Accsys Technologies

Accsys Technologies

AIM: AXS

Market Cap£137m

Last Close 62.5p

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.

More Accsys Technologies content >

Investment summary

Accsys has provided an update on the construction of the Tricoya plant in Hull, UK. After the restructuring of the consortium, Accsys now owns 100% of Tricoya, which we think is positive. However, project costs are anticipated to be up to €35m higher than previously expected and all activities at the site have been put on hold for at least six months to mitigate the negative impact on profitability of high acetyls input prices. Accsys will assess the exact costs before it commits capital to completing the plant, which we estimate may require a capital raise of c €20m. We have reduced our estimates and increased our capex assumptions for Hull, resulting in a discounted cash flow (DCF) valuation of €0.95 per share.

Y/E Mar
Revenue (€m)
EBITDA (€m)
PBT (€m)
EPS (fd) (c)
P/E (x)
P/CF (x)
2021A 99.8 10.1 0.2 0.0 N/A 11.6
2022A 120.9 10.4 1.9 1.12 64.2 12.5
2023E 138.5 16.0 5.4 2.26 31.8 N/A
2024E 159.8 20.7 8.7 3.47 20.7 7.6
Industry outlook

To fulfil the strong market demand for its high-performance wood products, Accsys aims to expand its total processing capacity from 60,000m3 currently to 200,000m3 by 2025. The expansion at Arnhem now is completed (adding 20,000m3) and the construction of the Accoya plant in America is on track, but development of the Tricoya plant in Hull remains problematic. Accsys remains committed to working towards commercial production at this plant and our best guess for the start date is now April 2023.

Last updated on 30/11/2022
Content on Accsys Technologies
Accsys Technologies – Accsys now owns 100% of Tricoya but Hull on hold
Industrials | research Update | 16 November 2022
Accsys Technologies
Accsys Technologies – Arnhem expansion completed but Hull delayed
Industrials | research Update | 22 September 2022
Accsys Technologies
Accsys Technologies – Updating estimates for FY22 results
Industrials | research Update | 5 August 2022
Accsys Technologies
View more
Register to receive research on Accsys Technologies as it is published
Share price graph
Balance sheet
Forecast net debt (€m) 77.7
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual (8.9) (35.2) (62.9)
Relative* (14.7) (37.3) (63.9)
52-week high/low 181.0p/54.4p
*% relative to local index
Key management
Robert Harris CEO
Hans Pauli Executive Director, Corporate Development
William Rudge Executive Finance Director