Accsys Technologies plc : Moving in the right direction but some uncertainty remains
>On the right track but too early to upgrade. Neutral reiterated - We are updating our estimates after the recent positive trading update and the discontinuation of the Tricoya Hull plant. Our adj. EBITDA for 2025 declines to €5.8m (was €7.5m) solely because of earlier than expected winddown costs of Tricoya UK. In 2026 and 2027 the adj. EBITDA is expected to improve materially (to €24m and €39m respectively) as Accoya NL production and sales should ramp-up to near f...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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