Edison Investment Research Limited
London, UK, 29 September 2021
Accsys Technologies (AXS): Building on strong foundations
A well-established and profitable market presence generated from the Arnhem Accoya facility represents a springboard for Accsys to bring new facilities and revenues on stream. In reinstating estimates, we also provide a framework for investors to appraise expected completion of the nascent Hull Tricoya operation and a prospective new US facility. These are both material developments and provide Accsys with the opportunity to generate significantly higher earnings.
The Accsys share price is up c 80% on a 12-month view. It responded favourably to a €37m (gross) equity raise at the end of May and is currently c 10% below the 188p high at the beginning of July. Based on our reinstated estimates, FY23 EV/EBITDA is 12.7x currently and our outline DCF methodology suggests that a standalone Arnhem/Accoya approach generates a valuation in line with the current share price (before group central and R&D costs, Hull/Tricoya and US/Accoya cash flows are factored in).
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