Agilyx: Softer activity expected but progress still in place - Nordea

Agilyx is reporting its H1 2023 results on 22 August, for which we pencil in revenue of USD 9m (18% y/y growth) and EBITDA of USD -9m. Away from the numbers, we see operational progress on both sides of the business as key; on the conversion side, we expect further details on Toyo Styrene and other announced facilities, while on the Cyclyx side, we are looking for updates around the Cyclyx Circularity Center (CCC) with ExxonMobil, as well as any further partnerships. We lower our near-term top-line estimates by single-digit percentage points to reflect our expectation of muted activity, but this does not affect our blended fair value range of NOK 62-84 – here, we calculate a conversion NPV of NOK 39, which implies that the market currently assigns no value to Cyclyx. Marketing material commissioned by Agilyx.

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