Accsys Technologies - Stronger than expected volume growth in Q4
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. There was no news on the Tricoya project in Hull, but construction of the Accoya plant in the US is delayed by four to five months and faces cost inflation. The company’s EBITDA guidance is now ‘moderately ahead’ of doubling to €20.8m previously. Our DCF value still points at €1.15 per share, including >€0.20 as option value for Hull, which we have taken out of our FY25 estimates.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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