£163.2m market cap
20.4p last close
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.
Investment summary
The developing COVID-19 pandemic had a small effect on reported profitability at the end of FY20 and the Q1 update provided more detail on how this has played out in FY21 to date. Management assesses the EBIT impact to have been c €12m thus far, which is below the expected €20m previously flagged. (The high-level divisional updates are similar to those stated in May; implicitly volumes in Commercial Netherlands in particular have probably been stronger than expected.) Moreover, net debt adjusted for timing benefits from government support schemes was effectively unchanged from the year end – indicating a neutral underlying net cash flow performance.
Y/E Mar |
Revenue (€m) |
EBITDA (€m) |
PBT (€m) |
EPS (fd) (c) |
P/E (x) |
P/CF (x) |
|---|---|---|---|---|---|---|
| 2019A | 1780.7 | 179.7 | 63.1 | 6.0 | 3.8 | 2.1 |
| 2020A | 1775.4 | 167.1 | 54.3 | 5.4 | 4.2 | 1.1 |
| 2021E | 1532.9 | 122.5 | 6.6 | 0.6 | 37.7 | 1.6 |
| 2022E | 1691.3 | 159.1 | 42.2 | 3.9 | 5.8 | 1.1 |
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 17/09/2020
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
% |
1m |
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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