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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

A H119 pre close update maintained existing guidance for FY19. As before, this is partly dependent on ATM resuming full production by the end of October and an update on this will come with the H119 results which are scheduled for 8 November. Otherwise, a better Municipal performance appears to be compensating for slight Q2 softness in other sub-sectors. The important Commercial division implicitly saw slightly lower y-o-y volumes in Q2 – admittedly against a strong comparator – and is progressing the roll out of its route optimisation projects (Belgium underway, Netherlands about to start). Note that when Renewi’s H119 results are announced they will be reported in euros for the first time.

Last updated on 26/10/2018

Y/E Mar Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2017A 779.2 81.6 26.0 3.7 11.9 8.5
2018A 1565.7 156.9 52.1 4.9 9.0 2.7
2019E 1589.9 181.7 70.6 6.6 6.7 2.8
2020E 1622.2 201.3 86.7 8.2 5.4 2.0

Last updated on 22/10/2018

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 26/10/2018

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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