Renewi - Results slightly below, but ATM & UK more important
Results were slightly below expectations on revenue & EBIT levelUK Municipal to be sold at EUR 154m, a value-destructive price in our viewATM TGG inventory going down slower than expectedReinitiation of dividend at EUR 0.05 p/s, below CSS and DPeOverall we are quite disappointed. We do not believe the EUR 154m is an attractive price and expect investors to be disappointed. We put our rating and TP under review. We also remove Renewi from our Preference List.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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