Carbios is a cleantech company, focused on developing enzymatic bioprocesses for the recycling of plastic wastes and their biodegradation. Its technological lead and first-class ecosystem should see its technology being adopted widely as key milestones are crossed. Unique proprietary enzymes Carbios'' enzymes allow for 100% yield recycling for all forms of PET plastics without the need for extensive sorting in undemanding industrial conditions (water-based process, low temperature and atmospheric conditions). It can be done endlessly in fully-closed loops. This is currently unique. Differentiated player in a highly competitive environment Carbios'' technology overcomes mechanical recycling''s limits. Compared to other chemical recycling technologies, Carbios'' strengths are evident: cleaner, safer and easier. Fully patented, praised by the scientific community and endorsed by a consortium of first-class CPG companies, adoption should follow as key milestones are reached (demonstration plant under construction). Under-supplied market driven by a powerful trio: governments, consumers and brands Tighter regulations, rising consumer awareness and growing brand commitments are all pointing toward a drastic expansion of the rPET market. By 2025, demand from Carbios'' brand owner consortium alone should exceed rPET market capacities by 50%. IP licensing model pointing to robust profitability Carbios has virtually no revenues today. Clinching license deals and re-selling enzymes (JDA in place with Novozymes) as a consumable should allow Carbios to achieve sales of more than EUR280m by 2030 with an EBITA margin over 40%. This would imply a 2.3% global market share. Valuation range of EUR28 to EUR54 Our valuation range is derived from a DCF and two key inputs (enzyme selling prices and installed capacity). Risks include access to and price of PET waste, execution, competition and cash burn.