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RNWH Renew Holdings Plc

1,048.00
0.00 (0.00%)
Last Updated: 10:07:47
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Renew Holdings Plc LSE:RNWH London Ordinary Share GB0005359004 ORD 10P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.00% 1,048.00 7,516 10:07:47
Bid Price Offer Price High Price Low Price Open Price
1,044.00 1,048.00 1,050.00 1,042.00 1,048.00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Gen Contractor-oth Residentl 921.55M 43.38M 0.5482 19.15 830.91M
Last Trade Time Trade Type Trade Size Trade Price Currency
10:15:12 O 70 1,045.92 GBX

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Trade Time Trade Price Trade Size Trade Value Trade Type
09:15:131,045.9270732.14O
09:15:101,045.926136,411.49O
09:08:591,045.921922,008.17O
09:07:471,048.00883.84AT
09:03:111,044.64552.23O

Renew (RNWH) Top Chat Posts

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Posted at 23/5/2024 09:20 by Renew Daily Update
Renew Holdings Plc is listed in the Gen Contractor-oth Residentl sector of the London Stock Exchange with ticker RNWH. The last closing price for Renew was 1,048p.
Renew currently has 79,133,889 shares in issue. The market capitalisation of Renew is £830,905,835.
Renew has a price to earnings ratio (PE ratio) of 19.15.
This morning RNWH shares opened at 1,048p
Posted at 15/5/2024 08:54 by rivaldo
More re Berenberg's increased 1200p target price:



"‘Buy’ high quality engineer Renew, says Berenberg

Renew (RNWH), the AIM-listed engineering services group, can continue the momentum it has built in the past six months given its ‘high-quality proposition’, says Berenberg.

Analyst James Bayliss maintained a ‘buy’ recommendation but lifted his target price from £10 to £12 as the shares gained 2.4%, or 24p, to £10.26, valuing the company at £812m.

The six months to 31 March ‘reflected another record performance’, with group revenue up 17.2% at £552.8m and operating profit also 17% higher at £33.1m, ‘both driven by strong demand and performance across all end-markets and the group’s high-quality, low-risk business model’.

Bayliss said net cash of £42.5m leaves the group ‘well placed for further organic and inorganic investment, while strong momentum in the first half has carried through to the start of the second half’.

Management is continuing to tender for and win new contracts and so Bayliss ‘sees no reason that this momentum cannot continue’ and he upgraded his earnings forecasts by 4% for full-year 2024.

‘We move our price target to £12 to reflect Renew’s continued momentum and its high-quality proposition,’ he said."
Posted at 07/5/2024 10:09 by rivaldo
New highs again.

Peel Hunt have raised their price target to 1050p, but with material upside potential in a 19 page note.

Their upside model incorporating (1) higher organic growth than their conservative forecasts and (2) acquisitions from the cash pile, would deliver 91p EPS to Sept'26. This would certainly support a share price of 1500p and possibly 1700p-1800p imo.

They summarise:

"Momentum and visibility drives TP increase

• Time to revisit – Ahead of the 1H24 results (14 May), we revisit the powerful investment case and update our M&A/blue sky scenarios.
• Upside risk – We retain estimates across the horizon, but see upside risk building, given profitable market share opportunity across key markets.
• Increased target price – Visibility into new regulatory periods, positive drivers and the M&A opportunity lead us to raise our TP from 950p to 1,050p.

We believe that Renew’s strategic focus on developing its leading positions across infrastructure-led markets, through its operationally-led competitive advantages, leaves it well-positioned to sustain attractive, cash compounding growth. The shares remain undervalued, in our view, given the quality of earnings and both the organic and acquisitive opportunities. We retain our Buy rating."

"Investment case.

