal Vopak NV. He has been active in the international tank storage industry since 1995 and joined Vopak in 2003. At Vopak, he held various management positions in the United Arab Emirates, Argentina and Singapore. Mr. Hoekstra has Masters Degree in Economics.

CEO Compensation
  • Eelco's compensation has increased by more than 20% in the past year whilst earnings grew less than 20%.
  • Eelco's remuneration is about average for companies of similar size in Netherlands.
Management Team Tenure

Average tenure and age of the Koninklijke Vopak management team in years:

5.6
Average Tenure
54
Average Age
  • The average tenure for the Koninklijke Vopak management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Eelco Hoekstra

TITLE
Chairman of the Executive Board & CEO
COMPENSATION
€2M
AGE
48
TENURE
8.5 yrs

Gerard Paulides

TITLE
CFO & Member of the Executive Board
COMPENSATION
€868K
AGE
56
TENURE
1.4 yrs

Frits Eulderink

TITLE
COO & Member of the Executive Board
COMPENSATION
€1M
AGE
58
TENURE
9.3 yrs

Patrick Voort

TITLE
Global Director of Operations & Technology
AGE
50
TENURE
2.8 yrs

Laurens de Graaf

TITLE
Head of Investor Relations

Peter Smid

TITLE
Global Director of Legal Affairs & Corporate Secretary

Karen Beuk

TITLE
Global Director of Communication

Kees Van Seventer

TITLE
Global Director of Sales & Marketing / LNG and Division President of LNG
AGE
52

Elsbeth Janmaat

TITLE
Global Director of Human Resources

Dick Meurs

TITLE
Head of Moves IT Program
AGE
57
Board of Directors Tenure

Average tenure and age of the Koninklijke Vopak board of directors in years:

1.8
Average Tenure
61
Average Age
  • The average tenure for the Koninklijke Vopak board of directors is less than 3 years, this suggests a new board.
Board of Directors

Ben Noteboom

TITLE
Chairman of Supervisory Board
COMPENSATION
€112K
AGE
61
TENURE
2.3 yrs

Mel Groot

TITLE
Vice Chairman of Supervisory Board
COMPENSATION
€79K
AGE
60
TENURE
4.6 yrs

Rien Zwitserloot

TITLE
Member of Supervisory Board
COMPENSATION
€75K
AGE
70
TENURE
9.8 yrs

Ben van der Veer

TITLE
Member of Supervisory Board
COMPENSATION
€78K
AGE
68
TENURE
1.3 yrs

Lucrèce J. I. De Ridder

TITLE
Member of Supervisory Board
COMPENSATION
€57K
AGE
52
TENURE
1.3 yrs

Nicoletta Giadrossi

TITLE
Member of the Supervisory Board
TENURE
0.3 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess Koninklijke Vopak's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Koninklijke Vopak has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Shareholders Should Look Hard At Koninklijke Vopak N.V.’s (AMS:VPK) 7.3% Return On Capital

The formula for calculating the return on capital employed is: Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities) Or for Koninklijke Vopak: 0.073 = €360m ÷ (€5.5b - €610m) (Based on the trailing twelve months to March 2019.) Therefore, Koninklijke Vopak has an ROCE of 7.3%. … Koninklijke Vopak's Current Liabilities And Their Impact On Its ROCE Current liabilities include invoices, such as supplier payments, short-term debt, or a tax bill, that need to be paid within 12 months. … Due to the way the ROCE equation works, having large bills due in the near term can make it look as though a company has less capital employed, and thus a higher ROCE than usual.

Simply Wall St -

How Much Did Koninklijke Vopak N.V.'s (AMS:VPK) CEO Pocket Last Year?

Eelco Hoekstra became the CEO of Koninklijke Vopak N.V. … First, this article will compare CEO compensation with compensation at similar sized companies. … Check out our latest analysis for Koninklijke Vopak How Does Eelco Hoekstra's Compensation Compare With Similar Sized Companies?

