RENEWI GB00BNR4T868

Renewi - 2023: weer het meest circulaire bedrijf op de beurs

1. M c M 19 december 2023 17:40

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   quote:

   trikkie schreef op 19 december 2023 17:06:

   ben positief verrast dat de koers zo goed op niveau blijft.
   Had verwacht dat hij wel iets zou afkomen nadat de ETF hun posities hadden ingenomen.
   

   Dat hoeft natuurlijk niet allemaal op de eerste dag, zou anders een behoorlijke pump & dump koers kunnen geven. Ik denk dat ze daar de lopende maand voor hebben maar weet dit niet 100% zeker.
2. trikkie 19 december 2023 17:59

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   ik keur het goed als ze er de tijd voor nemen, is lekker als er komende dagen een dagelijkse koper is.
   Sluit vandaag keurig op de high van de dag.
3. Bergonzi_deleted 20 december 2023 09:48

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   kleine shortafbouw van 1.93 naar 1.89%
   dit onwelriekende stuk afval van een aandeel met veel te krappe marges en weinig groeipotentieel doet het maar goed de laatste tijd ;-)
4. nine_inch_nerd 20 december 2023 10:23

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   Zit betaalmuur achter. Misschien dat iemand een 'omweg' weet, artikel toch te openen...
   
   Renewi investors cry foul over spurned Macquarie bid
   The board of the waste and recycling company received a higher offer earlier in the year
   www.thetimes.co.uk/article/renewi-inv...
   
   Albert Jellema twitterde dit net:
   Lag er al een bod van 900pence op Renewi? Oftewel op de huidige wisselkoers €10,34. Dit stond afgelopen weekeind in de pers. Bijzonder dat ze dit niet met aandeelhouders hebben besproken.
5. nine_inch_nerd 20 december 2023 13:31

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   quote:

   nine_inch_nerd schreef op 20 december 2023 10:23:

   Zit betaalmuur achter. Misschien dat iemand een 'omweg' weet, artikel toch te openen...
   
   Renewi investors cry foul over spurned Macquarie bid
   The board of the waste and recycling company received a higher offer earlier in the year
   www.thetimes.co.uk/article/renewi-inv...
   
   Albert Jellema twitterde dit net:
   Lag er al een bod van 900pence op Renewi? Oftewel op de huidige wisselkoers €10,34. Dit stond afgelopen weekeind in de pers. Bijzonder dat ze dit niet met aandeelhouders hebben besproken.
   

   Toevoeging, zie bijlage.
   
   Forgive me, als dit al eerder opgemerkt cq besproken is, hier.
   Zie deze commentaren nu langskomen op X. Iemand is er toch (nog) verbaasd over.

   Bijlage:
6. Tordan 20 december 2023 14:10

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   quote:

   nine_inch_nerd schreef op 20 december 2023 13:31:

   [...]
   
   Toevoeging, zie bijlage.
   
   Forgive me, als dit al eerder opgemerkt cq besproken is, hier.
   Zie deze commentaren nu langskomen op X. Iemand is er toch (nog) verbaasd over.
   

   Is toch echt allang bekend.
7. Bergonzi_deleted 20 december 2023 16:31

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   quote:

   nine_inch_nerd schreef op 20 december 2023 13:31:

   [...]
   
   Toevoeging, zie bijlage.
   
   Forgive me, als dit al eerder opgemerkt cq besproken is, hier.
   Zie deze commentaren nu langskomen op X. Iemand is er toch (nog) verbaasd over.
   

   was mij ook niet bekend, maar zou wel erg vreemd zijn..
   een oriënterend bod van 900 p van macq wordt eerder dit jaar afgewezen, en vervolgens doen ze een lager officieel bod van 775 p?
8. nine_inch_nerd 20 december 2023 17:03

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   quote:

   Tordan schreef op 20 december 2023 14:10:

   [...]
   
   Is toch echt allang bekend.
   

   Oké, niks gezegd, dan.
9. K. Wiebes 20 december 2023 19:30

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   quote:

   Tordan schreef op 20 december 2023 14:10:

   Is toch echt allang bekend.

