£352.1m market cap
44p 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
A Q3 update reaffirmed Renewi’s existing FY21 expectations, with an underlying mix modestly more in favour of Commercial activities – which improved slightly y-o-y – offsetting a slower than planned ramp up of thermally treated soil shipments. Cash generation appears to have been very good in Q3 also and – notwithstanding some outflow in Q4 – the year-end net debt position could well be below our current projection (of pre IFRS 16 core net debt of c £424m). The reassuring update confirmed the resilience of waste stream activities with full year and strategic aspirations maintained.
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 | 8.4 | 4.6 |
| 2020A | 1775.4 | 167.1 | 54.3 | 5.4 | 9.3 | 2.4 |
| 2021E | 1587.1 | 133.3 | 22.2 | 2.0 | 25.1 | 2.3 |
| 2022E | 1691.3 | 159.0 | 46.4 | 4.3 | 11.7 | 2.8 |
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 04/03/2021
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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12m |
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Key management |
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|---|---|
| Ben Verwaayen | Chairman |
| Otto de Bont | CEO |
| Toby Woolrych | CFO |
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