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).
