Accsys Technologies


Market Cap£227m

Last Close 109.75p

Accsys Technologies is a chemical technology company focused on the development and commercialisation of a range of transformational technologies based on the acetylation of solid wood and wood elements for use as high performance, environmentally sustainable construction materials.

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Investment summary

To fulfil the ongoing strong market demand for its high-performance wood products, Accsys aims to expand its total processing capacity from 60,000m3 currently to 200,000m3 by 2025, with 60,000m3 coming on stream in the next three months. Construction delays in Arnhem and working capital needs were the main reasons for the €19m capital rise on 25 May 2022. We have updated our model and raised our revenue estimates, mainly to include the effect of higher pricing, but have lowered our profitability forecast by 14–22%, partly to reflect the mix effect of significantly higher revenue from by-product acetic acid sales.

Y/E Mar
Revenue (€m)
PBT (€m)
EPS (c)
P/E (x)
P/CF (x)
2020A 90.9 7.0 1.5 (0.80) N/A 17.0
2021A 99.8 10.3 0.5 0.66 194.1 20.3
2022E 121.1 10.4 1.0 1.25 102.5 22.4
2023E 156.7 21.6 8.8 4.30 29.8 12.2
Industry outlook

Accsys has a technically proven process and wide international market acceptance for its modified wood output. As well as successful capex execution, the sales and marketing challenge is to pull through demand to absorb newly available capacity and develop licence partners. Management has previously stated a long-term market potential of 1m m3 pa of Accoya wood and 1.6m+ m3 of Tricoya panel products.

Last updated on 30/06/2022
Content on Accsys Technologies
Accsys Technologies – Capacity expansion on track
Industrials | research Update | 4 March 2022
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Share price graph
Balance sheet
Forecast net debt (€m) 32.7
Forecast gearing ratio (%) N/A
Price performance
Actual (11.7) (24.3) (39.7)
Relative* (5.8) (19.6) (38.6)
52-week high/low 188.0p/109.8p
*% relative to local index
Key management
Robert Harris CEO
Hans Pauli Executive Director, Corporate Development
William Rudge Executive Finance Director