Accsys Technologies - Updating estimates for guidance and capital raise

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).

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