Simply Wall St -

An Intrinsic Calculation For Koninklijke Vopak N.V. (AMS:VPK) Suggests It's 34% Undervalued

Today, we will estimate the stock's intrinsic value by taking the expected future cash flows and discounting them to their present value. … Generally we assume that a dollar today is more valuable than a dollar in the future, so we discount the value of these future cash flows to their estimated value in today's dollars: 10-year free cash flow (FCF) forecast 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Levered FCF (€, Millions) €333.17 €396.37 €507.17 €491.40 €501.80 €509.72 €515.91 €520.88 €524.96 €528.43 Growth Rate Estimate Source Analyst x3 Analyst x6 Analyst x3 Analyst x1 Analyst x1 Est @ 1.58% Est @ 1.22% Est @ 0.96% Est @ 0.78% Est @ 0.66% Present Value (€, Millions) Discounted @ 7.05% €311.23 €345.88 €413.42 €374.19 €356.95 €338.70 €320.24 €302.03 €284.36 €267.38 Present Value of 10-year Cash Flow (PVCF)= €3.31b "Est" = FCF growth rate estimated by Simply Wall St The second stage is also known as Terminal Value, this is the business's cash flow after the first stage. … Terminal Value (TV) = FCF2029 × (1 + g) ÷ (r – g) = €528m × (1 + 0.4%) ÷ (7% – 0.4%) = €7.9b Present Value of Terminal Value (PVTV) = TV / (1 + r)10 = €€7.9b ÷ ( 1 + 7%)10 = €4.02b The total value, or equity value, is then the sum of the present value of the future cash flows, which in this case is €7.33b.

Simply Wall St -

Is Koninklijke Vopak N.V. (AMS:VPK) An Attractive Dividend Stock?

(AMS:VPK) a good dividend stock? How would you know? Dividend paying companies with growing earnings can be highly rewarding in the long term. Unfortunately, it's common for investors to be enticed in by the seemingly attractive yield, and lose money when the company has to cut its dividend payments. With a 3.0% yield and a nine-year payment history, investors probably think Koninklijke Vopak looks like a reliable dividend stock. A 3.0% yield is not inspiring, but the longer payment history has some appeal. When buying stocks for their dividends, you should always run through the checks below, to see if the dividend looks sustainable. Explore this interactive chart for our latest analysis on Koninklijke Vopak! ENXTAM:VPK Historical Dividend Yield, May 27th 2019 Want to participate in a short research study? Help shape the future of investing tools and you could win a $250 gift card! Payout ratios Dividends are typically paid from company earnings. If a company pays more in dividends than it earned, then the dividend might become unsustainable - hardly an ideal situation. Comparing dividend payments to a company's net profit after tax is a simple way of reality-checking whether a dividend is sustainable. Looking at the data, we can see that 53% of Koninklijke Vopak's profits were paid out as dividends in the last 12 months. This is a healthy payout ratio, and while it does limit the amount of earnings that can be reinvested in the business, there is also some room to lift the payout ratio over time. In addition to comparing dividends against profits, we should inspect whether the company generated enough cash to pay its dividend. With a cash payout ratio of 117%, Koninklijke Vopak's dividend payments are poorly covered by cash flow. Koninklijke Vopak paid out less in dividends than it reported in profits, but unfortunately it didn't generate enough free cash flow to cover the dividend. Cash is king, as they say, and were Koninklijke Vopak to repeatedly pay dividends that aren't well covered by cashflow, we would consider this a warning sign. Is Koninklijke Vopak's Balance Sheet Risky? As Koninklijke Vopak has a meaningful amount of debt, we need to check its balance sheet to see if the company might have debt risks. A rough way to check this is with these two simple ratios: a) net debt divided by EBITDA (earnings before interest, tax, depreciation and amortisation), and b) net interest cover. Net debt to EBITDA is a measure of a company's total debt. Net interest cover measures the ability to meet interest payments on debt. Essentially we check that a) a company does not have too much debt, and b) that it can afford to pay the interest. … Conclusion When we look at a dividend stock, we need to form a judgement on whether the dividend will grow, if the company is able to maintain it in a wide range of economic circumstances, and if the dividend payout is sustainable. … Koninklijke Vopak gets a pass on its dividend payout ratio, but it paid out virtually all of its cash flow as dividends.

Simply Wall St -

Did Koninklijke Vopak N.V. (AMS:VPK) Use Debt To Deliver Its ROE Of 11%?

The formula for ROE is: Return on Equity = Net Profit ÷ Shareholders' Equity Or for Koninklijke Vopak: 11% = €265m ÷ €2.8b (Based on the trailing twelve months to March 2019.) Most know that net profit is the total earnings after all expenses, but the concept of shareholders' equity is a little more complicated. … Combining Koninklijke Vopak's Debt And Its 11% Return On Equity Koninklijke Vopak has a debt to equity ratio of 0.67, which is far from excessive. … In my book the highest quality companies have high return on equity, despite low debt.

Simply Wall St -

Investors Who Bought Koninklijke Vopak (AMS:VPK) Shares Three Years Ago Are Now Down 15%

(AMS:VPK) shareholders, since the share price is down 15% in the last three years, falling well short of the market return of around 43%. … One way to examine how market sentiment has changed over time is to look at the interaction between a company's share price and its earnings per share (EPS). … During the three years that the share price fell, Koninklijke Vopak's earnings per share (EPS) dropped by 9.2% each year.

Simply Wall St -

Is Koninklijke Vopak N.V.'s (AMS:VPK) High P/E Ratio A Problem For Investors?

This article is for investors who would like to improve their understanding of price to earnings ratios (P/E ratios). … We'll look at Koninklijke Vopak N.V.'s (AMS:VPK) P/E ratio and reflect on what it tells us about the company's share price. … Koninklijke Vopak has a price to earnings ratio of 21.1, based on the last twelve months.

Simply Wall St -

Could The Koninklijke Vopak N.V. (AMS:VPK) Ownership Structure Tell Us Something Useful?

The big shareholder groups in Koninklijke Vopak N.V. … Institutions often own shares in more established companies, while it's not unusual to see insiders own a fair bit of smaller companies. … With a market capitalization of €5.5b, Koninklijke Vopak is rather large.

Simply Wall St -

Why Koninklijke Vopak N.V.’s (AMS:VPK) Return On Capital Employed Looks Uninspiring

To be precise, we'll consider its Return On Capital Employed (ROCE), as that will inform our view of the quality of the business. … Understanding Return On Capital Employed (ROCE). … ROCE measures the 'return' (pre-tax profit) a company generates from capital employed in its business.

Simply Wall St -

Koninklijke Vopak N.V. (AMS:VPK): Will The Growth Last?

(AMS:VPK) released its earnings update. … with earnings expected to grow by 27% in the upcoming year … the past 5-year average growth rate of -1.5%.

Simply Wall St -

Company Info

Description

Koninklijke Vopak N.V., an independent tank storage company, stores and handles liquid chemicals, gases, oil products, biofuels, and vegetable oils worldwide. It owns and operates specialized facilities, including product tanks, jetties, truck loading stations, and pipelines, as well as provides access to road and rail networks. The company operates 68 terminals in the Americas, Asia, Europe, the Middle East, and Africa with a combined storage capacity of 37.0 million cubic meters. It serves national and international producers, distributors, and traders of liquid bulk products. Koninklijke Vopak N.V. was founded in 1616 and is headquartered in Rotterdam, the Netherlands.

Details
Name: Koninklijke Vopak N.V.
VPK
Exchange: ENXTAM
Founded: 1616
€5,455,118,314
127,664,833
Website: http://www.vopak.com
Address: Koninklijke Vopak N.V.
Westerlaan 10,
Rotterdam,
Zuid-Holland, 3016 CK,
Netherlands
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
ENXTAM VPK Ordinary Shares Euronext Amsterdam NL EUR 04. Nov 1999
OTCPK VOPK.F Ordinary Shares Pink Sheets LLC US USD 04. Nov 1999
DB VPK5 Ordinary Shares Deutsche Boerse AG DE EUR 04. Nov 1999
LSE 0O8V Ordinary Shares London Stock Exchange GB EUR 04. Nov 1999
WBAG VPK Ordinary Shares Wiener Boerse AG AT EUR 04. Nov 1999
BATS-CHIXE VPKA Ordinary Shares BATS 'Chi-X Europe' GB EUR 04. Nov 1999
OTCPK VOPK.Y UNSPONSORED ADR Pink Sheets LLC US USD 29. Dec 2008
Number of employees
Current staff
Staff numbers
3,663
Koninklijke Vopak employees.
Industry
Oil and Gas Storage and Transportation
Energy
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/07/18 20:50
End of day share price update: 2019/07/18 00:00
Last estimates confirmation: 2019/07/12
Last earnings filing: 2019/04/17
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.