Accsys Technologies (AXS): Building on strong f...

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. All reports published by Edison are available to download free of charge from its website www.edisongroup.com About Edison: Edison is a leading research and investor relations consultancy, connecting listed companies to the widest pool of global investors. By focusing on the volume and quality of investors reached - across institutions, family offices, wealth managers and retail investors - Edison can create and gauge intent to purchase, even in the darkest pools of capital, and then make introductions via non-deal roadshows, events or virtual meetings. Having been the first in-market 17 years ago, Edison now has more than 100 analysts covering every economic sector. Headquartered in London, Edison also has offices in New York, Frankfurt, Amsterdam and Tel Aviv and a presence in Athens, Johannesburg and Sydney. Edison is authorised and regulated by the Financial Conduct Authority. Edison is not an adviser or broker-dealer and does not provide investment advice. Edison's reports are not solicitations to buy or sell any securities. For more information, please contact Edison: Toby Thorrington [phone] [e-mail] Learn more at www.edisongroup.com and connect with Edison on:  LinkedIn  www.linkedin.com/company/edison-group-/ Twitter   www.twitter.com/Edison_Inv_Res YouTube  www.youtube.com/edisonitv Dissemination of a CORPORATE NEWS, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement.

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