Agilyx: Enabling a global circular plastics industry - Nordea

We initiate coverage of Agilyx with a fair value range of NOK 62-84. Agilyx is an asset-light pureplay offering solutions for transforming plastic waste into virgin-grade products. Its Cyclyx sourcing platform (25% ExxonMobil ownership) sources customised waste feedstock, while its patented and robust conversion technology is backed by technological partnerships. Our modelling implies a ~100% 2022-26 sales CAGR, yielding USD 288m in 2026E (within the company guidance of USD 200-300m), and a 2023-30 sales CAGR of 65% with a 14% EBIT margin in 2030E and almost 60% recurring revenues (net of Cyclyx feedstock sales). Our fair value range is based on risked DCF, SOTP and peer valuation approaches, while on an unrisked basis our DCF points to NOK 99 per share. Marketing material commissioned by Agilyx.

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