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Renewi (LSE: RWI)

Last close As at 20/11/2024

GBP5.81

▲ −29.00 (−4.75%)

Market capitalisation

GBP469m

Renewi is a leading waste-to-product company in some of the world’s most advanced circular economies, with operations primarily in the Netherlands and Belgium. Its activities span the collection, processing and resale of industrial, hazardous and municipal waste.

The UK Municipal disposal completed, significantly derisking and focusing the business. Management has set out medium-term targets of at least 5% organic growth and operating margins of 8–10% (FY24: 6.2%), with associated programmes such as integrating commercial waste management teams. These will drive earnings and the valuation.

Latest Insights

View More

Industrials | Update

Renewi — Now a pure-play European recycler

Industrials | Flash note

Renewi — Trading supports unchanged full-year guidance

Industrials | Update

Renewi — UK Municipal exit offers an inflection point

Industrials | Flash note

Renewi — Solid trading and better cash generation
Renewi_resized
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Sector

Industrials

Equity Analyst

David Larkam

David Larkam

Analyst, Industrials

Key Management

  • Annemieke den Otter

    CFO

  • Ben Verwaayen

    Chairman

  • Otto de Bont

    CEO

Balance Sheet

Forecast net debt (€m)

544.7

Forecast gearing ratio (%)

330

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (7.6) (12.1) (5.8)
Relative (4.4) (9.9) (12.9)
52 week high/low 700.0p/537.0p

Financials

The burden of the UK Municipal businesses has now been cut loose. This leaves a focused waste management and recycling group, for which the European legislative environment is clearly positive. The key is translating this, along with internal investment, into management’s organic growth target of at least 5%. Along with planned margin enhancement from cost actions and higher value-added recyclates, this would drive earnings and value creation.

Y/E Mar Revenue (€m) EBITDA (€m) PBT (€m) EPS (fd) (c) P/E (x) P/CF (x)
2023A 1703.9 255.8 105.2 89.0 7.8 N/A
2024A 1689.2 235.5 68.0 61.0 11.4 N/A
2025E 1782.5 251.7 75.1 64.0 10.9 N/A
2026E 1858.4 275.6 89.9 77.0 9.1 N/A

Research

Flash note

Industrials

Renewi — Trading supports unchanged full-year guidance

Update

Industrials

Renewi — UK Municipal exit offers an inflection point

Industrials

Update

Renewi — Now a pure-play European recycler

Flash note

Industrials

Renewi — Solid trading and better cash generation
Renewi_resized

Update

Industrials

Renewi — Softer construction market affecting profitability
Renewi_resized

Update

Industrials

Renewi — Recycling 2.0

Update

Industrials

Renewi — A circular economy champion
Renewi_resized

Flash note

Industrials

Renewi — On track – a circular track

Update

Industrials

Renewi — Resilient platform to accelerate growth
Renewi_resized

Flash note

Industrials

Renewi — Trading ‘slightly ahead’ of consensus

Flash note

Industrials

Renewi — Reducing the liabilities
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