   Een raar verhaal. Voor zover het zou kloppen. Ik kende het ook niet. En De Groof kennelijk
   óók niet.
   www.iex.nl/Nieuws/781865/Degroof-moge...
   
   Maar zo heel lang zit ik er nog niet in en ik heb niet alles gevolgd: kun je aangeven
   ongeveer, wannéér dat dan bekend geworden is? Ik neem aan dat het dan ook hier
   is besproken.
10. nine_inch_nerd 20 december 2023 19:58

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    quote:

    nine_inch_nerd schreef op 20 december 2023 17:03:

    [...]
    
    Oké, niks gezegd, dan.
    

    Oké, dan heb ik wel iets gezegd. -lol-
12. nine_inch_nerd 20 december 2023 20:01

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    quote:

    nine_inch_nerd schreef op 20 december 2023 10:23:

    Zit betaalmuur achter. Misschien dat iemand een 'omweg' weet, artikel toch te openen...
    
    Renewi investors cry foul over spurned Macquarie bid
    The board of the waste and recycling company received a higher offer earlier in the year
    www.thetimes.co.uk/article/renewi-inv...
    
    Albert Jellema twitterde dit net:
    Lag er al een bod van 900pence op Renewi? Oftewel op de huidige wisselkoers €10,34. Dit stond afgelopen weekeind in de pers. Bijzonder dat ze dit niet met aandeelhouders hebben besproken.
    

    Ik heb het artikel ontrafeld. Het is van 29/9. Misschien dat toen al ook iets verteld is geworden hier.
    Of zijn er nu meer details?
    
    Renewi investors cry foul over spurned Macquarie bid
    September 29 2023, 12.01am BST
    
    A trip to the tip is the highlight of many a Briton’s weekend. But while the feelgood-factor of chucking out your rubbish is high, ill feeling has descended at one of the UK’s biggest tip operators.
    
    Shareholders in Renewi, the Milton Keynes-based rubbish and recycling group once known as Shanks, are demanding answers after the board rejected a £720 million takeover bid from Australian infrastructure investor Macquarie without first consulting them.
    
    Macquarie, it has emerged, made an approach of up to 900p a share earlier this year, but it was rejected by the Renewi board. The company did not tell its shareholders of the potential offer. Macquarie subsequently went public with a lower bid of 775p in October, equivalent to £636 million. This, and a slightly higher subsequent offer, were also rejected by the company.
    
    RENEWI
    
    Renewi’s board, led by former BT chief executive Ben Verwaayen, insisted the recycler’s own strategy to drive growth and boost margins was a “materially superior opportunity than the proposal from Macquarie”.
    
    Renewi shares closed at 612p on Friday, valuing it at £489 million, still higher than their level before Macquarie’s interest was made public.
    
    One top ten shareholder said that “the board should put every serious firm offer it receives to the shareholders”. Another said: “It’s not their company, it’s ours. They really need to tell us.”
    
    Shanks renamed itself Renewi in 2017 after a merger with Van Gansewinkel Groep of the Netherlands. It employs 6,700 people across 150 sites in Europe and collects waste for local authorities. It runs waste and recycling in six areas in the UK, although it plans to offload its municipal business here under its new strategy.
    
    After being spurned by Renewi, Macquarie said in late October it would not make another approach. Under City rules, this means it is barred from making another offer for at least six months.
    
    Renewi and Macquarie declined to comment.
13. K. Wiebes 20 december 2023 20:48

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    Ben Verwaayen. Succes verzekerd ;)
    
    Als 't verhaal zo zou kloppen is het wat mij betreft, niet minder dan misleiding.
    Was sowieso al niet zo blij met het pas achteraf melden van de verhoging
    van het eerste, publieke bod.
    
    Dat Macquarie dan - als 't waar is - ook daarover zwijgt is opmerkelijk: dan
    speelt er nog iets. En achter de schermen 900 bieden om vervolgens met 775
    publiek te gaan is bezopen. Ténzij men de marktreactie wou zien.
14. nine_inch_nerd 21 december 2023 09:53

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    quote:

    K. Wiebes schreef op 20 december 2023 20:48:

    Ben Verwaayen. Succes verzekerd ;)
    
    Als 't verhaal zo zou kloppen is het wat mij betreft, niet minder dan misleiding.
    Was sowieso al niet zo blij met het pas achteraf melden van de verhoging
    van het eerste, publieke bod.
    
