Management flagged stronger Q4 trading, in line with its expectations. Netherlands soil remediation activities require regulatory approval and a prudent stance has been taken over resuming shipments there, which is the primary driver of our significant estimate reduction. In this light, the steps being taken for debt management, including a proposed dividend reduction, are entirely logical. Renewi's rating is at depressed levels - we feel due to earnings uncertainty and higher debt levels - but potential resolutions to both issues are visible. The company is still yielding 4.4%.Den vollständigen Artikel lesen ...
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