£232m market cap
29p last close
Renewi is a waste-to-product company with operations primarily in the UK, the Netherlands and Belgium, and activities spanning the collection, processing and resale of industrial, hazardous and municipal waste.
Investment summary
As trailed at the pre-close stage, further Commercial progress and tangible evidence that ATM can become a more positive contributor to group earnings were Renewi’s strongest H120 messages. Disposals are facilitating group de-leveraging. FY20 guidance is unchanged; our estimates are c 16% lower in all years now from a number of model adjustments including a better representation of underlying UK Municipal run rates. However, single-digit earnings multiples for this strategically well-placed business should attract investor attention.
Y/E Mar |
Revenue (€m) |
EBITDA (€m) |
PBT (€m) |
EPS (c) |
P/E (x) |
P/CF (x) |
|---|---|---|---|---|---|---|
| 2018A | 1760.3 | 176.3 | 63.0 | 5.9 | 5.6 | 1.8 |
| 2019A | 1780.7 | 179.7 | 63.1 | 6.0 | 5.5 | 3.0 |
| 2020E | 1680.7 | 154.6 | 39.7 | 3.7 | 9.0 | 1.9 |
| 2021E | 1719.6 | 171.5 | 58.1 | 5.5 | 6.0 | 1.5 |
Industry outlook
The Dutch waste market, accounting for the largest single business within Renewi, has returned to growth as the economy has recovered, boosted in particular by stronger construction activity.
Last updated on 19/11/2019
Sector |
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| Industrials |
Share price graph
Balance sheet |
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| Forecast net debt (€m) | N/A |
| Forecast gearing ratio (%) | N/A |
Price performance
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3m |
12m |
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Key management |
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|---|---|
| Colin Matthews | Chairman |
| Otto de Bont | CEO |
| Toby Woolrych | CFO |
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