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.

Y/E Mar Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2016A 614.8 69.2 23.7 4.9 18.8 5.7
2017A 779.2 81.6 29.0 5.5 16.8 17.7
2018E 1483.7 150.5 39.7 3.9 23.7 7.9
2019E 1519.0 189.9 70.3 6.8 13.6 4.8

Last updated on 14/07/2017

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Investment summary

Renewi was formed upon the completion of the merger between Shanks and Van Gansewinkel (VGG) in February 2017. The new company is well placed strategically with its ‘waste-to-products’ strategy capitalising on the trend towards a circular economy and, in the short term, its shareholders should benefit from a recovery in its core Dutch waste market and from the €40m in expected cost synergies We forecast underlying three year EBITDA CAGR of 10.9% the bulk of which is driven by merger synergies and note the attraction of the 3.9% dividend yield. Our fair value per share of 102p offers 27.5% upside to current levels.

Last updated on 13/07/2017

Key management

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

Company address

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