Agilyx (Buy, TP: NOK38.00) - Firming up its second CCC
Agilyx has raised USD40m of equity, which, alongside USD47m of debt financing, funds its portion of the capex for the second Cyclyx Circularity Centre (CCC) as well as modest working capital contributions. We still see a strong business case for the CCCs with a 15% unleveraged IRR and solid demand from petrochemical companies. We reiterate our BUY but have lowered our target price to NOK38 (40) on a slightly longer build-out for the first five CCCs. A favourable market with more facilities being built could suggest further upside potential.
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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