Renewi - Hoping for a tender offer
We downgrade from Buy to Hold as in our view management did not deliver on their promises and destroyed shareholder value in recent yearsThe company overpaid on the UK Municipal divestment in our view and the ramp up at ATM is going slower than previously guided. We also expect Renewi to miss its FY28 revenue target by 30%The best outcome for shareholders therefore would be a takeover by either a PE player or strategic acquirer. As hoping for a tender offer is not really the foundation for a solid investment case, we downgrade to Hold.We also lower our TP toRenewi 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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