reports
- Helene Kvilhaug Brøndbo
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 B...
- Helene Kvilhaug Brøndbo
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...
- Helene Kvilhaug Brøndbo
Agilyx (Buy, TP: NOK40.00) - Progressing as planned
With the H2 results largely in line and no major news on Cyclyx or the conversion side, we consider the report neutral and have barely changed our estimates. On the bright side, Agilyx cites high demand for its circularity centres (CCCs), with nine petrochemical companies having signed MoUs for offtake from future centres. We reiterate our BUY and NOK40 target price based on five initial CCCs, but see further upside potential in the event of a favourable market where more facilities are built.
- Helene Kvilhaug Brøndbo
Agilyx - Initiation of coverage - Completing the plastics cycle
Through its subsidiary Cyclyx, Agilyx is helping resolve a key bottleneck in chemical recycling: access to proper plastic-waste feedstock. This is increasingly understood by the industry, and underpinned by backing from strong industrial partners (ExxonMobil and LyondellBasell), reducing risk and ensuring solid economics for its recycling centres. We initiate coverage with a BUY and NOK40 target price based on five initial recycling centres, but see further upside potential in the event of a fav...
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