Accsys Technologies - FY24 better than previously expected

In its pre-close FY24 trading update, Accsys stated that trading in Q424 was better than expected and cost saving measures are on track to deliver more than €3m annually. Management now expects adjusted group FY24 EBITDA to be higher than consensus of €2.5m. It also commented that the construction of the Accoya USA plant is still on track to begin commercial operations in mid-2024 and it is committed to make a decision on the Tricoya project in the UK in H125. On higher estimates, our discounted cash flow (DCF) points to a value per share of €0.96 (previously €0.86).

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