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.
