Accsys Technologies (AIM: AXS)

Currency in GBP

Last close As at 09/06/2023


−0.50 (−0.67%)

Market capitalisation


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.

Demand for Accoya and Tricoya is still strong and the company’s focus remains on expanding capacity. The fourth reactor in Arnhem will increase local capacity to up to 80k m³, with estimated revenues of €195m by CY24. The Accoya plant in the US is now expected to be operational by mid-2024 (July/August) and can produce up to 43k m³, with estimated revenues of €105m by CY27 (this 60%/40% joint venture is equity accounted). We assume the Tricoya project will be continued, although most likely not operational before mid-2024 (capacity of up to 40k m³).




Equity Analyst

Key Management

  • Dr Jelena Arsic van Os


  • Hans Pauli

    Executive Director, Corporate Development

  • Steven Salo


Balance Sheet

Forecast net debt (€m)


Forecast gearing ratio (%)


Share Price Performance

Price Performance
% 1M 3M 12M
Actual 13.7 6.4 (39.8)
Relative 16.3 11.0 (39.2)
52 week high/low 123.5p/54.4p


Accsys showed stronger than expected volume growth of 6% in FY23, beating our 1% estimate. Reactors 1–3 in Arnhem are in full production and the fourth is ramping up faster than we expected. The company’s EBITDA guidance is now ‘moderately ahead’ of doubling to €20.8m previously. Accsys’s management board is back at full strength: CEO Dr Jelena Arsic van Os will start on 1 July 2023 at the latest and CFO Steven Salo started on 1 April. Our DCF indicates a value of €1.15 per share.

Y/E Mar Revenue (€m) EBITDA (€m) PBT (€m) EPS (fd) (c) P/E (x) P/CF (x)
2021A 99.8 10.1 0.3 0.0 N/A N/A
2022A 120.9 10.4 1.8 1.12 76.1 N/A
2023E 159.8 21.7 (44.8) 4.66 18.3 N/A
2024E 184.4 26.7 14.6 5.46 15.6 N/A



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