PowerHouse Energy Group (PHE); reports ongoing commercialisation of DMG® process

Renewi

LN: RWI

Market Cap£643m

Last Close 803p

Renewi is a leading waste-to-product company in some of the world’s most advanced circular economies with operations primarily in the Netherlands, Belgium and the UK. Its activities span the collection, processing and resale of industrial, hazardous and municipal waste.

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Investment summary

Renewi’s FY22 results reflect a strong performance across the group assisted by recyclate prices which management expect to moderate going forward. Q1 update was in line with guidance, supporting expectations of another good year. Renewi is targeting €60m in additional EBIT from circular innovations, continued recovery at ATM and the Renewi 2.0 programme, with a further €100m in investment planned to support this growth. The acquisition of Paro, an Amsterdam-based commercial waste and recycling business, was announced for an enterprise value of €67m, funded from existing group facilities.

Y/E Mar
Revenue (€m)
EBITDA (€m)
PBT (€m)
EPS (fd) (c)
P/E (x)
P/CF (x)
2021A 1693.6 202.2 47.8 45.0 20.9 3.7
2022A 1869.2 261.5 105.3 98.0 9.6 2.9
2023E 1906.1 256.0 97.2 89.0 10.6 2.9
2024E 1958.9 266.8 103.4 95.0 9.9 2.8
Industry outlook

The focus on the circular economy to meet net zero targets is a key investment theme for the years ahead, and Renewi is an example of the growth and improving financial results being achieved from the circular economy tailwinds. The current recycling rate is 67.2% with a target of 75% by 2025.

Last updated on 08/08/2022
Content on Renewi
Renewi – Q1 trading in line, value upside remains
Industrials | research Update | 20 July 2022
PowerHouse Energy Group (PHE); reports ongoing commercialisation of DMG® process
Renewi – Strong FY22, raising guidance for FY23
Industrials | research Flash note | 25 May 2022
PowerHouse Energy Group (PHE); reports ongoing commercialisation of DMG® process
Renewi – FY22 ends with raised guidance
Industrials | research Update | 25 March 2022
PowerHouse Energy Group (PHE); reports ongoing commercialisation of DMG® process
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Share price graph
Balance sheet
Forecast net cash (€m) 402.8
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 4.7 25.9 60.0
Relative* 0.4 24.4 58.3
52-week high/low 840.0p/500.0p
*% relative to local index
Key management
Ben Verwaayen Chairman
Otto de Bont CEO
Toby Woolrych CFO