Edison Investment Research - Renewi (RWI) Renewi - Start to FY20 as expected

Report

Edison Investment Research

Toby Thorrington

Renewi - Start to FY20 as expected

Year to date trading has been in line with managementâ€™s expectations, which are also unchanged for the year as a whole. Forward momentum in the important Commercial division is continuing and we see other noted actions as positive, logical moves. Investor sentiment appears to have waned since the FY19 results announcement, but the investment case is gradually strengthening in our view and from a single-digit P/E base.

11/07/2019 3 EN

Underlying

Renewi

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.

See profile

GB0007995243 London Stock Exchange United Kingdom

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

See profile

Analysts

Toby Thorrington

Other Reports on these Companies

Degroof Petercam

Renewi - FY24 trading update but nothing new on UK Municipal or TGG

• Renewi issued its trading update confirming it “remains on track for announcement by 30 June 2024” for the UK Municipal business. A ‘modest' dividend will be proposed for FY24, as guided at H1• Management confirmed that results would be in line with consensus. We are slightly below consensus currently. No info on progress of TGG sales, which may be disappointing• Overall, the trading update had nothing in it that impacts the investment case of Renewi. Our investment case is based on 1) a sale of the UK Municipal business which will mechanically increase EBIT margin and ROIC and 2)

April 25, 2024 April 25, 2024 1 EN

Degroof Petercam

Renewi - Challenging market conditions forcing warning

Market conditions continued to be challenging, especially in the Netherlands which could not be fully offset by mitigating actions Consequently, Renewi warned that FY24 results would be below market expectations. We were already below market expectations. Hence, we expect to change our estimates only modestlyWe maintain our Buy rating, as our investment case is based on the expected actions, which could double profitability

January 30, 2024 January 30, 2024 1 EN

Degroof Petercam

Preference List 2024 - Divergence to reverse or to continue?

2023 was a year of growing divergence2023 can be characterized as a year that was almost entirely dominated by the CPI question: “Is inflation coming down fast enough to allow the European Central Bank and the Fed to stop raising the rates or even lower them”? Every CPI and employment figure resulted in sharp reactions in share prices. On top came the question whether we entered a recession. There was no clear answer and the expected recovery in China was much softer than expected. Altogether this created a growing divergence in stock market performance, as the relief on interest rates

January 9, 2024 January 9, 2024 1 EN

Sylvania Platinum - Annual guidance maintained, despite strike

Sylvania has maintained annual production guidance despite Q324 results being affected by a 22-day strike, resulting in 10% lower production. The PGM basket price was stable during the quarter, with positive platinum momentum offset by palladium weakness and rhodium prices stable. Operating costs increased by 5.6%, in line with expectations. FY24 production guidance is for 75,000–76,000oz, despite the challenges in Q324. Our PGM outlook is unchanged from our moderated forecasts earlier in the year. We have cut our FY24 EPS forecast by 2.2% from 7.4p to 7.2p on the Q324 miss, but have lifted ou...

May 3, 2024 May 3, 2024 1 EN

Richard Williamson

Richard Williamson

1Spatial - Investing in the transformational SaaS opportunity

1Spatial’s FY24 results reflected robust momentum for the enterprise business and continued improvement in the revenue mix, with investment in growth suppressing margin and cash generation. This investment phase will continue in FY25 to lay the foundation for transformational growth from 1Streetworks and in the US in the coming years. Our scenario analysis indicates the upside from successful execution is significant, with further wins for 1Streetworks and in the US being the key catalysts for more rapid, operationally geared growth to be priced in.

May 3, 2024 May 3, 2024 1 EN

Richard Williamson

Richard Williamson

Datatec - FY24 underlying EPS more than doubles y-o-y

In a second more detailed trading update for FY24, Datatec confirmed revenue growth of 6% to $5.46bn, with Westcon International delivering excellent performance, Logicalis International having a strong H2 and Logicalis Latin America affected by difficult market conditions in Argentina and Brazil. The company also provided provisional EPS data, with reported EPS likely to come in ahead of our forecast and underlying EPS just below our forecast. We maintain our forecasts pending FY24 results on or around 27 May.

May 2, 2024 May 2, 2024 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

Renewi - Start to FY20 as expected

Renewi - FY24 trading update but nothing new on UK Municipal or TGG

Renewi - Challenging market conditions forcing warning

Preference List 2024 - Divergence to reverse or to continue?

Sylvania Platinum - Annual guidance maintained, despite strike

1Spatial - Investing in the transformational SaaS opportunity

Datatec - FY24 underlying EPS more than doubles y-o-y

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe