Vopak jumps as buyback plan mitigates cautious 2024 guidance

Koninklijke Vopak NV

14/02/2024 09:04

(Adds ING comments in bullets 4-6)
    ** Shares in Vopak  VOPA.AS  jump around 9% after the Dutch
tank storage firm set 2024 targets and announced a new share
buyback and higher dividend
    ** Excluding exceptional items, Vopak sees consolidated
EBITDA of 880-920 million euros ($941 million-$984 million) for
2024
    ** This "cautious" guidance was mitigated by a 300 million
euro share buyback, Jefferies says
    ** ING had expected Vopak to guide for a consolidated 2024
EBITDA of 900 million euros, while analysts polled by the
company put the figure at 917 million euros
    ** With 9% full-year core profit growth, Vopak ended 2023
nicely, ING says
    ** ING is however "unconvinced" about the share buyback
plan, saying "companies like Vopak should keep their money in
the pocket" ahead of the energy transition
    ** Vopak also proposes a cash dividend of 1.50 euros per
share, a 15% increase from the prior year
    ** Share is on track for a best day in more than a year,
when it closed 15.3 % higher

($1 = 0.9348 euros)

 (Reporting by Dagmarah Mackos)
 ((dagmarah.mackos@tr.com))