Vopak: Jefferies raises target price
(CercleFinance.com) - Jefferies reinstates its "buy" recommendation on the Vopak share, having nudged up its corresponding target price from 56 euros to 58 euros, highlighting a valuation "increasingly attractive," combined with an improved risk profile with the expansion in industrial terminals.
"We expect earnings momentum to inflect in 2H20E, with EBITDA estimated to be 5% higher, and 10% before divestment effects, after a 5% decline in 1H20," the broker says in its comments on the storage group.
The broker has raised its EPS estimate for 2021 by 3% to 3.50 euros, which is 10% higher than the consensus and which suggests upside potential of +22% y-o-y, "reflecting a larger estimated contribution from new capacity".
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
"We expect earnings momentum to inflect in 2H20E, with EBITDA estimated to be 5% higher, and 10% before divestment effects, after a 5% decline in 1H20," the broker says in its comments on the storage group.
The broker has raised its EPS estimate for 2021 by 3% to 3.50 euros, which is 10% higher than the consensus and which suggests upside potential of +22% y-o-y, "reflecting a larger estimated contribution from new capacity".
Copyright (c) 2020 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.