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Sparks commentary -

Industrials

Sparks -

Renewi (LSE: RWI) completes UK municipal disposal
Published by David Larkam

The completion of the disposal is in line with previous terms. This derisks Renewi (UK Municipal contracts have required significant provisioning over recent years), improves margins by c 0.5% and annual cashflow by €15–20m. It also provides greater focus for the group and management.

From a balance sheet perspective, Renewi will have approximately £125m, leaving the pro forma core (pre leases) net debt/EBITDA ratio at c 2.9x EBITDA. Also, management expect leverage to drop by approximately 0.4–0.5 turns per annum.

We see this as a pivot point for Renewi as it will move forward as a specialist recycling group, with strong market positions in its key territories: Netherlands and Belgium.

Renewi’s interim results are expected on 12 November 2024.

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