Renewi - Preparing the ground for earnings recovery
Trading so far in H220 has matched management expectations at the headline level and FY20 guidance is unchanged. Outlook caveats in Commercial cause us to temper our expected future growth rate here pending further updates. Despite this, we anticipate that Renewi will enter FY21 with a more progressive corporate agenda – starting with its Euronext listing at the end of January – centred on improving profitability of the continuing businesses. Despite our moderated earnings growth profile, in our view the investment proposition is strengthening.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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