Further validation of Agilyx product in place - Nordea

Agilyx published its 2022 results on 25 April, with the report highlighting significant demand momentum for the Agilyx product. Revenues were USD 16.5m for 2022, up ~240% y/y, while the implied 15% gross margins for H2 resulted in a 2 pp gross margin increase for the year versus 2021 levels. Segmentally, Cyclyx output volumes tripled with the consortium now holding 37 members, while on the conversion side partnerships are delivering results. Going forward, continued construction revenues from Toyo Styrene and Cyclyx volumes will drive near-term sales, while triggers include FIDs on both the Cyclyx and conversion sides for 2023. Despite softening near-term sales growth and increasing our cost base, our fair value range of NOK 62-84 points to over 2x current share price levels at the bottom of the range, and thus Agilyx is a strong value proposition. Marketing material commissioned by Agilyx.

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