Growth is underpinned by consistent cash generation, leading to compounding free cash flows. We look for FY24E net cash of £47m, providing management with attractive capital allocation options. We expect the M&A pipeline to be reasonably active with management remaining disciplined (we note the two small transactions already announced this financial year). We believe that under this leading management team, Renew remains well positioned to continue to deliver attractive, long-term shareholder returns. A better appreciation of these opportunities has supported a deserved rerating, but the September 2025E PE of 14.2x and FCF yield of 7% still fails to reflect both the organic and inorganic opportunities and the synergies that both drivers can bring to Renew, in our view. Our target price implies 15.9x FY25E EPS."
Posted at 03/4/2024 13:49 by rivaldo
Today's news from Network Rail looks good for RNWH - Network Rail have announced £2.8 billion of expenditure in the next 5 years to protect railways from climate change and extreme weather.

They particularly note repairing railway cuttings and embankments, improvements in drainage, anti-flooding measures etc which are RNWH's bread and butter.

In addition, there's a £19.3bn spend on replacing old assets with new ones and investing in projects such as digital signalling, with £12.6bn earmarked for maintenance - again all grist to RNWH's mill:
Posted at 03/4/2024 07:42 by rivaldo
The respected columnist Richard Beddard has just carried out a thorough analysis of RNWH to conclude whether to buy shares for his ongoing Decision Engine portfolio.

He scores RNWH with 7 out of 10, which indicates it's good value, and will be returning to potentially buy RNWH if one of the existing portfolio members is sold or excluded for some reason:
Posted at 02/4/2024 07:21 by rivaldo
Yep - you can always rely on Renew :o))

From memory the broker commented that RNWH have always either beaten or met expectations since 2006, and that continues today.

Once again RNWH is trading nicely in line and experiencing "strong demand for its services across all key markets", with "excellent" visibility for H2 given the order books and long-term framework contracts.

Last year's H1 update was worded almost exactly the same, and RNWH ended up beating expectations by some margin.

The cash pile was up to almost £36m at the year end, so should have increased further since and provides a healthy backdrop to likely acquisitions soon.
Posted at 19/12/2023 10:44 by rivaldo
As promised, a few more details on Numis' update note. They say Buy and raise their target price to 950p.

They conclude interestingly that RNWH's "financial characteristics and track record" increasingly look like UK services value providers rather than outsourcers and contractors, and RNWH trade at a 30% discount to the former.

They see the current £35.7m cash pile increasing to £57m by next September, enabling further acquisitions.

Their EPS forecast - as always! - is incredibly conservative for this year at 63.6p (up from 63.3p EPS last year), but once again this leaves room for plenty of upgrades during the year.

A few snippets:

"Resilience and differentiation

Renew delivered record FY23 results in line with or slightly ahead of our upgraded expectations, a testament to the resilience of the business model and differentiated offer even amidst challenging macro conditions. With the Group having made a strong start to FY24E we upgrade FY24-25E EBITA by 5-7%, continuing the track record of positive earnings momentum. This, allied to a strong balance sheet offering ample scope for further value and capability-enhancing M&A, means we
remain enthused despite the strong recent share price performance. We increase our PT to 950p (10.5x FY24E EV/EBITA) and retain a BUY."

"Collaboration benefits:

As outlined at the FY22 and 1H23 Results, collaboration between operating companies is helping the Group access framework opportunities that were historically out of reach, contributing to the strong organic growth delivered in the period. We think
collaboration is a key competitive differentiator for Renew, and could help sustain above-market organic growth in future years."

"Maintenance and renewal over enhancements:

The statement notes that in a weak macro backdrop the Government is often prioritising investment in maintenance and renewal of existing infrastructure, rather than large-scale enhancement projects. We think this plays into Renew's strengths in both the short term, and longer term (as ageing infrastructure requires greater spend on renewal and maintenance)."
Posted at 29/11/2023 08:37 by harrogate
A very solid set of results and the share price recovery fully deserved. It was disappointing to see the net margin reduced from 6.9% to 6.6% and forecasts don't show it recovering. We now sit at the 5 year average PE of 12 and with Numis showing EPS flat for FY24 at 63.6p EPS due to a higher tax charge, I still don't see what will shift us to a higher rating. The dividend at under 30% of EPS seems miserly and that is not helping. It is to be hoped that this hoarding of the cash is because they have an eye on a significant deal that will give a step change in EPS. With the £80m facility they put in place a year ago they have the firepower for something sizeable. That would put some momentum behind the share price.
I don't know if it really makes a difference but their communication with PIs is shocking. A nice presentation to view on line but almost all companies of this size are doing IMC or similar presentations where we can ask some questions and hear what management have got to say.
A strong hold for sure as almost zero chance of missing their numbers
Posted at 03/10/2023 08:14 by rivaldo
Agreed rimau. I've already addressed Harrogate about this before, so will repeat my prior post as they render his point about EPS forecasts completely redundant.

