Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Koninklijke Vopak N.V. (VPK.AS)

Company Dividend Discount ModelIndustry: Oil & Gas MidstreamSector: Energy

Valuation Snapshot

Stable Growth$82.13 - $132.90$104.96
Multi-Stage$172.47 - $189.77$180.95
Blended Fair Value$142.96
Current Price$42.22
Upside238.60%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS5.49%4.80%1.521.351.301.241.211.161.111.111.050.95
YoY Growth--12.51%4.02%4.19%3.01%3.99%4.85%0.07%5.02%11.06%0.00%
Dividend Yield--3.57%4.40%4.67%4.04%2.81%2.40%2.79%3.07%2.35%2.39%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)925.90
(-) Cash Dividends Paid (M)368.80
(=) Cash Retained (M)557.10
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)185.18115.7469.44
Cash Retained (M)557.10557.10557.10
(-) Cash Required (M)-185.18-115.74-69.44
(=) Excess Retained (M)371.92441.36487.66
(/) Shares Outstanding (M)120.99120.99120.99
(=) Excess Retained per Share3.073.654.03
LTM Dividend per Share3.053.053.05
(+) Excess Retained per Share3.073.654.03
(=) Adjusted Dividend6.126.707.08
WACC / Discount Rate6.37%6.37%6.37%
Growth Rate-1.01%-0.01%0.99%
Fair Value$82.13$104.96$132.90
Upside / Downside94.52%148.60%214.78%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)925.90925.77925.65925.52925.39925.26953.02
Payout Ratio39.83%49.87%59.90%69.93%79.97%90.00%92.50%
Projected Dividends (M)368.80461.64554.45647.24740.00832.74881.55

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.37%6.37%6.37%
Growth Rate-1.01%-0.01%0.99%
Year 1 PV (M)429.67434.01438.35
Year 2 PV (M)480.32490.08499.93
Year 3 PV (M)521.88537.86554.16
Year 4 PV (M)555.36578.14601.62
Year 5 PV (M)581.68611.66642.86
PV of Terminal Value (M)18,298.0519,241.1920,222.82
Equity Value (M)20,866.9621,892.9322,959.74
Shares Outstanding (M)120.99120.99120.99
Fair Value$172.47$180.95$189.77
Upside / Downside308.51%328.59%349.48%

High-Yield Dividend Screener

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