Accsys Technologies (AIM: AXS)

Last close As at 15/06/2024

GBP0.57

−0.30 (−0.53%)

Market capitalisation

GBP137m

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, producing up to 43k m³, with estimated revenues of €105m by CY27 (this 60%/40% joint venture is equity accounted). Management will make an investment decision about the Tricoya project in Hull in H125. We assume it will be continued, although most likely not operational before FY26.

Latest Insights

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Industrials | Update

Accsys Technologies — FY24 better than previously expected

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

  • Hans Pauli

    CFO

Balance Sheet

Forecast net debt (€m)

43.3

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (2.7) 9.4 (24.1)
Relative (0.5) 3.3 (29.9)
52 week high/low 107.0p/50.2p

Financials

In FY24, volumes were down 11% y-o-y, better than management had expected, due to resilient trading in Q4 and the first effects of the company’s investments in sales and marketing. Cost-saving measures are also on track, with the first effects from Q424. As a result, management now expects adjusted group EBITDA to be higher than consensus of €2.5m. Last November, Accsys raised €24m in new capital, mainly to finance 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 0.97 68.6 17.3
2023A 162.0 22.9 (66.0) 4.35 15.3 5.0
2024E 142.5 4.0 (15.3) (3.90) N/A 30.5
2025E 143.8 8.9 (4.8) (2.88) N/A 16.9

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