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

Renewi

LN: RWI

Market Cap£413.7m

Last Close 51.7p

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

A positive Q4 trading update from Renewi pointed to a management FY21 (to March) EBIT expectation of €68m versus an existing consensus in the mid fifties (€m). Our estimates are now in line with this, after increasing the Commercial division contribution. We have made no changes to other years at this stage – though there should be downward pressure on finance costs at least given the cash performance – earnings still show some progression beyond FY21. Renewi has a well explained strategy for increasing profitability over the next three years and remains very well positioned in its markets which are at the centre of the circular economy. FY21 results are scheduled for 27 May.

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 18/06/2021
Content on Renewi
Renewi – executive interview
Industrials | Edison TV | 27 May 2021
Renewi – Upgrades driven by Commercial waste division
Industrials | Update | 17 March 2021
PowerHouse Energy Group (PHE); reports ongoing commercialisation of DMG® process
Renewi – On track for FY expectations
Industrials | Update | 1 February 2021
PowerHouse Energy Group (PHE); reports ongoing commercialisation of DMG® process
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Share price graph
Balance sheet
Forecast net debt (m) 362.5
Forecast gearing ratio (%) 165
Price performance
%
1m
3m
12m
Actual 3.8 8.8 90.4
Relative* 4.0 5.0 64.1
52-week high/low 57.4p/19.0p
*% relative to local index
Key management
Ben Verwaayen Chairman
Otto de Bont CEO
Toby Woolrych CFO