Renewi - Plotting a path for recovery and growth
The impact of COVID-19 on current trading at the beginning of FY21 has been material but less so than previously anticipated and the underlying cash flow performance has been solid. Comfort here should allow investors to examine the strategic roadmap laid out by management targeting a significant sustainable uplift in profitability. We are reintroducing estimates, which show single-digit FY22 multiples, only partway through the business improvement programme that is underway.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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