At its investor strategy day, Accsys set financial targets for the coming years, with a combined volume and revenue CAGR of 14% for FY25–30e for the plant in the Netherlands and the Accoya USA plant (60%/40% joint venture (JV)). Driven by increasing volumes, higher efficiency and operating leverage, Accsys targets adjusted group EBITDA to improve from €10.5m in FY25e (consensus) to €54m by FY30 (including its 60% share in the JV), exceeding our previous estimates. Accsys aims to bring down net debt to zero by FY30, which we think is achievable fuelled by increasing free cash flows. On higher long-term margins, our discounted cash flow indicates a value per share of 83p or €1.00 (up from €0.95 previously).

Today, Accsys hosted an investor strategy day at its site in Arnhem, the Netherlands. Management provided an insight into its Focus strategy, which is aimed at optimising operational efficiencies and bringing both plants to full capacity. The company is targeting a run-rate sales volume of 100,000m³ by the end of FY27 and 120,000m³ by the end of FY30 (that is full capacity), growing further after FY30 with the focus on investment in capacity expansion. Accsys is maintaining its 30% gross margin target and for the first time has set adjusted group EBITDA margin targets of 12% by the end of FY27 and 15% by the end of FY30.