Renewi - Accentuating positives
As trailed at the pre-close stage, further Commercial progress and tangible evidence that ATM can become a more positive contributor to group earnings were Renewi’s strongest H120 messages. Disposals are facilitating group de-leveraging. FY20 guidance is unchanged; our estimates are c 16% lower in all years now from a number of model adjustments including a better representation of underlying UK Municipal run rates. However, single-digit earnings multiples for this strategically well-placed business should attract investor attention.
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- Renewi - Accentuating positives15 Nov 2019