Accsys Technologies (AIM: AXS)

Last close As at 12/07/2024


−0.90 (−1.64%)

Market capitalisation


Accsys Technologies is a chemical technology company enhancing the natural properties of wood to make high performance and sustainable building products. Its processes are based on the acetylation of solid wood and wood elements.

Long-term demand for Accoya and Tricoya seems intact and Accsys’s focus remains on expanding capacity. The fourth reactor in Arnhem increased capacity to up to 80k m³, with estimated revenues of €195m by CY26. The Accoya plant in the US is expected to be operational by mid-2024, producing up to 43k m³, with estimated revenues of €105m by CY27 (this 60%/40% joint venture is equity accounted). Management will make an investment decision about the Tricoya project in Hull in H125. We assume it will be continued, although most likely not operational before FY26.

Latest Insights

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Investment Companies | Update

Accsys Technologies — Good progression shown in Q424

Industrials | Update

Accsys Technologies — FY24 better than previously expected

Industrials | Update

Accsys Technologies — Warning of lower demand




Equity Analyst

Key Management

  • Dr Jelena Arsic van Os


  • Hans Pauli


Balance Sheet

Forecast net debt (€m)


Forecast gearing ratio (%)


Share Price Performance

Price Performance
% 1M 3M 12M
Actual (4.8) (8.5) (37.8)
Relative (6.1) (12.2) (45.2)
52 week high/low 107.0p/50.2p


Accsys Technologies’ FY24 results were affected by weak construction markets, particularly in Q3, but the company noticed better trading conditions in Q4. Although Accsys expects construction markets to remain subdued, the company is positive about its volume development, partly driven by its increased sales efforts. The construction of the Accoya plant in the US is complete and on schedule for operation by the end of the summer. For the Tricoya project in the UK, an external adviser has been hired and a final decision is expected before the end of September. On higher EBITDA margin estimates, our discounted cash flow (DCF) points to a value per share of €0.98 (previously €0.96).

Y/E Mar Revenue (€m) EBITDA (€m) PBT (€m) EPS (fd) (c) P/E (x) P/CF (x)
2023A 162.0 22.9 (67.1) 4.35 14.7 N/A
2024A 136.2 4.8 (17.1) (4.34) N/A N/A
2025E 134.6 8.1 (8.2) (3.19) N/A N/A
2026E 149.9 14.9 2.6 0.90 71.1 N/A




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