    Dat Macquarie dan - als 't waar is - ook daarover zwijgt is opmerkelijk: dan
    speelt er nog iets. En achter de schermen 900 bieden om vervolgens met 775
    publiek te gaan is bezopen. Ténzij men de marktreactie wou zien.
    

    Zeer vreemd verhaal en ik krijg de indruk dat er nog meer speelt/speelde.
    Is dit inderdaad maar 'het topje van de ijsberg'.
15. K. Wiebes 21 december 2023 11:05

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    Wellicht dat Mac. nog kandidaat is om hen van die af te stoten Britse activiteiten af te helpen.
16. nine_inch_nerd 21 december 2023 11:22

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    quote:

    K. Wiebes schreef op 21 december 2023 11:05:

    Wellicht dat Mac. nog kandidaat is om hen van die af te stoten Britse activiteiten af te helpen.
    

    Met die 6 maanden regel dus rond april 2024. ;)
17. K. Wiebes 21 december 2023 14:01

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    CMD-presentatie:
    
    Strategic review of UK Municipal
    
    Why?
    •
    Municipal waste sorting and treatment only undertaken in UK –inconsistent with Renewi’s
    core competence in sorting and treatment of commercial waste
    •
    Inefficiency of running a small number of contracts with varying process technologies
    •
    Different financial profile than the rest of the group
    
    When?
    •
    Solution in first half of 2024; external advisers appointed to support delivery
    •
    Key objective is to effect a separation as soon as possible, emphasis on deliverability
    alongside value optimisation
    
    ===//===
    
    "First half" en "asap". Ik denk dat je die desinvestering, qua tijdspad, los kunt zien van de
    biedingsperikelen op de héle toko. Hun boekjaar loopt tot 31 Maart. Dan lijken mij voor hen,
    per 1 April, en voor nieuwe uitbater dan waarschijnlijk 1 Januari, administratief gezien mooie
    knipmomenten.
    Maar ja, ze moeten er wél nog even uitkomen. En gaat 't nog wat opleveren of moet er wel-
    licht nog 'n zakkie cash bij?
18. Amsgier 21 december 2023 14:29

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    Ik ben er niet rouwig om. Macquarry is korte termijn cash, maar sluit totaal niet aan bij de visie en doelstellingen vn Renewi.
    Met een iets langere adem bewijst het bedrijf zichzelf en komen ook grotere fondsen vanzelf in beeld. Nu met AScX toetreding al een mooie stap. Ik ben blij met de rechte rug van het management en dat ze het bedrijf niet verkwanselen. Er zit meer potentie in dan die 10 euro.
    
    www.ft.com/content/1cdd1b69-3fa5-4561...
    As Macquarie has grown in stature, the company has been derisively nicknamed the “Vampire Kangaroo” — an Antipodean twist on the infamous name given to imperious investment bank Goldman Sachs — because of its reputation for buying essential public infrastructure, increasing its debt and paying out handsome sums to shareholders. This lucrative strategy, first pioneered in the 1990s, became so popular it got its own name: the Macquarie model.
19. Tordan 21 december 2023 14:34

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    quote:

    Amsgier schreef op 21 december 2023 14:29:

    Ik ben er niet rouwig om. Macquarry is korte termijn cash, maar sluit totaal niet aan bij de visie en doelstellingen vn Renewi.
    Met een iets langere adem bewijst het bedrijf zichzelf en komen ook grotere fondsen vanzelf in beeld. Nu met AScX toetreding al een mooie stap. Ik ben blij met de rechte rug van het management en dat ze het bedrijf niet verkwanselen. Er zit meer potentie in dan die 10 euro.
    
    www.ft.com/content/1cdd1b69-3fa5-4561...
    As Macquarie has grown in stature, the company has been derisively nicknamed the “Vampire Kangaroo” — an Antipodean twist on the infamous name given to imperious investment bank Goldman Sachs — because of its reputation for buying essential public infrastructure, increasing its debt and paying out handsome sums to shareholders. This lucrative strategy, first pioneered in the 1990s, became so popular it got its own name: the Macquarie model.
    

