EVENTS:   Best Equity Short Ideas Conference Call 12 - Zach Shannon/Corto Capital Advisors & Craig Huber/Huber Research Partners & Thomas Beevers /Forensic Alpha & Ed Steele/Iron Blue Financials & Bill Campbell/Paragon Intel - 12 Nov 25   Will AI Deflate the World? Macro Lessons from Three Industrial Revolutions and China - Manoj Pradhan/Talking Heads Macro - 13 Nov 25     ROADSHOWS: Forest Products Sector Equity and Commodity Research With Expertise in Distressed Debt - Kevin Mason /ERA Research   •   London   12 - 14 Nov 25       Buyside to Buyside Forum and Expert Calls across TMT, Consumer, Healthcare and Fintech - Andrew Peters /Revelare Partners   •   London   17 - 19 Nov 25       Fundamental US Healthcare Short Ideas - Dr Elliot Favus /Favus Institutional Research   •   London   17 - 19 Nov 25      

Fortnightly Publication Highlighting Latest Insights From IRF Providers

Company Research

Vopak (VPK NA) Netherlands

Energy

Insight Investment Research

VPK fails to measure up against the rest of Robert Crimes’ highly undervalued global infrastructure sector coverage (where the average upside is 75%) - he points to VPK's low visibility and volatility of end markets, high capex and reduced ROCE due to increasingly strict regulations, limited EBITDA growth and low attributable capacity additions. Insight are the only Infrastructure team to cover VPK and their analysis focuses more on LT FCF, DCF and IRR-Ke spread than near term earnings.

Edition: 116

- 06 August, 2021