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Renewi (LSE: RWI)

Last close As at 24/04/2024

GBP5.53

▲ −11.00 (−1.95%)

Market capitalisation

GBP446m

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.

Post its initial approach, Macquarie decided not to make an offer for the group, while the Renewi board’s view was that the 810p proposed offer significantly undervalued the group. At the capital markets day in October, management set targets for ‘at least’ 5% organic sales growth, high single-digit operating margins, free cash flow generation of at least 40% of EBITDA and a return on capital of over 15%, offering an attractive set of financials if fully achieved.

Latest Insights

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Industrials | Flash note

Renewi — Solid trading and better cash generation

Industrials | Update

Renewi — Softer construction market affecting profitability

Industrials | Update

Renewi — Recycling 2.0

Industrials | Update

Renewi — A circular economy champion
Renewi_resized
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Sector

Industrials

Equity Analyst

David Larkam

David Larkam

Analyst, Industrials

Key Management

  • Annemieke den Otter

    CFO

  • Ben Verwaayen

    Chairman

  • Otto de Bont

    CEO

Balance Sheet

Forecast net debt (€m)

412.9

Forecast gearing ratio (%)

113

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (1.6) (11.9) (6.3)
Relative (2.8) (17.1) (8.0)
52 week high/low 734.0p/450.0p

Financials

Renewi’s FY24 trading update was in line with management’s expectations and its improved cash generation is reassuring for investors. Attention is now likely to turn the strategic review of the UK Municipals with management stating that they remain on track to update markets by the end of June. This could lead to an exit of key liabilities and leave Renewi as an attractive circular economy investment with strong market positions and organic growth plans, which should assist in generating value, including a potential re-rating of the shares.

Y/E Mar Revenue (€m) EBITDA (€m) PBT (€m) EPS (fd) (c) P/E (x) P/CF (x)
2022A 1869.2 261.5 105.3 98.0 6.6 N/A
2023A 1892.3 257.0 103.7 89.0 7.2 N/A
2024E 1843.3 232.2 69.9 60.0 10.7 N/A
2025E 1891.5 248.2 83.1 71.0 9.1 N/A

Research

Renewi_resized

Update

Industrials

Renewi — Softer construction market affecting profitability
Renewi_resized

Update

Industrials

Renewi — Recycling 2.0

Industrials

Flash note

Renewi — Solid trading and better cash generation

Update

Industrials

Renewi — A circular economy champion
Renewi_resized

Flash note

Industrials

Renewi — On track – a circular track

Update

Industrials

Renewi — Resilient platform to accelerate growth
Renewi_resized

Flash note

Industrials

Renewi — Trading ‘slightly ahead’ of consensus

Flash note

Industrials

Renewi — Reducing the liabilities

Flash note

Industrials

Renewi — Q323 update supports full-year forecasts

Update

Industrials

Renewi — Standing up to end-market pressures

Flash note

Industrials

Renewi — Trading in line, no change to guidance
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