Renewi - Challenging market conditions forcing warning
Market conditions continued to be challenging, especially in the Netherlands which could not be fully offset by mitigating actions Consequently, Renewi warned that FY24 results would be below market expectations. We were already below market expectations. Hence, we expect to change our estimates only modestlyWe maintain our Buy rating, as our investment case is based on the expected actions, which could double profitabilityRenewi is a recycling companies. Co. operates in four divisions: commercial, which is engaged in sorting and recycling for, amongst others things, paper, cardboard, wood, plastics, metals and Construction and Demolition waste; hazardous, which is engaged in treating contaminated soil and water, as well as for the disposal of a range of hazardous waste such as waste paints and solvents; municipal, which operates waste treatment facilities for U.K. and Canadian city and county councils under long-term contracts; and monostreams, which produce materials from waste streams in specific end markets such as glass, electrical and electronic equipment, organics and minerals.
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