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Carbios (ALCRB)

Business description

Carbios develops enzyme-based processes for biodegradation and bioproduction of plastics, with a long-term aim of displacing current recycling and production practices.

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (fd) (c) P/E (x) P/CF (x)
2016A 8.9 3.3 3.6 128.00 4.3 N/A
2017A 1.0 (4.9) (4.6) (86.07) N/A 0.0
2018E 1.1 (4.8) (4.6) (85.58) N/A N/A
2019E 1.2 (5.0) (4.8) (89.02) N/A N/A

Last updated on 21/11/2018

Investment summary

H118 results were broadly in line with our expectations and Carbios retains sufficient cash to finance its business until H219. The company is progressing with its transformation from a research body to a commercial enterprise. The contract with TechnipFMC, for scaling up its biorecycling process, and the expected generation of revenues by Carbiolice from 2020 reinforce the view that Carbios is making significant strides towards the commercialisation of its technology. However scientific progress also continues to be made, as evidenced by the recent announcement that Carbios had reduced the duration of PET enzymatic hydrolysis (on plastic bottles), to the point where it has attained a conversion rate of 97% in only 16 hours. We expect the first commercial revenues from Carbiolice in 2020. Our DCF indicates a valuation for Carbios of €15/share.

Last updated on 29/11/2018

Industry outlook

Growing focus on sustainability provides an attractive market opportunity for Carbios's technology.

Last updated on 29/11/2018

Key management

Jean-Claude Lumaret, CEO

Company address

rue Emile Duclaux
Parc d'activts du Biopole
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