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 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

25.09.24

Accsys Technologies — Tricoya project to be discontinued

Industrials |
Update

09.09.24

Accsys Technologies — Second Accoya plant operational

Industrials |
Update

08.07.24

Accsys Technologies — Good progression shown in Q424

Industrials |
Update

29.05.24

Accsys Technologies — FY24 better than previously 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
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

08.12.22

Accsys Technologies — Stronger than expected H123 results

Update

Industrials

15.11.22

Accsys Technologies — Accsys now owns 100% of Tricoya but Hull on hold

Accsys-Technologies_resized

Industrials

Update

Accsys Technologies — Stronger than expected revenue growth in Q3

Accsys-Technologies_resized

Update

Industrials

22.09.22

Accsys Technologies — Arnhem expansion completed but Hull delayed

Update

Industrials

05.08.22

Accsys Technologies — Updating estimates for FY22 results

Update

Industrials

15.06.22

Accsys Technologies — Additional capacity comes at additional costs

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

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