Carbios

EU: ALCRB

€49.6m market cap

€7.18 last close

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

Investment summary

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.

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 31/03/2020
Sector
Industrials
Share price graph
Balance sheet
Forecast net debt (€m) 4.8
Forecast gearing ratio (%) 0
Price performance
%
1m
3m
12m
Actual 2.6 (24.3) (14.4)
Relative* 25.5 3.4 5.0
52-week high/low €9.9/€5.8
*% relative to local index
Key management
Jean-Claude Lumaret CEO