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Edison Investment Research

Leading International Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

Equity Bottom-Up

We expect further progress from Carbios in 2020, with the start of construction of its PET demonstration plant and the commercial launch of Evanesto by Carbiolice. Following the FY19 rights issue, raising €13.8m (net), Carbios enters 2020 in a sound financial position, with sufficient resources to finance the business over the next 12 months. Our DCF valuation remains c €13/share.

We expect further progress from Carbios in 2020, with the start of construction of its PET demonstration plant and the commercial launch of Evanesto by Carbiolice. Following the FY19 rights issue, raising €13.8m (net), Carbios enters 2020 in a sound financial position, with sufficient resources to finance the business over the next 12 months. Our DCF valuation remains c €13/share.

Carbios - Key developments and partnerships expected

Carbios’s H119 results confirmed that the business is on a sound financial footing and continues to make progress towards the commercialisation of its technology. Commercial revenues from Carbiolice are scheduled to commence in 2020 and licences for its PET recycling technology are expected to be granted by 2023. Our current DCF-based valuation is €13/share.

Carbios’s H119 results confirmed that the business is on a sound financial footing and continues to make progress towards the commercialisation of its technology. Commercial revenues from Carbiolice are scheduled to commence in 2020 and licences for its PET recycling technology are expected to be granted by 2023. Our current DCF-based valuation is €13/share.

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 €15/share.

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 €15/share.

Carbios - Advancing towards commercialisation

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 €15/share.

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 €15/share.

Carbios - Transition year and strengthened balance sheet

The reduction in Carbios&rsquo;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&rsquo;Or&eacute;al shows confidence in Carbios&rsquo;s technology. We have adjusted our DCF valuation range per share to &euro;20-32 to reflect the latest capital markets activity.

The reduction in Carbios&rsquo;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&rsquo;Or&eacute;al shows confidence in Carbios&rsquo;s technology. We have adjusted our DCF valuation range per share to &euro;20-32 to reflect the latest capital markets activity.

France

Carbios operates as a chemical company. The Company develops biological processes for the end-of-life of plastics and synthetic fibers. Carbios serves clients in France.

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Carbios (ALCRB FP)

Carbios - Key developments and partnerships expected

We expect further progress from Carbios in 2020, with the start of construction of its PET demonstration plant and the commercial launch of...

Edison Investment Research

Carbios - A productive and active H119

Carbios’s H119 results confirmed that the business is on a sound financial footing and continues to make progress towards the commercialisation of...

Edison Investment Research

Carbios - Advancing towards commercialisation

H118 results were broadly in line with our expectations and Carbios retains sufficient cash to finance its business until H219. The company...

Edison Investment Research

Carbios - Transition year and strengthened balance sheet

Carbios’s 2017 results were an important staging post on the journey from a pure research operation towards a market-ready business. The balance...

Edison Investment Research

H117 results and update

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...

Edison Investment Research

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