£232.9m market cap
141.75p 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
The 21% revenue uplift and manufacturing gross margin of 30% in FY20 demonstrated the benefit of adding Accoya capacity in the prior year. Planning for a fourth Anhem reactor is advancing. Tricoya sales showed good growth, further developing this market ahead of the new Hull facility coming on stream (expected in Q421). Group operating profit of €1.6m was another development milestone, while end FY20 net debt was c €20m (IAS17), plus c €5m lease liabilities. In FY21 trading to date, management noted that April sales volumes were 43% lower y-o-y and there was some recovery in May as distribution channels and end market projects began to reopen. Long-term market prospects, including significant potential partnerships in the US and Asia, look attractive. Our estimates are under review pending H121 results on 30 November.
Y/E Mar |
Revenue (€m) |
EBITDA (€m) |
PBT (€m) |
EPS (c) |
P/E (x) |
P/CF (x) |
|---|---|---|---|---|---|---|
| 2019A | 75.2 | 0.9 | (6.2) | (0.38) | N/A | N/A |
| 2020A | 90.9 | 7.0 | (2.2) | (0.08) | N/A | 94.8 |
| 2021E | N/A | N/A | N/A | N/A | N/A | N/A |
| 2022E | N/A | N/A | N/A | N/A | N/A | N/A |
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 22/01/2021
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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|---|---|
| Robert Harris | CEO |
| Hans Pauli | Executive Director, Corporate Development |
| William Rudge | Executive Finance Director |
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