Renewi (LSE: RWI)

Currency in GBP

Last close As at 04/12/2023

GBP5.86

−16.00 (−2.66%)

Market capitalisation

GBP483m

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.

For the purposes of the Takeover Code, Edison is deemed to be connected with Renewi as a provider of paid-for research. Under Rule 20.1 Edison must not include any profit forecast, quantified financial benefits statement, asset valuation or estimate of other figures key to the offer, except to the extent that such forecasts, statements, valuations or estimates have been published prior to the offer period (as defined in the Takeover Code) by an offeror or the offeree company (as appropriate) in accordance with the requirements of the Code. Consequently, we have removed our estimates until the offer period ends.

Latest Insights

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Industrials | Update

Renewi — Recycling 2.0

Industrials | Update

Renewi — A circular economy champion

Industrials | Flash note

Renewi — On track – a circular track

Industrials | Update

Renewi — Resilient platform to accelerate growth

Renewi_resized

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 cash (€m)

406.4

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 6.4 26.1 9.7
Relative 3.4 26.7 11.4
52 week high/low 734.0p/450.0p

Financials

Renewi offers one of the few ways to invest in the circular economy and recycling agenda, as highlighted by Macquarie’s recent interest. The reversal of recent strong recyclate pricing and a softer construction sector in the Netherlands has affected the recovery. Profits are still significantly ahead of pre-COVID levels with much of the recovery (eg Mineralz) and the full potential of the capex programme still to come, and to be followed by the drive to achieve management’s mid-term financial targets.

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 6.9 2.1
2023A 1892.3 257.0 103.7 89.0 7.6 2.1
2024E 1914.2 250.0 85.9 74.0 9.2 2.2
2025E 1964.0 270.4 101.4 87.0 7.8 2.0

Research

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

Update

Industrials

Renewi — Q1 trading in line, value upside remains

Flash note

Industrials

Renewi — Strong FY22, raising guidance for FY23

Thematics

thematic

Industrials

Deutsches Eigenkapitalforum (EKF) 2023 industrials

thematic

Industrials

The long and winding road

thematic

Industrials

Quantum computing: A booming industry

thematic

Industrials

UK housebuilders

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