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Advancing towards commercialisation

Outlook | General Industrials | 15 Oct 2018

H118 results were broadly in line with our expectations and Carbios retains sufficient cash to finance its business until H219. The company continues to make progress with its transformation from a research body to a commercial enterprise. We expect the first commercial revenues from Carbiolice in 2020. Our DCF indicates a valuation for Carbios of EUR 15/share.


Transition year and strengthened balance sheet

Update | General Industrials | 09 Jul 2018

Carbios’s 2017 results were an important staging post on the journey from a pure research operation towards a market-ready business. The balance sheet has been strengthened and operations are fully funded into 2019. Announcements of partnership deals with other consumer brand owners, similar to that announced with L’Oréal, could act as a further share price catalyst. Our remodelled DCF provides an indicative valuation for Carbios of EUR 15/share.


H117 results and update

Update | General Industrials | 31 Oct 2017

The reduction in Carbios’s operating losses in the first half of 2017 is positive. It was driven by revenue from Carbiolice for part of the period and the fall in external costs from the scheduled conclusion of the Thanaplast programme. The announced five-year partnership with L’Oréal shows confidence in Carbios’s technology. We have adjusted our DCF valuation range per share to EUR 20-32 to reflect the latest capital markets activity.


First time profitable

Update | General Industrials | 11 Apr 2017

Carbios reported a profit, for the first time in its history, in 2016. First commercial revenues from the Carbiolice JV were the key driver behind the strong results. We have upgraded our forecasts and estimate that the company is funded through 2017 but may require additional financing in 2018. Our valuation range remains unchanged at €23-37 per share.


Commercial progress and financial discipline

Update | General Industrials | 24 Oct 2016

Carbios has reported H116 results showing solid progress on scaling up and industrialisation, with good cash management. As expected, losses continue to increase during this process. Although we expect this pattern to continue to the end of the Thanaplast project in mid-2017, we believe that, with EUR 7m net cash at 30 June, Carbios is sufficiently funded until the project’s completion. We have updated our forecasts and our valuation range is unchanged at EUR 23-37 per share.


Disciplined scale up

Outlook | General Industrials | 28 Sep 2016

Carbios is demonstrating a disciplined scale up as it moves from research to industrialisation and commercialisation. Its depolymerisation technology could provide an answer to the key challenges of the plastics economy. Carbios has achieved key technology milestones and set up its first JV earlier than expected. We estimate the company is funded through 2017. Our base case fair value estimate is EUR 26 per share.


Closer to industrialisation with first JV - Carbiolice

Flash note | General Industrials | 10 Jun 2016

Carbios has announced its first joint venture, Carbiolice, in partnership with Limagrain and SPI. This is a key step and will combine Carbios technology with Limagrain's industrial and commercial expertise in a €29.5m project to be developed over four years. Demand is supported by French legislation, which will enforce the use of bio-sourced and biodegradable plastics for certain bags from 2017. Our valuation range is unchanged, €23-37/share.


Acceleration of development visible in results

Update | General Industrials | 11 Apr 2016

Carbios is accelerating development to reach the industrialisation stage of its biodegradation and bioproduction processes for plastics. 2015 results were characterised by the impact of expansion on operating expenses. The company has reported an acceleration of net losses to €3.1m. Nevertheless, cash outflow remained under control at €2.2m. Net cash of €8.8m leaves the company well-funded to conclude the Thanaplast project and move to a stage where it generates commercial revenues. Our valuation range remains unchanged at €23-37 per share.


Technology milestone achieved

Update | General Industrials | 09 Dec 2015

For Carbios, the most recent achievement of successful depolymerisation of PET material into original monomers is an important step towards scaling up its plastic recycling and sustainable plastics production technology. PET is the most advanced of the company's processes and a very important future end-market. This business represents 53% of our €23-37 per share valuation range. Our forecast and valuation remain unchanged, as it is in line with our expectations on stepwise progress.


Innovative technology in plastics

QuickView | General Industrials | 09 Nov 2015

Carbios leverages proprietary and unique enzyme-based technology for self-destruction and recovery of plastics. Its processes cover some of the most widely-used plastics. The company has recently delivered key milestones towards scaling-up for industrialisation with the launch of its pre-pilot production facility for biodegradable plastics. Our valuation range is €23-37 per share.


H1 results

Update | General Industrials | 09 Oct 2015

Carbios (ALCRB) has reported H1 results that support our full-year forecast and delivered key milestones towards scaling up for industrialisation with the launch of its pre-pilot production facility for biodegradable plastics. Our valuation range remains unchanged, at €23-37 per share.


Pilot production facility launch

Flash note | General Industrials | 18 Sep 2015

Carbios has launched its pilot production of biodegradable plastics in Auvergne, France. It can now reproduce all steps of production for its target applications, ie films and plastic bags, and demonstrate performance of its process at pre-industrial scale. This is an important step forward, as it demonstrates consistent progress on the trajectory towards commercial production and licensing. Our fair value range remains at €23-37 per share.