Forget the conservative broker forecasts going forward - they've always been irrelevant in the past and they will likely continue to be so.

For newbies, I repeat....In Jan'17 the forecast to Sept'19 was 35.8p EPS. RNWH achieved 40.5p EPS.

In Jan'18 the forecast to Sept'20 was 37.9p EPS. RNWH achieved 40.9p EPS - even with six months of Covid! Prior to that RNWH beat forecasts from earlier years in each of 2016, 2017 and 2018.

Since then EPS has grown from 40.5p EPS to Sept'19 to 59.3p EPS to Sept'22 - almost 50% in 3 years, always beating broker forecasts. And that's with Covid.

- so it's best to ignore forward broker forecasts, which are evidently and traditionally conservative not only in terms of organic growth but also because they (rightly) exclude potential earnings-enhancing acquisitions
- the perception of RNWH is shifting to a more exciting proposition with high visibility of future income, yet also involvement in multiple long term growth sectors and much less contract risk than other sector comparators
- institutions love companies which consistently outperform and have high security of income. Thus over time RNWH should benefit from a double whammy of outperforming or at least meeting conservative forecasts and a re-rating from the current multiple to one more befitting of RNWH's record, i.e imo around 15-16.

And to update regarding this year to Sept'23, we now know that RNWH have yet again beaten forecasts.

In Oct'22 Numis were forecasting 55.4p EPS for the year to Sept'23. It's now likely that RNWH will have achieved between 63p-65p EPS. Another significant outperformance.

The various analysts covering RNWH have converged around a price target of 900p-950p. I see no reason why the share price shouldn't move towards this from here, with further upside from acquisitions and/or trading statements.
Posted at 13/6/2023 10:45 by rivaldo
Once again, forget the conservative broker forecasts going forward - they've always been irrelevant in the past and they will likely continue to be so.

For newbies, I repeat....In Jan'17 the forecast to Sept'19 was 35.8p EPS. RNWH achieved 40.5p EPS.

In Jan'18 the forecast to Sept'20 was 37.9p EPS. RNWH achieved 40.9p EPS - even with six months of Covid! Prior to that RNWH beat forecasts from earlier years in each of 2016, 2017 and 2018.

Since then EPS has grown from 40.5p EPS to Sept'19 to 59.3p EPS last year - almost 50% in 3 years, always beating broker forecasts. And that's with Covid.

- so it's best to ignore forward broker forecasts, which are evidently and traditionally conservative not only in terms of organic growth but also because they (rightly) exclude potential earnings-enhancing acquisitions
- the perception of RNWH is shifting to a more exciting proposition with high visibility of future income, yet also involvement in multiple long term growth sectors and much less contract risk than other sector comparators
- institutions love companies which consistently outperform and have high security of income. Thus over time RNWH should benefit from a double whammy of outperforming or at least meeting conservative forecasts and a re-rating from the current multiple to one more befitting of RNWH's record, i.e imo around 15-16.

The various analysts covering RNWH have converged around a price target of 900p-950p. I see no reason why the share price shouldn't move towards this from here, with further upside from acquisitions and/or trading statements.
Posted at 05/4/2023 15:57 by lammylover
RNWH share price being deliberately held below 700p to shake out loose shares. Up at 5% earlier, before ATs really kicked in, to drive price down yet again..

I'm expecting 700p to be breached soon..
Renew share price data is direct from the London Stock Exchange

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