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Currency in GBP
Last close As at 25/03/2023
GBP6.20
▲ −8.00 (−1.27%)
Market capitalisation
GBP504m
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.
The focus on the circular economy to meet net zero targets is a key investment theme for the years ahead and Renewi is an example of how growth and improving financial results can be achieved from the circular economy tailwinds. The current recycling rate is 68.4% with a target of 75% by 2025. It is also worth noting the recent agreed deal for Biffa, which highlights the differing valuation between public and private markets for such assets.
Industrials
Industrials
Industrials
Analyst, Industrials
Annemieke den Otter
CFO
Ben Verwaayen
Chairman
Otto de Bont
CEO
Forecast net cash (€m)
415.1
Forecast gearing ratio (%)
N/A
| % | 1M | 3M | 12M |
|---|---|---|---|
| Actual | (11.2) | 5.6 | (11.7) |
| Relative | (6.9) | 4.5 | (10.7) |
| 52 week high/low | 851.0p/489.0p |
Renewi is a clear leader in its chosen European waste recycling markets (the Netherlands and Belgium) and well positioned in the transition to a circular economy. Legacy issues have proved a detraction for investors and the valuation. The announcement from the European Commission (EC) provides positive closure on one of the larger potential liabilities.
| Y/E Mar | Revenue (€m) | EBITDA (€m) | PBT (€m) | EPS (fd) (c) | P/E (x) | P/CF (x) |
|---|---|---|---|---|---|---|
| 2021A | 1693.6 | 202.2 | 47.8 | 45.0 | 15.6 | 2.8 |
| 2022A | 1869.2 | 261.5 | 105.3 | 98.0 | 7.2 | 2.1 |
| 2023E | 1898.5 | 252.4 | 97.0 | 86.0 | 8.2 | 2.2 |
| 2024E | 1927.1 | 252.6 | 93.0 | 84.0 | 8.3 | 2.2 |
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