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

Renewi

LN: RWI

Market Cap£542m

Last Close 677p

Renewi is a waste-to-product company 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

H122 results were confidently presented and capitalised on a helpful recyclate pricing tailwind in the period, resulting in a further c 15% uplift in our EPS estimate for FY22. Renewi’s share price has performed well this year, but visible growth opportunities suggest there is further upside.

Y/E Mar
Revenue (€m)
EBITDA (€m)
PBT (€m)
EPS (fd) (c)
P/E (x)
P/CF (x)
2020A 1775.4 167.1 54.3 53.5 14.9 3.8
2021A 1693.6 159.8 47.1 45.0 17.7 2.5
2022E 1805.8 183.4 68.1 64.1 12.4 0.4
2023E 1853.1 195.0 78.2 73.6 10.8 0.3
Industry outlook

The Dutch waste market, accounting for the largest single business within Renewi, was growing as the economy recovered from cyclical lows ahead of the coronavirus outbreak.

Last updated on 18/01/2022
Content on Renewi
Renewi – Focusing on H122 growth and innovation strategy
Industrials | Outlook | 20 December 2021
PowerHouse Energy Group (PHE); reports ongoing commercialisation of DMG® process
Renewi – Further earnings momentum
Industrials | Update | 8 October 2021
PowerHouse Energy Group (PHE); reports ongoing commercialisation of DMG® process
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Share price graph
Balance sheet
Forecast net debt (€m) 365.1
Forecast gearing ratio (%) 130
Price performance
%
1m
3m
12m
Actual (6.4) (9.0) 60.4
Relative* (9.3) (12.3) 42.9
52-week high/low 840.0p/392.0p
*% relative to local index
Key management
Ben Verwaayen Chairman
Otto de Bont CEO
Toby Woolrych CFO