Aegis Vopak Terminals Ltd.

“Aegis Vopak Terminals is a structurally sound, fee-based infrastructure compounder sitting on irreplaceable coastal port assets, backed by long-term take-or-pay contracts with Indian PSUs and the operational credibility of Royal Vopak — a genuinely good business with a durable moat and a decade of growth runway in India's underfunded liquid bulk logistics. However, at ~55x trailing EV/EBITDA and ₹219B market cap versus a probability-weighted intrinsic value of ~₹133B, the stock is priced for perfection and offers no margin of safety. Expected 10-year returns are modest at best, and significant multiple compression risk remains even as the underlying business compounds. This is a company to own at the right price — that price is roughly 35-40% below current levels.”