Accsys Technologies

LN: AXS

Market Cap£329m

Last Close 171p

Accsys Technologies is a chemical technology company focused on the development and commercialisation of a range of transformational technologies based on the acetylation of solid wood and wood elements for use as high performance, environmentally sustainable construction materials.

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Investment summary

Accoya wood volumes rose by c 12% in H122 (against a COVID-19 dampened H121) and Arnhem effectively operated at full capacity throughout. The 31% group revenue uplift clearly benefited from firmer pricing, although the manufacturing margin (at 31%) was diluted a little, primarily due to mix effects. The 20% uplift in gross profit was reinvested into opex – especially staff at all levels – with an eye to future growth leaving H1 EBIT unchanged y-o-y. Management expectations for FY21 are unchanged as are the timelines for new capacity at Arnhem and Hull. Accsys is well placed operationally and strategically to pursue its growth aspirations with a firm demand backdrop. Our estimates are under review.

Y/E Mar
Revenue (€m)
EBITDA (€m)
PBT (€m)
EPS (c)
P/E (x)
P/CF (x)
2020A 90.9 5.9 (2.2) (0.94) N/A 120.7
2021A 99.8 9.3 1.1 0.77 261.4 16.5
2022E 114.0 10.4 0.3 (0.07) N/A 60.2
2023E 151.3 27.6 12.3 4.30 46.8 14.7
Industry outlook

Accsys has a technically proven process and wide international market acceptance for its modified wood output. As well as successful capex execution, the sales and marketing challenge is to pull through demand to absorb newly available capacity and develop licence partners. Management has previously stated long-term market potential of 1m m3 pa of Accoya wood and 1.6m+ m3 of Tricoya panel products.

Last updated on 21/01/2022
Content on Accsys Technologies
Accsys Technologies – Growing and investing
Industrials | Update | 26 November 2021
Accsys Technologies – Building on strong foundations
Industrials | Outlook | 28 September 2021
Accsys Technologies – Solid progress from solid wood
Industrials | Update | 14 October 2019
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Share price graph
Balance sheet
Forecast net debt (€m) 46.3
Forecast gearing ratio (%) 27
Price performance
%
1m
3m
12m
Actual (0.2) 7.9 19.1
Relative* (1.9) 5.0 7.4
52-week high/low 188.0p/136.4p
*% relative to local index
Key management
Robert Harris CEO
Hans Pauli Executive Director, Corporate Development
William Rudge Executive Finance Director