Renewi - Q1 Trading update without surprises
Q1 EBIT lower compared to last year due to lower recyclate prices (no surprise).FY24 results are expected to be in line with market expectations (CSS EUR 1,968m Revenue, EUR 257m EBITDA).Renewi will host a CMD on October 4 to outline the EUR 3bn revenue target in 5 years.No impact on our investment case. TP and Buy reiterated. We continue to focus on end of waste status at M&W, Vlarema 8,TCG inventory offloading and a potential dividend announcement.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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