£121.5m market cap
103p 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
FY19 results were broadly in line with revised guidance at the year end and included Accoya profitability more than double the prior year level while good cost control elsewhere led to a small positive EBITDA outturn and the group operating loss more than halving overall. Significant investment was undertaken in the year both at Arnhem (capacity expansion and freehold purchase) and the new Tricoya facility at Hull which is under construction (and due to become operational in mid CY20). Market demand appears to be strong and other new business development actions including potential further expansion at Arnhem and discussions regarding geographic expansion into the US and Malaysia are ongoing. Our estimates are under review.
Y/E Mar |
Revenue (€m) |
EBITDA (€m) |
PBT (€m) |
EPS (c) |
P/E (x) |
P/CF (x) |
|---|---|---|---|---|---|---|
| 2018A | 60.9 | (3.5) | (8.8) | (6.78) | N/A | N/A |
| 2019A | 75.2 | 0.9 | (6.2) | (4.00) | N/A | N/A |
| 2020E | 87.5 | 4.7 | (4.0) | (4.11) | N/A | 24.2 |
| 2021E | N/A | N/A | N/A | N/A | N/A | N/A |
| Last updated on 18/09/2019 | ||||||
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 18/09/2019
Sector |
|---|
| Industrials |
Share price graph
Balance sheet |
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|---|---|
| Forecast net debt (€m) | 46 |
| Forecast gearing ratio (%) | 63 |
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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