Renewi - FY24 trading update but nothing new on UK Municipal or TGG
• Renewi issued its trading update confirming it “remains on track for announcement by 30 June 2024” for the UK Municipal business. A ‘modest' dividend will be proposed for FY24, as guided at H1• Management confirmed that results would be in line with consensus. We are slightly below consensus currently. No info on progress of TGG sales, which may be disappointing• Overall, the trading update had nothing in it that impacts the investment case of Renewi. Our investment case is based on 1) a sale of the UK Municipal business which will mechanically increase EBIT margin and ROIC and 2)Renewi 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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