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Renewi (LSE: RWI)

Last close As at 18/09/2024

GBP6.45

▲ 2.00 (0.31%)

Market capitalisation

GBP520m

Renewi is a leading waste-to-product company in some of the world’s most advanced circular economies, with operations primarily in the Netherlands and Belgium. Its activities span the collection, processing and resale of industrial, hazardous and municipal waste.

The UK Municipal disposal process remains on course for completion by the end of 2024. Management has set out medium-term targets: at least 5% organic growth and operating margins of 8–10% (FY24: 6.2%), with associated programmes such as integrating commercial waste management teams. These will drive earnings and valuation.

Latest Insights

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Industrials | Flash note

Renewi — Trading supports unchanged full-year guidance

Industrials | Update

Renewi — UK Municipal exit offers an inflection point

Industrials | Flash note

Renewi — Solid trading and better cash generation

Industrials | Update

Renewi — Softer construction market affecting profitability
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)

541.1

Forecast gearing ratio (%)

320

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (5) (7.9) 29.5
Relative (4.3) (8.8) 19.2
52 week high/low 734.0p/502.0p

Financials

Renewi has made a solid start to the year with no change to guidance. Q1 ongoing revenue was €434.4m, up 3%, with EBIT of €22.3m, also up 3%. Markets remain variable while recyclate prices are stable. The largest business, Commercial Waste, continued to experience mixed market conditions, with construction still soft in the Netherlands offset by actively pursuing smaller/mid-sized business and cost reduction also assisting in offsetting higher waste costs (transport and incinerations). Belgium margins were a little lower as volume growth has been behind expectations. Specialities reported strong growth in Coolrec and Maltha, while Mineralz & Water revenues were flat, with growth in water treatment and soil offset by exiting low-margin business.

Y/E Mar Revenue (€m) EBITDA (€m) PBT (€m) EPS (fd) (c) P/E (x) P/CF (x)
2023A 1703.9 255.8 105.2 89.0 8.6 2.4
2024A 1689.2 235.5 68.0 61.0 12.5 2.6
2025E 1750.9 252.6 81.6 70.0 10.9 2.4
2026E 1825.4 280.7 92.3 79.0 9.7 2.2

Research

Update

Industrials

Renewi — UK Municipal exit offers an inflection point

Flash note

Industrials

Renewi — Solid trading and better cash generation

Industrials

Flash note

Renewi — Trading supports unchanged full-year guidance
Renewi_resized

Update

Industrials

Renewi — Softer construction market affecting profitability
Renewi_resized

Update

Industrials

Renewi — Recycling 2.0

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
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