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Accsys Technologies (AIM: AXS)

Currency in GBP

Last close As at 03/02/2023

GBP0.87

▲ −1.20 (−1.36%)

Market capitalisation

GBP190m

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.

Demand for Accoya and Tricoya remains strong and Accsys expects volumes in H2 to be c 50% higher than in H1. The company remains focused on expanding its capacity, with the fourth reactor in Arnhem ramping up (increasing capacity to 80k m3) and construction of the Accoya plant in America on track (adding 43k m3 in 2024). We estimate potential Accoya revenues of €275m and we assume that the Tricoya project will be continued, although it is unlikely to be operational before March 2024 (40k m3 capacity).

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Industrials

Accsys Technologies — Stronger than expected H123 results

Industrials

Accsys Technologies — Accsys now owns 100% of Tricoya but Hull on hold

Industrials

Accsys Technologies — Arnhem expansion completed but Hull delayed

Industrials

Accsys Technologies — Updating estimates for FY22 results
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Sector

Industrials

Equity Analyst

Johan van den Hooven

Key Management

  • Hans Pauli

    Executive Director, Corporate Development

  • Robert Harris

    CEO

  • William Rudge

    Executive Finance Director

Balance Sheet

Forecast net debt (€m)

52.6

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 41.8 41.5 (47.0)
Relative 34.3 28.6 (47.5)
52 week high/low 164.5p/54.4p

Financials

H123 revenues rose 5% to €58.9m with higher sales prices offsetting lower volumes (due to the plant shutdown in April/May). Despite higher input prices EBITDA was stable, which is a good result given the challenging market conditions. No update was given regarding the Tricoya plant in Hull, where construction was stopped in early November for at least six months, to mitigate the risk of lower profitability in the ramp up period due to high and volatile acetyls prices. Our DCF indicates a value of €1.00 per share.

Y/E Mar Revenue (€m) EBITDA (€m) PBT (€m) EPS (fd) (c) P/E (x) P/CF (x)
2021A 99.8 10.1 0.3 0.0 N/A 17.1
2022A 120.9 10.4 1.8 1.12 89.7 18.1
2023E 147.7 18.1 (48.4) 3.03 33.2 14.9
2024E 178.9 26.3 14.2 5.29 19.0 8.6

Research

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