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Investing.com -- Shares of Vopak (AS:VOPA) fell more than 7% on Wednesday after the Dutch storage company reported weaker-than-expected fourth-quarter earnings, weighed down by one-off costs and operational challenges.
The results, released earlier in the day, showed a year-on-year decline in earnings before interest, taxes, depreciation, and amortization, which came in below market expectations.
Vopak’s fourth-quarter EBITDA before exceptional items dropped 6% from a year ago to €214.2 million, missing consensus estimates of €232.4 million by around 8%.
The shortfall stemmed primarily from an €18 million currency revaluation charge on receivables and financial challenges tied to the EemsEnergyTerminal LNG facility, offsetting gains from a 93% terminal occupancy rate.
The decline erased much of the stock’s year-to-date gains, which had previously outperformed some sector peers.
While the company has been implementing share buybacks and maintaining dividend growth, these measures were not enough to counteract investor concerns over its near-term profitability.
Vopak projected stable proportional EBITDA in 2025, with a range of €1,150 million to €1,200 million. This forecast is 3% below the market consensus, reinforcing investor concerns.
Moreover, Jefferies analysts note that Vopak’s valuation has become less compelling relative to historical levels, with shares trading at 7.3 times estimated 2025 EBITDA, compared to an average of 8.9 times historically.
Following last year’s €300 million share buyback, Vopak is proposing a 7% dividend increase to €1.60 per share, and has announced a new €100 million share buyback program. With 2.4 times EBITDA, the company’s leverage remains relatively low.
Jefferies maintains a "hold" rating on the stock with a price target of €40 per share, implying further downside potential from current levels.