olivLaw · European equity research
Accsys Technologies PLC AXS.AS
Netherlands · Euronext Amsterdam · Vertical: Listed companies from Netherlands
Accsys Technologies makes Accoya, an acetylated modified wood designed for demanding exterior use with high durability and dimensional stability. In fiscal 2026 the company reported a marked improvement in profitability, with revenue of 153 million EUR and adjusted EBITDA of 21.2 million EUR, while its US joint venture reached EBITDA profitability.
At the close of 05 Nov 2026, Accsys Technologies PLC (AXS.AS) stock was 0.68 EUR (+0.29% on the day), with market capitalisation 1.7 m EUR, P/E 0.3 on diluted EPS of 2.55 EUR over the last 12 months, beta 0.29, 52-week range 0.65–0.93 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 48.5
- neutral
- Bollinger (20, 2)
- 0.64 – 0.68
- above the upper band · %B 1.07 · band width 5.8%
- SMA 50 / 200
- 0.73 / 0.78
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.02 / -0.02
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −3.8% | +0.4% | −4.2 pp | — |
| 3 months | −18.2% | −3.3% | −15.0 pp | — |
| 6 months | −12.5% | +4.0% | −16.4 pp | — |
| Year to date | −3.3% | +8.1% | −11.4 pp | — |
| 1 year | −1.2% | +10.7% | −11.9 pp | +0.8% |
| 3 years | −11.7% | +50.1% | −61.7 pp | +5.3% |
| 5 years | −63.6% | +43.6% | −107.2 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 0 percentile of its own 1-quarter history (min 0.3, median 0.3, max 0.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2024 | 2025 | 2026 |
|---|---|---|---|
| Revenue | 136.2 m | 136.6 m | 153.3 m |
| Revenue YoY | unavailable | +0.3% | +12.2% |
| Net income | -17.9 m | -22.9 m | 6.5 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | 0.00 | 0.00 | 2.55 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -13.1% | -16.7% | 4.2% |
| Free cash flow | 4.1 m | 9.0 m | 11.1 m |
Balance sheet & financial health
Fiscal year 2026 · 31 Mar 2026
- Cash
- 17.4 m EUR
- Financial debt
- 49.1 m EUR
- Net debt
- 31.7 m EUR
- Equity
- 105.1 m EUR
- Total assets
- unavailable EUR
- Debt / equity
- 0.47x
- Current ratio
- 2.25x
- ROE
- 6.4%
- ROA
- unavailable
- FCF margin
- 7.2%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 136.2 m | 136.6 m | 153.3 m | esef· 02 Sept 2026verified |
| Cost of revenue | 95.3 m | 95.2 m | 105.9 m | esef· 02 Sept 2026verified |
| Gross profit | 40.9 m | 41.4 m | 47.4 m | esef· 02 Sept 2026verified |
| Operating income | -9.2 m | -4.4 m | 13.6 m | esef· 02 Sept 2026verified |
| Interest expense | 3.9 m | 4.9 m | 6.5 m | esef· 02 Sept 2026verified |
| Pre-tax income | -17.1 m | -20.8 m | -570.0 k | esef· 02 Sept 2026verified |
| Income tax | 765.0 k | 2.0 m | -7.0 m | esef· 02 Sept 2026verified |
| Net income | -17.9 m | -22.9 m | 6.5 m | esef· 02 Sept 2026verified |
| Diluted EPS | 0.00 | 0.00 | 2.55 | esef· 02 Sept 2026verified |
Balance sheet · EUR
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Cash | 27.4 m | 17.4 m | 17.4 m | esef· 02 Sept 2026verified |
| Receivables | 17.6 m | 15.6 m | 30.4 m | esef· 02 Sept 2026verified |
| Inventories | 25.7 m | 30.8 m | 36.1 m | esef· 02 Sept 2026verified |
| Current assets | 71.0 m | 63.8 m | 83.9 m | esef· 02 Sept 2026verified |
| Property, plant & equipment, net | 93.5 m | 73.6 m | 70.8 m | esef· 02 Sept 2026verified |
| Long-term debt | 60.2 m | 50.1 m | 49.1 m | esef· 02 Sept 2026verified |
| Current liabilities | 26.2 m | 30.2 m | 37.3 m | esef· 02 Sept 2026verified |
| Equity | 118.8 m | 97.3 m | 105.1 m | esef· 02 Sept 2026verified |
| Shares outstanding at year end | 223.2 m | 2.4 m | 2.4 m | esef· 02 Sept 2026derived |
Cash flow · EUR
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 7.2 m | 10.7 m | 15.8 m | esef· 02 Sept 2026verified |
| Capex | 3.1 m | 1.8 m | 4.7 m | esef· 02 Sept 2026verified |
| Free cash flow | 4.1 m ≈ | 9.0 m ≈ | 11.1 m ≈ | esef· 02 Sept 2026derived |
| Investing cash flow | -8.4 m | -16.6 m | -8.5 m | esef· 02 Sept 2026verified |
| Financing cash flow | 1.7 m | -4.0 m | -7.3 m | esef· 02 Sept 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 52.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 1.7 m EUR
Key indicators
Coverage and freshness
Score by group
52% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 26.92 – 1,019.40 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)219.93 – 1,019.40 (Mid 363.61)WACC 4.3% · starting FCFF 16.6 m EUR · terminal value share of EV 90%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: no growth between −30% and +40% justifies the price
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E26.92 – 65.45 (Mid 37.00)16 companies used · median multiple 14.5x · quartiles 10.6x – 25.7xAALB.AS, ACOMO.AS, AD.AS, ADYEN.AS, AKZA.AS, ARCAD.AS, ASM.AS, ASML.AS, BAMNB.AS, BNJ.AS, CRBN.AS, CTAC.AS, ECMPA.AS, FFARM.AS, HAL.AS, HAVAS.AS
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 52.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 8.6% | 62 (vs peers) | 20% |
| Net margin · Quality | 4.2% | 61 (vs peers) | 12% |
| FCF conversion · Quality | 171.3% | 100 (on a fixed band) | 12% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 2.1x | 9 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 2.2x | 100 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 0.3x | 100 (vs peers) | 20% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 670.7% | 100 (on a fixed band) | 16% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet45/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality72/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation100/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
ACCSYS TECHNOLOGIES PLC (AXS.AS). Latest full fiscal year: 2026; data up to 2026-03-31.
Figures computed from the financial statements: revenue 153.3 m EUR in 2026; YoY growth 12.2%; net margin 4.2%; ROE 6.4%.
The estimated value range is 123.43–542.42 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 200.30 EUR, the price of 0.68 EUR leaves a potential of 29,270.0% (value / price − 1) and a margin of safety of 99.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 52.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 171.3%
- Current ratio: 2.2x
- P/E (TTM): 0.3x
- FCF yield: 670.7%
- The price is below the estimated value range
What contradicts it
- Interest coverage: 2.1x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Netherlands · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ASML.ASASML Holding N.V. | 485.6 bn | 47.6 | 44.2% | 31.3% | +15.6% | +38% / +101% |
| DSFIR.ASDSM-Firmenich AG | 33.7 bn | 120.5 | 1.2% | 2.2% | +20.4% | +60% / +30% |
| AD.ASKoninklijke Ahold Delhaize N.V. | 31.2 bn | 13.9 | 15.3% | 2.5% | +3.4% | −3% / +30% |
| ASM.ASASM International N.V. | 31.2 bn | 43.3 | 18.7% | 22.8% | +8.2% | +34% / +35% |
| ADYEN.ASAdyen N.V. | 28.1 bn | 26.6 | 22.3% | 40.1% | +18.9% | −33% / −17% |
| HAL.ASHAL Trust | 15.5 bn | 9.7 | 10.5% | 12.8% | +1.2% | +22% / +47% |
| EXO.ASExor N.V. | 15.0 bn | — | -10.6% | — | −100.0% | +1% / −18% |
| BESI.ASBE Semiconductor Industries N.V. | 11.2 bn | 84.9 | 28.7% | 22.3% | −2.7% | +8% / +10% |
| AKZA.ASAkzo Nobel N.V. | 10.7 bn | 17.0 | 13.8% | 6.3% | −5.2% | +12% / −11% |
| AALB.ASAalberts N.V. | 4.5 bn | 25.4 | 7.2% | 5.7% | −5.3% | +48% / +13% |
| ARCAD.ASArcadis N.V. | 4.2 bn | 20.2 | 18.3% | 4.3% | −2.4% | +24% / +2% |
| BNJ.ASBanijay Group N.V. | 3.4 bn | 13.8 | 343.8% | 5.1% | +1.6% | −11% / −8% |
| BAMNB.ASKoninklijke BAM Groep N.V. | 3.3 bn | 41.8 | 9.1% | 1.3% | +2.9% | +47% / +400% |
| BFIT.ASBasic-Fit N.V. | 2.0 bn | 138.2 | 3.6% | 1.0% | +16.9% | +7% / +16% |
| HAVAS.ASHavas N.V. | 1.8 bn | 9.6 | 10.2% | 6.5% | +1.7% | +26% / unavailable |
| CRBN.ASCorbion N.V. | 1.6 bn | 8.3 | 27.3% | 14.9% | +1.9% | +40% / +55% |
| ECMPA.ASEurocommercial Properties N.V. | 1.4 bn | 11.2 | 5.9% | 45.4% | +4.2% | −4% / +19% |
| FUR.ASFugro N.V. | 985.3 m | — | -1.5% | -1.1% | −18.8% | −0% / −49% |
| ACOMO.ASAcomo N.V. | 685.9 m | 15.2 | 10.7% | 3.3% | +7.6% | −3% / +37% |
| FAST.ASFastned B.V. | 663.0 m | — | -28.2% | -21.7% | +66.1% | +60% / +25% |
| FFARM.ASForFarmers N.V. | 479.4 m | 9.6 | 14.5% | 1.6% | +14.8% | +22% / +123% |
| BRNL.ASBrunel International N.V. | 383.2 m | 125.5 | 1.0% | 0.3% | −10.8% | −6% / −29% |
| ENVI.ASEnvipco Holding N.V. | 224.1 m | — | -12.7% | -11.9% | −20.8% | −25% / +47% |
| ALFEN.ASAlfen N.V. | 219.8 m | — | -0.1% | -0.0% | −10.7% | −4% / −78% |
| CMCOM.ASCM.com N.V. | 192.5 m | — | -22.2% | -1.5% | −5.4% | +23% / −30% |
1- and 3-year price returns: for AXS.AS from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 0.45 Total return -33% · Per year -33% | 0.80 Total return 17% · Per year 17% | 1.20 Total return 76% · Per year 76% |
| 3 years | 0.51 Total return -25% · Per year -9% | 1.01 Total return 48% · Per year 14% | 1.65 Total return 142% · Per year 34% |
| 5 years | 0.58 Total return -15% · Per year -3% | 1.27 Total return 86% · Per year 13% | 2.27 Total return 233% · Per year 27% |
- Exit P/E± 0.25
- Net margin± 0.18
- Annual revenue growth± 0.13
- Annual dilution± 0.01
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Accsys Technologies makes Accoya, an acetylated modified wood designed for demanding exterior use with high durability and dimensional stability. In fiscal 2026 the company reported a marked improvement in profitability, with revenue of 153 million EUR and adjusted EBITDA of 21.2 million EUR, while its US joint venture reached EBITDA profitability.
SWOT
Strengths
- The acetylation technology is patented, and long warranties and brand recognition support premium pricing and customer loyalty.
- Profitability has clearly improved, with the gross margin above the stated target and rising operating cash generation.
- The North American joint venture reached EBITDA profitability in its first full year, reducing reliance on European capacity.
Weaknesses
- Debt remains significant, and the leverage ratio, though falling, is still high for a company of its size.
- Reliance on construction demand makes revenue sensitive to economic cycles and property investment levels.
- Statutory profit in fiscal 2026 benefited from a favourable tax credit, and the underlying pre-tax loss remained negative.
Opportunities
- Expanding the North American distribution network could accelerate volume growth, particularly for cladding and decking.
- Demand for low-carbon materials could open new projects in public architecture and urban landscaping.
- Growth in Accoya Color and landscaping applications could lift margins if existing capacity is used more efficiently.
Threats
- Tariffs on imported lumber could raise costs or weaken price competitiveness in some markets.
- A slower construction recovery or worsening macroeconomic conditions could reduce new orders.
- Competition from composites and other durable materials could limit gains in market share.
Risks
- Slow ramp-up of Accoya USAhigh
The joint venture's profitability and cash flow depend on sales growth in North America. A slower trajectory could significantly affect group results.
- Liquidity and fundingmedium
The group has a complex capital structure with debt and convertible loan notes. Insufficient liquidity could limit investment and growth strategy if working capital and capital expenditure needs rise.
- Information securitymedium
Cyber attacks could cause production interruptions and loss of customer trust, affecting profitability and cash flow.
- Macroeconomic and political conditionshigh
Construction activity levels, government policy and geopolitical tensions could reduce demand and production volumes.
- Raw material supply and pricingmedium
Shortages or delays of wood and acetic anhydride, along with cost inflation, could affect margins and deliveries to customers.
Investment thesis
What would need to be true (bull case)
- If growth in North America continues, the joint venture could contribute a larger share of group results, particularly as local production reduces logistics and tariff risks.
- A gross margin above target and falling debt show financial discipline that could support flexibility through difficult construction markets.
- The premium positioning of the Accoya brand and its long warranties could sustain pricing and demand in prestigious architectural projects even when the wider market is weak.
What would break the thesis
- If the construction recovery stays slow, volumes could stagnate and Phase I targets could be pushed back, putting pressure on results.
- Debt, though falling, remains high, and any delay in the US ramp-up could limit the company's ability to reduce it faster.
- The favourable tax effect in fiscal 2026 will not automatically recur, and adjusted profitability could stay below expectations if costs rise.
What to watch
- Volume development of Accoya USA and the North American distribution networkFY27
- Reaching the 100,000 m3 run rate target and the 12% adjusted EBITDA margin targetend FY27
- Leverage ratio and net debt against the Phase I targetsnext annual report
- Impact of tariffs on import costs and US pricing2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Accsys Technologies PLC builds its business on its patented acetylation technology, which permanently improves the properties of sustainably sourced wood. Its main products are Accoya, Accoya Color for coloured decking and cladding, and Tricoya, acetylated MDF panels for exterior and wet applications. The company operates production facilities in Europe and, through the Accoya USA joint venture in Kingsport, Tennessee, in the United States, where it holds a 60% interest.
The FOCUS strategy, whose first phase 'Transform and Improve' runs to FY27, emphasises operational performance, cash generation and debt reduction. Management says the Phase I targets are on track, and the model rests on premium products with long warranties that support disciplined pricing.
Segments
Accoya (acetylated wood)
Accoya is the company's core product, used in joinery, cladding, windows, doors and landscaping. Total group and JV sales volumes grew 21% in fiscal 2026, and the product carries warranties of up to 50 years above ground.
Accoya Color
Accoya Color adds colour integrated throughout the wood for premium decking and cladding. Sales rose strongly in fiscal 2026, and the company doubled production capacity at its Barry site by adding a second shift.
Tricoya and Accoya USA
Tricoya are acetylated MDF panels made by licensees using Accoya supplied by Accsys, with sales up 8% in fiscal 2026. Accoya USA, the Kingsport joint venture, completed its first full year of operation in North America and reached EBITDA profitability.
Market context
The company operates in the exterior building materials market, where demand for durable products with lower carbon impact is supported by decarbonisation and urbanisation. The market remained difficult in fiscal 2026, with a slower recovery in building materials than anticipated, yet the company reported growth in all its core markets. Accoya holds less than 1% of the North American market, which points to room for growth.
The North American market, which the company estimates at 8.6 million m3, remains the largest growth opportunity, particularly for cladding and decking. Tighter rules on imported hardwood could accelerate demand for locally produced high-performance products if this trend holds.
Trends
- Demand for sustainable materialstailwind
Construction firms increasingly seek low-emission, long-lasting materials, which could support demand for Accoya over the medium and long term.
- Slow construction recoveryheadwind
The recovery in building materials has been slower than anticipated, and macroeconomic uncertainty could slow new projects.
- Rules on imported woodmixed
Restrictions on imported hardwood may favour local production, but tariffs on imported lumber could raise cost pressure.
- Focus on local productiontailwind
Local production in North America has supported customer service and helped manage tariff pressures, and an expanding distribution network could sustain growth.
Competitive position
Accsys competes with other modified wood products and alternative exterior materials such as chemically treated wood, composites and polymer-based products. The company's stated advantages are its patented technology, long warranties and the recognition of the Accoya brand in premium architectural projects.
Its competitive position could remain strong if intellectual property stays protected and local North American production keeps its availability advantage. Competitive pressure could rise if other durable materials gain share in cladding and decking.
- Eastman Chemical CompanyEMN
Joint venture partner in Accoya USA, which also supplies acetyls to the Kingsport plant; the relationship is partly cooperative rather than purely competitive.
- Composite decking producers
Companies offering composite and polymer decking that compete on durability and low maintenance in exterior applications.
- Chemically treated wood producers
Suppliers of pressure-treated or impregnated wood that compete on price in conventional exterior construction.
- Joinery and window profile manufacturers
Companies using other wood or synthetic solutions for windows and doors that could replace Accoya in some projects.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202602 Sept 2026
- Annual report 202521 Aug 2025
Sources
- [1] Annual report, fiscal year ended 2026-03-31 (ESEF) · SEC / Accsys Technologies PLC · 31 Mar 2026
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.