Koninklijke Vopak N.V. (VPK.AS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-85.1%

€7.96

vs €53.40 price

Levered DCF

€70.92

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.97

Grey zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	7.24×	13.62×	8.45×	-20.71×	18.01×	18.45×	10.81×	19.94×
P/B	1.34×	1.65×	1.19×	1.17×	1.21×	1.84×	2.02×	1.89×
P/S	3.37×	3.89×	2.7×	2.55×	3.15×	4.57×	4.92×	4.01×
EV / EBITDA	10.15×	8.43×	7.65×	28.14×	11.12×	13.05×	9.24×	9.85×
Gross margin	43.8%	76.6%	45.7%	43.7%	32.6%	36.9%	37.2%	95.3%
Operating margin	29.4%	30.8%	29.6%	26.4%	24.5%	27.6%	30.0%	28.0%
Net margin	46.5%	28.6%	32.0%	-12.3%	17.4%	24.8%	45.6%	20.1%
Current ratio	0.9×	0.61×	0.96×	0.45×	0.59×	0.46×	0.61×	0.69×
Debt / equity	0.86×	0.89×	0.77×	1.03×	0.94×	0.9×	0.8×	0.71×
Interest coverage	2.93×	3.45×	3.15×	2.92×	2.73×	3.86×	4.03×	4.3×
Dividend yield	4.2%	3.6%	4.2%	4.5%	3.9%	2.7%	2.3%	2.6%
Payout ratio	30.7%	48.8%	35.8%	-93.1%	70.3%	49.6%	24.6%	52.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	18.5%	12.1%	14.1%	-5.6%	6.7%	9.9%	18.7%	9.5%
Return on invested capital	5.0%	5.3%	5.9%	5.4%	3.5%	4.4%	5.5%	5.9%
Return on assets	8.5%	5.5%	6.7%	-2.4%	3.0%	4.4%	8.8%	4.6%
Free cash flow yield	10.0%	11.2%	11.8%	9.5%	2.2%	0.5%	-1.0%	2.7%
Earnings yield	13.8%	7.3%	11.8%	-4.8%	5.5%	5.4%	9.3%	5.0%
Enterprise value	€7.1B	€7.8B	€6.1B	€6.5B	€6.8B	€8B	€8.5B	€6.9B
Net debt / EBITDA	3.87×	2.89×	2.85×	13.14×	4.79×	4.21×	2.54×	2.61×
Cash conversion cycle (days)	49	-53	66	51	48	60	67	-227