Edison Investment Research - Renewi (RWI) Renewi - Thermally treated soil ban lifted

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Edison Investment Research

Toby Thorrington

Renewi - Thermally treated soil ban lifted

Renewiâ€™s previously noted increasing confidence of improved ATM production volumes in 2020 have proved to be well founded as the ban on using thermally treated soil in the Netherlands has been lifted. This sets a positive backdrop for managementâ€™s forthcoming strategy update and an expected secondary listing on Euronext shortly. On unchanged estimates, it also brings into focus mid single-digit earnings multiples beyond the current year which, given the above, look low by conventional standards.

20/12/2019 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.

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GB0007995243 London Stock Exchange United Kingdom

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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.

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Analysts

Toby Thorrington

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Renewi - Thermally treated soil ban lifted

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?

Henderson Far East Income - Repositioning to raise total returns

Freelancer - AI to drive return to growth

Renewi - Solid trading and better cash generation

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