Price Target Changed • Nov 29
Price target increased by 7.3% to UK£8.43 Up from UK£7.86, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of UK£8.12. The company is forecast to post earnings per share of €0.07 for next year compared to €0.53 last year. New Risk • Nov 28
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of British stocks, typically moving 3.2% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.9x net interest cover). Share price has been highly volatile over the past 3 months (3.2% average weekly change). Minor Risk Profit margins are more than 30% lower than last year (1.8% net profit margin). Announcement • Nov 28
Macquarie Asset Management Pty Limited made an offer to acquire Renewi plc (LSE:RWI) for approximately £700 million. Macquarie Asset Management Pty Limited made an offer to acquire Renewi plc (LSE:RWI) for approximately £700 million on November 28, 2024. The offer price is 870 pence cash per share. Buy Or Sell Opportunity • Nov 28
Now 42% overvalued after recent price rise Over the last 90 days, the stock has risen 23% to UK£8.13. The fair value is estimated to be UK£5.71, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 3.9% over the last 3 years. Earnings per share has declined by 16%. Revenue is forecast to grow by 11% in 2 years. Earnings are forecast to grow by 160% in the next 2 years. Major Estimate Revision • Nov 19
Consensus EPS estimates increase by 188%, revenue downgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast fell from €1.80b to €1.77b. EPS estimate rose from €0.125 to €0.36. Net income forecast to grow 99% next year vs 31% growth forecast for Commercial Services industry in the United Kingdom. Consensus price target broadly unchanged at UK£7.98. Share price rose 3.9% to UK£6.10 over the past week. New Risk • Nov 14
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 1.8% Last year net profit margin: 3.5% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.9x net interest cover). Minor Risk Profit margins are more than 30% lower than last year (1.8% net profit margin). Reported Earnings • Nov 13
First half 2025 earnings released First half 2025 results: Revenue: €874.5m (down 6.7% from 1H 2024). Net income: €13.7m (down 60% from 1H 2024). Profit margin: 1.6% (down from 3.6% in 1H 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 5.3% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Commercial Services industry in the United Kingdom. New Risk • Nov 13
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.7x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. This is currently the only risk that has been identified for the company. Announcement • Oct 11
Biffa Waste Services Limited completed the acquisition of Municipal business of Renewi. Biffa Waste Services Limited entered into a binding agreement to acquire Municipal business of Renewi on May 30, 2024. The deal comprises five long-term residual waste treatment contracts serving local government customers in England and Scotland. In 2022, under the contracts, 930,000 tonnes of UK household waste were treated to avoid landfill and recover energy and raw materials. With Renewi's decision to focus on its core operations in industrial and commercial recycling in mainland Europe, around 550 Renewi staff will now become part of the Biffa group. The five contracts are with the Barnsley, Doncaster and Rotherham (BDR) Waste Partnership, Cumbria County Council, Wakefield Council, East London Waste Authority and Argyle & Bute Council. The transaction will be effectuated through a combination of a nominal cash consideration payable to Biffa and pre-completion capitalisation of UK Municipal. Capitalisation is expected to be approximately £125 million on completion which, when offset against the reduction of liabilities of £76.095 million, equates to a net cost of £48.735 million to Renewi and a total cash impact of £131.67 million, including transaction costs. Core net debt / EBITDA immediately following the transaction is expected to be approximately 2.9x, falling to our target of 2.0x in the medium-term, with improved margins and cash generation driving accelerated deleveraging. The transaction will be funded through the existing revolving credit facility, supplemented by a £102.6 million bridge facility. The Divestment provides UK Municipal customers, employees and other stakeholders with strong strategic backing from a respected scale operator in the UK market. The transaction is expected to complete before 31 December 2024, subject to receipt of a limited suite of regulatory and other consents. As of August 8, 2024, the Competition & Markets Authority approval had been given for the sale to Biffa. Greenhill & Co. International LLP acted as financial advisor to Renewi Plc
Biffa Waste Services Limited completed the acquisition of Municipal business of Renewi on October 10, 2024. Recent Insider Transactions Derivative • Aug 01
CEO & Director exercised options and sold UK£268k worth of stock On the 24th of July, Otto De Bont exercised options to acquire 41k shares at no cost and sold these for an average price of UK£6.59 per share. This trade did not impact their existing holding. For the year to March 2020, Otto's total compensation was 36% salary and 64% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since September 2023, Otto's direct individual holding has increased from 295.87k shares to 337.33k. Company insiders have collectively bought UK£765k more than they sold, via options and on-market transactions, in the last 12 months. Announcement • Jul 26
