Accsys Technologies (AIM: AXS)

Last close As at 28/02/2024

GBP0.53

−1.60 (−2.91%)

Market capitalisation

GBP128m

Accsys Technologies is a chemical technology company enhancing the natural properties of wood to make high performance and sustainable building products. Its processes are based on the acetylation of solid wood and wood elements.

Long-term demand for Accoya and Tricoya seems intact and Accsys’s focus remains on expanding capacity. The fourth reactor in Arnhem increased capacity to up to 80k m³, with estimated revenues of €195m by CY26. The Accoya plant in the US is expected to be operational by mid-2024 and can produce up to 43k m³, with estimated revenues of €105m by CY27 (this 60%/40% joint venture is equity accounted). We assume the Tricoya project will be continued, although most likely not operational before FY26.

Latest Insights

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Industrials | Update

Accsys Technologies — Warning of lower demand

Industrials | Update

Accsys Technologies — FY23 results better than expected

Accsys-Technologies_resized

Sector

Industrials

Equity Analyst

Key Management

  • Dr Jelena Arsic van Os

    CEO

  • Steven Salo

    CFO

Balance Sheet

Forecast net debt (€m)

43.3

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (11.0) (15.2) (23.7)
Relative (10.7) (17.3) (21.1)
52 week high/low 107.0p/53.1p

Financials

In H124 (March to September 2023) revenues increased 21% y-o-y to €71m with 5% higher sales prices. Accoya volumes rose 20% y-o-y with 30% growth in lower-priced Accoya for Tricoya production. Gross margin was 200bp lower due to higher raw material costs and EBITDA declined 64% y-o-y on higher opex. In September, the company warned of weaker construction markets and that trading conditions are unlikely to improve materially until mid CY24. Accsys raised €24m in new capital mainly for the financing of the completion of the Accoya plant in the US.

Y/E Mar Revenue (€m) EBITDA (€m) PBT (€m) EPS (fd) (c) P/E (x) P/CF (x)
2022A 120.9 10.4 1.8 0.01 6246.3 16.3
2023A 162.0 22.9 (66.0) 0.04 1561.6 4.7
2024E 141.9 2.5 (17.4) (0.05) N/A 40.9
2025E 141.0 6.7 (7.7) (0.04) N/A 20.8

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