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Accsys krijgt maximaal 2,5 miljoen per jaar van Solvay bij productie van 63.000 m3

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DeZwarteRidder
0
This licence agreement grants Solvay the exclusive rights for 15 years to produce and sell Accoya within about 40 European countries, whist the Netherlands, Belgium, Luxemburg, UK and Ireland remain territories of Accsys. The first constructed plant has a capacity of 63,000 m³ Accoya output and Solvay has an option on more plants. Accsys will receive licence and royalty fees, building up to about EUR 2.5m per annum when nearing full capacity.
DeZwarteRidder
0
tull 31 dec 2013 om 13:33:
----------------------------
Research Morning Notes for 23/12/2013
Accsys: Breakthrough: First fully effective licence agreement

Accsys (Buy): Breakthrough: First fully effective licence agreement
The facts: Accsys announced that the board of Solvay has formally approved the licence agreement for Accoya, reflecting the starting signal for the construction of the first licence plant for Accoya.
Our analysis: Accsys's strategy focuses on two revenue streams, the first is the production of Accoya in its plant in Arnhem and the second is revenue streams from multiple licence agreements for both Accoya and Tricoya.
Growth momentum of Accoya is strong, fuelled by increasing industry recognition and further market penetration. In the first half of the current book year ending 3/2014 the company reported 62% growth in sales to Accoya customers. We expect Accsys's production plant in Arnhem to be EBITDA positive this year now that the break-even level of 17,500 m³ has been surpassed. The company as a whole is expected to be EBITDA positive in fiscal year 3/2016.
Accsys aims to maximise the global use of Accoya and Tricoya through licensing its technology. Until now there wasn't any licence plant operational. The Solvay licence is therefore a very important breakthrough for the company following several (optional) licence agreements, which didn't result in the construction of a licence plant, such as the one with Diamond Wood.
This licence agreement grants Solvay the exclusive rights for 15 years to produce and sell Accoya within about 40 European countries, whist the Netherlands, Belgium, Luxemburg, UK and Ireland remain territories of Accsys. The first constructed plant has a capacity of 63,000 m³ Accoya output and Solvay has an option on more plants. Accsys will receive licence and royalty fees, building up to about EUR 2.5m per annum when nearing full capacity.
New to the agreement is that Solvay is exploring possibilities of constructing the plant on Accsys's land in Arnhem instead of in Freiburg, Germany, in order to create economies of scale. On top of that, the companies are exploring coordinated operational and maintenance services for both companies in Arnhem, which could offer Accsys another stream of income. Although both these factors increase the eventual value of the Solvay licence, it also means a delay in construction of the plant of about 3 months. The first production is now expected early 2016, by which time the company's Arnhem plant could have already reached the stage of full capacity.
The Solvay licence could have a positive impact on the market with more companies possibly following suit. Currently, Accsys has a conditional licence agreement for Tricoya with Medite. Approval from the board is expected mid-2014 with the plant fully operational early 2016. Accsys is currently in early conversations with several potential licence partners for both Accoya and Tricoya.
Our Base Case scenario takes into account the production at Accsys's own production plant, the Solvay licence agreement and the conditional agreement with Medite (attaching 50% success rate). We have made a separate valuation for the Solvay license, which adds EUR 0.04 to Accsys DCF value. Previously we attached a success rate of 80% to this license into our DCF model. We raise our price target from EUR 0.19 to EUR 0.20 to incorporate the now fully unconditional licence agreement with Solvay.
The Optimistic scenario anticipates multiple license agreements such as the Solvay one, which hints on a potential value of EUR 0.30.
Conclusion & Action: The fully effective Solvay licence agreement is a very important breakthrough for the company as this signals the start of the second stream of income next to the revenues from the production plant in Arnhem. We raise our price target to EUR 0.20 and maintain our Buy rating.
Werkbij
0
quote:

DeZwarteRidder schreef op 25 maart 2015 00:07:


tull 31 dec 2013 om 13:33:
----------------------------
Research Morning Notes for 23/12/2013
Accsys: Breakthrough: First fully effective licence agreement

