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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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 30/11/2022Content on Renewi
Sector |
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Industrials
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Share price graph
Balance sheet |
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| Forecast net cash (€m) | 415.1 |
| Forecast gearing ratio (%) | N/A |
Price performance
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Key management |
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| Ben Verwaayen | Chairman |
| Otto de Bont | CEO |
| Annemieke den Otter | CFO |