Renewi (RWI)

Business description

Renewi is a waste-to-product company with operations primarily in the UK, the Netherlands and Belgium, and activities spanning the collection, processing and resale of industrial, hazardous and municipal waste.

Investment summary

A short year-end RNS confirmed that FY18 group trading, merger and synergy progress and cash flows were all in line with the board's expectations. From an earlier update, we expect each of the four divisions to demonstrate their usual seasonal characteristics, with operational improvements a key focus. Similarly, exceptional costs relating to UK Municipal contracts were fully disclosed previously. FY18 results are due to be announced on 24 May.

Last updated on 27/04/2018

Y/E Mar Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2016A 614.8 69.2 21.6 4.3 16.4 4.4
2017A 779.2 81.6 26.0 3.7 19.0 13.5
2018E 1531.4 161.2 51.0 4.8 14.7 5.5
2019E 1547.3 186.3 70.6 6.6 10.7 3.8

Last updated on 20/04/2018

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Industry outlook

After an extended period of contraction the Dutch waste market, accounting for the largest single business within Renewi, has returned to growth as the economy has recovered, boosted in particular by stronger construction activity.

Last updated on 27/04/2018

Key management

Colin Matthews , Chairman
Peter Dilnot, CEO
Toby Woolrych, CFO

Company address

Mount Farm
Dunedin House, Milton Keynes
United Kingdom
+44 (0)1908 650650
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