Carbios

EU: ALCRB

Market Cap€462.7m

Last Close €41.44

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

More Carbios content >

Investment summary

Carbios’s technology and processes ensure that it is well placed to exploit the trend for the minimisation of plastic waste. Interim results highlighted progress on a number of fronts, but we would continue to pick out the the recent €27m capital increase (issue of 1.028m shares at a price of €26.25/share) and the company now expects to have sufficient financial resources to cover its investment and working capital requirements until Q223, The €2m of cash burn in H120 firms up the view that there is a long runway in place for the company to cover its cash requirements. The money raised will allow Carbios to fund its ongoing operating expenses, finance the second stage of the construction of the PET demonstration plant and to participate in a capital increase by its subsidiary Carbiolice. We anticipate that Carbios will also continue to reinforce its position in the PET recycling market by forging partnerships with collectors and producers of plastic, as well as strengthening its ties with research partners. Our forecasts are under review.

Y/E Dec
Revenue (€m)
EBITDA (€m)
PBT (€m)
EPS (c)
P/E (x)
P/CF (x)
2018A 1.1 (3.9) (4.3) (67.39) N/A N/A
2019A 1.5 (4.3) (4.6) (64.87) N/A N/A
2020E 1.7 (6.4) (6.7) (79.79) N/A N/A
2021E 1.5 (6.8) (7.1) (84.45) N/A N/A
Industry outlook

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

Last updated on 16/09/2021
Content on Carbios
Carbios – Key developments and partnerships expected
Industrials | Update | 27 March 2020
PowerHouse Energy Group (PHE); reports ongoing commercialisation of DMG® process
Carbios – A productive and active H119
Industrials | Update | 30 September 2019
PowerHouse Energy Group (PHE); reports ongoing commercialisation of DMG® process
Carbios – Commercial revenues in 2020
Industrials | Outlook | 30 July 2019
PowerHouse Energy Group (PHE); reports ongoing commercialisation of DMG® process
View more
Register to receive research on Carbios as it is published
Share price graph
Balance sheet
Forecast net debt (€m) 4.8
Forecast gearing ratio (%) 0
Price performance
%
1m
3m
12m
Actual (3.8) 7.1 34.1
Relative* (1.1) 7.5 3.8
52-week high/low €60.6/€27.1
*% relative to local index
Key management
Jean-Claude Lumaret CEO