    Ja, dit had ik ook al eens ergens gehoord.
    Lijkt een sterke zet van Renewi om het te lage bod af te wijzen.
20. nine_inch_nerd 21 december 2023 15:11

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    quote:

    Amsgier schreef op 21 december 2023 14:29:

    Ik ben er niet rouwig om. Macquarry is korte termijn cash, maar sluit totaal niet aan bij de visie en doelstellingen vn Renewi.
    Met een iets langere adem bewijst het bedrijf zichzelf en komen ook grotere fondsen vanzelf in beeld. Nu met AScX toetreding al een mooie stap. Ik ben blij met de rechte rug van het management en dat ze het bedrijf niet verkwanselen. Er zit meer potentie in dan die 10 euro.
    
    www.ft.com/content/1cdd1b69-3fa5-4561...
    As Macquarie has grown in stature, the company has been derisively nicknamed the “Vampire Kangaroo” — an Antipodean twist on the infamous name given to imperious investment bank Goldman Sachs — because of its reputation for buying essential public infrastructure, increasing its debt and paying out handsome sums to shareholders. This lucrative strategy, first pioneered in the 1990s, became so popular it got its own name: the Macquarie model.
    

    Ik heb de link uitgeklapt (betaalmuur).
    
    Managed by Macquarie: the Australian group with a grip on global infr…
    
    Shemara Wikramanayake, chief executive of Macquarie, which has become known for its investments in public infrastructure, such as UK water companies © FT montage/Bloomberg
    Buried in the ground, far out of sight, exists a sprawling web of copper and steel pipes that are integral to keeping homes across the world running smoothly.
    
    Whether they are filling British taps with water, transporting gas across the southern US or acting as underground broadband ducts beneath remote parts of Spain, the common denominator is likely to be Macquarie, the Australian financial services company that has become quietly ubiquitous in global infrastructure.
    
    Macquarie’s rise from a far-flung, three-person operation in the 1960s to the largest infrastructure asset manager in the world is a remarkable one. Overall, it has $590bn assets under management and is also a global commodities trading giant, a leading corporate adviser on mergers and acquisitions — and a rapidly growing player in Australia’s powerful retail banking industry.
    
    With such outsized success has come increased scrutiny of an enigmatic company that would prefer to downplay its influence.
    
    As Macquarie has grown in stature, the company has been derisively nicknamed the “Vampire Kangaroo” — an Antipodean twist on the infamous name given to imperious investment bank Goldman Sachs — because of its reputation for buying essential public infrastructure, increasing its debt and paying out handsome sums to shareholders. This lucrative strategy, first pioneered in the 1990s, became so popular it got its own name: the Macquarie model.
    
    Strong rise in earnings at Macquarie
    
    Now, decades after governments first started to sell off crucial public assets, the robust financial health of Macquarie and its peers contrasts starkly with the standing of indebted utilities that many believe are failing to meet the needs of growing populations. This has led critics — even some inside the industry — to question whether using private finance in essential state monopolies is in the public interest.
    
    It has become especially controversial in the UK, where Macquarie’s decades-long history of investments in the country’s large private water monopolies has dragged its name into growing public outrage over pollution and sewage in rivers and coastal waters.
    
    “We have in the past 30 years been handing many of our crucial infrastructure assets to private investors, while the risks remain with the public,” says Peter Folkman, a former council member of the British Private Equity and Venture Capital Association who teaches at Alliance Manchester Business School.
    
    “Macquarie was one of the first to realise how the steady and predictable cash flows from infrastructure investments could be levered to produce very attractive returns to equity investors,” he says. “But as a public policy, it’s questionable.”
    
    A well-honed playbook
    
    Named after the British army officer credited with transforming what was then the penal colony of New South Wales into a free settlement, Macquarie evolved into a global behemoth valued at A$71bn ($48bn) thanks in part to its flagship infrastructure financing model.
    
