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). We assume the Tricoya project will be continued, although most likely not operational before FY26.
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Dr Jelena Arsic van Os
CEO
Steven Salo
CFO
Forecast net debt (€m)
43.3
Forecast gearing ratio (%)
N/A
% | 1M | 3M | 12M |
---|---|---|---|
Actual | 5.8 | (5.9) | (11.9) |
Relative | 4.5 | (12.0) | (13.5) |
52 week high/low | 107.0p/50.2p |
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 | 6546.5 | 17.1 |
2023A | 162.0 | 22.9 | (66.0) | 0.04 | 1636.6 | 4.9 |
2024E | 141.9 | 2.5 | (17.4) | (0.05) | N/A | 42.9 |
2025E | 141.0 | 6.7 | (7.7) | (0.04) | N/A | 21.8 |