Renewi plc Announces Final Dividend for the Fiscal Year 2024, July 31, 2024 Renewi plc announced on 30 May 2024, and subsequently approved by shareholders at the 2024 AGM, company will pay a dividend of 5 pence per share on 31 July 2024 to the shareholders present on the Register of Members as at 28 June 2024. Shareholders on the Register of Members or holding shares in Crest will automatically receive their dividends in Pounds Sterling, shareholders who hold shares through Euroclear Nederland will automatically receive their dividends in Euros. For shareholders holding shares trading on Euronext Amsterdam and held via Euroclear Nederland, the exchange rate used to calculate the Euro equivalent dividend payment is £1: €1.1889000, being an average of exchange rates over the three trading days 22 to 24 July 2024 as sourced from the Bank of England database, equating to a dividend of €0.0594450 per share. Upcoming Dividend • Jun 20
Upcoming dividend of UK£0.05 per share Eligible shareholders must have bought the stock before 27 June 2024. Payment date: 31 July 2024. Trailing yield: 0.7%. Lower than top quartile of British dividend payers (5.6%). Lower than average of industry peers (2.1%). New Risk • Jun 10
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 2.5% Last year net profit margin: 4.8% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks High level of debt (116% net debt to equity). Profit margins are more than 30% lower than last year (2.5% net profit margin). Reported Earnings • Jun 04
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: €0.43 loss per share (down from €0.79 profit in FY 2023). Revenue: €1.69b (down 11% from FY 2023). Net income: €42.0m (down 33% from FY 2023). Profit margin: 2.5% (down from 3.3% in FY 2023). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 1.1%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 5.6% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Commercial Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Major Estimate Revision • Jan 31
Consensus EPS estimates fall by 10% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from €1.96b to €1.89b. EPS estimate also fell from €0.668 per share to €0.602 per share. Net income forecast to grow 27% next year vs 8.1% growth forecast for Commercial Services industry in the United Kingdom. Consensus price target down from UK£8.35 to UK£8.00. Share price fell 6.5% to UK£5.87 over the past week. Announcement • Oct 05
Renewi plc to Report First Half, 2024 Results on Nov 09, 2023 Renewi plc announced that they will report first half, 2024 results on Nov 09, 2023 Announcement • Sep 29
Macquarie Asset Management Considers A Possible Cash Offer for the Entire Issued and to Be Issued Share Capital of Renewi Macquarie Asset Management Inc. on behalf of one or more of its managed funds - (Macquarie) announced that it is considering a possible cash offer for the entire issued and to be issued share capital of Renewi plc (LSE:RWI) (the Company or Renewi). Macquarie has been evaluating a possible offer for Renewi and on 25 September 2023 made a proposal (the "Proposal") to the Board of Renewi (the "Board") at 775 pence per Renewi share. The Proposal was rejected by the Board. The Proposal provides a compelling opportunity for Renewi's shareholders to realise their investment for cash at a very significant premium and at an attractive multiple. Macquarie believes that Renewi's ability to deliver its stated ambition will remain constrained under the current capital structure by the limited near-term operating cash flow and limited leverage capacity. In a challenging macro and cost of capital environment, Macquarie believes the Proposal represents an attractive alternative for shareholders, attributing a full and fair valuation for the Company's future potential. The Proposal represents: a premium of approximately 52% to the closing price of 509 pence per Renewi share on 27 September 2023 (being the last business day before the date of this announcement); a premium of approximately 53% to the volume-weighted average price of 507 pence per Renewi share for the one-month period ended 27 September 2023 (being the last business day before the date of this announcement); and a premium of approximately 54% to the volume-weighted average price of 503 pence per Renewi share for the three-month period ended 27 September 2023 (being the last business day before the date of this announcement). Macquarie invites the Board to engage constructively to agree the terms of a recommended transaction to be put forward to Renewi's shareholders. Macquarie reserves the right to vary the form and /or mix of the offer consideration and /or introduce other forms of consideration. Macquarie also reserves the right to make an offer on less favourable terms than the Proposal:. with the consent of the Board; ii. if a third party announces a possible offer or firm intention to make an offer for Renewi at a lower price; or iii. if Renewi announces a Rule 9 waiver pursuant to the Code or a reverse takeover. Valuation Update With 7 Day Price Move • Sep 28
Investor sentiment improves as stock rises 37% After last week's 37% share price gain to UK£7.06, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 18x in the Commercial Services industry in the United Kingdom. Total returns to shareholders of 204% over the past three years. Recent Insider Transactions Derivative • Jul 30
CEO & Director exercised options and sold UK£437k worth of stock On the 27th of July, Otto de Bont exercised options to acquire 86k shares at no cost and sold these for an average price of UK£5.10 per share. This trade did not impact their existing holding. For the year to March 2020, Otto's total compensation was 20% salary and 80% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since September 2022, Otto's direct individual holding has increased from 175.48k shares to 208.02k. Company insiders have collectively sold UK£311k more than they bought, via options and on-market transactions in the last 12 months. Price Target Changed • Jun 06
Price target decreased by 11% to UK£8.38 Down from UK£9.39, the current price target is an average from 3 analysts. New target price is 59% above last closing price of UK£5.26. Stock is down 27% over the past year. The company is forecast to post earnings per share of €0.78 for next year compared to €0.79 last year. Recent Insider Transactions • May 29
CFO & Director recently bought UK£145k worth of stock On the 26th of May, Annemieke Otter bought around 22k shares on-market at roughly UK£6.58 per share. This transaction increased Annemieke's direct individual holding by 1x at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Annemieke's only on-market trade for the last 12 months. Reported Earnings • May 26
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: €0.79 (down from €0.94 in FY 2022). Revenue: €1.89b (up 1.2% from FY 2022). Net income: €62.9m (down 16% from FY 2022). Profit margin: 3.3% (down from 4.0% in FY 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 3.9%. Earnings per share (EPS) also missed analyst estimates by 2.5%. Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, compared to a 9.3% growth forecast for the Commercial Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 100% per year but the company’s share price has only increased by 32% per year, which means it is significantly lagging earnings growth. Announcement • Jan 27
Renewi plc, Annual General Meeting, Jul 13, 2023 Renewi plc, Annual General Meeting, Jul 13, 2023. Price Target Changed • Nov 16
Price target decreased to UK£9.40 Down from UK£10.48, the current price target is an average from 5 analysts. New target price is 70% above last closing price of UK£5.54. Stock is down 33% over the past year. The company is forecast to post earnings per share of €0.87 for next year compared to €0.93 last year. Reported Earnings • Nov 16
First half 2023 earnings released: EPS: €0.66 (vs €0.45 in 1H 2022) First half 2023 results: EPS: €0.66 (up from €0.45 in 1H 2022). Revenue: €952.0m (up 4.0% from 1H 2022). Net income: €52.4m (up 46% from 1H 2022). Profit margin: 5.5% (up from 3.9% in 1H 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.2% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Commercial Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 121% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 12
First half 2023 earnings released: EPS: €0.66 (vs €0.46 in 1H 2022) First half 2023 results: EPS: €0.66 (up from €0.46 in 1H 2022). Revenue: €952.0m (up 4.0% from 1H 2022). Net income: €52.4m (up 43% from 1H 2022). Profit margin: 5.5% (up from 4.0% in 1H 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.4% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Commercial Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 120% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Price Target Changed • Nov 11
Price target decreased to UK£9.36 Down from UK£10.48, the current price target is an average from 4 analysts. New target price is 60% above last closing price of UK£5.84. Stock is down 29% over the past year. The company is forecast to post earnings per share of €0.84 for next year compared to €0.93 last year. Major Estimate Revision • Jul 20
Consensus forecasts updated The consensus outlook for 2023 has been updated. 2023 EPS estimate increased from €0.75 to €0.82. Revenue forecast steady at €1.95b. Net income forecast to shrink 21% next year vs 115% growth forecast for Commercial Services industry in the United Kingdom . Consensus price target of UK£10.38 unchanged from last update. Share price was steady at UK£7.73 over the past week. Board Change • Jun 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 5 experienced directors. 1 highly experienced director. Independent Non-Executive Chairman Ben Verwaayen was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • May 25
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: €0.93 (up from €0.14 in FY 2021). Revenue: €1.87b (up 10% from FY 2021). Net income: €74.5m (up €63.4m from FY 2021). Profit margin: 4.0% (up from 0.7% in FY 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 4.1%. Earnings per share (EPS) also surpassed analyst estimates by 8.7%. Over the next year, revenue is forecast to grow 3.7%, compared to a 18% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 107% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. Board Change • May 02
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 5 experienced directors. 1 highly experienced director. Independent Non-Executive Chairman Ben Verwaayen was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Price Target Changed • Mar 18
Price target increased to UK£10.30 Up from UK£9.55, the current price target is an average from 5 analysts. New target price is 49% above last closing price of UK£6.92. Stock is up 47% over the past year. The company is forecast to post earnings per share of €0.76 for next year compared to €0.14 last year. Valuation Update With 7 Day Price Move • Mar 14
Investor sentiment improved over the past week After last week's 15% share price gain to UK£6.16, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 20x in the Commercial Services industry in the United Kingdom. Total returns to shareholders of 191% over the past three years. Major Estimate Revision • Jan 29
Consensus EPS estimates increase by 22% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from €1.83b to €1.85b. EPS estimate increased from €0.61 to €0.75 per share. Net income forecast to grow 21% next year vs 66% growth forecast for Commercial Services industry in the United Kingdom. Consensus price target up from UK£9.55 to UK£10.08. Share price was steady at UK£6.64 over the past week. Major Estimate Revision • Dec 21
