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).
Hans Pauli
Executive Director, Corporate Development
Robert Harris
CEO
William Rudge
Executive Finance Director
Forecast net debt (€m)
52.6
Forecast gearing ratio (%)
N/A
% | 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 |
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 |
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