    Macquarie stepped in as governments privatised assets to shift debts off their balance sheets and turned to private capital to raise finance for new projects. In the process, it helped transform infrastructure into an asset class, a tradable financial product, highly attractive to investors.
    
    “If you don’t attract private sector investors, the state has to do it all,” says Simon Montague of the Global Infrastructure Investor Association. “Bill-payers or taxpayers will ultimately be funding investment, whoever raises the finance.”
    
    Today, Macquarie’s investment portfolio includes everything from toll roads and car parks, to airports, ports and aircraft, bridges and battery storage, solar and wind farms, fibre networks and data centres, hospitals and specialist disability homes.
    
    Its supporters credit the company with creating a framework that has drawn much-needed finance to the structures and facilities that keep society ticking — and, most recently, government-backed renewables, including the nascent hydrogen, bioenergy and carbon capture markets.
    
    The UK was among the countries that embraced the privatisation of critical infrastructure most enthusiastically, particularly with regard to essential monopolies such as water.
    
    “People like owning essential monopolies because, in the absence of close regulation, they can extract high profits,” says Jon Moulton, a private equity veteran and founder of Better Capital. “Given that no one wants to suffer the potentially ugly consequences of a bankruptcy?.?.?.?regulators [which set the amount the monopolies can charge customers] normally allow prices to rise so that the risk of having high debt levels is very low for investors.”
    
    As governments opened up to the idea of transferring public assets into private hands, Macquarie’s investments fanned out across the world, such as the Chicago Skyway toll bridge in 2004. At the time, it was the largest infrastructure privatisation deal in US history and the first time one of the country’s toll roads passed into private operation.
    
    By that point, Macquarie had developed a well-honed playbook: it uses a standard private equity model, which creates infrastructure funds by raising cash from large-scale investors, such as pension and investment groups.
    
    These provide the equity portion of the funding used to buy a particular asset, such as a water or power company, a road, or gas or telecoms network, for example. The balance is then borrowed from the large global banks or private debt funds.
    
    
21. nine_inch_nerd 21 december 2023 15:13

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    #2
    
    Infrastructure assets under private management top $1tn mark
    
    Macquarie’s income, as the manager of the funds invested in various assets, comes from management and performance fees tied to the fund’s returns. After acquisition, the stable cash flows generated by the asset provide the security for further borrowing, allowing Macquarie to significantly increase the indebtedness of the acquired company.
    
    This provides funding which can either be used to invest in the business or to enhance investor returns through dividend payments and early repayment of the loans made by investors as part of the initial deal.
    
    Folkman, who is himself a private equity investor, points out the risk: “Given the incentives and investor objectives they choose to take the money out rather than reinvesting in the business.” The result, Folkman says, can be ageing assets loaded with debt.
    
    But Paul Jarvis, managing editor at Partnerships Bulletin, which reports on public-private partnerships, defends the industry: “Obviously it is more expensive to raise private finance than for the government to pay for infrastructure directly, but the fact is that states aren’t going to put all these projects on their balance sheets.
    
    “And although a lot of fuss is made about the negative cases, the majority of projects are running as originally planned and are delivering the services as needed.”
    
    Troubled waters
    
    Macquarie first dipped its toe into the UK’s waters in 2003, with its shortlived acquisition of South East Water.
    
    After buying the company for £386mn from the French conglomerate Bouygues, Macquarie sold its final stake three years later for £665mn. During that period, debt — some of which was raised via a Cayman Islands subsidiary — increased more than fourfold from £87mn to £458mn.
    
    The increase in borrowing was used to pay investors more than £60mn in dividends as well as to pay off most of the costs of acquiring the company so that the final sales price was mostly profit.
    
    Although this was a win for investors in Macquarie’s funds, which benefited from the returns guaranteed from providing an essential daily service, it was a loss for customers because a greater proportion of their bills — up from 8.7 per cent of turnover in 2002 to 14 per cent in 2006 — began to go towards paying the interest on debt.
    
    “This is part of a pattern for investors,” says Kate Bayliss, an infrastructure finance expert from Soas, University of London. “Macquarie [and other private equity investors] move in and change the corporate structure. They refinance the assets, hiking up the debt and reducing the equity investment. Sometimes part of the acquisition cost is allocated to the company purchased.”
    
