Renewi - Trading in line, no change to guidance
The agreed offer for Biffa will leave Renewi as the sole waste/recycling company listed on the UK market. The rating on Renewi shares is undemanding (FY23 P/E 7.2x) and a significant discount to the Biffa deal (FY23 P/E 18.1x). Add to this the reassuring trading update and the shares clearly offer two routes for capital appreciation.
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