Accsys Technologies - Updating estimates for guidance and capital raise
In September 2023, Accsys warned of weaker market conditions in the building materials and construction markets and in November, it stated not to expect trading conditions to improve materially until mid-CY24. For FY24–25, we have lowered our revenue estimates by 8–18% and EBITDA by 68–79%. The construction of the Accoya plant in the US is on schedule for operation by mid-CY24 and management will undertake a review of the viability of the Tricoya project in the UK in early CY24. Accsys raised €24m of new capital, largely for the completion of the plant in the US. On lower estimates, our discounted cash flow (DCF) points at a value per share of €0.86 (previously €0.93).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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