£116.9m market cap
99.1p last close
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.
Investment summary
All of the commercial markers of progress in developing Accoya have been ticked in FY20 to date with improvements in volume, pricing and gross margins all noted in the first five months of the year. Moreover, demand in each of the end markets currently served is said to be strong and the expanded Arnhem facility is being fully utilised. The new Tricoya facility timescale slippage does take the near-term gloss off Accoya’s progress but management reiterated that long-term profit expectations for the Tricoya business stream are unchanged. Our FY20 and FY21 estimates are unchanged and we have introduced FY22 forecasts for the first time.
Y/E Mar |
Revenue (€m) |
EBITDA (€m) |
PBT (€m) |
EPS (c) |
P/E (x) |
P/CF (x) |
|---|---|---|---|---|---|---|
| 2018A | 60.9 | (3.5) | (8.8) | (0.07) | N/A | N/A |
| 2019A | 75.2 | 0.9 | (6.2) | (0.04) | N/A | N/A |
| 2020E | 87.5 | 4.7 | (4.0) | (0.04) | N/A | 24.6 |
| 2021E | 110.0 | 10.4 | (2.4) | (0.03) | N/A | 14.0 |
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 a long-term market potential of 1m m3 pa of Accoya wood and 1.6m+ m3 of Tricoya panel products.
Last updated on 11/11/2019
Sector |
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| Industrials |
Share price graph
Balance sheet |
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|---|---|
| Forecast net debt (€m) | 64.3 |
| Forecast gearing ratio (%) | 94 |
Price performance
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Key management |
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|---|---|
| Paul Clegg | CEO |
| Hans Pauli | Executive Director, Corporate Development |
| William Rudge | Executive Finance Director |
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