Renewi - Growth catalysts in place
Renewi was formed upon the completion of the merger between Shanks and Van Gansewinkel (VGG) in February 2017. The new company is well placed strategically with its ‘waste-to-products’ strategy capitalising on the trend towards a circular economy and, in the short term, its shareholders should benefit from a recovery in its core Dutch waste market and from the €40m in expected cost synergies We forecast underlying three year EBITDA CAGR of 10.9% the bulk of which is driven by merger synergies and note the attraction of the 3.9% dividend yield. Our fair value per share of 102p offers 27.5% upside to current levels.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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