Edison Investment Research Limited Edison Investment Research Limited: Accsys Technologies (AXS): Building on strong foundations 29-Sep-2021 / 08:00 GMT/BST

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London, UK, 29 September 2021

Accsys Technologies (AXS): Building on strong foundations

A well-established and profitable market presence generated from the Arnhem Accoya facility represents a springboard for Accsys to bring new facilities and revenues on stream. In reinstating estimates, we also provide a framework for investors to appraise expected completion of the nascent Hull Tricoya operation and a prospective new US facility. These are both material developments and provide Accsys with the opportunity to generate significantly higher earnings.

The Accsys share price is up c 80% on a 12-month view. It responded favourably to a EUR37m (gross) equity raise at the end of May and is currently c 10% below the 188p high at the beginning of July. Based on our reinstated estimates, FY23 EV/EBITDA is 12.7x currently and our outline DCF methodology suggests that a standalone Arnhem/Accoya approach generates a valuation in line with the current share price (before group central and R&D costs, Hull/Tricoya and US/ Accoya cash flows are factored in).

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September 29, 2021 03:00 ET (07:00 GMT)