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Accsys Technologies (AIM: AXS)

Last close As at 22/11/2024

GBP0.44

▲ −2.15 (−4.66%)

Market capitalisation

GBP106m

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 remains intact. The fourth reactor in Arnhem increased capacity to up to 80k m³, with estimated revenues of €195m by FY27. The Accoya plant in the US adds capacity of up to 43k m³, with estimated revenues of €105m by FY28 (this 60%/40% joint venture is equity accounted) and ample room to expand capacity in due course.

Latest Insights

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Industrials | Update

Accsys Technologies — Tricoya project to be discontinued

Industrials | Update

Accsys Technologies — Second Accoya plant operational

Industrials | Update

Accsys Technologies — Good progression shown in Q424

Industrials | Update

Accsys Technologies — FY24 better than previously expected
Accsys-Technologies_resized
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Sector

Industrials

Equity Analyst

Johan van den Hooven

Key Management

  • Dr Jelena Arsic van Os

    CEO

  • Sameet Vohra

    CFO

Balance Sheet

Forecast net debt (€m)

41.7

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (8.1) (10.2) (26.8)
Relative (4.8) (8.0) (32.2)
52 week high/low 63.0p/46.1p

Financials

Accsys positively surprised by reporting further growth in Q125, despite the strong comparison base and weak construction markets (+3% y-o-y after a revenue decline of 16% y-o-y in FY24). The commercial start of the new Accoya plant in the US is an important milestone for the company as there are now two Accoya plants in the world. Management decided to discontinue the Tricoya project in Hull as it has not found a financial or strategic partner to finalise the construction of the plant. Supported by a good order book, Accsys is positive about its outlook and reiterated its target to reach 100,000m³ in volumes by FY27. Our DCF points to a value of €0.92 per share.

Y/E Mar Revenue (€m) EBITDA (€m) PBT (€m) EPS (fd) (c) P/E (x) P/CF (x)
2023A 162.0 22.9 (67.1) 4.35 12.2 3.9
2024A 136.2 4.8 (17.1) (4.34) N/A 33.5
2025E 137.4 10.0 (30.7) (1.94) N/A 15.5
2026E 152.4 18.3 6.0 2.13 24.8 6.4

Research

Update

Industrials

Accsys Technologies — Second Accoya plant operational

Update

Industrials

Accsys Technologies — Good progression shown in Q424

Industrials

Update

Accsys Technologies — Tricoya project to be discontinued
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