Accsys Technologies - Updating estimates for FY22 results
With its FY22 results at the end of June, Accsys provided guidance for FY23 to almost double EBITDA, mainly driven by new capacity. To fulfil the strong market demand for its high-performance wood products, Accsys aims to expand its capacity from 60,000m3 to 200,000m3 by 2025. However, the current two capacity expansions of 60,000m3 in total faced difficulties during commissioning, resulting in delays of a few months. We have lowered our estimates, incorporated prudent cost buffers for future projects and adjusted some of our assumptions within our DCF valuation.Accsys Technologies is a holding company. Through its subsidiaries, Co. is a chemical technology group focused on the development and commercialization of a range of transformational technologies based upon the acetylation of solid wood and wood elements (wood chips, fibres and particles) for use as construction materials. Co.'s business consists of the following: commercial scale Accoya® wood production and sales facility in Arnhem; building and operating of Tricoya® wood chip acetylation plant in Hull; Accoya and Tricoya technology licensing and business development; and technology and product development.
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