Renewi Share Discussion Threads

[outsizeclothes.com] 12/6/2019 10:26

I can't help but wonder if there aren't other international waste management companies running a slide rule over Renewi, thinking of a possible opportunistic bid.
A 50p-60p offer would be cheap, but could be hard for present management to defend.

[george stobbart] 04/6/2019 10:03

Can't wait to kick Kabouter out of the books. Should be a real relief for other shareholders.

[dplewis1] 04/6/2019 09:57

Dammit..Kabouter still selling

[dplewis1] 03/6/2019 16:50

Ah yes LTIP..nice work of you can get it..

[scottishfield] 03/6/2019 16:44

Mmm, that's encouraging. Edit; it's a grant.

[dplewis1] 03/6/2019 16:35

New CEO getting stuck in with a million+ shares.

[pugugly] 23/5/2019 19:30

dplewis1- You can say that again - Will be very interesting to see who has sold and where they have gone.
GS - Thanks for the summary -

[dplewis1] 23/5/2019 19:23

That's a big old 18.4 million share print..

[george stobbart] 23/5/2019 12:17

So in summary:

1) Derby sinfin plant: Fully exited

"Fully written down and provided for. Will seek damages relating to Derby of c€11m from Interserve."

2) Canadian + Reym Sales: 90% exited

"Signing intended for both disposals before summer break, as expected."

3) ATM

Plan A Resume production: complete soil tests this summer and expect production within a few weeks after receiving regulatory approval

Plan B Process for secondary building materials: sand 45% and gravel 40% can get certification within 3-6 months, dust 15% can take a bit longer. FY20 will start producing secondaries and by FY21 could replace by 100% the current ATM thermal soil treatment facility

[outsizeclothes.com] 21/5/2019 11:24

As previously posted (681 & 682) "I'm looking at these with a finger over the buy button. The last results do seem to be a "worst case" throwing in of the kitchen sink. (and we can recycle that sink!)
If ATM get going in any meaningful way at all inside 6 months, we're looking at a doubler in 18 months from here." I'm in at 23.3.

I didn't really believe these would recover just quite so quickly, but it really does now look like a classic, text-book, V-shaped recovery chart-wise, with a 72p first target. Only sorry I wasn't in a position to buy more than the 80k I did manage to pick up.

[dplewis1] 16/5/2019 19:42

Long may this continue is all I can say..

[george stobbart] 16/5/2019 13:56

Biggest RWI Purchases / Sales during Q1 2019.

Interesting that Soros has started building a position in Renewi.

Biggest share changes (Purchases)
Paradice Investment Management Pty +11,592,412.00
ING Bank Luxembourg SA +10,259,517.00
Soros Fund Management LLC +9,912,221.00
St James's Place PLC +8,900,382.00
NN Group NV +8,400,000.00


Biggest share changes (Sales)
ClearBridge LLC -6,167,434.00
Kabouter Management LLC -8,117,882.00
Prudential PLC -8,679,394.00
Cross Ocean Adviser LLP -10,259,517.00
Neptune Investment Management Ltd -28,754,071.00

[george stobbart] 15/5/2019 16:43

Yes shame, lets see what the finals next week will bring..

[dplewis1] 15/5/2019 16:30

Shame it couldn't cling onto it..

[dplewis1] 15/5/2019 12:57

More than doubled since that intra-day low after the results. Great for anyone that actually 'picked the bottom'!

[george stobbart] 15/5/2019 12:40

Bull sweep detected! nice 2.2mn print on the bid!

[dplewis1] 10/5/2019 15:22

Well it's not dropped during the selloff, so seems to be performing as a defensive stock should be!

[robsy2] 10/5/2019 15:14

This is making quite a solid recovery now.

[dplewis1] 01/5/2019 11:50

Edison note FY19 in line, guidance reduced for FY20 The Commercial division had a stronger Q4 including delivering planned synergies following price increases at the start of the quarter. As seen at the H1 stage, other divisional performances remain variable but overall group profitability was as management anticipated. Cost-reduction actions are underway in all divisions to improve performance and plant efficiencies, which will strengthen the group platform for future growth. Separately, we now expect total exceptional charges, which are mainly non cash, of €80m+ in H2, over half of which (c €45m) relates to the Derby energy from waste project delays and financial difficulties at prime contractor Interserve. Other components include synergy delivery costs and proactive provisioning at UK Municipal ELWA, given possible Brexit impacts. Looking ahead, guidance is now to expect no resumption of remediated soil deliveries from ATM in FY20, which explains over two-thirds of our 36% lower group PBT for that year (with a 20%+ reduction in FY21 also). The existing 3.5x net debt:EBITDA covenant has been extended for a further year (previously due to step down to 3.25x in June), which looks sensible given our projected c 3x end FY19 position and allowing for some normal seasonal working capital fluctuation. A flagged dividend reduction (to 1.45p/1.68c) for the year including a proposed 0.5p final, versus our previous expectation of a flat 3.5c (3.05p) payout), forms part of this debt management strategy. Previously flagged disposals (ie Hazardous, Reym, and Municipal, Canada) are said to be progressing, with the latter business at the due diligence stage, and are expected to reduce net debt in due course. Valuation: Event-driven net debt reduction upside Renewi's share price has rallied to January 2019 levels but remains over 60% below its 86.9p year high (June 2018) with estimates also under pressure during this time. Factoring in our revised forecasts, the FY20 P/E has compressed to 8.3x with EV/EBITDA of 4.9x, which become 5.7x and 4.2x respectively one year further out. The group net debt position could improve significantly if disposals complete and/or the ATM position is resolved, although the timing is uncertain. Even following the proposed dividend reduction, Renewi is yielding 4.4%.

[dplewis1] 01/5/2019 09:15

Farringdon taking some profits already!

[george stobbart] 29/4/2019 17:47

let's hope so. given how its beaten-up the past year, a glimpse of good news (any at all) should push it much higher

[outsizeclothes.com] 29/4/2019 17:27

The chart here is starting to look like a textbook recovery.
A 16 month long downtrend has been fully broken at 28p.
A "V" shaped recovery gives a 72p initial target, albeit eight months away / end of year. (low of the first dip)

[dplewis1] 29/4/2019 11:20

Even after the recent rebound I'd love to have that average!