Renewi: Near-Term Trading Distracting From Long-Term Trend
Edison | Dec 17, 2018 07:54AM ET
Longer-term recycling trends remain favourable and the next phase of strategic development indicates greater focus in core areas to pursue growth. In the near term, we acknowledge that ATM will be a distraction until full permit authority is formally restored and is weighing on our earnings expectations, which have stepped down by c 20% this year and by a lower double-digit percentage in the following two years. In a period of stark, risk-averse market sentiment, Renewi PLC (LON:RWI)’s share price has suffered, but a 20%+ NAV discount and an 8% prospective dividend yield should be clear triggers for investors.
Negotiating variable conditions, increasing focus
Robust revenue and profit performance in Commercial and recovery in Municipal were the H119 highlights, although overall group profitability was affected by lower contributions from Monostreams and Hazardous. Net debt was at comparable levels to the end-FY18 level and the interim dividend was maintained.
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