PowerHouse Energy Group (PHE); reports ongoing commercialisation of DMG® process

Renewi

LN: RWI

£204.8m market cap

25.6p last close

Renewi is a waste-to-product company with operations primarily in the UK, the Netherlands and Belgium, and activities spanning the collection, processing and resale of industrial, hazardous and municipal waste.

Investment summary

Year to date trading has been in line with management’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.

Y/E Mar
Revenue (€m)
EBITDA (€m)
PBT (€m)
EPS (c)
P/E (x)
P/CF (x)
2018A 1760.3 176.3 63.0 5.9 4.8 1.6
2019A 1780.7 179.7 63.1 6.0 4.8 2.6
2020E 1833.5 173.9 49.7 4.7 6.1 1.8
2021E 1890.3 194.3 71.5 6.8 4.2 1.3
Last updated on 25/07/2019
Industry outlook

The Dutch waste market, accounting for the largest single business within Renewi, has returned to growth as the economy has recovered, boosted in particular by stronger construction activity.

Last updated on 25/07/2019
Sector
Industrials
Share price graph
Balance sheet
Forecast net debt (€m) N/A
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual (13.7) (14.7) (64.7)
Relative* (14.6) (15.1) (63.8)
52-week high/low 73.0p/21.9p
*% relative to local index
Key management
Colin Matthews Chairman
Otto de Bont CEO
Toby Woolrych CFO

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