DDM Analysis: VPK.AS

Valuation Snapshot

Stable Growth	$71.89 - $111.18	$90.11
Multi-Stage	$130.30 - $143.18	$136.62
Blended Fair Value	$113.37
Current Price	$42.22
Upside	168.51%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	5.49%	4.80%	1.52	1.35	1.30	1.24	1.21	1.16	1.11	1.11	1.05	0.95
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

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	185.18	115.74	69.44
Cash Retained (M)	557.10	557.10	557.10
(-) Cash Required (M)	-185.18	-115.74	-69.44
(=) Excess Retained (M)	371.92	441.36	487.66
(/) Shares Outstanding (M)	120.99	120.99	120.99
(=) Excess Retained per Share	3.07	3.65	4.03
LTM Dividend per Share	3.05	3.05	3.05
(+) Excess Retained per Share	3.07	3.65	4.03
(=) Adjusted Dividend	6.12	6.70	7.08
WACC / Discount Rate	7.42%	7.42%	7.42%
Growth Rate	-1.01%	-0.01%	0.99%
Fair Value	$71.89	$90.11	$111.18
Upside / Downside	70.27%	113.43%	163.33%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	925.90	925.77	925.65	925.52	925.39	925.26	953.02
Payout Ratio	39.83%	49.87%	59.90%	69.93%	79.97%	90.00%	92.50%
Projected Dividends (M)	368.80	461.64	554.45	647.24	740.00	832.74	881.55

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.42%	7.42%	7.42%
Growth Rate	-1.01%	-0.01%	0.99%
Year 1 PV (M)	425.47	429.77	434.06
Year 2 PV (M)	470.97	480.53	490.19
Year 3 PV (M)	506.71	522.22	538.05
Year 4 PV (M)	533.94	555.84	578.42
Year 5 PV (M)	553.77	582.32	612.02
PV of Terminal Value (M)	13,274.42	13,958.63	14,670.76
Equity Value (M)	15,765.28	16,529.31	17,323.50
Shares Outstanding (M)	120.99	120.99	120.99
Fair Value	$130.30	$136.62	$143.18
Upside / Downside	208.63%	223.59%	239.14%

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Koninklijke Vopak N.V. (VPK.AS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener