IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

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Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

Cleanaway Waste Management / Event-Driven

<ul>
<li>An <a href="https://www.afr.com/street-talk/cleanaway-in-kkr-s-crosshairs-20220419-p5aed3" target="_blank" rel="noopener">AFR article</a> claimed that <a href="https://www.smartkarma.com/entities/kkr-co-inc" target="_blank" data-smartkarma-citation="entities:27333:1" rel="noopener">KKR &amp; Co Inc (KKR US)</a> is preparing an offer for <a href="https://www.smartkarma.com/entities/transpacific-industries-group-ltd" target="_blank" data-smartkarma-citation="entities:19885:1" rel="noopener">Cleanaway Waste Management (CWY AU)</a>. The shares rose 5.9% to close at A$3.24.</li>
<li>KKR has a long history with Cleanaway. Private equity has recently acquired waste management companies that are increasingly viewed as “infrastructure-like’’. </li>
<li>Cleanaway’s scale, cash generation and modest leverage make it a target. A forward EV/EBITDA multiple of 15.8x, in line with <a href="https://www.smartkarma.com/entities/bingo-industries-ltd" target="_blank" data-smartkarma-citation="entities:24067:1" rel="noopener">Bingo Industries (BIN AU)</a>’s acquisition multiple, would imply A$3.92.</li>
</ul>


An AFR article claimed that KKR &amp; Co Inc (KKR US) is preparing an offer for Cleanaway Waste Management (CWY AU). The shares rose 5.9% to close at A$3.24.
KKR has a long history with Cleanaway. Private equity has recently acquired waste management companies that are increasingly viewed as “infrastructure-like’’. 
Cleanaway’s scale, cash generation and modest leverage make it a target. A forward EV/EBITDA multiple of 15.8x, in line with Bingo Industries (BIN AU)’s acquisition multiple, would imply A$3.92.


Leading International Investment Research, Edison Investment Research

Edison Investment Research

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Equity Bottom-Up

Renewi’s H122 pre-close statement contained commentary on firm trading in the Commercial division, slightly tempered by slower acceleration in activity at ATM, but nevertheless pointing to materially higher management expectations for FY22 as a whole. An improving rate of earnings progress and healthy cash flows are two clear positives for investors.

Renewi’s H122 pre-close statement contained commentary on firm trading in the Commercial division, slightly tempered by slower acceleration in activity at ATM, but nevertheless pointing to materially higher management expectations for FY22 as a whole. An improving rate of earnings progress and healthy cash flows are two clear positives for investors.


Renewi navigated COVID-19-affected FY21 trading well and emerged in a stronger financial position. FY22 has started positively, and the company is progressing its three-pronged programme to improve both the level and quality of earnings. Although it is relatively early days in the delivery of these gains, Renewi is getting little credit for the strategy at this stage, in our view.

Renewi navigated COVID-19-affected FY21 trading well and emerged in a stronger financial position. FY22 has started positively, and the company is progressing its three-pronged programme to improve both the level and quality of earnings. Although it is relatively early days in the delivery of these gains, Renewi is getting little credit for the strategy at this stage, in our view.


Renewi - On the front foot and targeting strategic progress

Renewi’s operations are at the heart of the circular economy that collects, processes and converts waste into usable secondary materials to reduce the use of primary resources and to lower carbon emissions. The company has recently entered a new strategic phase with a clear roadmap to deliver a substantial increase in group profitability. Consequently, Renewi offers investors an environmentally friendly above-average earnings growth opportunity.

Renewi’s operations are at the heart of the circular economy that collects, processes and converts waste into usable secondary materials to reduce the use of primary resources and to lower carbon emissions. The company has recently entered a new strategic phase with a clear roadmap to deliver a substantial increase in group profitability. Consequently, Renewi offers investors an environmentally friendly above-average earnings growth opportunity.

While COVID-19 has had some impact on Renewi’s markets, the extent is less than anticipated by management earlier in the year. Consequently, we are able to nudge up current year estimates (PBT up by €4m in a low base year) ahead of the H121 results. The latest strategic phase is in its early stages of implementation and management is clearly focused on delivering a significant uplift in profitability under this three-year programme.

While COVID-19 has had some impact on Renewi’s markets, the extent is less than anticipated by management earlier in the year. Consequently, we are able to nudge up current year estimates (PBT up by €4m in a low base year) ahead of the H121 results. The latest strategic phase is in its early stages of implementation and management is clearly focused on delivering a significant uplift in profitability under this three-year programme.

Renewi - FY21 estimates raised following H1 update

United Kingdom

Shanks Group plc provides integrated waste management and disposal services. The Company specializes in the landfill, haulage, collection, incineration, and treatment of waste.  The Group's other activities include contaminated land remediation services, green waste composting, and recycling programs.  Shanks operates in Belgium, Holland, and the United Kingdom.

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Renewi PLC (RWI LN)

KKR to Make a Move for Cleanaway?

An AFR article claimed that KKR is preparing an offer for Cleanaway. A forward EV/EBITDA multiple of 15.8x, in line with Bingo’s acquisition...

Arun George

Renewi - Further earnings momentum

Renewi’s H122 pre-close statement contained commentary on firm trading in the Commercial division, slightly tempered by slower acceleration in...

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Renewi - On the front foot and targeting strategic progress

Renewi navigated COVID-19-affected FY21 trading well and emerged in a stronger financial position. FY22 has started positively, and the company is...

Edison Investment Research

Renewi - Making more from waste

Renewi’s operations are at the heart of the circular economy that collects, processes and converts waste into usable secondary materials to reduce...

Edison Investment Research

Renewi - FY21 estimates raised following H1 update

While COVID-19 has had some impact on Renewi’s markets, the extent is less than anticipated by management earlier in the year. Consequently, we are...

Edison Investment Research

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