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate increased from €0.54 to €0.60. Revenue forecast steady at €1.80b. Net income forecast to grow 8.4% next year vs 89% growth forecast for Commercial Services industry in the United Kingdom. Consensus price target of UK£9.55 unchanged from last update. Share price was steady at UK£7.13 over the past week. Reported Earnings • Nov 11
First half 2022 earnings released: EPS €0.46 (vs €0.048 in 1H 2021) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2022 results: Revenue: €915.6m (up 12% from 1H 2021). Net income: €36.6m (up €32.8m from 1H 2021). Profit margin: 4.0% (up from 0.5% in 1H 2021). Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 08
Investor sentiment improved over the past week After last week's 18% share price gain to UK£7.06, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 23x in the Commercial Services industry in the United Kingdom. Total returns to shareholders of 32% over the past three years. Price Target Changed • Oct 05
Price target increased to UK£8.80 Up from UK£7.83, the current price target is an average from 4 analysts. New target price is 32% above last closing price of UK£6.65. Stock is up 175% over the past year. Reported Earnings • Jun 13
Full year 2021 earnings released: EPS €0.014 (vs €0.077 loss in FY 2020) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2021 results: Revenue: €1.69b (down 4.6% from FY 2020). Net income: €11.1m (up €72.4m from FY 2020). Profit margin: 0.7% (up from net loss in FY 2020). Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Major Estimate Revision • Jun 10
Consensus EPS estimates increase to €0.04 The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from €1.73b to €1.78b. EPS estimate increased from €0.027 to €0.04 per share. Net income forecast to grow 188% next year vs 43% growth forecast for Commercial Services industry in the United Kingdom. Consensus price target broadly unchanged at UK£0.78. Share price fell 3.2% to UK£0.55 over the past week. Recent Insider Transactions Derivative • Jun 05
CFO & Director exercised options and sold UK£72k worth of stock On the 1st of June, Toby Woolrych exercised options to acquire 130k shares at no cost and sold these for an average price of UK£0.55 per share. This trade did not impact their existing holding. Since June 2020, Toby has owned 1.25m shares directly. Company insiders have collectively sold UK£80k more than they bought, via options and on-market transactions in the last 12 months. Reported Earnings • May 29
Full year 2021 earnings released: EPS €0.014 (vs €0.077 loss in FY 2020) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2021 results: Revenue: €1.69b (down 4.6% from FY 2020). Net income: €11.1m (up €72.4m from FY 2020). Profit margin: 0.7% (up from net loss in FY 2020). Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Price Target Changed • Mar 11
Price target raised to UK£0.62 Up from UK£0.47, the current price target is an average from 3 analysts. The new target price is 24% above the current share price of UK£0.50. As of last close, the stock is up 91% over the past year. Is New 90 Day High Low • Mar 01
New 90-day high: UK£0.44 The company is up 28% from its price of UK£0.35 on 01 December 2020. The British market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Commercial Services industry, which is up 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is UK£0.06 per share. Is New 90 Day High Low • Jan 06
New 90-day high: UK£0.43 The company is up 80% from its price of UK£0.24 on 08 October 2020. The British market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Commercial Services industry, which is up 9.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is UK£0.068 per share. Is New 90 Day High Low • Dec 16
New 90-day high: UK£0.35 The company is up 73% from its price of UK£0.20 on 17 September 2020. The British market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Commercial Services industry, which is up 6.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is UK£0.066 per share. Reported Earnings • Nov 13
First half 2021 earnings released: EPS €0.005 The company reported a decent first half result with improved earnings and profit margins, although revenues were weaker. First half 2021 results: Revenue: €821.4m (down 10% from 1H 2020). Net income: €3.80m (up €22.8m from 1H 2020). Profit margin: 0.5% (up from net loss in 1H 2020). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has fallen by 38% per year, which means it is performing significantly worse than earnings. Is New 90 Day High Low • Nov 10
New 90-day high: UK£0.25 The company is up 1.0% from its price of UK£0.24 on 11 August 2020. The British market is down 2.0% over the last 90 days, indicating the company outperformed over that time. However, its price trend is similar to the Commercial Services industry, which is also up 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is UK£0.58 per share. Price Target Changed • Oct 10
Price target lowered to UK£0.47 Down from UK£0.61, the current price target is an average from 3 analysts. The new target price is 96% above the current share price of UK£0.24. As of last close, the stock is down 25% over the past year. Major Estimate Revision • Oct 02
Analysts update estimates The 2021 consensus revenue estimate increased from €1.58b to €1.61b. The company's losses in 2021 are expected to worsen with analysts lowering their EPS forecasts from -€0.0089 to -€0.013. The Commercial Services industry in the United Kingdom is expected to see a 2.2% decline in net income next year. The consensus price target of UK£0.62 was unchanged from the last update. Share price is up 20% to UK£0.23 over the past week. 
