A positive full-year trading update from Renewi pointed to a management FY21 (to March) EBIT expectation of €68m versus an existing consensus of around €55m. Our estimates are now in line with this, after increasing the Commercial division contribution. We have made no changes to other years at this stage, although there should be downward pressure on finance costs given the cash performance, but earnings still show some progression beyond FY21. Renewi has a well-explained strategy for increasing profitability over the next three years and remains very well positioned in its markets, which are at the centre of the circular economy.