Main menu
Edison Group
  • Home
  • Equities

    Equities

    View All Equities

    Equities by Sector

    Metals One

    MCap

    GBP2m

    Last close

    GBP0.01

    ▲ 0.15 (37.50%)

    OpGen

    MCap

    USD16m

    Last close

    USD1.88

    ▲ 0.40 (26.60%)

    Chosa

    MCap

    SEK48m

    Last close

    SEK0.67

    ▲ 0.10 (17.54%)

  • Sectors

    Sectors

  • Thematics

    Thematics

    View All Thematics

    Latest

  • Audiovisual

    Audiovisual

    View All Audiovisual

    Latest

Accsys Technologies (AIM: AXS)

Last close As at 15/11/2024

GBP0.48

▲ 0.05 (0.10%)

Market capitalisation

GBP116m

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

View More

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
Visit Website

Sector

Industrials

Equity Analyst

Johan van den Hooven

Key Management

  • Dr Jelena Arsic van Os

    CEO

  • Hans Pauli

    CFO

Balance Sheet

Forecast net debt (€m)

41.7

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (5.5) (7.5) (23.4)
Relative (3.1) (5.2) (29.7)
52 week high/low 63.0p/46.5p

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 13.3 4.3
2024A 136.2 4.8 (17.1) (4.34) N/A 36.5
2025E 137.4 10.0 (30.7) (1.94) N/A 16.9
2026E 152.4 18.3 6.0 2.13 27.1 7.0

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
View All

Thematics

thematic

Industrials

The art of measurement – Challenges in metrology

thematic

Industrials

Deutsches Eigenkapitalforum (EKF) 2023 industrials

thematic

Industrials

The long and winding road

thematic

Industrials

Quantum computing: A booming industry
View All

Subscribe to Edison

Get access to the very latest content matched to your personal investment style.

Sign up for free