In September 2023, Accsys warned of weaker market conditions in the building materials and construction markets and in November, it stated not to expect trading conditions to improve materially until mid-CY24. For FY24–25, we have lowered our revenue estimates by 8–18% and EBITDA by 68–79%. The construction of the Accoya plant in the US is on schedule for operation by mid-CY24 and management will undertake a review of the viability of the Tricoya project in the UK in early CY24. Accsys raised €24m of new capital, largely for the completion of the plant in the US. On lower estimates, our discounted cash flow (DCF) points at a value per share of €0.86 (previously €0.93).
22 Jan 2024
Accsys Technologies - Updating estimates for guidance and capital raise
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Accsys Technologies - Updating estimates for guidance and capital raise
Accsys Technologies PLC (AXS:LON) | 58.9 0 0.0% | Mkt Cap: 140.9m
- Published:
22 Jan 2024 -
Author:
Johan van den Hooven -
Pages:
7
In September 2023, Accsys warned of weaker market conditions in the building materials and construction markets and in November, it stated not to expect trading conditions to improve materially until mid-CY24. For FY24–25, we have lowered our revenue estimates by 8–18% and EBITDA by 68–79%. The construction of the Accoya plant in the US is on schedule for operation by mid-CY24 and management will undertake a review of the viability of the Tricoya project in the UK in early CY24. Accsys raised €24m of new capital, largely for the completion of the plant in the US. On lower estimates, our discounted cash flow (DCF) points at a value per share of €0.86 (previously €0.93).