Vopak VPK.AS
NetherlandsEnergy · Oil & Gas MidstreamEuronext Ámsterdam · EUR
54.90 EUR (+7.5%)
5 analysts
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Vopak is the world's largest independent operator of tank storage facilities for oil, liquefied natural gas and chemicals, generating revenue from storage fees and related services.
Listed on Euronext Ámsterdam · Symbol VPK.AS · AMS: VPK · Currency EUR
Key points
from its scores- ✓Attractive dividend8.7
- ✓Favourable backdrop7.5
- ✕Weak growth2.5
- ✕Fragile balance sheet3.9
- ✕Demanding valuation4.8
AI analysis
bottom line, main risk, context and newsThe dividend and competitive moat offset the leverage and weak earnings dynamics, but there are no clear catalysts for outperformance.
Vopak shows fragile financial health (Net Debt/EBITDA of 4.40, liquidity of 0.59) and very negative earnings growth (-52.80%), although its dividend is attractive (4.94% net) and its gross margin is exceptionally high (95.76%). Valuation is moderate (P/E 12.39), but leverage and falling earnings limit the appeal.
High leverage (Net Debt/EBITDA of 4.40) and low liquidity (0.59) make Vopak vulnerable to tighter financial conditions and a potential reversal of storage spreads if the Ormuz conflict is resolved.
Context and risks
Vopak is a Dutch operator of tank storage for oil, gas and chemicals. Its crude and fuel storage business benefits from volatility and price spreads, but the recent escalation in the Strait of Hormuz and attacks on tankers in the Gulf of Aden raise operational risk and disruption to key shipping routes for its customers. Governance risk in the Netherlands is moderate, with no specific aggravating factors.
Is Vopak stock cheap or expensive?
at the analysis dateOn P/E and EV / EBITDA, it trades 24% above the Energy median on average.
| Multiple | Company | Sector | Difference |
|---|---|---|---|
| P/E | 12.4 | 15.7 | −21% |
| EV / EBITDA | 13.6 | 8.0 | +69% |
| Price / book | 1.8 | 2.2 | −21% |
| Price / sales | 4.4 | 1.9 | +129% |
Sector: median of the 102 Energy companies analysed. In bold, the multiples used for the comparison.
Valuation score: 4.8 out of 10 (median for Energy: 5.9).
Average analyst target: 54.90 EUR, +7.5% versus the price.
A premium can be justified if the company is of higher quality or grows faster than its sector: Quality / Moat 5.1 (sector 5.8), Growth 2.5 (sector 7.2).
Classic formulas with standard assumptions (0.0% growth, 8-9% discount rate). Indicative only: they change a lot with the assumptions and are not a recommendation.
Work out its fair value yourself →How much would you have made investing every month? →
Comparing it with its sector does not say whether it is a good buy: this is not investment advice.
Score by category
0 to 10 · hover overtap each one to see what it measuresKey metrics
at the analysis date · compared with the Energy medianValuation
- P/E
- 12.4
- Forward P/E
- 12.9
- EV / EBITDA
- 13.6
- Price / book
- 1.8
- Price / sales
- 4.4
- PEG
- 1.31
- Market cap
- 5.9B EUR
- Enterprise value
- 8.8B EUR
Profitability
- ROE
- 15.4%
- ROA
- 3.5%
- ROIC (approx.)
- 6.8%
- Gross margin
- 95.8%
- Operating margin
- 32.0%
- Net margin
- 35.3%
- Free cash flow
- 84.4M EUR
- FCF yield
- 1.4%
- Cash conversion
- 13%
Solvency
- Total debt
- 2.9B EUR
- Net debt
- 2.8B EUR
- Cash
- 99.1M EUR
- EBITDA
- 646.4M EUR
- Net debt / EBITDA
- 4.40
- Debt / equity
- 86.29
- Current ratio
- 0.59
- Quick ratio
- 0.50
Growth
- Revenue growth
- +6.6%
- Earnings growth
- −52.8%
- EPS (TTM)
- 4.12 EUR
- EPS (forward)
- 3.94 EUR
Dividend
- Dividend yield
- 4.9%
- Payout
- 43.7%
Risk and market
- Beta
- 0.71
- Analyst consensus
- Buy (5)
- Target price
- 54.90 EUR
- 52-week range
- 36.58 – 51.50
Recent news
All VPK.AS news →Compare it with its sector
All 102 in Energy →Frequently asked questions about Vopak
Is Vopak stock cheap or expensive?
On P/E and EV / EBITDA, it trades 24% above the Energy median on average. Valuation score: 4.8 out of 10 (median for Energy: 5.9). Average analyst target: 54.90 EUR, +7.5% versus the price. This is not investment advice.
What score does Vopak get on MeridIAn Screener?
It scores 5.7 out of 10, rank 1,288 of 2,130 (better than 39% of the companies analysed). Its strongest category is Dividend (8.7) and its weakest, Growth (2.5). Analysis of 08/10/2026.
What is Vopak's P/E ratio?
Its P/E is 12.4: the share price equals 12.4 times earnings per share over the last 12 months. The Energy median is 15.7. Based on the earnings analysts expect, the forward P/E is 12.9.
How much is Vopak worth on the stock market?
Its market capitalisation is 5.9B EUR and its enterprise value, debt included, is 8.8B EUR.
How much debt does Vopak have?
Its net debt (debt minus cash) is 2.8B EUR. That is 4.40 times its EBITDA; the Energy median is 1.23.
Does Vopak pay a dividend?
Yes: its dividend yield is 4.94% and it pays out 44% of its earnings.
How has Vopak stock performed over the last year?
It has risen 38.5% over the last year, excluding dividends. Over the last 52 weeks it has traded between 36.58 and 51.50 EUR. Past performance does not guarantee future results.
What do analysts think of Vopak?
5 analysts cover it; their average recommendation is “Buy” and their average target is 54.90 EUR (+7.5% versus the price). It is an estimate, not market data.