Renewi - H1 disappointing but looking positively at H2
H1 Revenue of EUR 937m (-1.6% YoY) was in line with our estimateUnderl. EBITDA EUR 113.6m, 12.1% margin below our estimate of 14.3%Leverage at 2.1x leaving room for some M&AMargin evolution was below expectations. We would expect a negative share price reaction to this print. Our TP remains under review as we delve deeper in the CMD targets announced on October 4Renewi 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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