Update: Global commodity crisis offsetting progress
The trading statement on 3 February highlighted further progress in the Commercial division. However, this was offset by impacts from the global commodity crisis, leaving results likely to be slightly below expectations, and we are lowering our 2016 EPS forecasts by 7%. With the disposal of the Wakefield assets the first stage in value realisation from the PFI portfolio and the shares drifting below our valuation range (unchanged at 106-130p/share), a yield over 4% should provide support before more tangible evidence from the cost management programmes shows in results.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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