Renewi - CMD Feedback: No Big Shock
Renewi hosted its CMD with the aim to explain its financial targets, with a big focus on the EUR 3bn revenue target in 5 yearsDue to the UK Takeover Code, Renewi was limited in what it could say and hence the CMD was not the ‘fight' that some were hoping forIn our view, the organic revenue targets are definitely manageable. Regarding the other targets (M&A), UK Municipal exit, FCF conversion and ROCE, we have more of a ‘Wait and See' stanceWe do not expect to make major changes to our estimates for the time being. It seems logical that theRenewi 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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