Accsys Technologies - FY23 results better than expected
Accsys’s FY23 results were slightly better than expected, with mainly higher pricing making the difference. Revenue growth of 34% y-o-y was driven by volume growth of 6% and higher average sales prices. EBITDA was +120% y-o-y and clearly benefited from higher prices, more than offsetting the input pressure. There was no further news on the construction of the Accoya plant in the United States (on track and planned to be operational mid-2024) or the Tricoya plant in Hull (construction is still on hold but management is a firm believer in its value proposition). We rolled over our discounted cash flow (DCF) by one year, now pointing at a value of €1.25 per share (previously €1.15).Accsys Technologies is a holding company. Through its subsidiaries, Co. is a chemical technology group focused on the development and commercialization of a range of transformational technologies based upon the acetylation of solid wood and wood elements (wood chips, fibres and particles) for use as construction materials. Co.'s business consists of the following: commercial scale Accoya® wood production and sales facility in Arnhem; building and operating of Tricoya® wood chip acetylation plant in Hull; Accoya and Tricoya technology licensing and business development; and technology and product development.
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