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

Renewi

LSE: RWI

Market Cap£443m

Last Close 553p

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 rating reflects the historical volatility in margin performance and profits. If management can deliver on its full year guidance, performance from the restructured group should be far more resilient, which should start to improve the valuation.

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 14.1 2.5
2022A 1869.2 261.5 105.3 98.0 6.5 1.9
2023E 1898.5 252.4 97.0 86.0 7.4 2.0
2024E 1927.1 252.6 93.0 84.0 7.6 2.0
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. It is also worth noting the recent agreed deal for Biffa highlighting the differing valuation between public and private markets for such assets.

Last updated on 30/11/2022
Content on Renewi
Renewi – Standing up to end-market pressures
Industrials | research Update | 17 November 2022
PowerHouse Energy Group (PHE); reports ongoing commercialisation of DMG® process
Renewi – Trading in line, no change to guidance
Industrials | research Flash note | 3 October 2022
PowerHouse Energy Group (PHE); reports ongoing commercialisation of DMG® process
Renewi – Q1 trading in line, value upside remains
Industrials | research Update | 20 July 2022
PowerHouse Energy Group (PHE); reports ongoing commercialisation of DMG® process
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Share price graph
Balance sheet
Forecast net cash (€m) 415.1
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 4.5 (28.7) (27.6)
Relative* (2.1) (31.0) (29.6)
52-week high/low 851.0p/489.0p
*% relative to local index
Key management
Ben Verwaayen Chairman
Otto de Bont CEO
Annemieke den Otter CFO