Agilyx (Buy, TP: NOK37.00) - CCC construction in focus
With key H2 2024 numbers already pre-announced, we expect focus in conjunction with Agilyx’s 2024 annual report release to be on the progress of the two Cyclyx circularity centres (CCCs) under construction as well as further growth opportunities. We see room for more CCCs, but do not expect any further FIDs until the first unit has commissioned. We also see opportunities elsewhere, such as potential further work for Toyo Styrene and through the recently established Plastyx JV. We reiterate our BUY, but have cut our target price to NOK37 (38), reflecting five initial circularity centres.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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