Accsys Technologies

LN: AXS

Market Cap£312.6m

Last Close 163p

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

A year end update noted strong H2 sales growth – after a small H1 COVID-19 related dip – resulting in FY21 revenue progress of c 9%. Accoya wood volumes (+ c4%) and associated revenues have been firm with the Arnhem plant operating at capacity, supporting a sustained gross margin improvement. Expansion via a fourth reactor at Arnhem is on track for delivery by the end of FY22 while the new Hull/Tricoya plant is in the final stages of construction and management expects full operational ramp-up to commence in H222. Accsys ended FY21 with €12.5m net debt. On 5 May an equity raise of up to €37m was announced, substantially to fund the company’s JV share of establishing a new Accoya facility in the United States. Our estimates are under review.

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 113.6
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 21/06/2021
Content on Accsys Technologies
Accsys Technologies – Solid progress from solid wood
Industrials | Update | 14 October 2019
Accsys Technologies (AXS); posts FY 2019 trading update
Industrials | Edison Sparks | 26 March 2019
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Share price graph
Balance sheet
Forecast net debt (€m) 64.3
Forecast gearing ratio (%) 94
Price performance
%
1m
3m
12m
Actual 3.2 (2.9) 104.5
Relative* 2.5 (7.8) 77.0
52-week high/low 170.0p/78.9p
*% relative to local index
Key management
Robert Harris CEO
Hans Pauli Executive Director, Corporate Development
William Rudge Executive Finance Director