Accsys Technologies (AIM: AXS)

Currency in GBP

Last close As at 07/02/2023


−1.20 (−1.36%)

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 remains strong and Accsys expects volumes in H2 to be c 50% higher than in H1. The company remains focused on expanding its capacity, with the fourth reactor in Arnhem ramping up (increasing capacity to 80k m3) and construction of the Accoya plant in America on track (adding 43k m3 in 2024). We estimate potential Accoya revenues of €275m and we assume that the Tricoya project will be continued, although it is unlikely to be operational before March 2024 (40k m3 capacity).




Equity Analyst

Key Management

  • Hans Pauli

    Executive Director, Corporate Development

  • Robert Harris


  • William Rudge

    Executive Finance Director

Balance Sheet

Forecast net debt (€m)


Forecast gearing ratio (%)


Share Price Performance

Price Performance
% 1M 3M 12M
Actual 33.9 44.7 (46.1)
Relative 30.9 34.1 (47.0)
52 week high/low 164.5p/54.4p


Accsys showed strong revenue growth of 32% in 9M23, driven by higher sales prices (to mitigate input pressure) and a recovery in volumes in Q323 compared to H123. The company remains positive about its outlook for the remainder of the financial year, with continued good demand for both of its products. Accsys expects volumes to be c 50% higher in H223 versus H123 (or 36,000m³, with 17,000m³ in Q4) and a near doubling of underlying EBITDA for the full year (FY22 EBITDA was €10.4m). We have raised our estimates, resulting in a discounted cash flow (DCF) value of €1.15 per share (previously €1.00).

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 16.9
2022A 120.9 10.4 1.8 1.12 89.0 18.0
2023E 153.3 19.2 (47.4) 3.50 28.5 13.9
2024E 185.7 27.7 15.6 5.88 16.9 8.1


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