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Multiples Valuation: Koninklijke Vopak N.V.

Koninklijke Vopak N.V. (VPK.AS)

Industry: Oil & Gas Midstream Model: Peers Multiples Valuation

Valuation Snapshot

Winsorized Fair Value
Range (Low - High) $81.53 — $210.88
Selected (Average) $121.88
Upside to Live 206.54%
Full Range Fair Value
Range (Low - High) $86.26 — $218.22
Selected (Average) $129.36
Upside to Live 225.35%
Live Price $39.76

Industry Peers Data

TickerRankNameRev TTM (M) Trailing P/EForward P/ETrailing EV/EBITDAForward EV/EBITDATrailing EV/EBITForward EV/EBIT
TCPA 21 TransCanada PipeLi 7,468 19.44 19.44 15.24 15.24 16.07 15.14
ENLC 22 EnLink Midstream, 6,674 50.87 50.87 9.03 7.48 24.19 18.97
PBA 23 Pembina Pipeline C 5,831 21.08 18.96 13.01 11.84 22.96 15.66
CEQP 24 Crestwood Equity P 4,827 16.96 16.96 14.13 11.60 23.51 35.12
WES 25 Western Midstream 3,740 11.38 9.56 6.13 5.50 8.39 7.46
601872.SS 26 China Merchants En 3,664 14.23 14.13 12.64 12.64 18.54 15.89
ENBL 27 Enable Midstream P 3,417 7.68 7.08 7.17 6.69 12.38 10.90
VPK.AS 28 Koninklijke Vopak 3,137 5.32 4.78 5.65 5.65 4.38 6.67
605090.SS 29 Jiangxi Jovo Energ 2,925 16.36 14.43 12.53 12.53 14.17 13.73
600617.SS 30 Shanxi Guoxin Ener 2,227 - - 18.08 16.58 - -
NGL 31 NGL Energy Partner 2,026 6.09 6.09 1.37 1.19 2.33 2.38
GEL 32 Genesis Energy, L. 1,915 - - 10.83 10.87 16.16 25.35
FRO 33 Frontline Ltd. 1,766 16.77 20.04 8.37 8.17 17.62 16.08
TRMD 34 TORM plc 1,729 7.30 7.29 4.75 4.53 6.92 7.76
KNTK 35 Kinetik Holdings I 1,720 21.67 21.67 9.44 9.44 86.57 41.17
NS 36 NuStar Energy L.P. 1,631 14.11 14.11 8.77 9.12 15.18 8.17

Implied Valuation Analysis

Line Item Trailing P/EForward P/ETrailing EV/EBITDAForward EV/EBITDATrailing EV/EBITForward EV/EBIT
Winsorized Median Multiple14.2314.139.039.1215.6214.43
Full Range Median Multiple16.3614.439.449.4416.1115.40
Industry Multiple17.2316.9710.109.5620.3616.70
Market Implied Multiple5.014.505.445.444.216.42
Company (VPK.AS) Multiple5.324.785.655.654.386.67
(*) Net Income / EBITDA / Revenue1,0871,2111,5921,5922,0551,349
Winsorized Enterprise ValueN/AN/A14,38514,52332,11019,463
Full Range Median Enterprise ValueN/AN/A15,03415,03433,11620,765
(-) Net Debt3,2123,2123,2123,2123,2123,212
Winsorized Equity Value15,47317,10711,17211,31028,89816,250
Full Range Median Equity Value17,79117,47111,82111,82129,90317,553
(/) Shares Outstanding137137137137137137
Winsorized Fair Value$112.91$124.84$81.53$82.53$210.88$118.58
Full Range Median Fair Value$129.83$127.49$86.26$86.26$218.22$128.09
Current Price$39.76$39.76$39.76$39.76$39.76$39.76
Upside / Downside183.98%213.97%105.05%107.58%430.38%198.25%
Safety Margin30.0%30.0%30.0%30.0%30.0%30.0%
Buy Price$79.04$87.38$57.07$57.77$147.62$83.01
Buy / Don't BuyBUYBUYBUYBUYBUYBUY