Accsys (Buy): Breakthrough: First fully effective licence agreement
The facts: Accsys announced that the board of Solvay has formally approved the licence agreement for Accoya, reflecting the starting signal for the construction of the first licence plant for Accoya.
Our analysis: Accsys's strategy focuses on two revenue streams, the first is the production of Accoya in its plant in Arnhem and the second is revenue streams from multiple licence agreements for both Accoya and Tricoya.
Growth momentum of Accoya is strong, fuelled by increasing industry recognition and further market penetration. In the first half of the current book year ending 3/2014 the company reported 62% growth in sales to Accoya customers. We expect Accsys's production plant in Arnhem to be EBITDA positive this year now that the break-even level of 17,500 m³ has been surpassed. The company as a whole is expected to be EBITDA positive in fiscal year 3/2016.
Accsys aims to maximise the global use of Accoya and Tricoya through licensing its technology. Until now there wasn't any licence plant operational. The Solvay licence is therefore a very important breakthrough for the company following several (optional) licence agreements, which didn't result in the construction of a licence plant, such as the one with Diamond Wood.
This licence agreement grants Solvay the exclusive rights for 15 years to produce and sell Accoya within about 40 European countries, whist the Netherlands, Belgium, Luxemburg, UK and Ireland remain territories of Accsys. The first constructed plant has a capacity of 63,000 m³ Accoya output and Solvay has an option on more plants. Accsys will receive licence and royalty fees, building up to about EUR 2.5m per annum when nearing full capacity.
New to the agreement is that Solvay is exploring possibilities of constructing the plant on Accsys's land in Arnhem instead of in Freiburg, Germany, in order to create economies of scale. On top of that, the companies are exploring coordinated operational and maintenance services for both companies in Arnhem, which could offer Accsys another stream of income. Although both these factors increase the eventual value of the Solvay licence, it also means a delay in construction of the plant of about 3 months. The first production is now expected early 2016, by which time the company's Arnhem plant could have already reached the stage of full capacity.
The Solvay licence could have a positive impact on the market with more companies possibly following suit. Currently, Accsys has a conditional licence agreement for Tricoya with Medite. Approval from the board is expected mid-2014 with the plant fully operational early 2016. Accsys is currently in early conversations with several potential licence partners for both Accoya and Tricoya.
Our Base Case scenario takes into account the production at Accsys's own production plant, the Solvay licence agreement and the conditional agreement with Medite (attaching 50% success rate). We have made a separate valuation for the Solvay license, which adds EUR 0.04 to Accsys DCF value. Previously we attached a success rate of 80% to this license into our DCF model. We raise our price target from EUR 0.19 to EUR 0.20 to incorporate the now fully unconditional licence agreement with Solvay.
The Optimistic scenario anticipates multiple license agreements such as the Solvay one, which hints on a potential value of EUR 0.30.
Conclusion & Action: The fully effective Solvay licence agreement is a very important breakthrough for the company as this signals the start of the second stream of income next to the revenues from the production plant in Arnhem. We raise our price target to EUR 0.20 and maintain our Buy rating.


Dank je Zwarte Ridder.
mjmj
0
quote:

DeZwarteRidder schreef op 25 maart 2015 00:07:


tull 31 dec 2013 om 13:33:

The Optimistic scenario anticipates multiple license agreements such as the Solvay one, which hints on a potential value of EUR 0.30.
Conclusion & Action: The fully effective Solvay licence agreement is a very important breakthrough for the company as this signals the start of the second stream of income next to the revenues from the production plant in Arnhem. We raise our price target to EUR 0.20 and maintain our Buy rating.


hoe is het met die fabriek in Arnhem?

de omgekeerde spit was 5 op 1? dus 0,20 pence = 1 pond? (ca 1,40 euro?)
machmit
0
quote:

mjmj schreef op 25 maart 2015 10:52:


[...]

hoe is het met die fabriek in Arnhem?

de omgekeerde spit was 5 op 1? dus 0,20 pence = 1 pond? (ca 1,40 euro?)
Goed dat je het bericht van de Zwarte Ridder nog even aanvult.
torbu
0
quote:

mjmj schreef op 25 maart 2015 12:59:


.. de antwoorden op de vragen die ik stelde?



"Arnhem",draait op volledige capaciteit.

Split was 0,20 euro.
mjmj
0
Ok thx! Is de capaciteit de laatste jaren uitgebreid of zijn er plannen om dat te doen (getuige het hierboven aangehaalde persbericht)
torbu
0
quote:

mjmj schreef op 25 maart 2015 14:44:


Ok thx! Is de capaciteit de laatste jaren uitgebreid of zijn er plannen om dat te doen (getuige het hierboven aangehaalde persbericht)



Arnhem zit zo goed als aan zijn max.
Freiburg moet in 2016 lucht gaan verschaffen.
Als er meer (mogelijk) is,hoor ik dat ook graag!
mjmj
0
Is Freiburg dan in de kaarten? In het persbericht wordt gerept over opschaling van Arnhem in plaats van een nieuwe fabriek in Freiburg.
Putrided
0
mjmj

Deze fabriek wordt momenteel in Freiburg gebouwd en gaat beginnen met produktie beging 2016.

Google dit dan vind je de inductrial area waar dit is, strategies gelegen aan een railway hub.

Tijdens het bouwen zijn er zogenaamde mijlstone betalingen en de eerst is al betaald door Solvay in het derde kwartaal meen ik me te herinneren.

This licence agreement grants Solvay the exclusive rights for 15 years to produce and sell Accoya within about 40 European countries, whist the Netherlands, Belgium, Luxemburg, UK and Ireland remain territories of Accsys. The first constructed plant has a capacity of 63,000 m³ Accoya output and Solvay has an option on more plants. Accsys will receive licence and royalty fees, building up to about EUR 2.5m per annum when nearing full capacity.

Cheers!
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