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Accsys Technologies (AXS)

Business description

Accsys Technologies is a chemical technology company focused on ‘sustainability’ via the development and commercialisation of a range of transformational technologies. This is based upon the acetylation of solid wood and wood elements.

Y/E Mar Revenue (€m) EBITDA (€m) PBT (€m) EPS (c) P/E (x) P/CF (x)
2017A 56.5 (1.5) (4.5) (5.47) N/A N/A
2018A 60.9 (3.5) (8.8) (6.78) N/A N/A
2019E 70.9 2.0 (6.0) (5.34) N/A 147.4
2020E 94.9 7.8 (4.0) (4.51) N/A 17.9

Last updated on 22/10/2018

Investment summary

AGM comments pointed to operational progress at Arnhem in the first five months of the year and an on-track construction schedule for the new Tricoya facility at Hull. Accsys has set out a clear development plan for the group; while we are not placing undue weight on a short trading period, we are encouraged to see that growing revenues and production volumes have been achieved in the year to date. The implied Accoya wood sales required to hit our FY19 model assumption looks achievable in our view - subject to generating increasing demand for the higher-throughput potential – and ytd pricing progress so far is also a positive. H119 results are expected to be released on 20 November.

Last updated on 26/10/2018

Industry outlook

Accsys has a technically proven process and wide international market acceptance for its modified wood output. As well as successful capex execution, the sales and marketing challenge is to pull through demand to absorb newly available capacity and develop licence partners. Management has previously stated long-term market potential of 1 million m3 pa of Accoya wood and 1.6 million+ m3 of Tricoya panel products.

Last updated on 26/10/2018

Key management

Paul Clegg, CEO
William Rudge, Executive Finance Director
Sarah Harding, Head of Corporate Marketing & Communications
Hans Pauli, Executive Director, Corporate Development

Company address

Brettenham House, 2-19 Lancaster Place
United Kingdom
+44 (0)20 742 14300
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