Accsys Technologies - Good progression shown in Q424
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).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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