Renewi - Plotting a path for recovery and growth

The impact of COVID-19 on current trading at the beginning of FY21 has been material but less so than previously anticipated and the underlying cash flow performance has been solid. Comfort here should allow investors to examine the strategic roadmap laid out by management targeting a significant sustainable uplift in profitability. We are reintroducing estimates, which show single-digit FY22 multiples, only partway through the business improvement programme that is underway.