Accsys reported stronger than expected H123 results, with significantly increased sales prices offsetting the higher raw material costs. The fourth reactor in Arnhem is ramping up quickly and Accsys expects H2 volumes to be c 50% higher than in H1. The construction of the Accoya plant in the United States is on schedule, but the Tricoya plant in Hull will take at least six months for Accsys to consider all options and validate the exact costs and funding needed for completion. We have raised our estimates and left our DCF assumptions unchanged, resulting in a value per share of €1.00.