    Protesters gather on Tankerton beach in Kent to demonstrate against Southern Water’s discharges of untreated sewage
    Protesters on Tankerton beach in Kent demonstrate against Southern Water’s sewage discharges. The pollution of rivers and seas has led to a backlash against the privatisation of utilities © Chris J Ratcliffe/Getty Images
    Macquarie repeated exactly the same strategy, but for bigger stakes, when it and its co-investors acquired Thames Water, which now has 15mn customers in London and the Thames Valley, from German utility RWE for £4.8bn in 2006.
    
    One of the Macquarie consortium’s first acts was to arrange for Thames Water to pay a £656mn dividend in a year in which profits were just £241mn. Within six years, the group of companies managed by Macquarie had recovered all the money it and co-investors had spent on the acquisition, by borrowing against its assets and paying out dividends.
    
    By the time Macquarie sold its final stake in Thames Water in 2017, the company had spent £11bn from customer bills on infrastructure. But far from injecting any new capital in the business — one of the original justifications for privatisation — £2.7bn had been taken out in dividends and £2.2bn in loans.
    
    Meanwhile, the pension deficit grew from £18mn in 2006 to £380mn in 2017. Thames Water’s debt also increased steeply from £3.4bn in 2007 to £10.8bn at the point of sale, a sum still being paid off with interest by customers long after Macquarie has moved on. Just weeks after Macquarie sold its final stake in the business in 2017, Thames Water received a £20mn fine for river pollution.
    
    Bayliss compares this to buying a house, where the stability of the revenue flow from customer bills enables the financiers to purchase the company and take a mortgage against it. “The difference is that unlike homebuyers who pay the mortgage, they transfer the mortgage back to the company so it’s the customers who pay the interest.”
    
    Such practices are common to private equity structures, but when the underlying companies are utilities there is an added tension: the decision over how much they can charge customers to pay for investment — both for day-to-day running and improvements — is made by the regulators who oversee monopolies. With demanding shareholders on one side and price restrictions on the other, it is the investment in the underlying infrastructure that is often sacrificed.
    
    “Let’s be clear,” says Folkman, of Alliance Manchester Business School. “If my financial incentive is that I will be paid if I satisfy my investors, then I will do things that will satisfy my investors?.?.?.?and that’s the problem. It’s not that you’re wicked, it’s what you’re paid to do.”
    
    Macquarie’s decision to take over Southern Water — another UK water utility facing huge investment challenges — as it teetered on the brink of bankruptcy in 2021 was welcomed by the water regulator Ofwat.
    
    Growth in infrastructure as an asset class
    
    Earlier that year, Southern Water had been fined £90mn for deliberately dumping billions of litres of untreated sewage into the sea between 2010 and 2015. Since taking over as the majority investor from a consortium including JPMorgan Asset Management and UBS Asset Management, Macquarie has pledged to raise transparency, close Cayman Islands subsidiaries at the company and to significantly increase investment in sewage treatment works.
    
    Macquarie says it is a responsible investor. “As custodians of vital businesses which touch every aspect of people’s daily lives, we have both a responsibility and an opportunity to ensure that we are actively driving positive change,” reads a statement on its website.
    
    But the pollution and water leaks across the sector have given ammunition to critics from all sides of the political and economic spectrum who are concerned over private ownership of crucial public infrastructure, where the government — and taxpayers — would be forced to take over in the event of any financial or environmental catastrophe.
    
    Now, more than three decades after the regional water authorities were sold off with no debt, the privately owned monopolies are saddled with £62bn in borrowings and regulator Ofwat has raised concerns over their financial stability.
    
    Sir Dieter Helm, a former UK government adviser and professor of economics at Oxford university, warns that instead of privatisation being used as intended, to finance investment and spread the cost long-term, “regulators have allowed [it] to be subverted by widespread financial engineering”.
    
    “Now the balance sheets of these big utilities are largely exhausted, and without gaining the benefit of the really good infrastructure that privatisation promised,” he adds. “On the contrary, recent evidence from both water and electricity distribution suggests that in some cases not even the necessary capital maintenance has been done.”