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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

Longer-term recycling trends remain favourable and the next phase of strategic development indicates greater focus in core areas to pursue growth. In the near term, we acknowledge that ATM will be a distraction until full permit authority is formally restored and is weighing on our earnings expectations, which have stepped down by c 20% this year and by a lower double-digit percentage in the following two years. In a period of stark, risk-averse market sentiment, Renewi’s share price has suffered, but a 20%+ NAV discount and an 8% prospective dividend yield should be clear triggers for investors.

Last updated on 17/12/2018

Y/E Mar Revenue (€m) EBITDA (€m) PBT (€m) EPS (c) P/E (x) P/CF (x)
2017A 779.2 81.6 26.0 3.7 10.0 7.1
2018A 1779.1 176.3 59.1 5.5 6.7 2.1
2019E 1789.0 186.8 62.3 5.8 6.4 2.3
2020E 1823.3 213.3 83.0 7.8 4.7 1.6

Last updated on 19/12/2018

Latest video

Executive interview – Renewi

Industry outlook

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 29/11/2018

Key management

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

Company address

Mount Farm
Dunedin House, Milton Keynes
MK1 1BU
United Kingdom
+44 (0)1908 650650
View website