Accsys Technologies - Edison Group

Overview
Price performance
Financials
Research
Thematics

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). Management will make an investment decision about the Tricoya project in Hull in H125. We assume it will be continued, although most likely not operational before FY26.

Latest Insights

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Industrials |
Update

29.05.24

Accsys Technologies — FY24 better than previously expected

Industrials |
Update

22.01.24

Accsys Technologies — Updating estimates for guidance and capital raise

Industrials |
Update

08.09.23

Accsys Technologies — Warning of lower demand

Industrials |
Update

13.07.23

Accsys Technologies — FY23 results better than expected

Accsys-Technologies_resized

Sector

Industrials

Equity Analyst

Johan van den Hooven

Johan van den Hooven

Analyst

Key Management

Dr Jelena Arsic van Os

CEO
Hans Pauli

CFO

Balance Sheet

Forecast net debt (€m)

43.3

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
%	1M	3M	12M
Actual	(5.5)	(0.7)	(28.0)
Relative	(4.3)	(4.2)	(35.0)
52 week high/low	107.0p/50.2p

Financials

In FY24, volumes were down 11% y-o-y, better than management had expected, due to resilient trading in Q4 and the first effects of the company’s investments in sales and marketing. Cost-saving measures are also on track, with the first effects from Q424. As a result, adjusted group EBITDA of €4.8m was better than previous consensus of €2.5m. Last November, Accsys raised €24m in new capital, mainly to finance 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	0.97	66.4	16.8
2023A	162.0	22.9	(66.0)	4.35	14.8	4.8
2024E	142.5	4.0	(15.3)	(3.90)	N/A	29.5
2025E	143.8	8.9	(4.8)	(2.88)	N/A	16.4

Flash note

Industrials

26.05.22

Accsys Technologies — FY22 guidance reaffirmed, €19m net capital raise

Update

Industrials

04.03.22

Accsys Technologies — Capacity expansion on track

Update

Industrials

26.11.21

Accsys Technologies — Growing and investing

Outlook

Industrials

28.09.21

Accsys Technologies — Building on strong foundations

Update

Industrials

14.10.19

Accsys Technologies — Solid progress from solid wood

Update

Industrials

23.04.19

Accsys Technologies — EBITDA milestone achieved, Hull build delay

Update

Industrials

21.09.18

Accsys Technologies — Accoya volume rising, more capacity on stream

Initiation

Industrials

09.07.18

Accsys Technologies — Accelerated growth

QuickView

Industrials

21.06.18

Accsys Technologies — Clear strategic progress