Last checked at 29 Sep 2021 08:00
Edison Investment Research Limited Edison Investment Research Limited: Accsys Technologies (AXS): Building on strong foundations 29-Sep-2021 / 08:00 GMT/BST
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 €37m (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). Click here to view the full report or here to sign up to receive research as it is published.
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1236561 29-Sep-2021
corporate announcement transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement.