Too Cheap to Overlook

Momentum investors usually have an easy life. You find a company producing strong numbers, the chart points from bottom left to top right and the market does most of the heavy lifting for you. accesso Technology (ACSO) is different.

The market may be focusing on the wrong story

accesso provides technology solutions for attractions, venues and leisure operators around the world. Its software helps businesses manage ticketing, virtual queues, guest experiences, eCommerce and payments. Put simply, if you have booked a ticket online, skipped a queue at a major attraction or interacted with digital guest systems, there is a reasonable chance accesso’s technology has been working in the background.

The business now serves more than 1,100 venues across 31 countries, giving it a broad customer base and reducing reliance on any individual customer relationship. While investors often think of accesso as a ticketing company, the model has evolved into something much wider, with multiple products increasingly integrated into a broader platform.

Importantly, this creates opportunities for cross selling. Once a customer adopts one solution, accesso can potentially introduce additional products across payments, commerce and guest management. That matters because recurring software revenues and deeper customer relationships tend to create more predictable earnings over time.

The numbers continue moving in the right direction

The latest full year results painted a better picture than the share price might suggest. Revenue increased 1.8% to $155.1m, although stripping out disposals and non recurring items gives an underlying growth figure closer to 3.8%.

Management is backing the story with real money

Management teams often tell investors they believe their shares are undervalued. The real question is whether they are willing to act on it.

During 2025, accesso repurchased approximately $15.9m of shares through market buybacks. Following the year end, the company also completed a further $20m tender offer.

Combined, this represents almost $36m being returned to shareholders.

For a company with an enterprise value of roughly £64m, that is meaningful. These are not token buybacks designed for headlines. Management clearly believes the market has become too pessimistic.

A new CEO arrives at an interesting time

Leadership changes can sometimes create uncertainty, particularly when a company is already under pressure. Here, the situation looks very different.

Lee Cowie officially became Chief Executive in May following a succession process that had been planned for over a year. Prior to joining accesso, Cowie served as Chief Technology Officer at Merlin Entertainments, overseeing technology across more than 125 attractions in 28 countries.

That feels relevant.

He understands the market from the customer side rather than arriving as an outsider learning the industry. His stated priorities also align closely with where management sees future growth opportunities, particularly around payments, AI capabilities and commercial execution.

The recent acquisition of AI analytics specialist Dexibit adds another piece to that puzzle. Rather than simply attaching artificial intelligence to an investor presentation, accesso appears to be embedding it into products that already sit across its existing ecosystem.

Has the selling finally run out of steam?

The chart remains the weakest part of the investment case.

Contrarian opportunities often work like this. Fundamentals stabilise first and price follows later. We are not there yet, but the early ingredients may be starting to appear.

Five Key Takeaways

1. Valuation Gap: The shares trade on earnings and cash flow multiples that look unusually low for a profitable software business.

2. Profit Growth: Profit before tax increased 37.7%, showing earnings improving faster than revenue.

3. Balance Sheet: Net cash of $30.5m provides flexibility and reduces financial risk.

4. Management Confidence: Nearly $36m has been returned to shareholders through buybacks and tender offers.

5. Contrarian Setup: The fundamentals appear to be improving while sentiment around the shares remains weak.