Accsys continues to see strong demand for its high-performance wood products. With demand outstripping capacity, its stated strategy is to expand its total processing capacity from 60,000m3 currently to 200,000m3 by 2025. The group has reaffirmed guidance for FY22, consensus EBITDA is currently €10.4m and adjusted PBT is €1.2m. Driving this performance is price. With volumes flat due to capacity constraints and plant downtimes, which was covered in our March 2022 site visit note, Accoya revenues are up 15%, suggesting price increases in excess of inflation are being achieved. The capacity expansion at Arnhem R4 is taking longer than expected, with an unexpected second shut down that has occurred post the March 2022 site visit. In our view, the discounted placing (with net proceeds of €19m) appears prudent. The proceeds will provide working capital headroom, in light of the volatile pricing and supply chain environment and to accommodate the previously flagged higher capex costs at Hull and the project delays at Arnhem. We are withdrawing our forecasts and will review our FY23 and FY24 projections to reflect the updates on capacity and pricing.Den vollständigen Artikel lesen ...
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