Renewi - Thermally treated soil ban lifted

Renewi’s previously noted increasing confidence of improved ATM production volumes in 2020 have proved to be well founded as the ban on using thermally treated soil in the Netherlands has been lifted. This sets a positive backdrop for management’s forthcoming strategy update and an expected secondary listing on Euronext shortly. On unchanged estimates, it also brings into focus mid single-digit earnings multiples beyond the current year which, given the above, look low by conventional standards.